Club Statement on the process of debt reduction
Fri Jul 06, 2018 8:06 am
Cardiff City Football Club is pleased to release the following statement regarding the Club’s ongoing process of debt reduction.
On 18th May 2018, by way of an Open Offer, qualifying shareholders (those holding in excess of 100,000 Ordinary 10p shares) were invited to subscribe for additional shares on the basis of five additional shares for every two held at a price of 10p per Ordinary Share.
Accordingly, on the 25th May 2018, Tan Sri Vincent Tan, subscribed for 664,152,868 10p Ordinary Shares, at a total subscription price of £66.4m.
No other qualifying shareholders decided to take up their entitlement.
The subscription price was paid by repayment of loans outstanding to Tan Sri Vincent Tan to that value.
This reduction in the loans due to Tan Sri Vincent Tan follows on from the loan to equity conversion carried out in June 2017, whereby Tan Sri Vincent Tan converted £12.6m of outstanding loan to equity.
Therefore, for the year ended 31st May 2018, Tan Sri Vincent Tan has converted a total of £79m of his loans to the Club into equity.
This is a continuation of the process of delivering on our Owner’s previous public statement to reduce the level of debt being carried by the Club.
On behalf of Cardiff City Football Club, Executive Director & CEO, Ken Choo, said: “We would once again like to thank Tan Sri Vincent Tan for his generosity.
“Following our recent successes on the pitch, we are extremely pleased that these continue to be mirrored by financial stability off it.
“As fans, staff and players alike eagerly await the upcoming 2018/19 Premier League campaign, we also look forward to the continuation of this ongoing process in the future.”
Re: Club Statement on the process of debt reduction
Fri Jul 06, 2018 8:10 am
Cant fault him
Re: Club Statement on the process of debt reduction
Fri Jul 06, 2018 8:12 am
Yep.. fair play to him Wes 
Re: Club Statement on the process of debt reduction
Fri Jul 06, 2018 8:14 am
BBC . 
Cardiff City owner Vincent Tan converts £66.4m more of club debt into equity
Cardiff City owner Vincent Tan celebrates with manager Neil Warnock after the Bluebirds sealed promotion back to the Premier League.
Owner Vincent Tan celebrates with manager Neil Warnock after Cardiff City seal Premier League promotion
Cardiff City owner Vincent Tan has converted a further £66.4m the club owes him into equity.
The Malaysian businessman has been reducing the loans owed by the Premier League club and has previously said he aims to have it debt-free by 2021.
Tan subscribed for more than 664 million ordinary shares at 10p.
"We would once again like to thank Tan Sri Vincent Tan for his generosity," said Ken Choo, the Cardiff City chief executive and executive director.
"Following our recent successes on the pitch, we are extremely pleased that these continue to be mirrored by financial stability off it.
"As fans, staff and players alike eagerly await the upcoming 2018-19 Premier League campaign, we also look forward to the continuation of this ongoing process."
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Cardiff's debt was £174m at the end of the 2013-14 financial year after their previous season in the Premier League - most of it owed to major shareholder Tan.
Tan converted £68m he was owed into equity while writing off another £10m in February 2016, converting a further £8m the following November and another £12.6m in June 2017.
The 66-year-old said he wrote off £13m in 2015, turned £3m into equity and in February 2016 settled a £5m debt with creditor Langston, owned by former Cardiff owner and current life president Sam Hammam.
However, under the terms of that settlement another £2m is now due to Langston as a result of Cardiff returning to the Premier League.
Cardiff City Supporters' Trust chair Keith Morgan said: "This is a major boost to the club's balance sheet position and is a further great example of Vincent Tan's continued commitment to the club."
Cardiff City owner Vincent Tan converts £66.4m more of club debt into equity
Cardiff City owner Vincent Tan celebrates with manager Neil Warnock after the Bluebirds sealed promotion back to the Premier League.
Owner Vincent Tan celebrates with manager Neil Warnock after Cardiff City seal Premier League promotion
Cardiff City owner Vincent Tan has converted a further £66.4m the club owes him into equity.
The Malaysian businessman has been reducing the loans owed by the Premier League club and has previously said he aims to have it debt-free by 2021.
Tan subscribed for more than 664 million ordinary shares at 10p.
"We would once again like to thank Tan Sri Vincent Tan for his generosity," said Ken Choo, the Cardiff City chief executive and executive director.
"Following our recent successes on the pitch, we are extremely pleased that these continue to be mirrored by financial stability off it.
"As fans, staff and players alike eagerly await the upcoming 2018-19 Premier League campaign, we also look forward to the continuation of this ongoing process."
Contract extension for Cardiff's Bennett
Cardiff boss wants 'missing piece' striker
Cardiff's debt was £174m at the end of the 2013-14 financial year after their previous season in the Premier League - most of it owed to major shareholder Tan.
