Shall we discuss chelsea and portsmouth next?

[Mally]

Mally - not sure where you get the charge to HSBC on OUFC assets from. I must have confused this with something else (or another group of companies altogether) so I am not sure why I thought it was a group loan facility.

Found it I think - Stadco had a bank loan secured by fixed and floating charge over the company's freehold property. A cross guarantee exists as security for that bank loan with Firoka (Kings Cross) Limited.

So, it seems that there hasn't been a bank charge on OUFC (at least in the Kassam era and beyond) until this new Barclays one in Jan 2009.

But how does this fit in with WPL also having a charge over all the club's assets?

(Sorry if this is all a bit technical and boring beancounter stuff)

It's definitely on OUFC and NOT Stadco (or at least was) and is on the company record form. It's on my computer at home so I can't access it at the monent but will dig it out later.

[slappy]

Mally you are correct. There is an outstanding debenture / fixed and floating charge to HSBC over OUFC assets dating from 1 July 2002.

It appears I have been making some ignorant statements.

[Mally]

Mally you are correct. There is an outstanding debenture / fixed and floating charge to HSBC over OUFC assets dating from 1 July 2002.

It appears I have been making some ignorant statements.

I was prepared to admit that I may have been wrong but as I never have been before I did find it highly unlikely

From OUFC Company Record dated 5/11/2007:

Outstanding charge details:
Description: DEBENTURE

Person(s) Entitled:

HSBC BANK PLC
Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Acquisition Date:

Created: 01/07/2002 Form Type: 395 Registered: 05/07/2002

Short Particulars:

FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURES FIXED PLANT AND MACHINERY PLEASE REFER TO MORTGAGE CHARGE PARTICULARS FOR FULL DETAILS

[GodalmingYellow]

Mally you are correct. There is an outstanding debenture / fixed and floating charge to HSBC over OUFC assets dating from 1 July 2002.

It appears I have been making some ignorant statements.

I was prepared to admit that I may have been wrong but as I never have been before I did find it highly unlikely

From OUFC Company Record dated 5/11/2007:

Outstanding charge details:
Description: DEBENTURE

Person(s) Entitled:

HSBC BANK PLC
Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Acquisition Date:

Created: 01/07/2002 Form Type: 395 Registered: 05/07/2002

Short Particulars:

FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURES FIXED PLANT AND MACHINERY PLEASE REFER TO MORTGAGE CHARGE PARTICULARS FOR FULL DETAILS

Good spot Mally. I've certainly got no recollection of having seen this before, and I don't have a copy.

Now we need to establish if the charge has been redeemed.