Page 27 (30 of 41) Nil Directors remuneration - same for the previous accounts also.
Page 33 (36 of 41) Creditors falling due after 12 months.
Included within other borrowings are three loans, namely a shareholder loan, a convertible loan and a unsecured loan.
As at the reporting date the shareholder loan amounted to £2,065,739. This loan attracts a fixed 7.5% rate
of interest and the total facility amounts to £3,000,000. I'm assuming this is from Sharon?
The convertible loan was agreed on 28 August 2020, with the total facility amounting to £5,000,000. The
lenders who are party to the convertible loan agreement are members of the shareholder consortia and UK
FF Nominees Limited. This scheme aims to support companies during the COVID 19 outbreak. The
maturity date of the loan is 36 months from the date of agreement and the agreement attracts an interest
rate of 8%. The convertible loan agreement is unsecured. The loan amount plus any accrued interest will
convert into shares in the company in several different scenarios, one of which is on the maturity date if the
loan is not repaid. The balance outstanding at the reporting date amounted to £5,302,466, which includes
accumulated interest.£2,651,233 of the total outstanding balance was due to UK FF Nominees Limited,
with £2,651,233 being due to the shareholders.
This finally nails the mystery and 'Barry' was right - If I'm understanding it correctly the initial loan was for £5m from the government BUT when it converted into shares, Sharon, Luckock and James had to put in £2.5m - the result being the government owning FV shares of equivalent to £2.5m BUT having put £5m in for them and Sharon et al buying a further matching £2.5m (being equivalent to £2.5m). To compensate the government, their shares at the point of the sale of the company have a 200% premium on them - so if for instance FV's shares are purchased for £10 per share, the governments shares HAVE to be purchased also but at a rate of £20 per share they hold.
The unsecured loan amounted to £811,228 as at the reporting date and attracts interest at 5% per annum.
Bank loans and overdrafts are unsecured.
The page goes on to mention Warburton's charge on land and PBP charge against the hotel and their willingness to waive interest if the loan is paid up before 1st August, 2022.
Page 33 (36 of 41) Creditors falling due after 12 months.
Included within other borrowings are three loans, namely a shareholder loan, a convertible loan and a unsecured loan.
As at the reporting date the shareholder loan amounted to £2,065,739. This loan attracts a fixed 7.5% rate
of interest and the total facility amounts to £3,000,000. I'm assuming this is from Sharon?
The convertible loan was agreed on 28 August 2020, with the total facility amounting to £5,000,000. The
lenders who are party to the convertible loan agreement are members of the shareholder consortia and UK
FF Nominees Limited. This scheme aims to support companies during the COVID 19 outbreak. The
maturity date of the loan is 36 months from the date of agreement and the agreement attracts an interest
rate of 8%. The convertible loan agreement is unsecured. The loan amount plus any accrued interest will
convert into shares in the company in several different scenarios, one of which is on the maturity date if the
loan is not repaid. The balance outstanding at the reporting date amounted to £5,302,466, which includes
accumulated interest.£2,651,233 of the total outstanding balance was due to UK FF Nominees Limited,
with £2,651,233 being due to the shareholders.
This finally nails the mystery and 'Barry' was right - If I'm understanding it correctly the initial loan was for £5m from the government BUT when it converted into shares, Sharon, Luckock and James had to put in £2.5m - the result being the government owning FV shares of equivalent to £2.5m BUT having put £5m in for them and Sharon et al buying a further matching £2.5m (being equivalent to £2.5m). To compensate the government, their shares at the point of the sale of the company have a 200% premium on them - so if for instance FV's shares are purchased for £10 per share, the governments shares HAVE to be purchased also but at a rate of £20 per share they hold.
The unsecured loan amounted to £811,228 as at the reporting date and attracts interest at 5% per annum.
Bank loans and overdrafts are unsecured.
The page goes on to mention Warburton's charge on land and PBP charge against the hotel and their willingness to waive interest if the loan is paid up before 1st August, 2022.