Reply With QuoteWhen are folk going to realise they cant go into administation "again"
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Zzzzz when are people going to start realising that the huns are not in trouble of going into administration again? As much as we would love it to happen again,it will not be happening,starts getting boring when people keep predicting this and that and quoting rabid tim conspiroacy theorists who are full of sh#te as wellOriginally Posted by Jupiter
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When are folk going to realise they cant go into administation "again"
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Why do you think they are not in trouble? Getting an emergency loan from the posh version of Wonga and then lying about it is not a good sign.
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Who did they take a loan from? Also where is this reported or is it another myth?
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As i said thats the rabid tims 'take' on what is happening at the huns,i didnt say they weren't in trouble,i said they weren't in trouble of going bust/insolvent,whatever you want to call it,if they go bust again il apologise and eat my words but it aint going to happen,it wont be 'allowed' to happen again and i dont believe everything those pigs try to infer about huns finances,they are like two kids squabbling in the playground,both full of bulls#ite but they wont be going under again,no chance im afraid
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The loan was from Close Brothers. Like I said they are a posh version of wonga.
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Tick tock
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You can read the whole loan agreement here
https://s3-eu-west-1.amazonaws.com/d...4NMo66K31AU%3D
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and there's more here
https://s3-eu-west-1.amazonaws.com/d...XwooyqO31AU%3D
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You can also read it in sevco's own accounts: https://media.rangers.co.uk/uploads/...ounts-2017.pdf
Go to page 30 and you'll find this bit:
There you go: £4m needed this season from NOAL (Dave King).The Board recognises that achievement of the forecast is critically dependent on the football performance for the rest
of the current season and next season, including the participation in European football competition. Consequently,
sensitivities have been applied to the forecast based on a variety of football performance factors.
At the time of preparation, the forecasts identified that the Group would require a minimum of £4.0m additional
funding by the end of season 2017/18 in order to meet its liabilities as they fall due. The first tranche of funding is
required in November 2017.
Further funding amounting to £3.2m is forecast to be required during the 2018/19 season. However, the final amount
is dependent on future football performance and European football participation amongst other factors.
The Board have discussed the Club’s forecast cash shortfall and have reached an agreement with New Oasis Asset
Limited whereby they will provide additional loan facilities as necessary to meet the above requirements.
Further to this, New Oasis Asset Limited and certain investors have agreed to extend their existing loan facilities to
July 2019.
The Board is satisfied that those parties will continue to provide financial support to the Group and have satisfied
themselves as to the validity of the undertakings.
The Board acknowledge that had these assurances not been secured then a material uncertainty would exist which
may cast doubt over the Groups ability to continue as a going concern and therefore its ability to realise its assets
and discharge its liabilities in the normal course of business. With the appropriate assurances obtained and the
continued support of the investors, the Board believe that such uncertainty has been removed.
He told the court in December NOAL didn't have that money, and now he's not paid up. They've had to get a payday loan instead.
The details aren't hard to find if you want them - that took 30 seconds on google. The SMSM just choose not to report them and pretend all is rosy.
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