Swans borrowing more?

[Niigata Jack]

Looks like a new charge has just been registered at Companies House, this time with Mellon Bank.

Not really had the time to go through it properly, but looks very much like borrowing more.

Mellon is a very apt name considering we've got mellons running the club. :x :x

 

[Uxy]

I forget when you've been wrong in the past

There should be one though. 2 or 3 cycles at most IMO.

“Trust Board members may apply for re-election for a further 2 year period.“

Nothung plural about those last six words. Rank bad drafting.

Someone could be a right awkward sod with that, in fairness

 

[exiledclaseboy]

“Trust Board members may apply for re-election for a further 2 year period.“

Nothung plural about those last six words. Rank bad drafting.

Someone could be a right awkward sod with that, in fairness

Well according to the rules anyone who’s done more than two terms is no longer eligible. #awkward

 

[PSumbler]

In Siân's defence, she's probably as qualified as any of the other Trust board members.

Was that the person who went off in a flounce over tickets for QPR away? Or was that someone else?

The very one

 

[waynekerr55]

Was that the person who went off in a flounce over tickets for QPR away? Or was that someone else?

The very one

Wonderful.

 

[Uxy]

The idea the Trust saying something about it could possibly jeopardise any future business is pretty amusing in fairness.

Oh they won’t have the faintest idea about it. I’m not a member any longer so I don’t give a crap.

I'm not convinced governance is really on the agenda any more anyway.

Anyway, back to this, and I spoke to someone who knows these sorts of things a lot better than I. They reckoned this looks more open-ended than the usual sorts, although the club's ability to draw down on it would likely depend on future sales. Did also note there's likely to be an ongoing charge to maintain that unused facility.

 

[Londonlisa2001]

Oh they won’t have the faintest idea about it. I’m not a member any longer so I don’t give a crap.

I'm not convinced governance is really on the agenda any more anyway.

Anyway, back to this, and I spoke to someone who knows these sorts of things a lot better than I. They reckoned this looks more open-ended than the usual sorts, although the club's ability to draw down on it would likely depend on future sales. Did also note there's likely to be an ongoing charge to maintain that unused facility.

Looks to me as though it’s fairly standard factoring agreement, albeit it allows for factoring of future fees as well. The Appendix mentions the ‘transfer’ amount which must be Downes as no one else of note has gone.

The reality is that no one would lend us anything (or not someone like Mellon) outside that sort of agreement as we have no assets to secure anything. The Trust deed with Silverstein et al has charges over any assets we do have and any change to that would need to have a waiver from the Trust company which isn’t there, so it is only future transfer fees that we can borrow against.
There will undoubtedly be a fee for obviously the factoring (an embedded interest charge) but also for providing a facility. It looks to be replacing old agreements though which would have had the same.

 

[BlasterJack]

Next level.

 

[Uxy]

I'm not convinced governance is really on the agenda any more anyway.

Anyway, back to this, and I spoke to someone who knows these sorts of things a lot better than I. They reckoned this looks more open-ended than the usual sorts, although the club's ability to draw down on it would likely depend on future sales. Did also note there's likely to be an ongoing charge to maintain that unused facility.

Looks to me as though it’s fairly standard factoring agreement, albeit it allows for factoring of future fees as well. The Appendix mentions the ‘transfer’ amount which must be Downes as no one else of note has gone.

The reality is that no one would lend us anything (or not someone like Mellon) outside that sort of agreement as we have no assets to secure anything. The Trust deed with Silverstein et al has charges over any assets we do have and any change to that would need to have a waiver from the Trust company which isn’t there, so it is only future transfer fees that we can borrow against.
There will undoubtedly be a fee for obviously the factoring (an embedded interest charge) but also for providing a facility. It looks to be replacing old agreements though which would have had the same.

It's that facility bit I'm not sure was there before. Previous ones were very focused, which probably explains why have need to have new agreements.

Anyway, semantics to a degree, but the cost adds up when we don't live close to within our means.

 

[Londonlisa2001]

Looks to me as though it’s fairly standard factoring agreement, albeit it allows for factoring of future fees as well. The Appendix mentions the ‘transfer’ amount which must be Downes as no one else of note has gone.

The reality is that no one would lend us anything (or not someone like Mellon) outside that sort of agreement as we have no assets to secure anything. The Trust deed with Silverstein et al has charges over any assets we do have and any change to that would need to have a waiver from the Trust company which isn’t there, so it is only future transfer fees that we can borrow against.
There will undoubtedly be a fee for obviously the factoring (an embedded interest charge) but also for providing a facility. It looks to be replacing old agreements though which would have had the same.

It's that facility bit I'm not sure was there before. Previous ones were very focused, which probably explains why have need to have new agreements.

Anyway, semantics to a degree, but the cost adds up when we don't live close to within our means.

As does the 5% annual interest to the bloke who seems to be in charge!

I don’t understand some of the financial decisions at all. The fact that our highest paid player doesn’t even have a squad number sums it up for me. And purchases made in one window are cast aside the next.

Plus there is an inordinate number of staff c9nstantly joining / leaving judging by ads on the Twitter feed,