Reading FC (Holdings) accounts 2014/15

[loyalroyaldaz]

Cheers John

[multisync1830]

Cheers John

Just call me Chairman

[Forbury Lion]

The way I interpret it without reading it is that the holding company which holds Reading FC and other assets such as the hotel sold the football club to the Thai consortium, as such the holding company no longer holds Reading FC but they hold on to other operations that are ongoing.

A holding company just holds shares in another company, a bit like a person holding shares. If they sell those shares on then they are no longer holding them.

Sooo.. the accounts for the Holding Company are now meaningless as they do not hold Reading Football Club.

Of course, someone with more time & knowledge of such matters may look at all this and come up with a different explanation, in which case ignore all this as like I said, I've just read a few posts on this board and used that as the basis for my interpretation.

[Royals and Racers]

The way I interpret it without reading it is that the holding company which holds Reading FC and other assets such as the hotel sold the football club to the Thai consortium, as such the holding company no longer holds Reading FC but they hold on to other operations that are ongoing.

A holding company just holds shares in another company, a bit like a person holding shares. If they sell those shares on then they are no longer holding them.

Sooo.. the accounts for the Holding Company are now meaningless as they do not hold Reading Football Club.

Of course, someone with more time & knowledge of such matters may look at all this and come up with a different explanation, in which case ignore all this as like I said, I've just read a few posts on this board and used that as the basis for my interpretation.

I think you saying that the accounts are "meaningless " is a bit of an exaggeration. Yes they are not the Reading FC accounts-which are due shortly- but it`s still a live company with Madejski`s daughters becoming directors in 2014. the other bit in the OP about a recent charge on the Football club company could be quite interesting to find out what that is all about.

[Nameless]

Is it 'live' ?
If it no longer has interest in the football club, the hotel, the stadium, the training ground, the parcels of land making up the REP development or the REP development then what is it ?

[loyalroyaldaz]

Is it 'live' ?
If it no longer has interest in the football club, the hotel, the stadium, the training ground, the parcels of land making up the REP development or the REP development then what is it ?

Shit?

[The Royal Forester]

No. But i was when he loaned a Football Club loads of money, bought a huge lump of land for a quid, built a stadium on it, all on loans that he took back albeit with minimal interest. And im still there buying my season tickets like i have for the past 17 years whilst witnessing some of the dross we have put up with for the last two or three years whilst selling some of our better players and replacing with loans, frees, old, rubbish and sometimes all of those players.

We move on

17 years less two or three years of "dross" means you have seen 14 or 15 years of non-dross. That is not too bad is it? No football supporter will see their team excel every year, Think of the pre-SJM years, yo-yoing between the bottom two divisions, watching at times some awful games (and players) and think yourself lucky you have seen the best years of club since their formation nearly a century and half ago.

[loyalroyaldaz]

No. But i was when he loaned a Football Club loads of money, bought a huge lump of land for a quid, built a stadium on it, all on loans that he took back albeit with minimal interest. And im still there buying my season tickets like i have for the past 17 years whilst witnessing some of the dross we have put up with for the last two or three years whilst selling some of our better players and replacing with loans, frees, old, rubbish and sometimes all of those players.

We move on

17 years less two or three years of "dross" means you have seen 14 or 15 years of non-dross. That is not too bad is it? No football supporter will see their team excel every year, Think of the pre-SJM years, yo-yoing between the bottom two divisions, watching at times some awful games (and players) and think yourself lucky you have seen the best years of club since their formation nearly a century and half ago.

Maybe you missed the obvious

[3points]

Previous comments are correct Reading FC Holdings no longer has any meaningful assets (or liabilities either) now that both the football club and hotel have been sold. I also looked at the hotel accounts as well. It is still loss making and the new owners (Lady Sasima) have written won the value by about half from £25m to about £12m. Revenue for the hotel was up by 9% to over £6.5m.

In terms of RFC Holdings, the £23m "profit" isn't really a profit. It's an accounting, not cash, profit generated when the shares in the football club were sold. The football club had massive losses which, as a holding company, RFC Holdings were responsible for. Now it doesn't own the football club it is no longer responsible for those losses and therefore it can write them back to the accounts thereby generating a "profit on disposal".

I also took a quick look at the charge registered against the football club. It is in favour of a lender called "Global Fixed Income Fund 1 Limited". The charge relates to money lent and secured by "Sports field at Arborfield Garrison" and also the stadium itself. A quick internet search didn't really come up with much about the fund itself but the fund has been represented by an investment management outfit called Floreat Capital Partners in London. A little bit of research into them suggests they represent ultra high net worth individuals. So it could be a vehicle that the Thais are using to put their money into the club / development or they may be attracting other rich people to co-fund the club. Floreat are quoted as being a "privately held, London based independent financial group, with investments in debt, real estate and public and private equities. Floreat is the investment advisor to the Global Fixed Income fund.

I note there was a charge by Bank of Bangkok as well but not sure if that has now been superseded by the Global Fixed Income one.

