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

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Shrimper said:
What should we be looking at?
Click to expand...

First of all, this:

Executive Summary
2.1. This report provides Cabinet with an update on the Council’s Those words are banned, the proposed transaction, and the next steps. The recommendations seek agreement to proceed to exchange of contracts for the updated transactional
arrangements subject to the satisfactory (to the Council) completion of Those words are banned and a range of other conditions to secure the Council’s, and related party interests.

2.2. The proposed transactions no longer include Roots Hall which is set to be sold to a consortium of buyers trading as COSU FC Ltd and POSU FC Ltd. (hereafter referred to as The Consortium) in connection with the sale of Southend United Football Club (SUFC).

2.3. The sale of SUFC is only relevant to this transaction due to the requirement for a financial contribution of £20m to be made by the landowner (Thames Plaza Plc) and developer (Citizen Housing) (from a combination of development profits and land payment, at no cost to the Council or taxpayer) to the Consortium (in this case POSU FC Ltd, as a subsidiary of COSU FC
Ltd) and the need to secure that payment to secure the future of SUFC and its investment into Roots Hall.


It is recommended that Cabinet:
3.1. NOTE the current Those words are banned programme which is underway and which elements remain to be completed and AGREE to proceed to exchange of contracts and completion subject to all Those words are banned being completed to the
satisfaction of the Council, as explained in the body of this report, and subject to the simultaneous sale of Southend United Football Club to the Consortium.

3.2. DELEGATE AUTHORITY to the Executive Directors for Environment and Place and Finance and Resources (s.151), in consultation with the Leader of the Council and the Cabinet Member with responsibility for regeneration, subject to paragraph 10.3 of this report, to agree any adjustments required to the transaction and to authorise the exchange of contracts SUBJECT TO:
A) the completion of all Those words are banned to the satisfaction of those to whom authority is delegated above.
B) The simultaneous sale of Southend United Football Club to The Consortium.
C) a pre-exchange condition that CBRE/Merseyside Pension Fund
consent to the Agreement for Lease and any other relevant elements of the transaction.
D) Suitable contractual protection for the Council and the new owners of Southend United Football Club (POSU FC Ltd and COSU FC Ltd (parent company) that the payments from the landowner (currently Thames Plaza Plc) and the developer (Citizen Housing Ltd) totalling £20m from profit and land receipts, to be secured and invested into Roots Hall.


Then open the webpage below and read Sections 7, 8 and 9:

 
Last edited:
Barling Magna said:
First of all, this:

Executive Summary
2.1. This report provides Cabinet with an update on the Council’s Those words are banned,
the proposed transaction, and the next steps. The recommendations seek
agreement to proceed to exchange of contracts for the updated transactional
arrangements subject to the satisfactory (to the Council) completion of due
diligence and a range of other conditions to secure the Council’s, and related
party interests.

2.2. The proposed transactions no longer include Roots Hall which is set to be sold
to a consortium of buyers trading as COSU FC Ltd and POSU FC Ltd.
(hereafter referred to as The Consortium) in connection with the sale of
Southend United Football Club (SUFC).

2.3. The sale of SUFC is only relevant to this transaction due to the requirement
for a financial contribution of £20m to be made by the landowner (Thames
Plaza Plc) and developer (Citizen Housing) (from a combination of
development profits and land payment, at no cost to the Council or taxpayer)
to the Consortium (in this case POSU FC Ltd, as a subsidiary of COSU FC
Ltd) and the need to secure that payment to secure the future of SUFC and its investment into Roots Hall.


It is recommended that Cabinet:
3.1. NOTE the current Those words are banned programme which is underway and which
elements remain to be completed and AGREE to proceed to exchange of
contracts and completion subject to all Those words are banned being completed to the
satisfaction of the Council, as explained in the body of this report, and subject
to the simultaneous sale of Southend United Football Club to the Consortium.

3.2. DELEGATE AUTHORITY to the Executive Directors for Environment and
Place and Finance and Resources (s.151), in consultation with the Leader of
the Council and the Cabinet Member with responsibility for regeneration,
subject to paragraph 10.3 of this report, to agree any adjustments required to
the transaction and to authorise the exchange of contracts SUBJECT TO:
A) the completion of all Those words are banned to the satisfaction of those to
whom authority is delegated above.
B) The simultaneous sale of Southend United Football Club to The
Consortium.
C) a pre-exchange condition that CBRE/Merseyside Pension Fund
consent to the Agreement for Lease and any other relevant elements
of the transaction.
D) Suitable contractual protection for the Council and the new owners
of Southend United Football Club (POSU FC Ltd and COSU FC Ltd
(parent company) that the payments from the landowner (currently
Thames Plaza Plc) and the developer (Citizen Housing Ltd) totalling
£20m from profit and land receipts, to be secured and invested into
Roots Hall.


Then open the webpage below and read Sections 7, 8 and 9:

Click to expand...
D means we're ****ed
 
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Reactions: jnl
From what i can tell,

The affordable housing scale down seems bent as a 4 pound note...

I cant see the conditions and all the other things that need doing on that list being sorted out until at least near christmas.

Seems like so many more hoops to jump through and things that can go wrong

And when they talk about all parties being experienced and financially sound, it seems the exact opposite of RM

Please, someone tell me im wrong about all this.....

Grim.


Oh and does anyone know more about these companies appointed by the council to do all the work for them? 31ten and gowling?
 
Last edited:
  • Like
Reactions: jnl
Last seasons points deduction was a disgrace however the league gave us a warning that should we not pay up by that date in August we are subject to a 10 points deduction.

If we are again to receive a points deduction for this coming season then surely they must first warn us and give a reason as to why as why this maybe a possibility, so why would the consortium be worried about a points deduction?
 
Magnum PI said:
Had a chat with a member of consortium over weekend. A few takeaways….

1. The press release is absolutely as it is.
2. This really is now just all about the council. Ron may have slowed it down prior but he needs this as much as us
3. Embargo disappointing and they doing everything to avoid a points deduction, which clearly therefore remains a priority (and possibility)
4. Kev is going nowhere and everyone working as normal behind scenes
5. The consortium are in this for the long haul

Will keep transfer stuff under wraps as I don’t think that helps anyone but seems some of the rumours on here are just that, and others are more likely. Deals being done and agents and selling clubs know they selling into a new regime and so some of the old crap now not as debilitating as previous preseasons.

I’m still not that positive as it’s totally out of consortium control but it does sound like everyone involved in this wants a positive outcome. It’s just a huge complex mess.

🤞
Click to expand...
Is anyone wants to protest you now know where.
 
Justin: COSU will not be paying the petiton debt until the sale is completed. Urging SCC to complete DD. "This week would be nice!"

Tom: says targets have been identified and working hard to get embargo removed and players in asap. Now is a "good time" to have an embargo if you are going to have one.

Justin: "Clarity in a couple of weeks" referring to DD being completed...

Justin: "RH prep work (pitch) starting today"

Tom: "Works started on RH safety cert"
 
Worse case scenario. JR: "We would not walk away from this deal lightly, but everyone has their limits" So all hinges on the outcome of the external DD report.
 
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