ALK Capital or Farnell/Elkashashy takeover

[aggi]

Anniversary time

...

Dan Neidle is doing a bit on how many PLCs miss filing deadlines (a lot) and how weak the penalties are at the moment
https://taxpolicy.org.uk/2024/08/10/lis ... _deadline/

[aggi]

I'm just curious with all of these "loan with obligation to buy" deals that are taking place.

Structuring deals in this way - does it have any real benefit to the either club in the transaction. I assume so rather than it being a move of desperation to reduce the wage bill alone?

What box is it ticking? Is it just pure accounts/profitability/taxation reasons, or does it help from a regulatory perspective in meeting profit/sustainability side of the business? Mixture of the 2?

It helps in managing cash flow and profits/losses. Partly in terms of shifting accounitng treatment for profit on sale/depreciation into future years but also if you sign a player, even if you're paying in instalments, you need to pay the VAT and transfer levy upfront before the player can be registered and you're looking at ~ £5m for a £20m player (obviously you can reclaim the VAT but it can cause a cashflow issue on a last minute signing).

It also means you can just get the registration through quicker. Plus, there is often something that triggers the obligation to buy, a set number of appearances for instance, so if the player is an absolute flop you may not trigger that obligation.

[Chester Perry]

It was only yesterday I wondered where you had gone and hoped you hadn't bailed in the forum. Glad to see you back CP

It is an ever increasing temptation to stop posting given the way a number on here behave - at best my contributions are going to be much less frequent

[Vegas Claret]

It is an ever increasing temptation to stop posting given the way a number on here behave - at best my contributions are going to be much less frequent

your contributions are appreciated mate

[dsr]

Companies House claims there is a new penalty regime which will be enforced.

https://www.gov.uk/government/news/comp ... -penalties

Though as they have no apparent intention of enforcing the old one, I don't see why this would be any different.

[Chester Perry]

The ALK late filing disease has now spread to the club

I have been waiting to see if it was just a last minute filing but this Confirmation Statement is now a week late

https://find-and-update.company-informa ... y/08335231

Burnley FC Holdings Ltd 2024 10 21.jpg (119.79 KiB) Viewed 4683 times

I cannot say that I am surprised, because I understand that there are some serious issues with the Confirmation Statements that the club has previously issued and not just as a result of the inconsistencies in the statement linked to the Asset Match arrangement

[Chester Perry]

Today the third AssetMatch auction for Burnley FC Holdings Limited shares closes with no sales made.

There has yet to be a share in the club traded on the platform. The first auction so no bids either. there has been a single bid for 100 shares at £400.00 each in the second and third auction but no shareholder has been willing to offer any share(s) on the platform - which I actually think is a good thing, given the combination of false and highly vague information that has been provided by the club in the submission statement.

I have my suspicions about how the majority owners are wanting to make use of this platform, which many of you would probably say I am being overly negative about ALK/VSL again.

It is worth noting that the ringfence agreement put in place on December 30 2020 for the shares the original sellers did not sell at that time expires this month. that agreement had a fixed price of £1,652.18 (somewhat different to the value offered on Asset Match). I do not expect the ringfence agreement to be exercised, the nominal value giveaway of remaining shares held by Mike Garlick and John Banaszkiewicz in November 2022 (a date that will surprise many) made that likely because it took ALK/VSL's past the vital 90% holding. Essentially ALK/VSL can initiate a compulsory purchase when they want and something like regular trading profile on Asset Match would be a good way of setting a "genuine, fair and reasonable offer price" (though how it would work with Vlad Torgovnik could prove problematic - incidentally he acquired his shares in November 2022).

If you think November 2022 sounds a familiar timeline it was also the time that the MSD loan was paid off and replaced by a £39.7m loan from a "UK based lender" whose identity has never been revealed. Also November 2022 was when BDO were appointed auditors for all the financial accounts of UK based ALK/VSL interests including the club.

I have recently reported that ALK Capital Limited's 3rd set of accounts are late and we have seen the first set of accounts for Calder Vale Holdings Limited remain unfiled 2 years after their due date, the second set of accounts overdue by 15 months and the third set be overdue by 3 months. Tomorrow, the same can be said for the first three sets of accounts for Kettering Capital Limited.

Meanwhile the Confirmation Statement for Burnley FC Holdings remains unfiled.

A new Asset Match share auction has opened automatically - closing date of January 31 2025 at 3pm. Shareholders should be aware that they can still sell their shares in a private sale away from Asset Match.

