COOP Bank call in Lincoln's debt of £380,000

[Luke Imp]

Not really.

From what I've been told, the £380k figure is incorrect. The circa £80k mortgage figure is correct but our current overdraft isn't £300k - that's just the overdraft limit. What our overdraft is depends on the time of the year e.g. May/June it's higher for obvious reasons. As I've said previously, we've never been late with payments, never struggled with any repayments and can afford everything as it's set up now it's just a simple case of the Co-op wanting out in one lump sum. There's been no effort on their part to try and just reduce the facility and gradually pull out.

The Madness gig has already sold about 5k tickets having gone on sale yesterday morning and that's a win/win for the Club because it's underwritten.

It's just a case of finding a bank who'll give us the overdraft facility and there isn't one prepared to do that at the minute, if at all.

There's the AGM on Thursday so a few more snippets might emerge.

 

[Davidimp]

How many tickets are available for the gig? Seem to think 13500 we sold for westlife and we still lost money.

 

[GodsGift]

Chairman Bob Dorrian confirms he is in talks with a potential investors.

We've heard that one before.

 

[Luke Imp]

Depends what these investors are. If it's a few of one person being on the Board, that's happened quite a few times.

 

[Davidimp]

Chairman Bob Dorrian confirms he is in talks with a potential investors.

We've heard that one before.

Yep, might of been wise if Bob had said nowt til the deal was done as Swann disappeared off to Scunny after he had shook hands on deal to join the board.

 

[Luke Imp]

It's the AGM tonight.

Anyway, the latest fund-raising effort is to re-seat the Co-op Stand to this Dambuster's mosaic. Obviously the Dambuster's are a big part of Lincoln heritage.

5,700 seats between £40 and £125 - http://www.redimps.co.uk/news/article/stand-proud-to-celebrate-our-heritage-2297208.aspx

 

[slaphead]

It's the AGM tonight.

Anyway, the latest fund-raising effort is to re-seat the Co-op Stand to this Dambuster's mosaic. Obviously the Dambuster's are a big part of Lincoln heritage.

5,700 seats between £40 and £125 - http://www.redimps.co.uk/news/article/stand-proud-to-celebrate-our-heritage-2297208.aspx

If that does get done, it will look stunning. I may well contribute to this, I had a relation the served in Bomber Command, and very briefly with 617.

 

[Luke Imp]

AGM last night and little said we didn't really know anyway.

The seats replaced in the Co-op will be used to replace other seats in the Stadium, so hopefully we'll end up with mostly red seats and remove the blue, green, black, orange and yellow ones we seem to have put in all over the place!

The Crowdfunder site goes live on March 12th for the Dambusters mosaic.

Stadium move is still a go-er. There's a site ready, but we won't commit to it until we get the soil tests back, which should be end of March. Lincoln Council would like our new Stadium to be part of a new sports village, but either way, we're moving from SB at some point funded by grants, the sale of SB (Stadium, land and buildings).

A couple of Board members have a meeting with higher management and the Co-op next week, presumably to tell them what a set of wankers they're being.

 

[Southern Shayman]

AGM last night and little said we didn't really know anyway.

The seats replaced in the Co-op will be used to replace other seats in the Stadium, so hopefully we'll end up with mostly red seats and remove the blue, green, black, orange and yellow ones we seem to have put in all over the place!

The Crowdfunder site goes live on March 12th for the Dambusters mosaic.

Stadium move is still a go-er. There's a site ready, but we won't commit to it until we get the soil tests back, which should be end of March. Lincoln Council would like our new Stadium to be part of a new sports village, but either way, we're moving from SB at some point funded by grants, the sale of SB (Stadium, land and buildings).

A couple of Board members have a meeting with higher management and the Co-op next week, presumably to tell them what a set of wankers they're being.

Seems strange to invest in the mosaic and then move?

I'm ignorant to this... but why the need for a move from SB?

 

[Luke Imp]

The mosaic will move with it apparently, which is probably easier said than done given the new Stadium will probably be a different design.

In short, there's an access issue, which means we're extremely limited in what we can do with, and at, SB. The fire station was moving a few years back and we were going to buy the land and that would, in theory, sort the access, which meant we could re-build the Echo Stand (the one that runs a third of the pitch) to include conference, bigger restaurant, offices etc and increase income. The fire station ended up staying put, which scuppered that and they're showing no signs of moving.

Not only that, SB costs us about £10k/month to run with little contribution from renting out space. That's £120k we can't put into our budget. A new Stadium, right next to the Uni is my bet and closer to the City Centre, opens up massive opportunities. Not only that, but it's easier to get grants etc with it being linked to a Uni (and one that is continuing to build itself).

 

[Luke Imp]

Meeting obviously went well. They've given us 10 weeks...

 

[Davidimp]

Good our board are totally and utterly incompetent!
They've known about this for a year and hoped it would go away!
Let's hope we sell all the concert tickets!

 

[Davidimp]

http://www.lincolnshireecho.co.uk/Dorrian-confident-seal-deal-bank/story-26410913-detail/story.html
Update, worrying....

 

[Luke Imp]

I'd say it's slightly encouraging.

I think we need a figure of circa £300k-£320k as opposed to the £380k figure, so to have raised £160k from fans in shares and bonds before the Madness concert, where we keep all the catering sales, is half decent.

The doomed mosaic total is £50k+ so there's potential there for some people to move it from that, into shares/bonds, if they wish.

They'll be going to the Co-op with a cheque for over half of the money we owe, before the 'main' event i.e. Madness.

