Pomlett, Trivela, Bonser & WFC

[Saddler_andy]

Yeah - no doubt - but things could be VERY different were it not for that deduction.

[Mazza01]

New owners?? … when did that happen?

[JoaquinErnesto]

@DavidWFC

What a joke of a thread…

It certainly seems to have been.

@philthesaddler

@Pascal

• What did Pomlett pay for his shares from Bonser?

Not sure. My understanding is that the price of the shares was nothing but Bonser was owed money (around £1.4m IIRC). Put simply, I think Pomlett bought the debt off JB. He may of bought that debt for less than it’s worth, i.e a settlement, but we don’t know.

Typically when a business doesn’t make a lot of money, and has a lot of relative debt, it’s worth nothing.

Bonser lost interest and wanted to retire, but needed someone to take over the debt and running of the club.

@Pascal

• Did Pomlett make a profit selling the initial portion of his shares to Trivela?

If my assumption above is correct, then the share of the club sold to Trivela might have been similar - i.e sharing some of or all of the debt. We’ll need to wait for the next set of accounts to see if the structure of the debt that was owed to JB, then LP, has changed.

Again, shares in the club are not really worth anything given the club is not making large amounts of money and has no assets to speak of.

@Pascal

• Why would Trivela not acquire all of Pomletts shares?

Either

1. Because none of them are UK based and able to run the club on a day-to-day basis?
2. Perhaps they haven’t been saddled with any debt and ultimately that still lies with LP. Who knows.
3. Gives an easier exit route

@Pascal

• Are Trivela and Pomlett just camouflage for Bonser to continue milking WFC

No, I don’t think so. Whichever way you spin it, Bonser leaving or Bonser staying, the land situation had reached a stalemate because of Bonsers valuation of the land and the stranglehold that situation had over the club. Nothing would change until the club defaulted on rent payments, used the exit clause in the lease or found the money to buy it. No one would want to buy it without a stake in the club, and the club is worth less than nothing to investors. So the first step was to get people interested in the business first, then try and acquire the asset.

My hunch is that Trivela will be providing the finance for the purchase of the land in the form of a direct loan, through which they’ll make interest, as opposed to helping to underwrite a mortgage (for which there is nothing in it for them) which is what some people are assuming. Whether prevailing interest rates will put the kybosh on that, I’m not sure.

Seems to have been a pretty good call from Phil.