OTR Ltd - Trust Vote

[Mid Devon Grecian]

Am curious how the proposal will lead to the Trust acquiring OTR or "the park", or how the club could justify to other share holders it giving "the park" to the Trust. The proposal sounds really encouraging in its intention, but I would prefer the plan to have been fully hammered out and for all the ducks to have got in a row first.

I agree, they’ve put it to a vote but the finer details of the plan seem vague and subject to ‘advice’.

Not convinced I have enough information to vote on this and that concerns me. Have emailed Nick H today to seek clarification on some points as I can’t attend the meeting next week.

 

[SaintJames]

I agree, they’ve put it to a vote but the finer details of the plan seem vague and subject to ‘advice’.

Not convinced I have enough information to vote on this and that concerns me. Have emailed Nick H today to seek clarification on some points as I can’t attend the meeting next week.

does seem strange to put out a vote before the meeting has even taken place

 

[Colesman Ballz]

How come?

In the early years of Trust Ownership monthly payments to the Club were made as loans (I won't go into the very good reasons why). When very large sums arrived arrived from player sales (particularly when Ollie moved to Villa), the Club repaid the loan which mitigated its tax liabilities that otherwise would have occurred. This is how we were in the position to be able to loan the additional monies needed to complete the Cliff Hill redevelopment. That was never required in the end, so in the accounts presented at the last Trust AGM there was c.£900k. Whilst the Trust holds a contingency to cover 3 months wages for the Club, that still leaves a substantial balance.

 

[Grecian in Guzz]

In the early years of Trust Ownership monthly payments to ther Club were made as loans (I won't go into the very good reasons why). When very large sums arrived arrived from player sales (particularly when Ollie moved to Villa), the Club repaid the loan which mitigated its tax liabilities that otherwise would have occurred. This is how we were in the position to be able to loan the additional monies needed to complete the Cliff Hill redevelopment. That was never required in the end, so in the accounts presented at the last Trust AGM there was c.£900k. Whilst the Trust holds a contingency to cover 3 months wages for the Club, that still leaves a substantial balance.

Sadly, I believe against Elaine & NLM's view the Trust Board voted through only 2 months wages contingency at the last TB meeting.
I just wonder if the Club's new tail is wagging the Trust dog - now where have I seen this before ?

 

[Colesman Ballz]

Let me try again. Our subs have been paid to the club over the past 20 years and came to a sum of around 800 thousand pounds. With transfer fees received mainly from Olly Watkins the club paid this money back to the Trust

Along the right lines StJ, but not quite fully correct. It was in the early years that the monthly Injections were made as loans, mainly as the intention was to make a "Rights Share Issue", to Increase the Trusts Shareholding percentage. The Trust could have swopped debt for equity to take up its allocation and also acquired shares not taken up by others. This was frustrated by the Crown Prosecution Service sitting on the Shareholding register for use in the trial of the "Terrible Twosome" for several years. In the meantime the monthly injections became donations. The 800k repaid represents just the "loan" period. The total put I to the Club over the years must now be several million.

 

[David Treharne]

I'll certainly go along to the meeting to find out more details. I also find it strange that the Trust have issues the voting papers before some other fundamental questions are answered in public. As a complete aside wonder what the actual condition of the building is. There are parts of it that look as though they will need some prompt renovation work in the fairly near future. Some of the window frames and gutteering are in a parlous state.

 

[grecian-near-hell]

I would suggest this needs to be fully explained / resolved at next AGM or pressure to buy now fully explained before the vote ?
Does seem a bit press ganged to me on the face of it.

It's alright the club can use the excess they are charging for season tickets to cover any shortfall if need be.

Opportunity v press gang Cost savings v expenditure

Less Haste more speed, there is a special members forum on 16th May if you have any queries or you can post them in so hardly press ganged

 

[Hants_red]

I'll certainly go along to the meeting to find out more details. I also find it strange that the Trust have issues the voting papers before some other fundamental questions are answered in public. As a complete aside wonder what the actual condition of the building is. There are parts of it that look as though they will need some prompt renovation work in the fairly near future. Some of the window frames and gutteering are in a parlous state.

Is it a protected building, e.g. listed?

 

[SaintJames]

Is it a protected building, e.g. listed?

I don't believe it is but the community trust building may be from my hazy memory

 

[tom_ecfc]

I don't believe it is but the community trust building may be from my hazy memory

https://exeter.gov.uk/media/1474/listed-building-quick-list.doc