Members Questions Answered

That is kind of the whole point, there is very little to discuss ! The takeover is on the table ! Why not just get exceited by possible good times for a change ?

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Phil Marshall

"Steeeeeeeempeeeeeeeeeee"
Prolific Goalscorer
Picture of Phil Marshall

Location: Nottingham

Registered:: Fri 17 January 2003

Posts: 551

Posted

quote:
Originally posted by Stuart Rolley:
Just out of interest some cutting and pasting from the Trust website.

The only changes I have made is to highlight in bold a certain word.

Questions from Trust Website

Answers supplied by
John Armstrong-Holmes, Club Chairman and the Trust Board

I thought that Haydn Green had loaned us the money to buy the shares. Shouldn’t the shares be sold to the proposed new owners and the money handed over to the Haydn Green Estate? Wouldn’t that be the honourable thing to do?

Answer: Haydn Green facilitated the Trust’s acquisition of additional shares which resulted in the Trust becoming the majority shareholder. He did not loan the Trust money to acquire them. Haydn Green’s position in the Club’s history is acknowledged and will be honoured by Munto.

I'm all for the takeover, but why say that Haydn Green donated the shares to the Trust when the truth is that he loaned the Trust the money to buy them? Surely there's still a debt which the Trust owes to the Green estate of around £150k which has to be repaid if the takeover proceeds?

Answer: The truth is that Haydn Green did not loan the Trust money to acquire part of his shareholding. True, he facilitated the arrangement and if the Trust sold the shares (ie made a profit from the sale), they would have to pay Haydn Green’s estate a fixed sum. By gifting the shares, nothing becomes payable.

Treasurers report 2008

A loan of £74,898 from Haydn Green which was provided to purchase part of the

shareholding in 2007 is included in the Creditors figure within the Balance Sheet.

This loan is only repayable in the event of the Trust selling any of its shares.

NOTTS COUNTY SUPPORTERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2008

Page 10

6. CREDITORS (Amounts falling due after more than one year

2008 2007

£ £

Deferred income (Membership subscriptions in advance) 6,508 8,263

Loans payable 74,898 74,899

81,406 83,162

The loan which has been used to acquire 149,797 ordinary shares of £1 each in Blenheim 1862

Limited, is interest free and repayment will only take place when the supporters trust sells some

(or all) of its shareholding.

Please explain why the audited accounts from 2008 and the treasurers report call Haydn Greens contribution loans but the answers received above do not.

SGM 1 - 24-09-2006 - Majority Shareholding

Bottom of page 1

quote:
The proposal is to acquire an extra 20.8% of the shares to make a holding of 51%, to be
financed by an interest-free loan from Mr Green.

Page 3, in response to the question "what are the repayment terms?"

quote:
KU said that the agreement was that repayment would take place ... when the Trust disposes of any of the shares.

----------------------
"In matters of style, swim with the current; in matters of principle, stand like a rock."

Thomas Jefferson

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Gareth Marklew

Professional

Registered:: Thu 23 March 2006

Posts: 42

Posted

Roweyp (and Trust Board for that matter)

This is a serious issue - and deserves some consideration aside and separate from the question of the proposed takeover.

The answers given by JAH, and I presume endorsed by the Trust Board, in stating that no loan was made by Mr Green directly contradict not only what the Trust Board (myself, and some current members of the Trust Board, included)were telling our members at the point the majority shareholding was acheived, but also directly contradict the published accounts of the Trust.

Is the Trust Board now saying that what we told our members in 2007 was untrue? Because frankly, if I was lying to our members when I told them there was a loan, I would like to know about it.

If they are, what action will be taken to amend the published accounts, and what are the implications of that amendment for the Trust?

Or are the replies given so far mistaken in suggesting that there was no loan?

As I say, I don't necessarily believe these questions would impede the process of the takeover - but they do need to be answered.

Gareth

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Tony Cooper

New Starter

Registered:: Sat 13 June 2009

Posts: 4

Posted

Hi Nick, I see you couldnt find anything more interesting to do then.Yes we all know what is being proposed and most fans are happy with that.It remains that there are too many negative and suspicious people on here.Go and have a beer and chill out.

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GiarcYekrub

Prolific Goalscorer

Registered:: Wed 07 January 2004

Posts: 171

Posted

Trust the trust to balls up this vote. This should of been straight forward but it seems to be being complicated by half truths that since the only assurance we are be giving is peoples word doesn't bode well and is making me unsure of which way to vote, definately I'm in mind set now to vote for the question 1 and against question 2 however I've seen no discussion of what the implications of such a overall result would be. Personally I currently view it as the most sensible course of action if I don't hear a counter view soon I will be voting this way.

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Phil Marshall

"Steeeeeeeempeeeeeeeeeee"
Prolific Goalscorer
Picture of Phil Marshall

Location: Nottingham

Registered:: Fri 17 January 2003

Posts: 551

Posted

The whole process has been shameful. We're being railroaded and the truth is being twisted to breaking point.

----------------------
"In matters of style, swim with the current; in matters of principle, stand like a rock."

Thomas Jefferson

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GiarcYekrub

Prolific Goalscorer

Registered:: Wed 07 January 2004

Posts: 171

Posted

Core of my problem is I don't understand what I'm voting for or why its neccassary to write off the loans.

What will become of the trust if both motions pass? All the fund raising and hard work done my the trust is being given away? Will the trust be in any position to help out in the future if help is needed?

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Nick Baker

Professional

Location: Tauranga, NZ

Registered:: Wed 29 April 2009

Posts: 33

Posted

Has the Trust taken legal advice on the gifting of the shares? It would appear to me that there is a loan on the balance sheet which becomes payable should the shares be on-sold. Gifting the shares is effectively selling them for zero pounds.

"Answer: The truth is that Haydn Green did not loan the Trust money to acquire part of his shareholding. True, he facilitated the arrangement and if the Trust sold the shares (ie made a profit from the sale), they would have to pay Haydn Green’s estate a fixed sum. By gifting the shares, nothing becomes payable."

Where is it written down that the loan only becomes payable if the Trust made a profit from the sale of the shares? Given that the Haydn Green Estate were not consulted, wouldn't they have a strong legal case if they demanded the repayment of the loan once the shares are gifted to Munto?

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magpie 64

Professional

Registered:: Thu 12 April 2007

Posts: 34

Posted

For all we know, the new owners are going to do exactly that.

Somehow ensure the family get £150,000.

Who knows, I wouldn't have thought that would be made public as the Inland Revenue and goodness knows who else would want to get involved.

But the phrase Munto will honour Hadyn Green could mean getting the money to the family, we'll never know......perhaps.

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