Fabulous news.

[tigerfeat]

You may be rate mate it's just if all the salary caps used up it may be a option
Is that centre from wakey signed on a long deal

[HuddsTigers]

The interesting thing in the accounts is that the Directors' Loan account has gone from £2.36m in 2015 to just £120,000 in 2017.

Completely wiped out pretty much. Robbo may be able to clarify or another director, but is this because it was converted into shares?

Yes - that is correct Hudds.

That was not my interpretation but if we get an AGM I will ask that question.
It’s very good news
Robbo

Just read it again. It says we owe £2.36m to former directors still. However, this falls under other creditors now.

Having had chance to re-read it my suspicion is that because the loans were from Jack and due to his sad passing, he ceased to be a director. Therefore, they no longer fall under Director loans but are an extra creditor because they are owed to his estate.

[fords]

The interesting thing in the accounts is that the Directors' Loan account has gone from £2.36m in 2015 to just £120,000 in 2017.

Completely wiped out pretty much. Robbo may be able to clarify or another director, but is this because it was converted into shares?

Yes - that is correct Hudds.

That was not my interpretation but if we get an AGM I will ask that question.
It’s very good news
Robbo

Just read it again. It says we owe £2.36m to former directors still. However, this falls under other creditors now.

Having had chance to re-read it my suspicion is that because the loans were from Jack and due to his sad passing, he ceased to be a director. Therefore, they no longer fall under Director loans but are an extra creditor because they are owed to his estate.

Sounds about right. Jack loaned the club money to keep it going against the ground. So if we ever sold it he will get his money back from the sale.

Last time i saw the accounts it was up to just over 2million we owed the Fultons.

[JIN JER]

You may be rate mate it's just if all the salary caps used up it may be a option
Is that centre from wakey signed on a long deal

You'll need deep pockets.

[SuffolkTiger]

Fantastic news. What a transformation.

Continue like this and throw a new stadium into the mix - who knows where it could take us....

[Robbo]

The interesting thing in the accounts is that the Directors' Loan account has gone from £2.36m in 2015 to just £120,000 in 2017.

Completely wiped out pretty much. Robbo may be able to clarify or another director, but is this because it was converted into shares?

Yes - that is correct Hudds.

That was not my interpretation but if we get an AGM I will ask that question.
It’s very good news
Robbo

Just read it again. It says we owe £2.36m to former directors still. However, this falls under other creditors now.

Having had chance to re-read it my suspicion is that because the loans were from Jack and due to his sad passing, he ceased to be a director. Therefore, they no longer fall under Director loans but are an extra creditor because they are owed to his estate.

Should not make any difference as half went to Ian who is a director and Janet who is not
The issue of shares gave them full control.
The shares are returned when the debt is paid ( or within a time scale)
Interest is being paid on the amount.
Robbo

[HuddsTigers]

The shares did, yes. But the loans will be a contract between Jack Fulton and the club. Therefore, the debts owed to Jack will go to his estate to be distributed as per his will should they get the cash back.

[Casmania]

Not quite as simple as that. The 'debts' were a loan, which included interest payments at 2% above the base rate.
The above was transferred to Bridie upon Jack's passing away. Bridie passed away shortly after, triggering the full payment of the loan plus interest to the estates executors. Their remit was to get the best deal for both Ian and Jan Fulton which potentially would have threatened the clubs future.
The new share issue removed that threat, resulting in Ian and Jan having full control over the club while receiving interest payments on the loan.

[Robbo]

Not quite as simple as that. The 'debts' were a loan, which included interest payments at 2% above the base rate.
The above was transferred to Bridie upon Jack's passing away. Bridie passed away shortly after, triggering the full payment of the loan plus interest to the estates executors. Their remit was to get the best deal for both Ian and Jan Fulton which potentially would have threatened the clubs future.
The new share issue removed that threat, resulting in Ian and Jan having full control over the club while receiving interest payments on the loan.

That is pretty much correct.
I didn’t agree with it because the loan was to remain until it could be paid off.
However it was said a new document changed that and the club agreed it was payable upon Jacks death.
I wanted to know who on behalf of the club signed that/ agreed to it just before Javks sad passing.
It was clear the club would default and that’s when Ian told us that if we did not agree to giving him full control he would call the debt in.
Didn’t like that. So shareholders have no say in anything going forward. To be fair they should offer to buy holders out.
What is the point if you cannot help steer a path going forward.
However my main objection was the gun to the head.
Anyway Water under the Bridge.
Robbo