Troubled Sevco have announced two emergency loans, known as facilities, taken out with security taken on the Albion Car Park and Edminston House.
An announcement this morning gave details on the Laxey Facility and Easdale Facility which will give the club £1.5m in working capital.
Crucially the facilities haven’t been secured against the five star Ibrox Stadium or state-of-the-art Murray Park training complex.
The ownership of Ibrox and Murray Park has long been the subject of speculation with John Brown demanding to know ‘Wherz ra deeds’ when he held a rally in front of thousands of supporters.
With Sevco 5088 and Sevco Scotland in dispute with each other over who owns the club assets Ibrox and Murray Park are out of bounds for security adding to the question marks hanging over the new club.
Announcing today’s development a club statement read: “Alexander Easdale will make available to the Company up to £500,000 on a fee and interest free basis (the “Easdale Facility”).
“Laxey will make available to the Company up to £1 million, with a premium payment equal to 15% of the nominal amount of the facility (the “Laxey Facility”).
“The Easdale Facility and the Laxey Facility (together the “Facilities”) are both secured against the Company’s Edmiston House and Albion car park properties. The principal amounts of the Facilities are repayable no later than 1 September 2014 from a variety of potential sources.”
Initial reports of the emergency loan suggested that the money would be repaid in the form of shares but that will require the approval of all shareholders.
Today’s announcement confirmed that a vote will be required seeking the approval of other shareholders to complete that deal.
The statement added: ” The issue of any ordinary shares of 1p each in payment of the premium is subject to the Company obtaining authority from its shareholders at a general meeting of the Company.”
Detailing the share deal the statement added: “The premium on the Laxey Facility is payable in cash or, at Laxey’s discretion, in ordinary shares of 1p each, at any point between the date of the facility agreement and the first anniversary of the date of the facility agreement.
“The number of ordinary shares of 1p each which may be issued will be calculated using the lower of either 26.5 pence, being the mid-market closing price of the Company’s shares on 21 February 2014, or the lowest price at which any equity fundraising is carried out prior to the first anniversary of the date of the Laxey Facility agreement.”
Confirmation of the loans should ensure that this week’s February payroll is honoured but with outstanding court cases to be settled with Imran Ahmad and Neil Alexander the current emergency is only delayed.
At current season ticket rates it will take 6,600 season ticket sales to repay the ‘facilities’ with a further 3,300 needed to pay Ally McCoist’s salary.
The Kray twins strengthening their grip….
Not long now!
Yes,Monti
Kray’s or Mitchell Bros, they have won
the power struggle within the doomed
club ( again )
What is for sure the Glib Liar,aka Sugar
Daddy Dave,the Zombies and MSM’s No 1
saviour,has lost the battle for control.
Even blueboy Jackson,in the Daily Dump,
pleading for the Zombies,to look to Sugar
Dave to bankroll them,has fallen on deaf
ears.
So assuming they limp along to next season . with the 6600 season tickets for the loan and 3300 season tickets for sallys wages .That is 10k season ticket monies gone before a ball is kicked .And i know your average zombie is slow on the uptake but i think even they are now realising that their board is shafting them . And i cannot see them getting the same amount of season tickets sold next season .So we can safely say unless a very generous benefactor rides in on his white horse they are fooked .
HAPPY MONDAY TIMS 🙂
And still the Lemmings trust in their board to sail them back into the SPFL in two years with £30m worth of new players. You honestly couldn’t make it up!
How many more “saviours” are they going to welcome in the belief that they are the peepul?
Joe,
As far as I’m concerned….all the Govan Club Directors had to do,over the last 6 months or so, is produce the deeds for Ipox and Murray Park….thus proving that they own everything…and the Bears would have flocked to the banners once again. ‘Cos this is the biggest fear the Bears have…Who actually owns the shambles ?
As it is…the ownership is still shrouded in mystery…(although we think we know)….and until this is openly resolved…the pit gets deeper and deeper.
Hope they hit Australia soon.
Love the fact it takes 3,300 zombies to pay for fat Sally’s salary as it just shows the gullible cretins up for watching their new club near implosion.
Joe,
One begs the question,why is it taking our
Superhero Craigybhoy,so long to start
court proceedings for his assets ?
If he is finding funding a problem,for this
action,I am sure the Celtic Family would
have a whip round,to pay his court costs.
We could set up, the Craigybhoy Whyte
Fighting Fund.
Thus a campaign for truth,justice and integrity in our game,would be set in
motion.
Imagine if this did happen,SFA officialdom
would squirm,when their deceitfulness was out in the open.
Is this like taking out a mortage on future season ticket sales. Something that another club did a couple of years ago.
feb= emergency loans march=early bird season tickets april=buy 1 get 1 half price ST may= an audience with ally with every ST sold june=for every ST sold you qualify for double clubcard points at Tesco….. july Tesco owns ibrox park, laxey parners own edminson house easdale bros own albion car park lololololololololol
So at least half of their best predicted season ticket prices are being used to pay two relatively small loans and one relatively large manager.
Is it really only us that see the absolute financial madness that this is. Or are they truly about to hit the fan again. This time presumably for good. HH
Its going to take more than an easy dale and a laxative facility to stave off the inevitable for the poor zombies. I’m not convinced that the poor ultra-deluded zombies are buying into this annual cash milking harvest of S.T’s. I hear much grumblings and rumblings of discontent.
On top of this Sevco f.c have steamrollered their way through the Third Tier of Scottish football with money they clearly don’t have but even with their overinflated tribute act they are nowhere near good enough to win the Championship next season. Along with having to cut their cloth accordingly and losing a few of their has beens it does not look good for the poor new team from Govan.
Craigy is a fan of the green mile.
He has a mouse called mr bojangle who lets him know everything at greyskull.
He likes to have them squirming awaiting execution.
He is the master of torture and the chief ice cream maker.
Haw haw haw
drawkcab,
Welcome back.
Part of the Celtic posting family again, on
Celtic’s No 1 blogger Joe’s site.
Cheers
Don’t tell the wife but I’ve got a secret ipad.
Just a thought.
Didn’t minty buy the Albion land from Glasgow city council.
Wonder how much he got it for and the conditions.
Haw haw haw.
When the shit hits the proverbial fan the Sevconians can always reassure themselves that Graham Wallace has a cv second to none (allegedly).
The way I read the statement it is only the 15% premium that might be paid back in shares to Laxley. Sevco will have to eat into next season’s season ticket money to the tune of £1.5m to pay these loans back.
Must be nearing bucket collection time again or the 500 million ruperts are having trouble
getting back to sevcoshire from all around the globe.hail hail the……..
So am I right in saying Wallace the business genius has probably spent the 2.5 loan mentioned in the accounts, this 1.5 loan plus whatever is owed back on top? So these mugs are already in about 5 million debt already at the very least and they’ve already done the IPO and 2 years of season tickets, plus their only assets are now secured by the brothers grim and Laxley the dodgy faceless asset strippers because Craigy Bhoy and Chuckles probably own Ibrox and Murray Park!? Looks like an expensive ‘journey’, hope they’re all enjoying it!
Was going to say a lot on here but its quite obvious now.
They’re fecked! !!
1967 ;^D
Ho Ho Ho! Is it Christmas already? Everyday i’m chuckling…… I love watching the zombos suffer. It’s great isn’t it 🙂
Who’s fault will it be this time. Wonder if they’ll do a protest walk to Hampden, that’ll sort everything out ZOMBIES !
this is fun,and knowing the bigoted ones are suffering,makes it even better,hell mend them
could it be a curse from god. ? H H
What happen to all the money Please can some body tell me ???????????????Hail Hail JMJ