Re: Thames Club accounts for 2019

By Arthur23/1/2021 13:04Sat Jan 23 13:04:08 2021In response to Thames Club accounts for 2019

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That's a good question John. however, there are some worrying features in the accounts. No interest has been paid on the loan from Downings Four VCT. Please note that Downings LLP say that the VCT has nothing to do with Downings LLP. Secondly, in the related parties note you can see that the management fee to Downings LLP doesn't get paid. Thirdly, the Thames Club say that there is no overall control of the company, yet 96% of their voting shares are held by TT Nominees. This feels like a controlling share to me. TT Nominees say they are a holding company and are a dormant company. The shares are held on behalf of a third party. Martin Robertson, director of both Downings LLP and the Thames Club admits that "for administrative reasons" this holding represents a number of investors and Downings control the voting rights to these shares. The accounts also describe the Thames Club as a going concern - even though the losses are greater than the issued share capital. The shares , issued in 2015, were issued at a premium ..... and the share premium account is keeping the Thames Cub solvent. My questions to you are what would lead an investor, or group of investors, to put money into the Thames club; what sort of returns have they had on their investment and what returns are they likely to get? Why not accept as bid for their main asset at a commercial value, or do they realistically hope that they can get planning permission for the freehold. I am sure that as supporters we can cause any amount of objections to the council for any proposed developments on the pitch. After all, the council has a lot of freehold on its hands with massive loans - surely the council should develop their own freeholds first, well away from a flood plain and the difficulties associated with developing on a flood plain. We can support the Swans on the field, and in the community ......... COYS