[Vegas Claret]

The ALK late filing disease has now spread to the club

I have been waiting to see if it was just a last minute filing but this Confirmation Statement is now a week late

what is the benefit/purpose of delaying all these filings ?

[aggi]

Today the third AssetMatch auction for Burnley FC Holdings Limited shares closes with no sales made.

There has yet to be a share in the club traded on the platform. The first auction so no bids either. there has been a single bid for 100 shares at £400.00 each in the second and third auction but no shareholder has been willing to offer any share(s) on the platform - which I actually think is a good thing, given the combination of false and highly vague information that has been provided by the club in the submission statement.

I have my suspicions about how the majority owners are wanting to make use of this platform, which many of you would probably say I am being overly negative about ALK/VSL again.

It is worth noting that the ringfence agreement put in place on December 30 2020 for the shares the original sellers did not sell at that time expires this month. that agreement had a fixed price of £1,652.18 (somewhat different to the value offered on Asset Match). I do not expect the ringfence agreement to be exercised, the nominal value giveaway of remaining shares held by Mike Garlick and John Banaszkiewicz in November 2022 (a date that will surprise many) made that likely because it took ALK/VSL's past the vital 90% holding. Essentially ALK/VSL can initiate a compulsory purchase when they want and something like regular trading profile on Asset Match would be a good way of setting a "genuine, fair and reasonable offer price" (though how it would work with Vlad Torgovnik could prove problematic - incidentally he acquired his shares in November 2022).

If you think November 2022 sounds a familiar timeline it was also the time that the MSD loan was paid off and replaced by a £39.7m loan from a "UK based lender" whose identity has never been revealed. Also November 2022 was when BDO were appointed auditors for all the financial accounts of UK based ALK/VSL interests including the club.

I have recently reported that ALK Capital Limited's 3rd set of accounts are late and we have seen the first set of accounts for Calder Vale Holdings Limited remain unfiled 2 years after their due date, the second set of accounts overdue by 15 months and the third set be overdue by 3 months. Tomorrow, the same can be said for the first three sets of accounts for Kettering Capital Limited.

Meanwhile the Confirmation Statement for Burnley FC Holdings remains unfiled.

A new Asset Match share auction has opened automatically - closing date of January 31 2025 at 3pm. Shareholders should be aware that they can still sell their shares in a private sale away from Asset Match.

I don't think this is true.

Pretty sure squeeze out rights need to be exercised within three months of the takeover. It isn't a right in perpetuity.

[Chester Perry]

what is the benefit/purpose of delaying all these filings ?

the one for the club has no benefit and as I alluded to there is an historical issue here, which I am unable to relay at this juncture.

as for the others it is difficult to say, given that all are subject to the stated control of Alan Pace (Personal view - it is high time that Companies House took some action related to his ability to hold such positions - though I will not be holding my breath.

[Chester Perry]

I don't think this is true.

Pretty sure squeeze out rights need to be exercised within three months of the takeover. It isn't a right in perpetuity.

fine in relation to ALK/VSL but is a nice value add to have at the time of a forward sale from them

[claretonthecoast1882]

the one for the club has no benefit and as I alluded to there is an historical issue here, which I am unable to relay at this juncture.

as for the others it is difficult to say, given that all are subject to the stated control of Alan Pace (Personal view - it is high time that Companies House took some action related to his ability to hold such positions - though I will not be holding my breath.

Time one of the fellow detectives submitted a FOI request. When you say it is high time, considering you have said repeatedly you don't attend games nor have anything to do with the club why is it such an issue for you ?

The law won't be change to satisfy any individuals highly unusual obsessions.

[Stonehouse]

So to sum it all up for the average Burnley fan ,Is BFC being run by a set of dodgy wheeler dealers or are we in the rudest of health?

[Vegas Claret]

Time one of the fellow detectives submitted a FOI request. When you say it is high time, considering you have said repeatedly you don't attend games nor have anything to do with the club why is it such an issue for you ?

The law won't be change to satisfy any individuals highly unusual obsessions.

I don't attend games much anymore because I live on the other side of the world. Does that make me less of a fan and enable me to show less concern about the club ? Can you let me know because these 4:30am kick off times aren't much fun

[Big Vinny K]

Time one of the fellow detectives submitted a FOI request. When you say it is high time, considering you have said repeatedly you don't attend games nor have anything to do with the club why is it such an issue for you ?

The law won't be change to satisfy any individuals highly unusual obsessions.

Is this an area that you have much knowledge or understanding ?

My guess is that it isn’t if you have no concerns about the way the club deals with its finances.

