Break it down for a computer geek to understand...if I'm not mistaken then, FSG lied about there being no interest, but the interest is being paid to the bank, not paid back to FSG?
Intercompany loan, with no mature date, means the 1.24% rolls over each year until the loan is repaid, BUT if the money is taken out in the form of an increased dividend, then the 1.24% doesn't matter.
It's only if the loan is repaid in cash.
That's why it's a rolling 1 year loan with no date for it to mature.
This is why I'm puzzled by talk of a bank. There's no evidence for a bank loan, and certainly not one that pays no interest until the loan is called in, and then a paltry 1.24%
I think the echo has it wrong again.
The loan came from UKSV (as listed in accounts), and I think from JH (JH put the money into UKSV then they made the intercompany loan) rather than a bank, because this would allow him a larger dividend when the club is sold, which means greater long term profit for him personally (or any other people who put up a share of the loan).
Hope that makes sense.
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