Tan converted £68m he was owed into equity while writing off another £10m in February 2016, converting a further £8m the following November and another £12.6m in June 2017.
The 66-year-old said he wrote off £13m in 2015, turned £3m into equity and in February 2016 settled a £5m debt with creditor Langston, owned by former Cardiff owner and current life president Sam Hammam.
However, under the terms of that settlement another £2m is now due to Langston as a result of Cardiff returning to the Premier League.
Cardiff City Supporters' Trust chair Keith Morgan said: "This is a major boost to the club's balance sheet position and is a further great example of Vincent Tan's continued commitment to the club."
Re: Club Statement on the process of debt reduction
Fri Jul 06, 2018 8:34 am
Cardiff City Football Club is pleased to release the following statement regarding the Club’s ongoing process of debt reduction.
On 18th May 2018, by way of an Open Offer, qualifying shareholders (those holding in excess of 100,000 Ordinary 10p shares) were invited to subscribe for additional shares on the basis of five additional shares for every two held at a price of 10p per Ordinary Share.
Accordingly, on the 25th May 2018, Tan Sri Vincent Tan, subscribed for 664,152,868 10p Ordinary Shares, at a total subscription price of £66.4m.
No other qualifying shareholders decided to take up their entitlement.
The subscription price was paid by repayment of loans outstanding to Tan Sri Vincent Tan to that value.
This reduction in the loans due to Tan Sri Vincent Tan follows on from the loan to equity conversion carried out in June 2017, whereby Tan Sri Vincent Tan converted £12.6m of outstanding loan to equity.
Therefore, for the year ended 31st May 2018, Tan Sri Vincent Tan has converted a total of £79m of his loans to the Club into equity.
This is a continuation of the process of delivering on our Owner’s previous public statement to reduce the level of debt being carried by the Club.
On behalf of Cardiff City Football Club, Executive Director & CEO, Ken Choo, said: “We would once again like to thank Tan Sri Vincent Tan for his generosity.
“Following our recent successes on the pitch, we are extremely pleased that these continue to be mirrored by financial stability off it.
“As fans, staff and players alike eagerly await the upcoming 2018/19 Premier League campaign, we also look forward to the continuation of this ongoing process in the future.”
On 18th May 2018, by way of an Open Offer, qualifying shareholders (those holding in excess of 100,000 Ordinary 10p shares) were invited to subscribe for additional shares on the basis of five additional shares for every two held at a price of 10p per Ordinary Share.
Accordingly, on the 25th May 2018, Tan Sri Vincent Tan, subscribed for 664,152,868 10p Ordinary Shares, at a total subscription price of £66.4m.
No other qualifying shareholders decided to take up their entitlement.
The subscription price was paid by repayment of loans outstanding to Tan Sri Vincent Tan to that value.
This reduction in the loans due to Tan Sri Vincent Tan follows on from the loan to equity conversion carried out in June 2017, whereby Tan Sri Vincent Tan converted £12.6m of outstanding loan to equity.
Therefore, for the year ended 31st May 2018, Tan Sri Vincent Tan has converted a total of £79m of his loans to the Club into equity.
This is a continuation of the process of delivering on our Owner’s previous public statement to reduce the level of debt being carried by the Club.
On behalf of Cardiff City Football Club, Executive Director & CEO, Ken Choo, said: “We would once again like to thank Tan Sri Vincent Tan for his generosity.
“Following our recent successes on the pitch, we are extremely pleased that these continue to be mirrored by financial stability off it.
“As fans, staff and players alike eagerly await the upcoming 2018/19 Premier League campaign, we also look forward to the continuation of this ongoing process in the future.”
Re: Club Statement on the process of debt reduction
Fri Jul 06, 2018 10:28 am
We have had them come and go and promise us the earth.
VT is delivering and a great big thank you to him.
A lot of clubs are envious of us now instead of laughing.
Let's have more of it.
VT is delivering and a great big thank you to him.
A lot of clubs are envious of us now instead of laughing.
Let's have more of it.
Re: Club Statement on the process of debt reduction
Fri Jul 06, 2018 11:38 am
Brilliant news. Thank you VT
Re: Club Statement on the process of debt reduction
Fri Jul 06, 2018 12:59 pm
Yet more good news. Tan not only is the best owner we have ever had, but its showing himself to be one of the best owners in the whole of the football league, in stark contrast to that crook and cretin that was Sam the man.
That you so much Vincent Tan
That you so much Vincent Tan
Re: Club Statement on the process of debt reduction
Fri Jul 06, 2018 2:06 pm
Pulisnewport wrote:We have had them come and go and promise us the earth.
VT is delivering and a great big thank you to him.
A lot of clubs are envious of us now instead of laughing.
Let's have more of it.
Re: Club Statement on the process of debt reduction
Fri Jul 06, 2018 6:59 pm
CF23 Bluebird wrote:Brilliant news. Thank you VT