Accounts for the year to 20 July 2023 published

[Holy Joe]

Considering Gary had loaned the club £192k interest free for many years, he’s now loaned the club an extra £700k!!

What interest rate would Ron Martin get from a bank?

Interesting there are now bank loans showing on the balance sheet.

16% interest is pretty high!

 

[londonblue]

Interesting there are now bank loans showing on the balance sheet.

16% interest is pretty high!

Probably reflects a poor credit rating.

 

[Firestorm]

 

[Firestorm]

A Bit of shuffling the debts around , so that if the club goes pop it only takes down SEL and Mezcal and not Martin Dawn .

 

[Holy Joe]

Probably reflects a poor credit rating.

For sure, it's in the mix - but for example the sterling junk bond index yields around 9% - so 16% is still high in that context.

Presumably the debt (and interest as it doesn't look like it is currently being paid?) will be converted into equity in the debt to equity exchange - so it's in GL's interest to have as high an interest rate as possible.

The other director owed cash looks like he's not charging interest - although also doesn't look like he's put in additional cash during that accounting period

 

[Sunnyshrimper]

Mr Lockett of the consortium charging the club around 16% interest on his loans

View attachment 32383

People said oh Gary is one of the good guys. Jury’s out. Part of the old regime, puppet director to Ron. Yes he’s lent the club money but this level of interest demonstrates it’s business not benevolence too. Personally prefer he was nothing to do with the new consortium

 

[Holy Joe]

And people said oh Gary is a good guy blah blah when I questioned it. Part of the old regime, puppet director to Ron and this demonstrates a self interest too. Wish he was nothing to do with the new consortium

To be fair, he's also put cash in, far more then any ordinary fan will over thier lifetime - but previously I think that cash had no interest attached.

Hes not taking cash out of the club - the interest isn't being paid, but accrued.

 

[Shrimpergonzo]

To be fair, he's also put cash in, far more then any ordinary fan will over thier lifetime - but previously I think that cash had no interest attached.

Hes not taking cash out of the club - the interest isn't being paid, but accrued.

I wonder if he’s doing some kind of debt to equity swap as part of him joining the consortium?

 

[Holy Joe]

I wonder if he’s doing some kind of debt to equity swap as part of him joining the consortium?

Yes I speculated on that earlier - maybe he's now 'charging interest' to maximise his position in the debt to equity swap. Although that may complicate things as he may then hold shares in the club directly and as part of the consortium?

 

[ace]

To be fair, he's also put cash in, far more then any ordinary fan will over thier lifetime - but previously I think that cash had no interest attached.

Hes not taking cash out of the club - the interest isn't being paid, but accrued.

And he was probably told he would be paid back in 6-8 weeks

 

[Thundersley Blue]

People said oh Gary is one of the good guys. Jury’s out. Part of the old regime, puppet director to Ron. Yes he’s lent the club money but this level of interest demonstrates it’s business not benevolence too. Personally prefer he was nothing to do with the new consortium

Do you actually know Gary ? Your perception of him would change if you did. He is a hardened supporter and has been for many years. I would certainly want him to remain as a member of the Consortium.

 

[Holy Joe]

And he was probably told he would be paid back in 6-8 weeks

He'd have a been a fool to believe that!!

 

[Tinks]

I really don’t understand any of it so am reliant on all of you guys to explain the finer details.
All I read in the total figure of debt owed

 

[sufc4life21]

People said oh Gary is one of the good guys. Jury’s out. Part of the old regime, puppet director to Ron. Yes he’s lent the club money but this level of interest demonstrates it’s business not benevolence too. Personally prefer he was nothing to do with the new consortium

I'm not overly keen on him either but I don't have the level hate I have towards the rat to him. The fact he sat back watched the rat dismantle the club over the years doesn't sit well with me.

 

[Alex]

I'm not overly keen on him either but I don't have the level hate I have towards the rat to him. The fact he sat back watched the rat dismantle the club over the years doesn't sit well with me.

I don't think there was anything he could do as the Rat had a controlling share

 

[Thundersley Blue]

Mr Lockett of the consortium charging the club around 16% interest on his loans

View attachment 32383

Business loans can attract up to 30% interest rates, given the Club's credit rating must be low. 16% seems a reasonable figure.

 

[sufc4life21]

I don't think there was anything he could do as the Rat had a controlling share

Maybe but if he is this so called passionate sufc fan as portrayed surely he would of spoken out against the running of the club atleast. Feels to me he was just happy to sit back let sufc go to the wall but same time I'm not sure what his real involvement with the club was so I dont want to be to overly critical.

 

[londonblue]

I'm not overly keen on him either but I don't have the level hate I have towards the rat to him. The fact he sat back watched the rat dismantle the club over the years doesn't sit well with me.

Give me examples of where he sat back please.

 

[sufc4life21]

Give me examples of where he sat back please.

You just have to look where Southend are to give you that answer.

 

[Supa Shrimpa]

Do you actually know Gary ? Your perception of him would change if you did. He is a hardened supporter and has been for many years. I would certainly want him to remain as a member of the Consortium.

I'll second that !