Ten Bobsworth wrote:I've been having a bit of a think, Sluffy. Trying to make some sense of the contradictory statements on the FV file.
The undated document signed by Sharon and filed last Monday completely contradict all the documents filed on 11 November. I suspect the reason may be that this is a late filing of a document that should have been filed before the 11 November transactions since it states the position before these transactions took place.
I'm beginning to think also that the conversion of the loans to shares is connected to the solvency statement rather than a condition of the government backed loan. Not only do I suspect that FV would be unable to repay the loans, I also doubt that they could afford to pay the interest.
There remain the discrepancies between the board authorising the issue of £1 shares and then issuing 1p shares, who exactly provided the loans of £4.5m and £3m, what the original source of that money was, what shares are now in issue and who owns them.
Meanwhile Wycombe Wanderers, our next opponents, have accounts that are bang up to date, seem quite flush with cash, have an American owner doubtless worth a bob or two and are doing quite well in the league.
Bob, the 'undated' document filed on the 6th December actually has two dates showing on it if you look closely at the little sticker attached to the top of it by CH, the first being the 29th October, the second showing as 3rd December.
I note that the documents filed on the 11th December are all dated as the 29th October.
I therefore assume all the documents flowed from the same decisions and actions of that time and the latter document is not unconnected from or precedes them?
The documents filed on the 1st November are all dated as the 26th October (apart from the Satisfaction of Charges which are both noted as being received by CH on the 1st Nov).
I admit freely that I am out of my depth in respect of company share dealings but the Memorandum of Articles filed on the 11th November but dated 29th October clearly refers to the UK Government and the UK Governments Future Fund - which was the mechanism where companies were able to secure Covid Loans from - but the condition was that there had to be equal private match funding.
"The Future Fund provides government loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors.
These convertible loans may be an option for businesses that rely on equity investment and are unable to access other government business support programmes because they are either pre-revenue or pre-profit".
https://www.gov.uk/guidance/future-fundIt would therefore seem to me that FV did what they had to do to clear the decks in such a way to organise itself corporately to meet the governments Covid grant scheme conditions and provide the required matched funding - which was basically what the documents sent to CH dated the 26th October did - then entered into the government scheme and organising itself accordingly with the paper work being supplied by CH dated the 29th October.
I assume Sharon's and Luckock charges were settled to facilitate this all happening.
That's my line of thinking anyway.
Maybe the devil in the details of the shares might prove me wrong but I've not got the knowledge or competency to check that out for myself to establish if what I surmise will stand or fall.