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Old 7th August 2020, 08.57:48   #1-0 (permalink)
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Default WST AGM - Resolution D. Accessing Government Coronavirus Support

Why is this going to a resolution in order to access the loan scheme for £50K?

RESOLUTION D

Proposed by the Society Board

“The Society resolves that immediately following the Annual General Meeting the Society Board is authorised to approve that Wrexham AFC Limited can participate in the bounce bank loan facility of up to £50,000”

Background information:
The UK Government has introduced a range of financial measures that enables business to access finance more quickly during the coronavirus outbreak

The scheme helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000.

The approximate turnover of Wrexham AFC Limited is £2 million and this would allow Wrexham AFC Limited to borrow the maximum £50,000

The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% a year

The loan can be for a maximum of six years

If paying back over the six year period then the approximate loan repayment would be £900 per month after 12 months

The total repayable is estimated to be £53,200, a total interest charge of £3,200 but we have the ability to repay earlier without any penalty

It is likely that we will incur additional start up costs by introducing social distancing measures and a catch up of various inspections require to operate our safety certificate and this loan would allow the club to spread the cash flow impact of this over six years, with no repayment in the first 12 months

The application for the loan would be made via Lloyds Bank

This resolution is an ordinary resolution and requires 51% of members to support it for it to carry.
Old 7th August 2020, 08.59:44   #2-0 (permalink)
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Default Re: WST AGM - Resolution D. Accessing Government Coronavirus Support

I'm guessing it's simply planning for worst case scenario should we really run out of money - not that we know how much money we have of course as we're still waiting to be told!
Old 7th August 2020, 09.07:05   #3-0 (permalink)
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Default Re: WST AGM - Resolution D. Accessing Government Coronavirus Support

Quote:
Originally Posted by FieldtownRed View Post
I'm guessing it's simply planning for worst case scenario should we really run out of money - not that we know how much money we have of course as we're still waiting to be told!
I get the reasons to seek the loan, but why does it need a Resolution?
Old 7th August 2020, 09.10:32   #4-0 (permalink)
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Quote:
Originally Posted by WrexhamO View Post
I get the reasons to seek the loan, but why does it need a Resolution?
It's over 25k so needs approval from the membership.
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Old 7th August 2020, 09.14:21   #5-0 (permalink)
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Default Re: WST AGM - Resolution D. Accessing Government Coronavirus Support

Quote:
Originally Posted by WrexhamO View Post
I get the reasons to seek the loan, but why does it need a Resolution?
The principle of the trust is not to live on loans. It should be a well run club and sustainable with adequate reserves to see it through any difficulties.
Old 7th August 2020, 09.19:51   #6-0 (permalink)
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Default Re: WST AGM - Resolution D. Accessing Government Coronavirus Support

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Originally Posted by tokyored View Post
It's over 25k so needs approval from the membership.
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I'd read that clause as meaning lending to someone rather than us borrowing.
Old 7th August 2020, 09.20:06   #7-0 (permalink)
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Default Re: WST AGM - Resolution D. Accessing Government Coronavirus Support

Quote:
Originally Posted by tokyored View Post
It's over 25k so needs approval from the membership.
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Did all of our previous loans over £25k seek approval of the membership?

Hint - the correct answer is No !!!
Old 7th August 2020, 09.20:47   #8-0 (permalink)
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Default Re: WST AGM - Resolution D. Accessing Government Coronavirus Support

Would this loan go through the books?
Old 7th August 2020, 09.26:01   #9-0 (permalink)
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Quote:
Originally Posted by WrexhamO View Post
I'd read that clause as meaning lending to someone rather than us borrowing.
Rereading it, it is a bit ambiguous. I'd always assumed it meant the opposite since I can't see any other mention of borrowing money in the rules.
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