2016-17 accounts are out

[Hitman34]

Something I missed earlier. Our new majority shareholder is charging interest on his shareholder loans #qprfinances

[Hitman34]

These interest payments to Ruben amount to £380,000 per month, so £4.5m per year. Approx 10% of our income

[klonk]

the owners are charging the club a interest on the loans they are giving it.


#QPR owners have organised loan of £46m to the club, £30m at 12.7% interest & £16m at 26.8% interest. Interest charge on these loans £113,000 a week.


nicle little earner there for uncle and co

not quite hits...

what seems to be happening is the following:

- all £46m shareholder loans are through ruben (under the alias of his total soccer growth company).
- these loans come with very heavy interest rates (some at 1% per month, some at 2% per month - aprs as you state).
- the club doesn't seem to be paying actual cash though... fairly sure that the interest charge forms a big chunk of the £8.5m 'other debt' that i mentioned in the first post.
- it looks like the interest charge is then being converted into shares that are then allocated to ruben.
- as a result of all of this... ruben/total soccer growth is now the majority shareholder in the club with 51.2% of the shares (for reference... uncle and kamarudin meranun own just 45.2%).

maybe you need to come up with a name for rubin and give uncle a break?

[CroydonCaptainJack]

These interest payments to Ruben amount to £380,000 per month, so £4.5m per year. Approx 10% of our income

Being converted to equity though isn't it?

[Kevin Mcleod]

not quite hits...

what seems to be happening is the following:

- all £46m shareholder loans are through ruben (under the alias of his total soccer growth company).
- these loans come with very heavy interest rates (some at 1% per month, some at 2% per month - aprs as you state).
- the club doesn't seem to be paying actual cash though... fairly sure that the interest charge forms a big chunk of the £8.5m 'other debt' that i mentioned in the first post.
- it looks like the interest charge is then being converted into shares that are then allocated to ruben.
- as a result of all of this... ruben/total soccer growth is now the majority shareholder in the club with 51.2% of the shares (for reference... uncle and kamarudin meranun own just 45.2%).

maybe you need to come up with a name for rubin and give uncle a break?

#Rubbishbin

[klonk]

Ruben is now the largest shareholder with 51.04%
TF & Kamarudin own 41.08%
Mittals now own 7.4%

not according to note 20...

ruben 51.2%
tf/kamarudin 45.2%
amit 3.4%
others 0.2%

[NorthWood Rangers]

Ruben is now the largest shareholder with 51.04%
TF & Kamarudin own 41.08%
Mittals now own 7.4%

These were the previous years accounts, unless I am mistaken

Accounts year ending May 2017 say:

Ruben has 51.17
TF & KAM 45.2
Amit has reduced his involvement again and owns 3.41 %

[Kirill]

Why are you people wasting your time scrutinising these accounts?
Just wait for the inevitable chirpy tweet by TF on this issue and relax.

[Hitman34]

not quite hits...

what seems to be happening is the following:

- all £46m shareholder loans are through ruben (under the alias of his total soccer growth company).
- these loans come with very heavy interest rates (some at 1% per month, some at 2% per month - aprs as you state).
- the club doesn't seem to be paying actual cash though... fairly sure that the interest charge forms a big chunk of the £8.5m 'other debt' that i mentioned in the first post.
- it looks like the interest charge is then being converted into shares that are then allocated to ruben.
- as a result of all of this... ruben/total soccer growth is now the majority shareholder in the club with 51.2% of the shares (for reference... uncle and kamarudin meranun own just 45.2%).

maybe you need to come up with a name for rubin and give uncle a break?

Does it state anywhere in the accounts, that Rubin is receiving shares instead of cash for interest payments, klonk?

[klonk]

Does it state anywhere in the accounts, that Rubin is receiving shares instead of cash for interest payments, klonk?

yes - note 21 (share capital and reserves)

also mentioned in note 15 (current liabilities)

[Hitman34]

this guy has a different take on it...................

https://twitter.com/RuislipR/status/971393954045464576

[Hitman34]

worth going through this also. https://twitter.com/i/moments/837644477225381889

i don't dispute your conclusions klonk, there just happens to be a slight dispute between everyones findings.

makes for interesting reading though.

thanks for all your work putting up your views of the accounts mate.

new nickname.

#Rubolox
#unclespuppetmaster
#humanshield
#theresanewclownintown

[klonk]

this guy has a different take on it...................


https://twitter.com/RuislipR/status/971393954045464576

he might do... but i've referred you to the appropriate sections of the accounts which clearly state that the interest charge was converted to equity.

niall's analysis is very good, but bear in mind that he's only had a very limited amount of time to have a look at the numbers.

edit: additional point... the notes to the cash flow statement (note 22) show the total cash interest paid during the year as £200k - this is in line with the interest payable on the bank loan (ie not the shareholder loan)

[corbray]

new nickname.

#Rubolox
#unclespuppetmaster
#humanshield
#theresanewclownintown

im dead hahaha

[Hitman34]

he might do... but i've referred you to the appropriate sections of the accounts which clearly state that the interest charge was converted to equity.

niall's analysis is very good, but bear in mind that he's only had a very limited amount of time to have a look at the numbers.

edit: additional point... the notes to the cash flow statement (note 22) show the total cash interest paid during the year as £200k - this is in line with the interest payable on the bank loan (ie not the shareholder loan)

thanks for the clarification klonk. your additional point makes for happier reading too.

with regards to the bank loan, was that the 15mil loan that was taken out with barclays? if so, that should have been paid up by now.