When will the takeover go through? The Waiting Game...

[Medway Blue]

I seem like many a bit confused about deadline day Friday. Can someone please explain exactly what we could expect or hope to expect.

The deadline is for Ron/developers to agree to the deal/terms laid out by SCC?
If not agreed Cosu are Likely to walk and if so SCC pull the plug on any deal with Ron?
If agreed Cosu likely to go ahead with the takeover, clear the WUP and embargo lifted?
Does the takeover get completed at this point?

Is that about it or do we think it will roll on to the 26th?

Still a little while off takeover completing I'd imagine, as DD will need to be carried out on the new deal (unsure whether the new deal being within parameters of the last set of DD, and based on elements of 2021 deal which presumably already passed DD, will speed this DD up - one for @CllrDanielCowan ), then external audit, then an Agreement for Lease drawn up.

 

[Tommy2holes]

Still a little while off takeover completing I'd imagine, as DD will need to be carried out on the new deal (unsure whether the new deal being within parameters of the last set of DD, and based on elements of 2021 deal which presumably already passed DD, will speed this DD up - one for @CllrDanielCowan ), then external audit, then an Agreement for Lease drawn up.

But I guess if the deal is agreed in principle and highly likely to be approved it will be highly probable that the deal will be enough for Cosu to stay.

 

[Holy Joe]

But I guess if the deal is agreed in principle and highly likely to be approved it will be highly probable that the deal will be enough for Cosu to stay.

That's the objective, keep COSU - guess we still have the 3 requirements from COSU to satisfy - do they still need Martin's to put up security?

 

[Uncle_Rons_Teapot]

I'd imagine COSU are being updated multiple times a day by Cllr Cowan as to the current standings from the Martin's end

 

[Colblue]

The worry is how many deadlines will they set before they stop crying wolf and really do abandon the takeover.
I don’t mean that derogatory to them, rather does the really want to sell or does he have an end game of meeting his objectives with the club not here rather than sold.
He is totally untrustworthy and like Sainsbury’s he is rolling along while a third party picks up the tab

 

[bazzashrimper]

I think the 26th is the deadline. We are done if we don’t do something by then. COSU seem to want to get confidence before then to pay off the debt.

 

[CllrDanielCowan]

Still a little while off takeover completing I'd imagine, as DD will need to be carried out on the new deal (unsure whether the new deal being within parameters of the last set of DD, and based on elements of 2021 deal which presumably already passed DD, will speed this DD up - one for @CllrDanielCowan ), then external audit, then an Agreement for Lease drawn up.

Some of the principles of the first DD can form a basis for this but it really depends on if we can get the same companies to do it. We’re bound by procurement frameworks and legislation but broadly speaking, best case scenario is that DD could be quicker than starting from scratch.

 

[bazzashrimper]

Some of the principles of the first DD can form a basis for this but it really depends on if we can get the same companies to do it. We’re bound by procurement frameworks and legislation but broadly speaking, best case scenario is that DD could be quicker than starting from scratch.

Is that back to 6-8 weeks if you can’t secure the same DD partner + time to secure the partner - a few weeks? Can you stipulate in the tender agreement to base off of that last due diligence so they don’t start from scratch?

 

[JD]

Some of the principles of the first DD can form a basis for this but it really depends on if we can get the same companies to do it. We’re bound by procurement frameworks and legislation but broadly speaking, best case scenario is that DD could be quicker than starting from scratch.

It’s never ending…

 

[Uncle_Rons_Teapot]

Bang goes another season then and probably COSU walking away, NL stepping in.

Surely this could of been conveyed in the statement the other day?

 

[Petejames]

Bang goes another season then and probably COSU walking away, NL stepping in.

Surely this could of been conveyed in the statement the other day?

What you going on about

 

[Petejames]

Bang goes another season then and probably COSU walking away, NL stepping in.

Surely this could of been conveyed in the statement the other day?

The deal was never going to be completed by Friday! It is a deadline to agree on a deal enough to keep the consortium going! Enough to clear dept and embargo hopefully

 

[Cricko]

It’s never ending…

It's getting ridiculous.

 

[Richard Hearn]

Jarndice versus Jarndice.

 

[Colblue]

I don’t get the ‘another DD required’ element!
Surely the last one highlighted where the exposure to the council was so the new contract given to Ron was drawn up to meet the DD findings. So long as that’s been met why a whole new DD? Surely 99% of the deal is unchanged

 

[Southminster Shrimper]

It's getting ridiculous.

View attachment 32342

I still haven't recovered from the first one when poor Artax died.

 

[blues exile]

Jarndice versus Jarndice.

If only there was a latter day Dickens around to write about this sorry saga.

 

[Danshrimper]

Bang goes another season then and probably COSU walking away, NL stepping in.

Surely this could of been conveyed in the statement the other day?

I’m pretty sure it was communicated by Daniel Cowan to someone the other day that this would require further DD. Which should have been obvious anyway.

Did you seriously think a completely new deal was going to get agreed, passed by the council, and signed all by this Friday? All without any further DD?

 

[Shrimpergonzo]

If we rewind to the last COSU statement there were three elements that they required:

1. An agreed deal
2. A new due diligence timetable
3. Security for their continued funding until the deal completes

No.2 shows that they were expecting further due diligence. Hopefully no.1 can be sorted before Friday, and no.3 will happen too (I understand there may have been some progress on this).

If that does happen we will have missed the COSU deadline by a week, but the deal moving towards completion will hopefully be sufficient to stop them walking away.

 

[Hadleigh Blue]

Bang goes another season then and probably COSU walking away, NL stepping in.

Surely this could have been conveyed in the statement the other day?

It was the ‘agreement’ of a new deal that had the deadline attached. The change to previous being that the new deal would be based upon an ‘informed’ proposal respecting the findings of DD and therefore offer greater comfort to COSU as it would be pre-packaged to achieve approval of SCC.

Therefore if agreed on Friday COSU could remain in place awaiting the formalities to completion. In other words what should have happened back in Dec/Jan but on that occasion it would seem it was poorly managed and RM was permitted to summit an overly greedy plan with ridiculously ambitious returns.