Eddie Hitler

2 minutes ago, In the Net said:

Those companies were taken over from the previous Directors at BRFC.

Whilst it's not so easy to obtain details of companies registered outside the UK, I presume that any loans etc due to Dwane Sports will show in the next set of BRFC accounts?

Yes, June year end and last year published in March so six month wait to see that.

Should come in handy for them.

I can't believe this; I'm actually feeling sorry for them.

Not ******* like Henbury Gas obviously; but the decent fans. the ones I've known at work.

The club is being filleted like a mackerel and they can do nothing about it.  They are nine months from administration or sale and that will mean Division Four and a ground share again.

They're ******; and they thought it was a new dawn.  One team in Bristol is ringing true.

3 minutes ago, Bristol Rob said:

Not being versed in such arrangements, is that legal?

One company buying something and then transferring it to another - does the taxman get anything?

Simply: no.

I'm speculating but I guess that this other company has booked it as a debt to BRFC which will be netted off the amount outstanding on the RCF ?£8.7m now,.  So BRFC will be able to see out the season and end it with lots of net debt (my estimate will be the full £10m) and one asset against which that debt will be secured: the ground.

Which can then be legitimately siezed leaving Rovers not owning any ground or training facilities, no cash and losing £1.5m a year.  Bring back Nick Higgs!

25 minutes ago, bert tann said:

 

The Land Registry shows that title does rest with Dwane Colony Ltd another Jersey company with nominee shareholders.

When I called their Saint Helier office to ask if the beneficial owners were Dwane Al-Qadi and The Mindbenders the response was...

"Um, Um, Um ,Um, Um, Um

So the payment to acquire the land was made by the Bristol Rovers 1888 company by drawing down upon the RCF secured upon The Memorial Ground.

But the ownership rests with another company controlled by the al qadis and not with BRFC who actually paid for it.

They're hollowing out the Rovers into a debt laden shell with no assets; one of these days they'll take the Mem to settle the RCF.

Hey ho; Twerton would still take some tenants.

Top research Bert.

17 minutes ago, Coombsy said:

Straight out of the horses mouth please excuse the pun. DC said in an interview We have had disappointing news about the stadium and the new training ground will need a hell of a lot of developing. 

Dont look to good bills not paid.

They  can't afford to pay for fences 

No money for players 

cant even replace the run down shed they use as a catering unit 

 

It's all just say so but I read the fence one was in dispute for some reason rather than being an inability to pay.

My back of a fag packet calculations suggests they still have £1.3m left to draw on the RCF so they won't be running out of cash now but without some player sales they will be by the end of the season.

3 minutes ago, Bar BS3 said:

As I understand it, only from here, he's into his last year. They either need to get what they can for him or keep him, knowing he can walk in the summer. 

For £250k you'd think the latter would be the better option, seeing as he is their only decent goals supply and without him, you'd have to wonder if they'd struggle. 

For footballing reasons yes, but given their current rate of "burn" on the £10m credit facility secured against the ground (interest rate 6%) they do not have enough money to complete the season without arranging additional and very expensive finance.  Or, and heaven forfend, the owners actually risking some of their own money as equity investment or unsecured loans.

That £250k by my calculations would be just about enough to get them to the end of the season whilst staying within the £10m.

Then it's sell or invest time.

20 minutes ago, Port Said Red said:

Yes I know but he does seem to be doing quite well, even if he is playing for "them" you have to recognise that. Has he only a year left or something? 

Less than a year.

For £250k per the papers.

MEGABUCKS

10 minutes ago, Monkeh said:

indeed, says to me that they are trying to hide something

Or the company is just very badly run.

Either way it's not good.

Do you think they actually know? Maybe someone should do the decent thing and phone up their Company Secretary (I jest).

42 minutes ago, Monkeh said:

that isn't the biggest worry bert,

https://beta.companieshouse.gov.uk/company/04501223

Confirmation statement overdue in big red letters, what are they trying to hide?,

anyway the penalty for not filing on time is this,

 

The confirmation statement replaced the annual return in June 2016 and serves roughly the same purpose. Companies must file their confirmation statement to provide Companies House with up-to-date information for inclusion on the public register.

The confirmation statement must be filed within 14 days of the end of the review period, even if there haven’t been any changes during the review period.

Companies only have to file one confirmation statement a year. However, you can choose to file a confirmation statement early, or more frequently than once a year.

Late filing penalties do not apply to an overdue confirmation statement.

Instead, failure to file confirmation statements, annual returns or accounts is a criminal offence which can result in directors being fined personally in the criminal courts. Any criminal proceedings taken as a result of non-filing of confirmation statements is separate from and in addition to any late filing penalty imposed against the company for filing accounts late.

 

That's really poor.  There's nothing hard about doing these statements and they just reflect the current position for shareholdings, registered office. Simple stuff.

Criminal charges for the directors.  Must stock up on popcorn.

29 minutes ago, Bristol Rob said:

A member of the blue fraternity has gone in to panic mode at work as it sounds like clubs are sniffing around their better player.

Fee sounds low.

Last year of contract for Bodin.

14 hours ago, Leveller said:

From experience, Companies House records are often years out of date as regards released mortgages.

Ok, we'll have to wait until their accounts are published to see what's actually happened; or hasn't happened.

Certainly there's a lot of money being spent from the £10m RCF secured upon their ground so it must have been spent on something.

2 hours ago, bert tann said:

Could someone explain why the statutory records of Terramond Developments Ltd show a mortgage charge, in favour of Lloyds TSB,  still outstanding on land they used to own at Colony Farm, Hortham Lane, Almondsbury, Bristol.

No one would be daft enough to buy a piece of land without first ensuring any previous mortgage was paid off ........  would they ?

