Moghrey Mie Posted May 7, 2019 Share Posted May 7, 2019 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. Link to comment Share on other sites More sharing options...
Moghrey Mie Posted May 7, 2019 Share Posted May 7, 2019 Is this why they resist the idea of a public register of beneficial owners? Link to comment Share on other sites More sharing options...
Gizo Posted May 7, 2019 Share Posted May 7, 2019 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 Link to comment Share on other sites More sharing options...
The Duck of Atholl Posted May 7, 2019 Share Posted May 7, 2019 1 hour ago, Moghrey Mie said: 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. The loan is being paid off, the Tourism grant is being carried over to DHHL Link to comment Share on other sites More sharing options...
Ham_N_Eggs Posted May 7, 2019 Share Posted May 7, 2019 1 hour ago, Gizo said: Don’t think so. The buyer are a large shareholder of Sefton Groip but I believe not a majority shareholder Be interesting to see who the beneficial owner is of both companies. Link to comment Share on other sites More sharing options...
Donald Trumps Posted May 8, 2019 Share Posted May 8, 2019 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? Link to comment Share on other sites More sharing options...
Manximus Aururaneus Posted May 8, 2019 Share Posted May 8, 2019 Just seems like a bog standard 'Sale and Leaseback' at standard market rate to me. Link to comment Share on other sites More sharing options...
John Wright Posted May 8, 2019 Share Posted May 8, 2019 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. Link to comment Share on other sites More sharing options...
Roger Mexico Posted June 12, 2019 Share Posted June 12, 2019 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. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.