Ian Lenagan...

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Kernow Yellow
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Ian Lenagan...

Post by Kernow Yellow » Thu Jul 31, 2014 2:55 pm

...has joined the Football Association's board of directors, and will also serve on the FA Council. Presumably this is in addition to his Football League role.

Strange for a man who has effectively stepped down from running a football club, isn't it? The article describes him as 'Oxford United owner', which is also a little misleading, as although still a shareholder he isn't even on our board any more is he?

theox
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Re: Ian Lenagan...

Post by theox » Thu Jul 31, 2014 3:59 pm

The Directors of Oxford United Football Club Limited are:

Darryl Eales
Michael O'Leary
Frank Waterhouse
Mark Ashton
Ian Lenagan

His company Woodstock Partners Limited are 45% (or 48%, depending which figure is correct) shareholders.

GodalmingYellow
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Re: Ian Lenagan...

Post by GodalmingYellow » Thu Jul 31, 2014 4:14 pm

theox wrote:The Directors of Oxford United Football Club Limited are:

Darryl Eales
Michael O'Leary
Frank Waterhouse
Mark Ashton
Ian Lenagan

His company Woodstock Partners Limited are 45% (or 48%, depending which figure is correct) shareholders.
No idea where you get your shareholding figures from. The shareholdings for ordinary shares (which are the only shares with voting and ownership rights) have not been published, and details have not been submitted to Companies House. We won't know exact shareholdings until the annual return is submitted next year, unless someone goes public. Even when the Annual Return is submitted that might not tell us much, if as I suspect, the shareholdings are hidden via another company or two.

theox
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Re: Ian Lenagan...

Post by theox » Fri Aug 01, 2014 10:31 am

Experian Market IQ website - how reliable the figures are is questionable though as, like I said, it carries 2 different figures for Woodstock Partners Limited.

Happy to print and scan the report if you PM me an email address.

GodalmingYellow
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Re: Ian Lenagan...

Post by GodalmingYellow » Fri Aug 01, 2014 10:18 pm

theox wrote:Experian Market IQ website - how reliable the figures are is questionable though as, like I said, it carries 2 different figures for Woodstock Partners Limited.

Happy to print and scan the report if you PM me an email address.
I suspect the difference is because Lenagan holds some preference shares, albeit that they carry no voting rights, and have as long as I can remember never yielded the relevant dividend (or the owner has refused it).

I don't believe the report to be accurate and it is almost certainly based purely on the announcement by Lenagan of his holding being between 30% and 45%. My understanding is that it is much nearer the former.

Many thx for offer of the report though.

Snake
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Re: Ian Lenagan...

Post by Snake » Wed Aug 06, 2014 1:00 pm

I note that this morning an MR04 form has been lodged with Companies House. As I read it (happy to be corrected by the accounting specialists on this board) the debenture held by HSBC on the club since 1st July 2002 (i.e. pre-WPL) has been lifted/paid off. Any idea what this is about??

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Re: Ian Lenagan...

Post by slappy » Wed Aug 06, 2014 1:30 pm

probably just new a bank account.
so any HSBC accounts are closed, and a new one opened. so the charge over OUFC assets to HSBC gets released.

GodalmingYellow
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Re: Ian Lenagan...

Post by GodalmingYellow » Wed Aug 06, 2014 5:44 pm

Snake wrote:I note that this morning an MR04 form has been lodged with Companies House. As I read it (happy to be corrected by the accounting specialists on this board) the debenture held by HSBC on the club since 1st July 2002 (i.e. pre-WPL) has been lifted/paid off. Any idea what this is about??
I'm in Italy so not easy to check, but I suspect this is just a rationalisation of the debts so that interest on loans goes to Eales instead of HSBC. Release of charge is just repayment of a debt a bit like getting the title deeds to your house when the mortgage is paid off. Eales has probably repaid the debt and then loaned the money to the club himself.

ty cobb
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Re: Ian Lenagan...

