Archive Board

[TartanJon]

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 from
related parties (see Note 24), lie within the wholly owned stadium owning subsidiary Talltray Limited (Talltray) and are
secured over the stadium as follows:-
The bank borrowings are secured by a floating charge and a standard security over the stadium from Talltray to the
bank, cross guaranteed by the Group. Talltray has granted further standard securities over the stadium, to have priority
after 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 the
bank regarding the renewal of the facilities, an amount of £1.2 million was repaid to the bank to reduce the indebtedness
to £10.82 million and an extension of the facilities to 28 February 2012 granted subject to certain milestones being
achieved in relation to the new stadium and pending sale of Pittodrie Stadium. The current bank loan facilities of £9.7
million 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 further
amount 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% per
annum and any repayment of that loan stock and interest was wholly dependent on the future sale of the stadium. If
the guarantees/letters of comfort granted by the related parties had been called upon, the Company’s liability to them
would have been satisfied by the issue to them of secured loan stock bearing a fixed rate of 8% and redeemable after
ten years.
If the stadium had been sold the proceeds would have been distributed, either to external parties for the loans detailed
above, 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 bank
debt 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 any
advances 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 loan
capital 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 the
guarantees/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, a
compounded 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; and
g. to the Company, the balance of any proceeds up to the outstanding amount of the deferred purchase price for
the sale of the stadium.
Following the introduction of the further loans of £2.5 million during the year, the above terms have been altered
and the total loan stock of £4.5 million is now interest free and carries no fixed date for repayment. The Directors are
currently in negotiation with the bank regarding the re-writing of the above terms to cover the repayment of the
various 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 £2.25
million has been assigned to the Bank of Scotland.

[TartanJon]

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.

[phart]

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

[TartanJon]

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.

[biffer]

Loving this one

http://taboard.com/archive/index.php?showtopic=135800&page=41#entry2088375

[dandydunn]

How can you search old ones?

I would love to read that "just seen my ex" again,sorry wembley.

[RenfrewBlue]

Good Presbyterian work ethic and all that

Nope. Just a hard working atheist.