[3points]

Previous comments are correct Reading FC Holdings no longer has any meaningful assets (or liabilities either) now that both the football club and hotel have been sold. I also looked at the hotel accounts as well. It is still loss making and the new owners (Lady Sasima) have written won the value by about half from £25m to about £12m. Revenue for the hotel was up by 9% to over £6.5m.

In terms of RFC Holdings, the £23m "profit" isn't really a profit. It's an accounting, not cash, profit generated when the shares in the football club were sold. The football club had massive losses which, as a holding company, RFC Holdings were responsible for. Now it doesn't own the football club it is no longer responsible for those losses and therefore it can write them back to the accounts thereby generating a "profit on disposal".

I also took a quick look at the charge registered against the football club. It is in favour of a lender called "Global Fixed Income Fund 1 Limited". The charge relates to money lent and secured by "Sports field at Arborfield Garrison" and also the stadium itself. A quick internet search didn't really come up with much about the fund itself but the fund has been represented by an investment management outfit called Floreat Capital Partners in London. A little bit of research into them suggests they represent ultra high net worth individuals. So it could be a vehicle that the Thais are using to put their money into the club / development or they may be attracting other rich people to co-fund the club. Floreat are quoted as being a "privately held, London based independent financial group, with investments in debt, real estate and public and private equities. Floreat is the investment advisor to the Global Fixed Income fund.

I note there was a charge by Bank of Bangkok as well but not sure if that has now been superseded by the Global Fixed Income one.

Sorry, a little more digging and I just found this. Says they have provided a $22m secured loan to a Championship club and be involved with their ambitious project, which must be Royal Elm Park.
http://www.prnewswire.co.uk/news-releas ... 33051.html

[Forbury Lion]

Good work 3points.

[Royals and Racers]

Good work 3points.

2nd that

[Forbury Lion]

Good work 3points.

2nd that

Does that make it 6points then?

[sawyers left arm]

I own shares in the football club which were private shares from years ago not a clue if they are still valid or worth anything now, not heard a thing from the club. Anyone know anything on this?

[Forbury Lion]

I own shares in the football club which were private shares from years ago not a clue if they are still valid or worth anything now, not heard a thing from the club. Anyone know anything on this?

I suggest you raise this at the next shareholders meeting.

STAR have some shares, they may be able to offer some advice. star-reading.org

IIRC the club were buying them back but only at a set rate under the Sir John era, You might prefer to sell them to STAR if you are looking to sell, In either case make contact with them because if we end up with multiple owners the smaller shareholders such as STAR and yourself could swing any vote so it makes sense to introduce yourself to them/swap contact details.

[Nameless]

Individual shares in the club haven't had any value for a long time as there is no real way of trading them, I don't think any dividends were paid and as SJM had the market cornered there was no reason for him to buy them.
Now they are completely worthless as the company they relate to effectively no longer exists. Best off framing the certificate as a memento.
If you do have a share certificate I'd be interested in buying it, not sure how it would be valued, PM if you want to discuss !

[Ian Royal]

I own shares in the football club which were private shares from years ago not a clue if they are still valid or worth anything now, not heard a thing from the club. Anyone know anything on this?

I suggest you raise this at the next shareholders meeting.

STAR have some shares, they may be able to offer some advice. star-reading.org

IIRC the club were buying them back but only at a set rate under the Sir John era, You might prefer to sell them to STAR if you are looking to sell, In either case make contact with them because if we end up with multiple owners the smaller shareholders such as STAR and yourself could swing any vote so it makes sense to introduce yourself to them/swap contact details.

Iirc STAR owned less than 1% so not bloody likely.

[Nameless]

IIRC Sasima is at least part owner of the hotel but there are other investors involved too.

[Forbury Lion]

I own shares in the football club which were private shares from years ago not a clue if they are still valid or worth anything now, not heard a thing from the club. Anyone know anything on this?

I suggest you raise this at the next shareholders meeting.

STAR have some shares, they may be able to offer some advice. star-reading.org

IIRC the club were buying them back but only at a set rate under the Sir John era, You might prefer to sell them to STAR if you are looking to sell, In either case make contact with them because if we end up with multiple owners the smaller shareholders such as STAR and yourself could swing any vote so it makes sense to introduce yourself to them/swap contact details.

Iirc STAR owned less than 1% so not bloody likely.

True, but if the Thai's were split down the middle in two camps with equal shareholding that 1% may make a difference.

[STAR Liaison]

Nameless above is right.

All small shareholders (<2% of total) holdings are now in the Madejski Holdings Co - NOT THE FOOTBALL CLUB - and are virtually worthless.

This brings to end the involvement, which had existed since 1897, of local people as shareholders in the football club.

Clearly from the point of view of a Supporters Trust this is travel in the wrong direction. The Club is aware of this view. Different age, different priorities.

Sawyer's Left Arm should be on the Annual Report mailing list. We know of someone who moved 54 years ago yet is still getting the accounts posted to his old address.