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2 hours ago, Kopek said:

On MR, Skelly says it will   '"release capital " ??? What capital?

Can anyone remember how much the Govt have loaned the Sefto? Was it ringfenced for specific use on the Sefton business?

1.3 million pounds in 2013 (timed just before TT Races)

IOM government has agree for the loan to be carried over to the Douglas Hotel Holdings Limited.

Edited by Moghrey Mie
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Or: Tynwald is clearly being abused by some members who are effectively using it as a retirement fund.

In the Report ‘Government Support for the Sefton Group’ there are a number of what might be called core or central propositions which if successfully challenged render the supporting explanations stan

It is self interest, short-sightedness, poor planning, and thinking we still live in the 1950's, that has made Douglas the ever-worsening shit hole it is. People need to stand up against such iss

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1 hour ago, MrPB said:

But is the new company a holding co owned by Sefton or not? 

Don’t think so. The buyer are a large shareholder of Sefton Groip but I believe not a majority shareholder 

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16 hours ago, Phillip Dearden said:

Isn't it a financing transaction?

SG needs cash and so sells hotel but also needs hotel to trade and so leases it back.

This frees up some cash and allows trade to continue but has a cost.

Well you're the accountant!

It's quite a good thing for the hotel operating co as they can worry about day to day operations & not big financing issues

Interesting if the two entities are related tho' - what happens if the hotel isn't profitable enough for the rent to be paid?

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13 hours ago, Ham_N_Eggs said:

Be interesting to see who the beneficial owner is of both companies.

Well, Sefton Group Plc is a public company. Share register, updated annually, is publicly available for inspection at the Company Registry, in person or on line, or you can trot along to the registered office to inspect for a fee.

And if Hotel Holdings Limited is a larger shareholder, or associated to a larger shareholder, there should be beneficial ownership information in the annual report for Sefton. That would be a listing requirement.

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On 5/8/2019 at 11:46 AM, John Wright said:

Well, Sefton Group Plc is a public company. Share register, updated annually, is publicly available for inspection at the Company Registry, in person or on line, or you can trot along to the registered office to inspect for a fee.

And if Hotel Holdings Limited is a larger shareholder, or associated to a larger shareholder, there should be beneficial ownership information in the annual report for Sefton. That would be a listing requirement.

According to a reply given by Skelly to a Written Question from Beecroft yesterday:

Quote

Douglas Hotel Holdings Limited is incorporated under the Companies Act 2006 and, as such, information about beneficial ownership is not in the public domain.

It also confirms the comment made by the Duck of Atholl above that The loan is being paid off, the Tourism grant is being carried over to DHHL, though in fact the loan on two of the Sefton Suites was repaid with interest because they had been sold off.  The 2007 loans are wiped out after 15 years (and reduce from 10) so they will probably hang on to them till the obligation lapses in a few years.

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