TartanJon Posted February 20, 2015 Author Share Posted February 20, 2015 Posted 17 February 2012 - 11:40 PM The bank term loan and associated bank interest roll-up facility and £4.5 million (2010 - £2 million) of loans fromrelated parties (see Note 24), lie within the wholly owned stadium owning subsidiary Talltray Limited (Talltray) and aresecured over the stadium as follows:-The bank borrowings are secured by a floating charge and a standard security over the stadium from Talltray to thebank, cross guaranteed by the Group. Talltray has granted further standard securities over the stadium, to have priorityafter the bank’s standard security and floating charge, to the related parties for their loans.The bank term loan and interest roll-up account fell due for repayment on 10 March 2011. After negotiations with thebank regarding the renewal of the facilities, an amount of £1.2 million was repaid to the bank to reduce the indebtednessto £10.82 million and an extension of the facilities to 28 February 2012 granted subject to certain milestones beingachieved in relation to the new stadium and pending sale of Pittodrie Stadium. The current bank loan facilities of £9.7million and £1.12 million bear interest at variable rates (currently 3.33%) and are renewed on an annual basis.The loan stock of £4.5 million comprises two amounts being the original £2.0 million introduced in 2006 and a furtheramount of £2.5 million which was introduced during the year.The £2.0 million of loan stock from the related parties originally carried a maximum compound return of 10% perannum and any repayment of that loan stock and interest was wholly dependent on the future sale of the stadium. Ifthe guarantees/letters of comfort granted by the related parties had been called upon, the Company’s liability to themwould have been satisfied by the issue to them of secured loan stock bearing a fixed rate of 8% and redeemable afterten years.If the stadium had been sold the proceeds would have been distributed, either to external parties for the loans detailedabove, or to the parent company, as follows and in the following order:-a. to the bank, the full amount of its term loan outstanding and the associated rolled up interest and all other bankdebt then due including all expenses incurred in the sale;b. to the Company, the amount of any inter-company balance due by Talltray to the Company in respect of anyadvances made to it by the Company to cover working capital costs, such as legal or annual audit costs;c. to the related parties, the next £2.0 million of proceeds, pro rata to the capital amount of their respective loancapital investments;d. to the Company, the next £2.0 million of proceeds;e. to the related parties, an amount equal to any loan stock issued by Talltray to satisfy its liabilities where theguarantees/letters of comfort granted by the related parties were called upon;f. to the Company and the related parties, 70% and 30% respectively of the remaining proceeds up to an amount,which, when 30% of it is paid to the related parties, will result in their receiving, in aggregate between them, acompounded rate of return of 10% on their initial loan capital investment and a compounded rate of return of 8%on the loan stock referred to at sub-paragraph d. above; andg. to the Company, the balance of any proceeds up to the outstanding amount of the deferred purchase price forthe sale of the stadium.Following the introduction of the further loans of £2.5 million during the year, the above terms have been alteredand the total loan stock of £4.5 million is now interest free and carries no fixed date for repayment. The Directors arecurrently in negotiation with the bank regarding the re-writing of the above terms to cover the repayment of thevarious loans once Pittodrie Stadium has been sold.In addition, a keyman insurance policy covering the loan period over the life of Stewart Milne in the sum of £2.25million has been assigned to the Bank of Scotland. Quote Link to comment Share on other sites More sharing options...
TartanJon Posted February 20, 2015 Author Share Posted February 20, 2015 That's not too bad they did run out of cash and Whyte was arrested so had to come back. You are actually quite quiet 70 pages in.I think you come more into it during the Third Act. Quote Link to comment Share on other sites More sharing options...
phart Posted February 20, 2015 Share Posted February 20, 2015 (edited) You are actually quite quiet 70 pages in.I think you come more into it during the Third Act. i wish there was a go to button skipping through 900 odd pages will be tiresome. The man with the best view in ibrox "I think the next few months will be extremely interesting and there will certainly be twists and turns but I think Rangers will complete the SPL programme this year and I think they wil be there at the start of the 2012/13 SPL season without any points deduction - as I said before, they may not be able to put together a squad to comete with Celtic but I think they'll be there in a form that allows them to remain at the top end of the league." Edited February 20, 2015 by phart Quote Link to comment Share on other sites More sharing options...
TartanJon Posted February 20, 2015 Author Share Posted February 20, 2015 i wish there was a go to button skipping through 900 odd pages will be tiresome. The fighting between Flat Earth,Lamia,Rossy & Tartan Teddy is hilarious .Total bitch fest, proper eye scratching stuff. Quote Link to comment Share on other sites More sharing options...
biffer Posted February 20, 2015 Share Posted February 20, 2015 Loving this one http://taboard.com/archive/index.php?showtopic=135800&page=41#entry2088375 Quote Link to comment Share on other sites More sharing options...
dandydunn Posted February 20, 2015 Share Posted February 20, 2015 How can you search old ones? I would love to read that "just seen my ex" again,sorry wembley. Quote Link to comment Share on other sites More sharing options...
RenfrewBlue Posted February 20, 2015 Share Posted February 20, 2015 Good Presbyterian work ethic and all thatNope. Just a hard working atheist. Quote Link to comment Share on other sites More sharing options...
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