"This two-bit takeover effort" as piglet put it.
he never passes a chance to rubbish Laffy.
Kes
Let me put basic questions to you
Would you sink money into a football club without seeing;
1.a financial report on the current finances and;
2.a set of revised shareholder Agreements setting out how your investment will sit in the new structure.
All wrapped up in a Share Prospectus to stay within the remit of the FCA.
I hope you wouldn’t invest in any company or business without going through that DD.
That might be how you do it in Carlisle but not with me
The problem with the EWM loan is that it was given to the same owners/people/structure as before that failed, with no accountability. All that’s been achieved is a 2.25 million debt, no success and a bit of football fortune.
Nixon admitted that if the loan was to be called in then we’d be in trouble, therefore to me that means the football fortune won’t cover it.
Lapping deal involved multiple people with accountability and structure/personal change. Laffys company hyperdrive is successful and based on that model.
I know who’d I’d rather have and run our club.
Kes-I was very confident of raising the money.Otherwise why spend a year of my life and £40k in professionals doing DD.
I invest a lot in Flotations.The course of events as usually as follows
-lawyers and accountants prepare a document called a Prospectus.This is based on the investment case agreed with the current management and owners.
-prior to release of Prospectus, market soundings with potential investors undertaken to gauge interest.
-Prospectus then presented on a Roadshow by management to interested parties.
-Sponsor then builds the ‘book’ -basically seeking hard commitment from investors
Basically I got to the stage where the Prospectus was ready to present to the interested parties-some were very committed, others wanted to see the plan in a document which I would suggest is sensible.It was NOT viewed by the Club simply because they pulled the plug beforehand.
It’s all academic-they did me a big favour as frankly I wouldn’t want to be associated with the last few grim years and I don’t do mediocrity.It would also have been a major distraction for me with DPE, Hindley Circuits and Hyperdrive as Mullen notes.Basically I was lucky to not get involved.
People go on about me wanting a takeover-this is so far from reality.I wanted a clearout with someone called a CEO running it professionally-I wanted to step back and let it run that way.JN was to look after the EFL stuff simply because it’s not the one way ticket some believe.It was also to take the burden away from AJ as he’s done his bit and more.
"This two-bit takeover effort" as piglet put it.
he never passes a chance to rubbish Laffy.
It was 6 years ago-it’s dead.How time flies.
Kes-just come off a call on another PLC fundraiser.Guess what-a working example of cash raising in the 21st century under MAR and the FCA.
-would you consider investing in this?
-show me the document.
-ok-how much are you wanting from me and what price?
-what are you going to do with the cash?
-when do you need the money?
-send me the paperwork-I’m in.
Kes-thats how it works.The DD and legal drafts weren’t reviewed by the BOD-think about it.Instead, ‘dubious business practices’ blah blah.
Meantime, I’ve won the Queens Award for Enterprise with Hyperdrive which had 3 employees when I took it on-now 85.We doubled our turnover in the pandemic and will double it again this year.How?By employing a team of professionals and giving them clear direction and autonomy.The best is yet to come and boy will it be sweet for me and all the hard working staff.
It was very clear they didn’t want me so no point in pursuing-look at Prince Harry as an example of washing dirty linen.
It was very clear they didn’t want me so no point in pursuing-look at Prince Harry as an example of washing dirty linen.
I'm not saying you should have done that, but if it was just a small administrative issue couldn't you have contacted them and explained? You maybe didn't need to give up so easily and quickly. And I know many here would have preferred you had kept pushing and eventually got a deal.