Details of the new share offer/investment

OK keeping it in 'round millions'

At the moment we have the following shares of 10p each (which confusingly for everyone were mainly sold at 15.69 p each)

41.3m

38.2m shares to go to TG and TG (£6m -of which £1m is to pay off the loans they have given us to pay wages)

12.7m shares (£2m) to be offerred to existing shareholders

33.2m new shares issued to Existing Creditors - as debt for equity swap ( swapping money owed for shares -which reduces debts - shares dont have to be paid off) - split as follows..

PMG 1.9m(for £300k) PLUS and this is strange a further 17.2m for another £2.7m of debt IF the club agrees. Balance of debt restructured to be paid by Sept 2013

Michael Isaac 8m shares replacing £1.25m of debt PLUS a further 3.2m (£500k) - total debt to be paid by Aug 2011

Steve Borley 2.9m of shares for £460k debt, with balance of debt to be paid by Aug 2011.


This would leave a total of about 125.5m shares, of which the Malaysians would have 38.2m - just over 30%

There will be however (and this is not clear in the meeting docs) 34.5m shares allotted, but not issued. If the Malaysians also buy these they will have 72.7m of 160m of shares. 45.4 %


Financially the impact on the club of all this is...


Debts reduced by
£1m - malysians
£300k PMG
£460k - Borley
£1.25m - Isaacs

Plus potentially, and now not really a worry as they are agreed
£2.7m PMG
£500k Isaacs

'Other major creditors' have also come to agreements, reducing debts or spreading repayments out.

New funds to come in

£5m from Malaysians 27/5
potential £2m from new share issue , £200k of which has already been subscribed for - £100k Borley £100k Whiteley.

Also if the further alloted 34.5m shares are issued in the future (maybe to TG/VT) then thats another £5.4m to come in.

Not out of the woods yet and repaying the debts to the agreements I'm sure will mean cost cutting in next season or 2 (provided we don't go up), but its certainly looking a bit brighter and clearer now.

Interestingly existing shareholders have until 10AM 25/5 to apply for new shares -by which time we will know what division we are in, could be a bargain

Hope there is some meat on the bones at the EGM.

One concern though - still no accounts for 08/09 yet. Now 2 months overdue. Again.

Cheers Lawnmower that's very interesting. No mention of Langston so I presume they will continue to be paid £83,000 P/M until 2016.

As a matter of interest is the total owned to Iassacs £1.75m or is it £1.25m with him investing a further £500,000 if the proposals are passed at the EGM?

Finally I have this horrible feeling that the £2m share issue to supporters is aimed at raising cash for Ridsdale's pay off, not fact but a gut feeling but it might be worth asking if any shareholders attend.