Two QPR "Due Dates" For Payment Coming Up?

[Macmoish]

1) The "New ABC Loan" - That was paid off/taken over in the new debt. I think that was for two years...So that's coming up...

2) And on the smaller level, never clear why Caliendo has been so aggrieved, at least based on the takeover statement. But there is a published date of March 2011

The Agreement as announced by QPR

"....5. Intentions with respect to Directors' and Shareholder Loans

In relation to the certain loans made to the Club by Mr Caliendo for, in total, £6,581,328, Mr Caliendo has entered into an agreement whereby £4,581,328 will be waived for nil consideration. Accordingly Mr Caliendo has outstanding a debt in the Company of £2.0 million. The Caliendo Loan is redeemable at any date before March 2011 at the option of QPR, and Mr Caliendo may not demand repayment of any amount of the loan until March 2011. The Caliendo Loan carries no interest.

ARM Corporate Finance Limited believe the repayment of the Caliendo Loan on the terms described above is fair and reasonable so far as other QPR Shareholders are concerned...."


QPR Official Site - THE DEAL: IN DETAIL Posted on: Sat 01 Sep 2007
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

1 September 2007

RECOMMENDED CASH OFFER FOR
QPR HOLDINGS LIMITED ("QPR" OR THE "CLUB")
BY SARITA CAPITAL INVESTMENT INC ("SARITA CAPITAL")...

qprreport.blogspot.com/2007/11/for-qpr-its-takeover-completion-day.html

www.qpr.co.uk/page/NewsDetail/0,,10373~1103904,00.html

[Macmoish]

Ok: This is the ABC Loan Paid off Announcement
qprreport.blogspot.com/2008/08/abc-loan-official-statement-repaid-in.html


Now have to find the new debt announcement
qprreport.proboards.com/index.cgi?board=general&action=display&thread=8051

[Macmoish]

July 2008 Letter to QPR Shareholders:

"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"
qprreport.blogspot.com/2008/07/remembering-abc-loan.html

[ingham]

;D

Saving the Ground from a company with an option to acquire it by giving another company the same option to acquire it says it all.

At least the football has been bad.

[cpr]

Never can get my head around a board owning a club with a holding company with the same directors, lending money effectively to yourself, at a major interest rate (although slightly less outrageous than ABC) then if you do not pay yourself, what you owe yourself, you then forfeit what you own.

Is it just me?

Or is that now why Gianni is the sole director of the football club?

[Macmoish]

And a reminder of the last set of Accounts from March 2010 (which have yet to be officially posted by the club)
qprreport.blogspot.com/2010/03/excerpts-from-qpr-accounts-almost-19.html

[Macmoish]

Bumping...

[Macmoish]

And again...Tick Tock...


Tick tock to January 31






And Tick tock to repaying Antonio Caliendo
"In relation to the certain loans made to the Club by Mr Caliendo for, in total, £6,581,328, Mr Caliendo has entered into an agreement whereby £4,581,328 will be waived for nil consideration. Accordingly Mr Caliendo has outstanding a debt in the Company of £2.0 million. The Caliendo Loan is redeemable at any date before March 2011 at the option of QPR, and Mr Caliendo may not demand repayment of any amount of the loan until March 2011. The Caliendo Loan carries no interest." Takeover Document



Note: Next set of accounts for year ending May 31, 2010 will probably come out in March - qprreport.proboards.com/index.cgi?board=general&action=display&thread=19503

[FloridaR]

More time needed and they still won't pay the man...

[Lonegunmen]

Jul 23, 2010 12:17:42 GMT cpr said:

Never can get my head around a board owning a club with a holding company with the same directors, lending money effectively to yourself, at a major interest rate (although slightly less outrageous than ABC) then if you do not pay yourself, what you owe yourself, you then forfeit what you own.

Is it just me?

Or is that now why Gianni is the sole director of the football club?

Whats worse is what you typed is logical and factual. It could only happen at QPR.

[Macmoish]

And also in the past Accounts (Note the Caliendo loan is interest free...The Amulya loan is not!)

ANNUAL REPORT
Posted on: Mon 06 Jul 2009
Click Annual Accounts 07-08 hi to view the Annual Report and Financial Statements for the period 31 December 2008

"...On the 1 September 2007 Mr. A Caliendo waved £4,212,882 of his loan owed to him by QPR Holdings Limited


"...A £2,000,000 interest free loan owing to Mr. A Caliendo is repayabale on 28 February 2011 and redeemable at any time prior to that date at the sole discretion of QPR"

www.qpr.co.uk/staticFiles/ba/39/0,,10373~145850,00.pdf

[Macmoish]

And this snippet was in the Telegraph a year ago (year and a couple of days - Jan 24 or 25) and at the time was posted on Caliendo's blog.