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YOUR CLUB, YOUR TRUST. Introductions & Welcome – Jon Bowkett A short video - Share Summary – James Mathie Reports Introduction – James Mathie Financials.

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Presentation on theme: "YOUR CLUB, YOUR TRUST. Introductions & Welcome – Jon Bowkett A short video - Share Summary – James Mathie Reports Introduction – James Mathie Financials."— Presentation transcript:

1 YOUR CLUB, YOUR TRUST

2 Introductions & Welcome – Jon Bowkett A short video - Share Summary – James Mathie Reports Introduction – James Mathie Financials – Shaun Johnson Next Steps & timetable – Shaun Johnson Questions?

3 YOUR CLUB, YOUR TRUST

4 How does it work? You have to be a member of the Trust to buy shares – NOTE: You can make a donation at any time You can purchase shares between £50 - £100,000 It is one vote per person – regardless of the amount you purchase Shares are Community based They do not go up and down in value They may attract a small amount of interest capped at 2% You can after 3 years apply to withdraw your share value – subject to Board agreement How do I apply for shares? Join the Trust – there is a membership team here today Complete the application form – located in the share offer document Also on line at www.ncafctrust.org

5 YOUR CLUB, YOUR TRUST Legal Due Diligence: Commercial Contracts Statutory Books and Shareholder Register Contracts of Employment Property Financial Due Diligence: No accounts since February 2015 Assessment of unknown liabilities Re-structuring of Creditors and Debts Review of Forecast – 2015/2016 Season Summary Position: The club has been living beyond its means It has been using this years money to fund last years debts Only a small proportion of employees have contracts of employment A number of the commercial deals have lapsed A number of documents requested simply don’t exist Both reports can be viewed online tonight

6 YOUR CLUB, YOUR TRUST 1.Agreement signed with bank and overdraft settled 2.Agreements signed with creditors, terms agreed to settle outstanding loans 3.Transfer of company shares from a number of major shareholders 4.Trust will have majority control of the Club by virtue of holding in excess of 50% of shares in the company Newport County Association Football Club Ltd 5.We will ask members to agree a new constitution suitable for owning the club 6. Investors will be issued with community shares in the Trust. 7.Money will be invested by the Supporters Trust into the football Club.

7 YOUR CLUB, YOUR TRUST 1.It’s unlikely that will be able to proceed with the bid 2.Any money deposited as part of this scheme will be returned 3.The existing share structure of the Club will remain with Les Scadding holding the majority 4.The Trust will withdraw its positions on the Club Board which were taken up to help pave the way for exploring supporter ownership

8 YOUR CLUB, YOUR TRUST Initial money that is needed to take control of the club is £225,ooo

9 YOUR CLUB, YOUR TRUST Les Scadding - loan to be repaid at £3,000 per month commencing 1 October 2015 - total outstanding £300,000 Howard Greenhaf - payments of £9,000 in each of September, October, November 2015 followed by 20 monthly payments of £2,000 each commencing in January 2016 - total outstanding £67,000 Peterborough FC - monthly payments of £2,000 for Joe Day transfer fee - total outstanding £36,000 Phil Burgess - £1,000 per month for 10 months commencing September 2015 Rodney Parade - arrears being cleared at £7,500 per home match for seven matches Bank Overdraft - £50k

10 YOUR CLUB, YOUR TRUST Share offer will now stay open for a month - Until the end of September Launch new look website – First week of September Due diligence will continue to address any outstanding issues – Before Completion Governance groups will begin to meet – Throughout September Consultation on the Detail of the Benefits package – Week commencing 7 th September Weekly updates on the progress on the share offer – Weekly throughout September Prepare structures & administration to meet our ambition – throughout September Production of a 90 day plan – Week commencing 21 st September

11 YOUR CLUB, YOUR TRUST

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13 If you want to email a question please send to Trust site


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