Latest news from the boardroom ....

[Mick]

02 May 2016
New Company Document Available
Form: AP01 - Appointment of director
DIRECTOR APPOINTED MR DANNY MACKLIN

The Company's Annual Accounts are now OVERDUE
The company accounts were expected to be submitted by 30 Apr 2016


I think they mean "due" to be submitted. No-one could have seriously "expected" them.

 

[Rattus Norvegicus]

Which company is it that you are referring to in the statement "The Company's accounts are now overdue"?

 

[McNasty]

Danny Macklin is the Commercial Director ---- unfortunately I introduced him at our meeting the other evening as Commercial Manager.

Demoted before he has had a chance.

#mybad

 

[turkishm]

The accounts are overdue, well i never, thats never happened before.

 

[Mick]

Which company is it that you are referring to in the statement "The Company's accounts are now overdue"?

Southend United Football Club Limited.

 

[Gt Yarmouth Shrimper]

02 May 2016
New Company Document Available
Form: AP01 - Appointment of director
DIRECTOR APPOINTED MR DANNY MACKLIN

The Company's Annual Accounts are now OVERDUE
The company accounts were expected to be submitted by 30 Apr 2016


I think they mean "due" to be submitted. No-one could have seriously "expected" them.

Accounts are 2 days late. Even by your SUFC hating standards, that's quick to whinge:thumbdown:

 

[OldBlueLady]

Accounts are 2 days late. Even by your SUFC hating standards, that's quick to whinge:thumbdown:

With a weekend and a Bank Holiday to contend with too - though I do take the point they should have ensured they were in considering that!

 

[Supa Shrimpa]

Keep reading. It gets even better !! :unsure:

 

[jamesmut2000]

Is that 'registration of charge' that's listed from Sept 2015 something new or has something like this always been in place? Or am I reading too much into it???

https://beta.companieshouse.gov.uk/company/00089767/filing-history?page=1

 

[Supa Shrimpa]

I don't think you're reading too much into anything !

 

[Rob49]

What does all this mean? I take it that it is not positive, so how bad is it?

 

[Mick]

Accounts are 2 days late. Even by your SUFC hating standards, that's quick to whinge:thumbdown:

I'm not whinging, merely copying word for word a Companies House update in case anyone was interested. I would have thought that was obvious from the format. The interesting (ish) bit is the Director's appointment. What makes you think I hate SUFC .... although I'm not overly keen on Sheffield United or Scunthorpe.

 

[Harry Bullocks]

Or Col Ewe :winking: ?

 

[turkishm]

What does all this mean? I take it that it is not positive, so how bad is it?

Iwould like to no the bottom line on this to. Im sure someone come on who knows more

 

[SufcUpAndDown]

Yes, they need to submit the bar tab from all the SUFC staff at The Roslin, it's the reason for the delay.................. ��������������������

 

[RHB]

Yes, they need to submit the bar tab from all the SUFC staff at The Roslin, it's the reason for the delay.................. ��������������������

Why are you so obsessed with the Roslin hotel and the club?

 

[Lester Bangs]

It would appear that Sainsburys have a right over Southend United in way of security over the monies they have lent us.

I can't say I understand the detail of the 47 page document so not sure exactly what the security is but that sounds a worry.

 

[Rob49]

As far as I can workout it just enhances Sainsbury's position as creditors to the club were sold or went into receivership. They would go up the pecking order and would be more likely to recover any loans they are owed.

There is a further charge on the club from Sainsburys still open from a few years ago and this may be an updated one and add further security for them.

It also signal as is expected that Sainsburys will not participate in FF and this is why they have done this.

Does anyone know the size of the loans to Sainsburys??

 

[Mad Cyril]

Does this mean we could soon be seeing squad members in the reduced section of the chilled foods aisle?

 

[kentblues]

Not particularly bad but interesting.
It all relates to the original loan moneys from Sainsbury in 2009. Not new in that respect, and the interesting document would be that reference loan agreement but that we don't see.
It would indicate that the moneys from Sainsbury won't be written off (as mused from time to time on here.). However, I suspect this charge tidies things up on the basis that Sainsbury will not be involved going forward. The monies owed are in the form of a loan but reading between the lines I suspect at a very nominal rate & quite possibly with any interest added back to the loan rather than paid. The default rate is base rate plus 4% which is hardly excessively punitive.
Sainsbury effectively get preferential status as a secured creditor- however that is always behind HM Government & the clubs only other meaningful creditor tends to be Ron's companies.
Basically I think the assumption here is that the document formalises the arrangement with Sainsbury with the plan being that this preferential loan is discharged at a future date once the new ground is built. We can't see the loan terms per the 2009 document and I suspect those terms have now been renegotiated in some way due to Sainsbury pulling out and now that is completed the charge is actioned (hence the time delay).

In summary- bad it looks like Sainsbury loans not completely written off, good it looks like terms of a preferential loan are settled as part of the new scheme moving forward and discharging that loan in due course.

My interpretation- others may read it differently.