Eddie Hitler

It hasn't been but I repeated the calculation that Swiss must have made on the accounts and the simple average of interest paid / 0.5 x (opening debt + closing debt) gave about 5.8% IIRC Post so far upthread I'm not going to even try to find it). The key assumptions within that calculation are that: All figures relate to the same debt to Dwane Sports (it's possible chunks of it relate to debts to others like ex-directors) That a simple average like that is broadly reflective of the average debt for the year. There isn't enough information to prove it but it looks about the right level for that sort of lending on a commercial basis.

Very good spot James. That's the nail on the head, because if the laws and regulations protect the investor then what are they not protecting? Answers on a blue and white postcard to Dwane Sports.

I don't think they're listed so it won't be disclosed anywhere.

There is a charge registered at Companies' House against the Mem for a £10m RCF: https://beta.companieshouse.gov.uk/company/04501223/charges/wSc2Sf8fS_sfvZmboWRkEEkZX6Q At 30 June 2016 (more than a year ago) group borrowings were £7.2m https://s3-eu-west-1.amazonaws.com/document-api-images-prod/docs/5zgFEDry-e6ctLGgnWxLvDKC_6oka-HSL67f4HwQpg0/application-pdf?AWSAccessKeyId=ASIAJE2RTOLY732Y3BOQ&Expires=1509573891&Signature=zbCkXdmQIGVCsxWSaS034pUlBsI%3D&x-amz-security-token=FQoDYXdzEPb%2F%2F%2F%2F%2F%2F%2F%2F%2F%2FwEaDOv9nhIoLFs1bLUUjCK3A0qElcL%2B9l3cDBSoM0XnbUFKMzT1fGfHgBof3O561vomMEAOXHiIBzOIBCvQ8NwvQWu30EJAk9s65sydJftubuU3A8ah69fmAiok927m9Ey86fYW9FGC4DbdVHKbQsv4ETneDlq88BfRO2sb5sXX8b%2BeujirE6xEu2ABMih8MFjuvl255b%2F7MkkcA9leN3vxmSi1YjcUi8uf0Wyya%2FUWPLWDlnoE6ZDP9LYsYRNUHN25m5BGM5Koz9KMV9R18yi6aPFgEOyCxTumgVzZUJZAxXUATA5IyaC3vjhNGotfwjDHXjdm%2FkebkxdDoNd%2BqJ9CHUVNKKsvjpFayvOio5Qg7REUB0oEN5UoP6g58bz0PzMQJVHO7C%2Bv8rJpEKF1cu%2B9TzizcdU60F234OJrsXTZW6rbwtuSmJHw4SVN89JHnxtulKjEkOhAV6CTcyxsoPY%2BeZaEeopLkVlSO5PTiA%2FwBs4wBi7EU%2BFKsdPLxTuN8PBpho%2Bac4m%2FobQCcje6gbav9FZsFtKZ84FQ%2FpJFcelwMIlHZIapw%2Bjuyh%2FIRjmZcC%2BESAzTTbbcdgow7L9CiEKeyKmxX4T%2FyPcoyO%2FozwU%3D If no money has been put in and losses are running at £1.5m a year (they are) then that loan fcaility is exhausted sometime early 2018.

They have some insightful posters on the gas boards (Bamber, Swiss, Peter Parker to name several) who must cringe every time Henbury Gas with his room temperature IQ manages to poke out another stream of idiocy to reinforce every stereotyping of a gashead seen here. We've got some borderlines but compared to Henbury they are practically renaissance men.

I've laughed but whilst I may know the difference between screenshot and photoshop I can't actually do either so you are up on me!

Gotcha, have a "like".

You are entitled to your opinion but I like that we have a small percentage of Welsh fans crossing the Severn to watch games. Remember that during Bristol's big expansion as a city the population inflow came roughly 50:50 from the Somerset lowlands and the South Wales lowlands. There is a lot of Welsh ancestry in Bristol if you go back far enough. Edit: I'm not Welsh btw, despite the sidebar.

They still exist but are no longer coming to get us from the commanding vantage point of their shiny new UWE stadium. Wael is buying them some new white plastic chairs and some Pacamacs for when the canvas roof leaks and the more cerebrally challenged amongst their fans are slavering away at this incredible largesse as evidence of how they were right about him being the club's saviour all along.

Poor kid, even when you're thirty your birthday can still be spoilt by an unwanted gift. I'm welling up

Which, even if true and that's not just the voices in his head he's hearing, is just saying that SL had an offshore bank account; big deal, so did my father.

I won't repeat that libellous statment by Idiot Prime Henbury Gas but it would be sweet to see SL take him to court for it; that is not the sort of thing you can get away with as "banter". People have been very careful on here not to say that the gas are bust and unable to pay creditors as that would affect their capacity to trade and is anyway not the case. So what price a successful businessman's reputation when he is accused of illegality?

Sorry about that! I think the club finances are pretty dire if that helps, they're losing c.£1.5m a year (including £0.5m interest payments back to the owner) and are going to hit zero net assets sometime between now and March. With zero net assets the value of the club is just the future income stream from their loyal fanbase net of the running costs of the club. So negative £1m a year "income" stream which I won't even bother to discount.

No. If you add back the non-cash items of depreciation and impairment you have a £26k profit last year and a £3k profit this year; they're writing something off (?clubhouse, stock of "We are staying up 2015" t-shirts?)) to create a loss; looks like they know what they're doing (now!). It all looks vvery healthy but they had better hope that that £138k of cash doesn't attract another "over-eager" volunteer.

Exactly; they've only been in the football league proper for a couple of years and have now hammered a team that has been in the league since 1920. It is amazing that they have come so far in their two short years of playing league football. Out of the four local non-league teams that have made the step up to the league proper Rovers are head and shoulders above Forest Green, Yeovil, and Cheltenham.

Yes, great result for them. Well done.

Plymouth has five so far this season.

Yes, he does. "Ooooh, would you look at the hooves on that!"

Not being particularly anti-gas I prefer the term "special".

Yes, there are plenty of those arguments on other threads. This is a thread for laughing at the gas's progress into a full blown situation comedy; not for pontificating.

He is struggling to get up to being a full blown halfwit. I am sometimes embarrassed by what some of our fans post on here but none of them come close to being the sewn on absolute belter that is Henbury Gas. If I was running their forums I'd have banned him as showing their fans in a bad light; there is a line between loyalty and outright stupidity and he crossed it many years ago.

And the likelihood of calling upon it; banks just want their interest and the loan repaid. They do not want to have to step in and seize security. In a safe and regulated sector such as UK utilities or Housing Associations long term deals have been running in the 3.4 - 3.5% range recently (2% 20 yr rate plus 1.5% margin) but a football club wouldn't get this. I saw a Scottish housebuilder (big Private Equity buy out earlier this year) get a margin over 5% which, given short LIBOR is c. 0.5%, is about on a par with the assumed 6% for the Gas which suggests that it is a market rate and that the owners are neither ripping the club off nor doing it any favours.

That's a guess based upon interest paid over average debt but it's possible that there are other payments in there to past directors (Higgs & co) so the actual rate could be lower; we won't know until the next accounts are filed 31 March covering the year to 30 June this year. Even 5% would be high for a secured loan.

They've put about £10m of their own money in but have secured it by a charge against the ground.