The points CP has been raising are perfectly valid. Yes a lot of it is pretty technical and the vast majority of fans will just be interested with what is happening on the pitch but for those with an interest in our finances CP has contributed a lot of great information on this board.

[aggi]

So to sum it all up for the average Burnley fan ,Is BFC being run by a set of dodgy wheeler dealers or are we in the rudest of health?

We're being run by private equity who, you get the impression, enjoy owning a football club. They're still private equity though.

They're not going to throw loads of money in like some owners. They're probably not going to make a load of stupid decisions on a whim like other owners.

The big risk is if we don't go back up again.

[Spike]

Shameful

[steve1264b]

I chose not to sell my shares, had them 38 years.

One reason was sentimental, they were a gift.

The other was i felt the club still needed people with shares outside ALK.

I too have followed asset match, i dont understand why anyone would use that platform to sell shares.

I do fear that ALK might exercise the option to buy all shares.

My take on us is this, it very simple, success is survival.

I want my children, grandchildren, their children to go on the turf

[DAVETHEVICAR]

The big risk is if we don’t go back up
Even if we do then parachute payments are going to cease and if we went down then it could be League 2 in a few years after as a tiny club with no income and small crowds

[IanMcL]

I still have my one share too! You wait 'till there is a close vote!

[Row x]

The big risk is if we don’t go back up
Even if we do then parachute payments are going to cease and if we went down then it could be League 2 in a few years after as a tiny club with no income and small crowds

[claretonthecoast1882]

Is this an area that you have much knowledge or understanding ?

My guess is that it isn’t if you have no concerns about the way the club deals with its finances.

The points CP has been raising are perfectly valid. Yes a lot of it is pretty technical and the vast majority of fans will just be interested with what is happening on the pitch but for those with an interest in our finances CP has contributed a lot of great information on this board.

Concerns yes some, obsessions none. Been part of a group that has sent FOI to companies house - no.

If I contributed nothing to a club, disliked football and didn't watch football as he often tells people then I would have no concerns at all.Do I have concerns about the finances of Swansea (or insert any other club you want) the answer is no. Have I got alerts set up on companies house for any club - no ?

[Big Vinny K]

Concerns yes some, obsessions none. Been part of a group that has sent FOI to companies house - no.

If I contributed nothing to a club, disliked football and didn't watch football as he often tells people then I would have no concerns at all.Do I have concerns about the finances of Swansea (or insert any other club you want) the answer is no. Have I got alerts set up on companies house for any club - no ?

Football finance is clearly an area he has an interest in. And a few others like myself also do.
A lot of others like you do not - that’s also fine.
Not sure why you could not just leave it at that without the insults.

There’s load of threads on this board that I have no interest in. But I don’t object to them or go on them and post something just to tell them this.

[claretonthecoast1882]

Football finance is clearly an area he has an interest in. And a few others like myself also do.
A lot of others like you do not - that’s also fine.
Not sure why you could not just leave it at that without the insults.

There’s load of threads on this board that I have no interest in. But I don’t object to them or go on them and post something just to tell them this.

Having an interest is fine, posting things with a lack of knowledge and others taking it as gospel maybe not so fine.

Not sure where I said I have no interest but then again you also think there have been insults. I am sure you have heard far worse in the big bad corporate world than any non insulting comment on here.

[Big Vinny K]

Having an interest is fine, posting things with a lack of knowledge and others taking it as gospel maybe not so fine.

Not sure where I said I have no interest but then again you also think there have been insults. I am sure you have heard far worse in the big bad corporate world than any non insulting comment on here.

I’m not in the big bad corporate world anymore but yep I have heard worse.
Apologies you may have interest - I was more referring to the technical side and the degree of detail on the financial threads which I accept are not for everyone.

Just think you are having an unnecessary dig at someone who is one of the better posters on the board. He’s always respectful and a lot of posters reach out to him with questions. When you look at some of the other threads we have had in the past on this board and a lot of the absolute rubbish posted by some as said I just do not think it was necessary to bring up what you did.

[ClaretPete001]

I’m not in the big bad corporate world anymore but yep I have heard worse.
Apologies you may have interest - I was more referring to the technical side and the degree of detail on the financial threads which I accept are not for everyone.

Just think you are having an unnecessary dig at someone who is one of the better posters on the board. He’s always respectful and a lot of posters reach out to him with questions. When you look at some of the other threads we have had in the past on this board and a lot of the absolute rubbish posted by some as said I just do not think it was necessary to bring up what you did.

