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- Rowan Vine Returns to QPR
- As has been noted on this site on a number of occasions: "QPR's ABC Replacement Loan from Amulya: It's been more than two years since the two year loan (at 8.5%) was announced
The item below was posted on BBC606 today:
Amulya (ABC Replacement) Loan - Posted today on BBC 606
"...This came in the post from QPR this morning....""
- The directors propose the Resolution in order to obtain members approval to a proposed amendment to the option agreement between the Company and Amulya (the Option) a company in which Flavio Briatore and Amit Bhatia, directors of the company are connected. Such members approval is required persuant to Section 190 of the Companies Act 2006 because the Option is within the wide definition of an acquisition from the company of a 'substantial non-cash asset' by a person connected with a director of the company.
- The Company was prepared to repay an existing loan of £10,000,000 to Amulya Property Limited on or before 28th July 2010. Amulya currently has an option over Loftus Road Stadium which became exercisable once the company failed to repay the loan in full by 28th July 2010. The option is exercisable up to and including 29th October 2010. Amuulya is owned by entities in which Flavio Briatore, Amit Bhatia and Marco Rapini are interested.
- For the purposes of the most recent statutory accounts the Stadium was valued at £21,250,000 as at 31st May. Should this option be exercised, Amulya will acquire the stadium at the option price of £10,000,000.
- The Company and Amulya are currently in discussions regarding the option and Amulya has suggested that the option be extended to 31 January 2011 to give more time for such discussions given the expiry of the option on 28th October in return for Amulya agreeing not to exercise its right under the option" BBC606
[Note: Marco Rapini either is or was a QPR Director]
[The actual Shareholders letter (as originally posted by IsleworthRanger on WATRB Site]
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FLASHBACK - This was the July 2008 Letter to QPR Shareholders:
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"The company is required to repay an existing loan of £10M to ABC on or before the 31/7/08. ABC currently has an option over the Loftus Road Stadium which becomes exercisable if the company fails to repay the loan in full by 31/7/08.
The company requires financing in order to repay the loan. The company has sought to secure this financing from various financial institutions, but has been unable to do so owing to conditions and requirements of those institutions. As a result Amulya has agreed to advance a loan of £10m to the company in order to allow the company to repay the loan by 31/7/08 and thereby avoid the possibility of ABC exercising their option and acquiring the title to the stadium.
However as a condition to advancing the loan, Amulya requires the company to enter into the option. The option is on substantially similar terms to the ABC option. It grants Amulya an option to buy the stadium for £10M which is exercisable in the event the company fails to repay Amulya when the loan is due.
The term of the Amulya loan is two years. The rate is 8.50% compared with ABC's 10 %.Amulya Property Limited is a company that both Briatore and Amit Bhatia are connected with and also happens to share its name with a large Indian Property Company."
Wednesday, August 06, 2008
"New Loan Pushes ABC Out of the Picture"-
Ealing Gazette - New loan pushes ABC out of the picture
QPR have averted the prospect of ABC Corporation acquiring their Loftus Road ground, the club have confirmed.
ABC had the option to take ownership of the stadium if a £10m loan they made to the club’s holding company in 2002 was not repaid in full by the end of last month.
A recent letter to shareholders explained that the debt was paid by securing another £10m loan from a different company, Amulya Property Ltd, who now have a similar option to acquire the stadium in two years’ time if they are not repaid.
The interest rate on the new loan is 8.5% and Amulya has links with both Rangers’ co-owner Flavio Briatore and QPR holdings vice-chairman Amit Bhatia, whose father-in-law Lakshmi Mittal bought a 20% stake in the club last year.
The ABC loan has posed a threat to the club’s future for some time and the interest payments of nearly 11% were a major financial burden.
The loan was arranged so Rangers could come out of administration by making a payment to former owner Chris Wright, who was then a major creditor having made a series of directors’ loans during his tenure.
It also left the club with significant working capital which was used to fund the squad that won promotion from the Second Division two years later.
"The ABC loan has been of great concern to QPR fans, and has been a noose around the neck of this football club for far too long," Briatore told QPR’s website.
"I am delighted that we have now made arrangements to put this saga to an end." Ealing Gazette
August 5, 2008 - BBC - QPR complete payment of £10m loan
Queens Park Rangers have repaid the £10m they owed the ABC Corporation.
The loan was taken out in 2002 to assist the west London club in coming out of administration.
QPR Holdings Limited were required to repay £10m to the Panama-registered corporation on or before the 31 July 2008 deadline.
ABC had an option over the club's Loftus Road ground which could be exercised if the debt had not been met in full.
QPR Holdings Limited chairman Flavio Briatore said: "The ABC loan has been of great concern to QPR fans, and has been a noose around the neck of this club for far too long.
"I am delighted that we have now made arrangements to put this saga to an end.
"Building for the future is what is important to me, and the rest of the QPR board. However, with certain issues it is always necessary to deal with elements from the past, and today we have done this.
"This once again highlights our commitment to this football club, and now I am looking forward to working on the continued growth of Queens Park Rangers, both as a club and as a brand."
QPR Official Site - ABC LOAN REPAID IN FULL
Queens Park Rangers Football Club are delighted to announce the full repayment of our £10 million loan from ABC.
The loan was taken out into 2002 in order to assist the Club in coming out of administration.
QPR Holdings Limited was required to repay the existing loan of £10m to ABC Corporation on or before 31 July 2008.
ABC Corporation had an option over the Loftus Road Stadium, which would become exercisable if QPR Holdings Limited failed to repay the loan in full by 31 July 2008.
This loan was repaid in full today. Therefore, the option that ABC Corporation had over the Loftus Road Stadium no longer exists.
QPR Holdings Limited Chairman Flavio Briatore said: "The ABC loan has been of great concern to QPR fans, and has been a noose around the neck of this Football Club for far too long.
"I am delighted that we have now made arrangements to put this saga to an end.
"Building for the future is what is important to me, and the rest of the QPR Board. However, with certain issues it is always necessary to deal with elements from the past, and today we have done this.
"This once again highlights our commitment to this Football Club, and now I am looking forward to working on the continued growth of Queens Park Rangers, both as a Club and as a brand." QPR
July 28, 2008 "Remembering the ABC Loan"
- APPROACHING 1,300 DAYS SINCE QPR's LAST FAN FORUM: April 27, 2007.
QPR Official Site - EXCLUSIVE: R'S SIGN TOFAS
Posted on: Mon 01 Nov 2010
Queens Park Rangers have swooped to bring former AEK Athens midfielder Georgios Tofas to the Club on a deal which runs until the end of the season.
The 21 year-old Cypriot joins Rangers as a free agent following his release from Anathorsis Famagusta.
Speaking exclusively to www.qpr.co.uk, Tofas - who has been on trial with Neil Warnock's side for the last few weeks - expressed his delight at joining the R's, commenting: "I'm so happy and excited.
"QPR is such a big Club and I'm happy to be here.
"I'll give my best for the Club.
"My first objective is to get into the team and then show the boss and the supporters what I am capable of."
Warnock told www.qpr.co.uk: "Georgios is somebody was has excited me when I have watched him.
"He looks like our type of player - he can take men on, yet he knows he has to work hard for the rest of the team. He has got the right work ethic.
"The chance to bring him in until the end of the season was too good an opportunity for me to turn down."
Tofas, who describes himself as an 'offensive player,' is currently sidelined with a minor hamstring injury but is expected to return to full training in the next 10 days.
The deal is subject to the Club receiving international clearance for the player.
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