 

[Davidimp]

Let's hops so Luke.
I have a ticket for the Madness gig I do hope so they have some decent catering on hand as the ticket states no food or drink to be taken in.
Never quite saw the point of the mosaic in a stand that we're going to pulling down by all accounts.
I just have no trust in Bob or the board after the 5 years they've been in charge.
I take it you've read the rumours about the NFU owners coming here, not sure what to make of that.
Of the opinion it might be best staying an internet rumour.

 

[Luke Imp]

Not seen anything r.e. NFU owners, but I did read something about one of Bob's South African, but Imps supporting, mate. I'm assuming he's one of the two he keeps referring to.

I'll believe in something bigger than the normal new Director investment when I see it. Any 'investment' never seems to be anything significant.

 

[CrazyImp]

No investor in their right mind would want to be anywhere near us at the moment. If he can prove me wrong then fine I'll hold my hands up, but it won't happen and the circus will start all over again in August.

 

[GodsGift]

Moyses has resigned from the board of directors to concentrate entirely on playing matters.

Great...

 

[CrazyImp]

To reiterate, relegation, fairly certain you'll get at least 10/1. Lump on.

 

[Davidimp]

Apparently the board are going to stump the cash to pay the bank off, shouldn't they have done this in the first place?
Instead of 3/4 months of uncertainty?

 

[Davidimp]

Moyses has resigned from the board of directors to concentrate entirely on playing matters.

Great...

The nightmare continues!
So that's the reason why his management been so wank then, too busy being a director.
10/1????
More like evens

 

[DarkSithLord]

Oh Lincoln... Your becoming more of a laughing stock by the passing day!

 

[Davidimp]

Oh Lincoln... Your becoming more of a laughing stock by the passing day!

Well our chairman does look like a clown DSL..........

 

[Luke Imp]

Apparently the board are going to stump the cash to pay the bank off, shouldn't they have done this in the first place?
Instead of 3/4 months of uncertainty?

Not quite.

They've *apparently* said they'll sort difference out if needed i.e. the fans have raised circa £170k and a bit of the mosaic £55k will probably end up there, too, and there's a shortfall. Given that there are 12(?) Board members it's not really beyond them to club together to sort the difference if needed although I'd also argue that as fans it'd probably be correct for them to contribute something towards it rather than leaving it all to the ones in the stands.

 

[Davidimp]

Not quite.

They've *apparently* said they'll sort difference out if needed i.e. the fans have raised circa £170k and a bit of the mosaic £55k will probably end up there, too, and there's a shortfall. Given that there are 12(?) Board members it's not really beyond them to club together to sort the difference if needed although I'd also argue that as fans it'd probably be correct for them to contribute something towards it rather than leaving it all to the ones in the stands.

They caused the debt by getting us relegated down here and have made a total mess of getting us anywhere near promotion.
Four seasons down here and not even a top half finish shocking!

 

[Luke Imp]

Bit of a 'bump' as this has been announced as sorted this morning.

The mortgage, at the time of this thread starting, was £80k. It's now £70k and the Chairman has loaned the Club that amount to pay it off. He's not asking for that to be repaid yet. That building brings an income into the Club, so he might take a small slice of that a month/year, who knows.

The £300k OD has been split into two parts - 1) £150k loan, paid back over 15 years and up for review every 5 years 2) £150k OD, which will be reduced by £15k over the next 10 years and reviewed every year. The Chairman has had to personally guarantee the OD. Basically, we'll be paying £25k + interest a year as opposed to giving them one big slug of money (which we don't have anyway!). I suspect paying the mortgage back in one payment helped with the terms of the OD.

Other main news is that the Chairman is 99.9% sure that we've got some 'substantial' investment coming in, in the next 3 or 4 weeks, which will "transform the fortunes of LCFC". Been rumoured for a while and figures not really mentioned but it's over 4 or 5 years. Depending on how you interpret what the Chairman has said it's either a substantial investment in total over 4 or 5 years or a substantial investment every year for 4 or 5 years.

 

[Forza Imps]

Bit of a 'bump' as this has been announced as sorted this morning.

The mortgage, at the time of this thread starting, was £80k. It's now £70k and the Chairman has loaned the Club that amount to pay it off. He's not asking for that to be repaid yet. That building brings an income into the Club, so he might take a small slice of that a month/year, who knows.

The £300k OD has been split into two parts - 1) £150k loan, paid back over 15 years and up for review every 5 years 2) £150k OD, which will be reduced by £15k over the next 10 years and reviewed every year. The Chairman has had to personally guarantee the OD. Basically, we'll be paying £25k + interest a year as opposed to giving them one big slug of money (which we don't have anyway!). I suspect paying the mortgage back in one payment helped with the terms of the OD.

Other main news is that the Chairman is 99.9% sure that we've got some 'substantial' investment coming in, in the next 3 or 4 weeks, which will "transform the fortunes of LCFC". Been rumoured for a while and figures not really mentioned but it's over 4 or 5 years. Depending on how you interpret what the Chairman has said it's either a substantial investment in total over 4 or 5 years or a substantial investment every year for 4 or 5 years.

It's happening, exciting times ahead.

 

[Luke Imp]

£1m+ over 5 years apparently.

Overseas, Lincoln fan, doesn't want to run the Club. I think it know who it is.

 

[George Reilly's Hairpiece]

Looks a lot brighter now. That has to be regarded as a great result getting those debts rescheduled like that.

Presumably the new investors were waiting for the loans to be refinanced and the Chairman to guarantee them.

 

[CrazyImp]

How the tables have turned.

Next season is the big one. Has to be.