Informative Articles on Ebbsfleet & MYFC

[American FLEET FAN No1]

Originally Posted By: apache

Fleet Leisure, a company subject to a statement of "going concern" by its auditors. The company has continued to make losses since 31 May 2007 and its directors have arranged loans to cover those losses. It has a share capital of around

[David Holden]

Originally Posted By: American FLEET FAN No1

I think the owners of Stonebridge Road might be concerned about this, the Club do not own the ground!

It's OK Les, that's only one of a large number of inaccuracies.

[apache]

Originally Posted By: David Holden

Originally Posted By: American FLEET FAN No1

I think the owners of Stonebridge Road might be concerned about this, the Club do not own the ground!

It's OK Les, that's only one of a large number of inaccuracies.

Nobody said EUFC did own the ground. They hold a lease from a French cement company (I believe) for the next 17 years on a "peppercorn" rent. This is the skill in a consultant. Putting together a deal for numerous interested parties, benefitting all of them.

I accept there may be slight inaccuracies in some of the figures, but the concept is correct. I am always ready to be enlightened.

[American FLEET FAN No1]

Originally Posted By: apache

Originally Posted By: David Holden

Originally Posted By: American FLEET FAN No1

I think the owners of Stonebridge Road might be concerned about this, the Club do not own the ground!

It's OK Les, that's only one of a large number of inaccuracies.

Nobody said EUFC did own the ground. They hold a lease from a French cement company (I believe) for the next 17 years on a "peppercorn" rent. This is the skill in a consultant. Putting together a deal for numerous interested parties, benefitting all of them.

I accept there may be slight inaccuracies in some of the figures, but the concept is correct. I am always ready to be enlightened.

.....We know they don't, but that statement infers they do, so therefor, the value of the ground can not be used in negotiations of a new stadium, unless the landlords are behind the new development plans!

You mean the consultant lied?

[Big J R]

So when is an inaccuracy an inaccuracy, and when does it stop being an inaccuraciy and become a down-right lie ?

[Bitch]

Originally Posted By: Big J R

So when is an inaccuracy an inaccuracy, and when does it stop being an inaccuraciy and become a down-right lie ?

Or, when is an inaccuracy an acurracy, and when does it stop being an inaccuracy and become the down-right truth?

Is it just me...?

I dont think there can be two camps in Ebbsfleet now as they are intrisically linked.

The Club chose to put itself up for auction (for want of a better word) to become the MYFC. there's no picking and choosing. The choice was made and now it has to be lived with. For now...

Has the 'Emergency' meeting taken place yet?

[Claudius]

Some people has speculated..for quite a while..that Kilcullen et all might come back at the end of all this,with perhaps Brooks being offered a place on the board.

 

Now..this sounds like a decent plan B..if looking at it from certain angles.

I tend to believe Mr Holden here when he says anything.It seems like he has good insight into the club.

 

One has to point out just what good a deal the Myfc one was from the previous owners point of view.

 

They are getting 100% back on their loans they made to the club..and in this day and age,that is quite a terrific deal.Spice it up even more with other "fees" and it is a brilliant bit of business..when taking into consideration we are talking about a NL club here with very little assets,and one that is continuingly shows large operational losses.

[David Holden]

Originally Posted By: apache

Nobody said EUFC did own the ground. They hold a lease from a French cement company (I believe)

Wrong again, LaFarge sold all of their property portfolio to Land Securties shortly after they took over Blue Circle.

[David Holden]

Originally Posted By: apache

I accept there may be slight inaccuracies in some of the figures, but the concept is correct. I am always ready to be enlightened.

You were wrong about the previous ownership, you were wrong about the staus of the shares, you were wrong about the amount paid for the club.

The only thing that you seem to have got right, probably by accident, was that WB was so desperate to ensure that the purchase went ahead that he would have agreed to almost anything. Hence the agreement to hive off Fleet Leisure and agree to pay an increasing sum for it's use for the next ten years. None of that made economic sense.

Fleet Leisure was a loss making concern when it was acquired with the knowledge that it would take a number of years to turn round. The loss in 2007 was half that in 2006, and I suspect that when the figures for 2008 are released it will show a further improvement. Of course the economic downturn may delay the move into profitabilty, but nobody would have foreseen that at the time of the purchase.

[apache]

Originally Posted By: David Holden

You were wrong about the previous ownership, you were wrong about the staus of the shares, you were wrong about the amount paid for the club.

I stated that the main owner was Brian Kilcullen. This conclusion was drawn from the 2008 annual return. BK holds 609515 B & C shares out of a total 2395557 issued, giving him 25%. Jason Botley has a similar holding at 609514 (1 important share less) and Adrian Felstead holds 512536 around 21%. There are several who like you hold around 1%. On that evidence I stand by my statement.

The status of the shares was derived from the MyFC purchase document which stated that "in effect" A class shareholders were controlling the football, C class holders the other parts of the business (including veto and the right to receive dividends) with B class shares being transferable to MyFC but then became A class. Without seeing (and I suppose we never will) the full document the implications cannot be known but I agree with you that WB could have kept his powder dry a little longer.

Again from the MyFC document the purchase price was:

[Bitch]

Recurring Payment 448

1 8023

2 1150

3 129

4+ 46

 

9796

 

http://www.freemyfc.com/phpBB3/viewtopic.php?f=3&t=556&start=90

[Big J R]

So how's the membership renewals going now ?