It's just COC being COC. He makes comments about people on this thread and accuses them of lacking knowledge every so often while everyone else just wishes that coastal erosion would hurry up.

[Jakubclaret]

It's noticable yet again it's the same old posters hellbent on sniping & quarrelling with each other whilst adding nothing of value to the topic in hand.

[Chester Perry]

The ALK late filing disease has now spread to the club

I have been waiting to see if it was just a last minute filing but this Confirmation Statement is now a week late

https://find-and-update.company-informa ... y/08335231


Burnley FC Holdings Ltd 2024 10 21.jpg


I cannot say that I am surprised, because I understand that there are some serious issues with the Confirmation Statements that the club has previously issued and not just as a result of the inconsistencies in the statement linked to the Asset Match arrangement

As of today the Confirmation Statement for Burnley FC Holdings Limited is 1 month late - not that anyone seems to care. It certainly won't trouble the Football authorities who all have regulations about submitting accounts in a timely fashion but absolutely nothing re Confirmation Statements, even though Companies House can and often do issue First Gazette Notices for such failures - as we have seen with other ALK/VSL interests.

Meanwhile we have an interesting development over at Asset Match - someone has placed 200 shares for sale - no bidders yet, but the auction runs for another 78 days. My guess is that it is an ex director testing the water as it were given that the ringfence agreement has expired (probably unexercised).

Asset Match 2024 11 14.jpg (106.01 KiB) Viewed 3553 times

https://www.assetmatch.com/app/OurCompa ... anyId=2560

[aggi]

As of today the Confirmation Statement for Burnley FC Holdings Limited is 1 month late - not that anyone seems to care. It certainly won't trouble the Football authorities who all have regulations about submitting accounts in a timely fashion but absolutely nothing re Confirmation Statements, even though Companies House can and often do issue First Gazette Notices for such failures - as we have seen with other ALK/VSL interests.

Meanwhile we have an interesting development over at Asset Match - someone has placed 200 shares for sale - no bidders yet, but the auction runs for another 78 days. My guess is that it is an ex director testing the water as it were given that the ringfence agreement has expired (probably unexercised).


Asset Match 2024 11 14.jpg


https://www.assetmatch.com/app/OurCompa ... anyId=2560

I wonder if they're the Endsleigh shares. They had 200 of them and obviously Endsleigh are no more so seems distinctly possible.

[ClaretTony]

I wonder if they're the Endsleigh shares. They had 200 of them and obviously Endsleigh are no more so seems distinctly possible.

Seems more likely than an ex-director. Do any of the ex-directors have 200 shares?

[aggi]

Seems more likely than an ex-director. Do any of the ex-directors have 200 shares?

A bit out of date now (although nothing further has been filed) but there are a few with more than 200.

https://docs.google.com/spreadsheets/d/ ... sp=sharing

Endsleigh lines up very neatly though, same number of shares and the takeover went through last month.

[Chester Perry]

A bit out of date now (although nothing further has been filed) but there are a few with more than 200.

https://docs.google.com/spreadsheets/d/ ... sp=sharing

Endsleigh lines up very neatly though, same number of shares and the takeover went through last month.

It was always strange that the Endsleigh shares were not sold in the ALK/VSL offer dated October 4 2021 - while club credit was not much use to them the cash sum is likely to be greater and they could have donated the club credit to a charitable group, particularly given the promotional tie up the following season

[NewClaret]

Am I misunderstanding something or are the shares now starting bidding at £200? Or is there a higher reserve on them?

Huge haircut on the £1700 ALK paid if so, and quite strange they’re not buying them up at that price.

[ClaretTony]

Am I misunderstanding something or are the shares now starting bidding at £200? Or is there a higher reserve on them?

Huge haircut on the £1700 ALK paid if so, and quite strange they’re not buying them up at that price.

They didn’t quite pay that to small shareholders. Half of it was credit so coming out of the club coffers.

[Chester Perry]

Am I misunderstanding something or are the shares now starting bidding at £200? Or is there a higher reserve on them?

Huge haircut on the £1700 ALK paid if so, and quite strange they’re not buying them up at that price.

It is an auction - think ebay - it will come down to the final offer in 78 days

[NewClaret]

It is an auction - think ebay - it will come down to the final offer in 78 days

But if someone bid £200 per share, they’d sell at that price? No reserve?

[NewClaret]

They didn’t quite pay that to small shareholders. Half of it was credit so coming out of the club coffers.

True. How is the super box?

[ClaretTony]

True. How is the super box?