Post by ty cobb » Thu Aug 07, 2014 10:50 am

For all IL faults (and there were many) at least he didn't charge interest on the money he had loaned (or as some fools would say invested) into the club.

If what GY says is true this rather suggests that any future money loaned/invested into the club will attract interest and therefore our debts will increase even more rapidly.

Or maybe he's not charging any interest like IL, in which case I think this is a good indication of his intentions going forward. Perhaps someone who can go to the Manor Bar can ask them this question on Sat?

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Re: Ian Lenagan...

Post by Isaac » Thu Aug 07, 2014 11:24 am

ty cobb wrote:For all IL faults (and there were many) at least he didn't charge interest on the money he had loaned (or as some fools would say invested) into the club.

If what GY says is true this rather suggests that any future money loaned/invested into the club will attract interest and therefore our debts will increase even more rapidly.

Or maybe he's not charging any interest like IL, in which case I think this is a good indication of his intentions going forward. Perhaps someone who can go to the Manor Bar can ask them this question on Sat?
Got this from the OxVox website :
OxVox wrote:What is Oxford United’s current level of debt? DE confirmed that the level of soft debt that is owed by Oxford United is the same as it was prior to the takeover, which is circa £7.5m. He added that the debt is no longer entirely owed to WPL but is split between Ensco 1070 Ltd and WPL.
Given however, that they predict a further loss of 1.5m this season (yikes), the more pertinent question is whether any new debt is soft. I predict that it isn't.

I would guess they're gambling somewhat on getting a promotion this season or next (although I'm not convinced promotion would offset £3m of debt). I would think if the gamble doesn't pay off administration would be the way out.

slappy
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Re: Ian Lenagan...

Post by slappy » Thu Aug 07, 2014 11:30 am

Ensco 1070 has filed various documents at Companies House recently.

It's difficult to piece it all together as there is reference to a shareholder agreement between Ensco and WPL which isn't (and doesn't have to be) included in the filings.

GodalmingYellow
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Re: Ian Lenagan...

Post by GodalmingYellow » Thu Aug 07, 2014 9:22 pm

Isaac wrote:
ty cobb wrote:For all IL faults (and there were many) at least he didn't charge interest on the money he had loaned (or as some fools would say invested) into the club.

If what GY says is true this rather suggests that any future money loaned/invested into the club will attract interest and therefore our debts will increase even more rapidly.

Or maybe he's not charging any interest like IL, in which case I think this is a good indication of his intentions going forward. Perhaps someone who can go to the Manor Bar can ask them this question on Sat?
Got this from the OxVox website :
OxVox wrote:What is Oxford United’s current level of debt? DE confirmed that the level of soft debt that is owed by Oxford United is the same as it was prior to the takeover, which is circa £7.5m. He added that the debt is no longer entirely owed to WPL but is split between Ensco 1070 Ltd and WPL.
Given however, that they predict a further loss of 1.5m this season (yikes), the more pertinent question is whether any new debt is soft. I predict that it isn't.

I would guess they're gambling somewhat on getting a promotion this season or next (although I'm not convinced promotion would offset £3m of debt). I would think if the gamble doesn't pay off administration would be the way out.

Don't confuse soft debt with interest free debt. Soft debt simply means there are easy, or in some cases, no immediate repayment terms. That doesn't prevent interest being charged. IL didn't charge interest, but I fully expect Eales and Co to do so.

Charging interest only increases debt if the interest isn't paid by the loan recipient.

Kernow Yellow
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Re: Ian Lenagan...

Post by Kernow Yellow » Sat Apr 16, 2016 11:33 am

And now he's about to become Chairman of the Football League! On top of his role on the board of the FA. Not bad for a 'rugby man'.

Anyone know what role he carries out on our board these days? Richard Bowker refers to "Ian's proven track record in business and his previous involvement in club football with Oxford United", but he's still a board member and significant shareholder isn't he?

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