Latest Fans Forum 'minutes' released

[loki679]

Source of funding.

 

In short, the fat cunt took out the money from us and purchased HoF, and "very likely" he treated this as a new loan to Sports Direct.

 

Wouldn't that need to be declared to the stock market?

[Odear]

Source of funding.

 

In short, the fat c*** took out the money from us and purchased HoF, and "very likely" he treated this as a new loan to Sports Direct.

 

Wouldn't that need to be declared to the stock market?

 

It depends on who exactly bought House of Fraser.

 

If it was Mike Ashley, then no he wouldn’t need to announce it to the stock market. The money is his. NUFC is literally just another bank account for him to move funds around.

[Guest chopey]

He funnels money MASH holdings and what was that company called that bought the land next to the Strawberry ?

[UncleBingo]

That prick Lee Marshall is blocking people on twitter for politely asking questions about the minutes. 

 

 

[Guest firetotheworks]

That prick Lee Marshall is blocking people on twitter for politely asking questions about the minutes. 

 

 

 

Politely asking about the minutes to  the person whose job it is to receive those questions? Trying to score points on Twitter more like.

[mrmojorisin75]

Source of funding.

 

In short, the fat c*** took out the money from us and purchased HoF, and "very likely" he treated this as a new loan to Sports Direct.

 

Wouldn't that need to be declared to the stock market?

 

It depends on who exactly bought House of Fraser.

 

If it was Mike Ashley, then no he wouldn’t need to announce it to the stock market. The money is his. NUFC is literally just another bank account for him to move funds around.

 

this is why i asked the question, it was reported as SD bought HoF and indeed it was announced to the stock exchange

 

https://news.sky.com/story/mike-ashleys-sports-direct-buys-house-of-fraser-for-90m-11468296

 

so how the fuck could the two be linked directly?

[Guest chopey]

But where did the cash come from I doubt Sports Direct has £90 million in the bank, also the article says it was purchased through "complex financial instruments" so has he not raised the money from here there and everywhere ?

[mrmojorisin75]

But where did the cash come from I doubt Sports Direct has £90 million in the bank, also the article says it was purchased through "complex financial instruments" so has he not raised the money from here there and everywhere ?

 

However, a rescue deal by a well-capitalised business like Sports Direct

 

 

[Darth Crooks]

How well regulated is all this? I mean its one thing the rules being in place but are they enforced. Listening to a podcast earlier which basically called the companies house system a farce.

[NE27]

Apologies if I'm going over already covered ground but were the final minutes lambasted by all in attendance, or just NUST?

 

 

[mrmojorisin75]

How well regulated is all this? I mean its one thing the rules being in place but are they enforced. Listening to a podcast earlier which basically called the companies house system a farce.

 

you'd like to think a cunt moving £90m from a privately owned business to a publicly owned company to buy another business would come under some degree of scrutiny like

[Darth Crooks]

How well regulated is all this? I mean its one thing the rules being in place but are they enforced. Listening to a podcast earlier which basically called the companies house system a farce.

 

you'd like to think a cunt moving £90m from a privately owned business to a publicly owned company to buy another business would come under some degree of scrutiny like

 

Aye I'm sure and I don't pretend to understand it. Things always seem to hint a unethical if not illlegal ways of doing these things that I'm not initially aware of. There always seem to be loopholes.

[mrmojorisin75]

How well regulated is all this? I mean its one thing the rules being in place but are they enforced. Listening to a podcast earlier which basically called the companies house system a farce.

 

you'd like to think a cunt moving £90m from a privately owned business to a publicly owned company to buy another business would come under some degree of scrutiny like

 

Aye I'm sure and I don't pretend to understand it. Things always seem to hint a unethical if not illlegal ways of doing these things that I'm not initially aware of. There always seem to be loopholes.

 

very true, where's matt he'll have some idea

[loki679]

No way could he funnel £90m to SD from NUFC like that.  Everything has to be reported to the market, it could never just slip by not to mention the huge conflict of interest issues.

[Sean]

Going by trustworthiness etc, its clear as day that he'll be taking more money out of the club than we realise. It's just a question of how much really.

 

Anyway his loan has already been paid back in free advertising/merchandising alone. And then some.

[Bimpy474]

This the clutching at shortest of straws but maybe he can't get a buyer because the loan is included in the price. Maybe just maybe he gets the loan back and then sells, ah we're not that lucky are we ? 

[Guest neesy111]

This the clutching at shortest of straws but maybe he can't get a buyer because he wants his loan is included in the price. Maybe just maybe he gets the loan back and then sells, ah we're not that lucky are we ? 

 

That would be perfect for him, he makes even more money.

[Bimpy474]

This the clutching at shortest of straws but maybe he can't get a buyer because he wants his loan is included in the price. Maybe just maybe he gets the loan back and then sells, ah we're not that lucky are we ? 