No danger of me going in there. All mine was used up very quickly with loads of season tickets and away tickets. And then I was no longer a shareholder having been one for over forty years.

I’m told the fine dining area is now less than half full too because they hammered up the price.

[NewClaret]

No danger of me going in there. All mine was used up very quickly with loads of season tickets and away tickets. And then I was no longer a shareholder having been one for over forty years.

I’m told the fine dining area is now less than half full too because they hammered up the price.

You only have to look at how many posh seats are not occupied on match day to know that is true.

[Big Vinny K]

Not just the super boxes that are half full. The hospitality suites in the Jimmy Mac are less than half full every game.

[Row x]

No danger of me going in there. All mine was used up very quickly with loads of season tickets and away tickets. And then I was no longer a shareholder having been one for over forty years.

I’m told the fine dining area is now less than half full too because they hammered up the price.

Maybe I'm old fashioned, but football and fine dining don't go together
The newish area, behind the goal is fine, beer, curry and your normal seat

[Chester Perry]

But if someone bid £200 per share, they’d sell at that price? No reserve?

Starting bid is £400

and yes if there is only one bid they will go for that, with added fees presumably

[ClaretTony]

You only have to look at how many posh seats are not occupied on match day to know that is true.

I spoke to a friend of mine who went in there and he said they'd seriously shot themselves in the foot with the price increases

[NewClaret]

I spoke to a friend of mine who went in there and he said they'd seriously shot themselves in the foot with the price increases

I’m not surprised at all. Price increases for a lesser product (in footballing terms) are never going to go down well here.

Hopefully it serves as a lesson to ALK that people here are price sensitive and don’t like being ripped off.

[NewClaret]

Starting bid is £400

and yes if there is only one bid they will go for that, with added fees presumably

Ah, you’re right, misread the 40,000 as being £’s.

Odd ALK don’t want any more at that price.

[ClaretPete001]

Ah, you’re right, misread the 40,000 as being £’s.

Odd ALK don’t want any more at that price.

Odd to optimists New less so to realists...

[dsr]

I spoke to a friend of mine who went in there and he said they'd seriously shot themselves in the foot with the price increases

Yes, there are lots of empty tables in the Longside Lounge. (Which is handy because there is more room to push a wheelchair!)

It's about 50% more expensive than it was two seasons ago in the same division, and the food quality is similar but just a touch less than it was.

[NewClaret]

Odd to optimists New less so to realists...

I very much doubt they don’t have access to £80k…

[Chester Perry]

Anniversary time

two years ago today Calder Vale Holdings Limited were due to present their first accounts, this having successfully applied to delay them by 3 months under Covid regulations - they have still to be posted a full 27months after they were originally due. Just for good measure the second set of accounts are 15 months late and the 3rd set are 3 months late.

https://find-and-update.company-informa ... y/12919689

so much for the claim made by an ALK Capital spokesman of December 1st 2022 that “This is an administrative error that has come to our attention and is being addressed and resolved with immediacy."

similar bilge was re-iterated on February 11th 2023 https://www.lancs.live/sport/football/f ... e-26206840 though it must be said that the claim that the owners had "no concerns' over Companies House issues" has proved to be correct. Which probably says more about Companies House and their activities than the ALK trio. That said I am aware that different submissions from Alan Pace, Morgan Edwards and a Sundeep Athwal (who can be traced to Oakwood Corporate Services Ltd., Altrincham) have led to the rescinding of First Gazette Notices against Calder Vale Holdings (twice) and Kettering Capital (three times).

As a side note, yesterday was the final due date for the third set of Accounts of ALK Capital Limited - having changed the year end date to December 31st

so we have another of these to add to our seemingly ever-growing collection


ALK Capital Ltd CH 2024 10 01.jpg


I should add that the Voluntary Liquidation of Calder Vale Holdings and Kettering Capital is still ongoing

ALK Capital Limited is issued with a First Gazette Notice for failing to file accounts on time

https://find-and-update.company-informa ... ng-history

Will Burnley FC Holdings follow for failing to produce a Confirmation Statement (due October 14th 2024). It should, if previous such failures for ALK/VSL companies is anything to go by - and that incudes ALK Capital Limited in December 2022 which was the very first of many such notices that this ownership group has received

[Chester Perry]

Less of a surprise given it's failing performance and exodus of directors is that one of ALK Capital's self-vaunted sports-tech investment Player Lens is also in receipt of a first Gazette notice for failing to produce accounts on time

https://find-and-update.company-informa ... ng-history

ALK's shareholding was always quite small in this enterprise