Excellent spot Bert.

That does raise a few questions.

I spoke too soon, Henbury has turned up that thread and is displaying his ignorance for all to see.

For all the "Buy a Brick" nonsense from the grunters on gaschat the posters on the intelligent gas board, Gas Guzzler (the one that "coincidentally" doesn't have Henbury Gas on it), actually have the situation spot on.

E.g. this from "swissgas":

Quote

I agree it's hard to get your ahead around which is why I was so reluctant to post my thoughts about "suspicions" a month or so ago.

None of it makes any sense unless you subscribe to the "cock up" theory which says the whole deal was rushed through to satisfy Wael's football passions and that no detailed due diligence or financial projections were done. This probably only hit home when Mr Al-Qadi senior became acquainted with the full facts and realized the implications of taking on responsibility for huge trading losses and massive capital expenditure projects. Owning a football club is not bankers territory it's a "wild west" landscape where gamblers, like the Brighton Chairman, thrive and play with money they can afford to lose.

Pessimist Gas gets frustrated with the hero worship of the owners and I get frustrated with the constant talk on the forums of Dwane Sports "selling" Rovers. It's as if fans expect there to be a war between "investors" outbidding each other to take on Rovers liabilities. "Do I hear  £10 million ?  ....  £11 million from the gentleman in the dark glasses ?.. ., sorry sir I've got £12 million over there from the man wearing the straitjacket".  

All previous majority owners have had to write off substantial sums to relieve themselves of the financial liabilities which owning Rovers brings. I think the question we may have to ask is how much the Al-Qadi family are willing to write off in order to persuade someone to take Rovers off their hands. 

http://gasheads.org/thread/6688/colony-update-brief?page=4

1 hour ago, harrys said:

Is there ever a day goes by where the EP doesn't have a write up about the "wonderful" support that Rovers have

I'm sure that most of us on here only started following City after becoming fed up at trying to watch the Rovers yet week after week finding ourselves locked out of the game owing to the enormous crowds that follow them everywhere.

Dear oh dear; it'll be bring your own plastic chair and bucket to piss in next.

The £10m security charge in the men will be fully utilised by the end of the season and Dwane Sports are charging 6% interest on their secured loan when a typical charge for a property secured loan at present is more like 3.5%.

So the position by the end of the season if the club doesn't get sold is:

Assets: Memorial Ground £11m

Debts: Dwane Sports £10m fully secured upon the ground.  Plus small unsecured overdraft (<£0.5m).

Net assets: theoretical £0.5m but you couldn't secure anything upon that £1m as the Loan To Value ratio will be too high.

So with no money, £600k annual interest costs, ?£1.3m annual losses before interest the whole thing runs straight into the buffers.

Wael will be knocking on Dunford Jr's door to ask him to take on the club and £10m debt for a £1 as that way he stands a chance of getting his £10m back, a fire sale liquidation won't realise the full amount from the sale of the ground.

Tick tick tick, nine months left to find a buyer.  Good luck with that given that Higgs had to travel to Jordan to find a buyer last time when the club had millions in assets and the possibility of a new stadium.

Maybe Kim Jong Un fancies taking on some sporting ambition.

12 hours ago, 22A said:

Why do Rovers fans use the acronym FTG?

Unionists in Northern Ireland use FTP to mean F(obscenity) The Pope, so surely FTG simply replaces the Pope with the Gas?

I thought it was this forum auto correcting it to catch people out but haven't tested it.  Here we go then:

FTG (FTG)

FTG (F T G)

Edit: yes, the first one said U and this was replaced even when spaced out.

18 minutes ago, Bianconeri said:

I hope we have featured this so that we can help to recover the items and not to laugh at the sags.

All of the shorts have now been recovered and all but two of the shirts so you can sleep safely tonight.

Crimewatch in Gasland

29 minutes ago, Up The City! said:

Lets be honest here, wally didn't get involved with them for footballing reasons. 

I think he did, it was a "My First Football Club" present for him to play with to keep him occupied.  If he had made a success of it then his family might have tried him with a proper one; as it is it's run into the buffers and it's now time to get out before the family have to put any of their money at risk (all currently secured against the ground) to keep it going.

8 minutes ago, A Darkwood Red said:

I should've said almost beginning to feel sorry. I think he's a figure head, a puppet or tool being used by his family, I suspect he's always banged on about grandiose dreams of having his own successful club and taking it to the top so they can play his heroes at Chelsea. The rest of his more savvy family have seen an opportunity to make money, that's gone titsup and want out before they lose any. This could be a long and very messy affair for the blue few and I think there could be quite a few casualties along the way.  

 

Spot on.

Just now, cynic said:

Just saying that the land as a development project is probably worth anything between 15m - 18m.

Its unlikely that the 10m charge is fully utilised - maybe 8m 

Good earner.

(they still have one pasty hut as well I think)

The Memorial Stadium was valued at £11m in the accounts; I'm not plucking that number out of the air.

The Sainsbury's' valuation is distant history.

2 minutes ago, EmersonsRed said:

The ONE REMAINING pasty shop

Corrected for you

Just now, cynic said:

Plenty of asset still available - maybe as much as 10m.

 

 

 

Go on then.....

1 minute ago, BS15_RED said:

Being taken over again apparently 

http://gaschat.co.uk/thread/10482/new-beginning-2

Hmmm.

So Wael has taken the £11m Memorial Stadium and pissed away £8.7m of that on failed projects and chasing "the dream" of promotions.

They now have sweet f a of net assets, he has spent none of his own money, and is bailing to try to make some idiot pay something over £2m for assets worth less than £2m.

Richest

Man

In

The

World

He has done this to them and still half of them think he's "a great bloke".  Halfwits.