 

That would be perfect for him, he makes even more money.

 

I'll take that if it meant the cunt sold us, like i said, just clutching at short straws.

[mickthemagpie]

Any new owner would spill the beans and tell the world exactly what assets he's stripped from the club and the pittance he paid for them. Club has never genuinely been for sale. Terrified of the truth coming out.

[Colos Short and Curlies]

No way could he funnel £90m to SD from NUFC like that.  Everything has to be reported to the market, it could never just slip by not to mention the huge conflict of interest issues.

 

Wheres the conflict of interest?

 

Also, MA taking cash out of Newcastle United is not a reportable event other than in the annual accounts where his loan balance will be documented.

MA putting money into SD (again its likely to be adjusting a loan balance to or from SD from or to MA) would only be reportable in the same way.

 

Its completely understandable that we all think that what MA is doing is criminal in terms of running a football club, but in reality it is 'criminal', not criminal. The only thing we could possibly have on him - and its tenuous at best - is that as a director he can not make decisions/actions that he knows are detrimental to the company. As we remain solvent and (presumably) are paying our creditors he would also pass this.

 

It sucks, but technically not doing anything wrong

[mrmojorisin75]

No way could he funnel £90m to SD from NUFC like that.  Everything has to be reported to the market, it could never just slip by not to mention the huge conflict of interest issues.

 

Wheres the conflict of interest?

 

Also, MA taking cash out of Newcastle United is not a reportable event other than in the annual accounts where his loan balance will be documented.

MA putting money into SD (again its likely to be adjusting a loan balance to or from SD from or to MA) would only be reportable in the same way.

 

Its completely understandable that we all think that what MA is doing is criminal in terms of running a football club, but in reality it is 'criminal', not criminal. The only thing we could possibly have on him - and its tenuous at best - is that as a director he can not make decisions/actions that he knows are detrimental to the company. As we remain solvent and (presumably) are paying our creditors he would also pass this.

 

It sucks, but technically not doing anything wrong

 

so they don't have announce a cash input of £90m, if indeed that has happened, until the relevant years accounts? SD that is

[huss9]

any further news about the whereabouts of the true forum minutes, or when they could be revealed.

[Colos Short and Curlies]

No way could he funnel £90m to SD from NUFC like that.  Everything has to be reported to the market, it could never just slip by not to mention the huge conflict of interest issues.

 

Wheres the conflict of interest?

 

Also, MA taking cash out of Newcastle United is not a reportable event other than in the annual accounts where his loan balance will be documented.

MA putting money into SD (again its likely to be adjusting a loan balance to or from SD from or to MA) would only be reportable in the same way.

 

Its completely understandable that we all think that what MA is doing is criminal in terms of running a football club, but in reality it is 'criminal', not criminal. The only thing we could possibly have on him - and its tenuous at best - is that as a director he can not make decisions/actions that he knows are detrimental to the company. As we remain solvent and (presumably) are paying our creditors he would also pass this.

 

It sucks, but technically not doing anything wrong

 

so they don't have announce a cash input of £90m, if indeed that has happened, until the relevant years accounts? SD that is

 

I wouldn't have thought so, there will be certain times that they need to (cash injection through additional share issues etc) but 90% of the FTSE 100 will have external loans of various guises that you never hear about (bank loans being the obvious one).

 

You'd be surprised how little actually needs to be reported as it happens

[Raconteur]

Not just that, but someone asked how well these things are regulated - if it’s anything like Australia, then probably not at all! We’re having a Royal Commission into our financial system, which uncovers some blatant robbery (legal and illegal) over thirty years while the regulator looks the other way.

 

The political class aren’t going after capitalist winners like Ashley - they’re the heroes of their goddamned system!

[Matt]

But where did the cash come from I doubt Sports Direct has £90 million in the bank, also the article says it was purchased through "complex financial instruments" so has he not raised the money from here there and everywhere ?

 

As of last financial statements, SD had £360m cash available, plus a relatively small amount of £150m or so under their corporate revolving facilities. Ashley must disclose any purchase of shares to the market as soon as it happens, SD is a plc and the reporting requirements for a plc and for a private company like NUFC are totally different. There have been no recent filings for an acquisition of shares by Ashley. Any loan of funds from MA to SD of that size would almost certainly have to be reported.

 

I don't see it as likely that hard cash that was generated by NUFC was moved into SD to purchase HOF, there would have to have been a disclosure which would have given it away. Plus whenever anything is acquired via SD, he is using 40% of other people's money to do so.

 

FWIW I do think SD has got itself in a right mess with its ill-fated acquisition spree and it is close to fully drawn on its bank facilities. It can probably raise more debt because it's still a massive cash generator but retail is a volatile business and given Ashley's reputation there will be a premium to pay for any long-term finance.