[Archived] 40 Venky's Premises raided by Indian Tax Officials

[Mike Graham]

Just now, Parsonblue said:

Clearly something is going on but as this is the Rao family you can't tell one way or the other.  Looking at their share price today it seems to be moving upwards again and reading a few investment sites it's clear that Venky's shares are still seen, despite the raids, as a good investment - the move upwards of their shares this year would certainly support that.  I suspect that the arrival of Deloiites and KPMG suggests that they are looking at whether retaining the Rovers as part of their business portfolio is a valid long term investment.  I'm not sure how they can possibly increase revenue streams in League One, even with massive cut-backs, so hopefully they will opt to look for a buyer.  Unfortunately, this will put everything on hold for another few weeks with the future of the manager and next season's playing resources left up in the air.   

 

 

The other concern for me PB is will Mowbray wait.

[Bigdoggsteel]

Just now, Parsonblue said:

Clearly something is going on but as this is the Rao family you can't tell one way or the other.  Looking at their share price today it seems to be moving upwards again and reading a few investment sites it's clear that Venky's shares are still seen, despite the raids, as a good investment - the move upwards of their shares this year would certainly support that.  I suspect that the arrival of Deloiites and KPMG suggests that they are looking at whether retaining the Rovers as part of their business portfolio is a valid long term investment.  I'm not sure how they can possibly increase revenue streams in League One, even with massive cut-backs, so hopefully they will opt to look for a buyer.  Unfortunately, this will put everything on hold for another few weeks with the future of the manager and next season's playing resources left up in the air.   

 

 

What I am afraid of is that it will take considerably longer to find a buyer. 

[Dunnfc]

Just now, Parsonblue said:

Clearly something is going on but as this is the Rao family you can't tell one way or the other.  Looking at their share price today it seems to be moving upwards again and reading a few investment sites it's clear that Venky's shares are still seen, despite the raids, as a good investment - the move upwards of their shares this year would certainly support that.  I suspect that the arrival of Deloiites and KPMG suggests that they are looking at whether retaining the Rovers as part of their business portfolio is a valid long term investment.  I'm not sure how they can possibly increase revenue streams in League One, even with massive cut-backs, so hopefully they will opt to look for a buyer.  Unfortunately, this will put everything on hold for another few weeks with the future of the manager and next season's playing resources left up in the air.   

 

 

It will go up certainly now they've offered a divend. usually on average last two years upon announcement of that it's sprung up in the days before the AGM typically 5%.

[Tyrone Shoelaces]

Just now, DE. said:

Do they have half a brain between them? 

We all know the answer to that one. Running a business in India must be @#/? easy that's all I can say !

[Tyrone Shoelaces]

Just now, preston blue said:

The other concern for me PB is will Mowbray wait.

Would you ?

[Mike Graham]

1 hour ago, AAK said:

Has nobody watches the NYC Rovers video? Chap said he's spoken with Alan Myers, who said he'd contacted the club and said he would come back on a lesser salary but hasn't even had a reply.

Myers said it's interesting two accountancy firms have come in as that's usually due diligence for a takeover. Said that fits in with what he's been told, a Chinese consortium have made a bid for the club.

 

I liked Myers.

When I packed in my ST he had the guts to phone me up personally and try and talk me out of it.  He was not following a script (he was told by another fan how long I had followed Rovers and my reasons for leaving)  and he did not try and ram the reasons I should renew down my throat; he understood it was a very personal thing.  I respect people with a human approach like Myers.

I would welcome him back.

[MarkBRFC]

Just now, Brian-Potter said:

I think Nixon may be right on this one, I don't think they have been appointed by BOI. Either both by Venkys or one by Venkys and one by a potential buyer.

Nobody has thus far mentioned Seneca in this. Could it be be them? I'm not convinced but you never know. The concern I always had about the Seneca option was exactly where the funds would be coming from and how they would be able to raise them. Now note that now sitting on the board of Seneca and also a director is a certain Richard Matthewman. Considering this,  and bear in mind I'm thinking out loud here and could be totally wrong, but if he is on board in some way then raising the funds to make the acquisition could be done with relative ease. Also a lot of the so called Walker investments in the UK are audited by...........KPMG

I don't think Matthewman at Seneca is a new thing though, sure I read that he's been there a few years now.

[OJRovers]

This is only going to obstruct preparations for next season. A month of accountants' visits and we are then only a month away from the first fixtures.

The squad is going to be full of kids without a doubt under the management of Johnson and Dunn. 100%.

[Boz]

As yet I wouldn't get too excited about who instructed who. Whilst the Rao family still hold significant control, the conversation with their bankers might perhaps be down the lines of..."look madam we are very concerned about the going concern and viability of this sports club you invested in, we need some reassurance as to the groups overall financial position and the effect a write off might have. Options, either, provide us with the reassurance that all is fine in Blackburn, or make provision for a write off ,or there might be a qualification on the audit report with the impact this would have on the groups share price."

So yes Venkys make the instruction but at the bequest of their bank. As Kamy says BOI wouldn't jeopardise their overall relationship just over BRFC. 

Separate to this, independent business consultants looking at cost saving measures, same people who undertook similar role following the previous relegation. No doubt their review might include a report on viability, plus advice on whether to sink more £ or to advise a managed exit.

[Mike Graham]

Just now, Tyrone Shoelaces said:

Would you ?

It would largely depend on one or more of the following:

1. Did I have a job opportunity elsewhere;

2. Damage to my personal reputation if I stayed;

3. My personal finances.

Personally I would walk 

[sympatheticclaret]

Just now, Brian-Potter said:

I think Nixon may be right on this one, I don't think they have been appointed by BOI. Either both by Venkys or one by Venkys and one by a potential buyer.

Nobody has thus far mentioned Seneca in this. Could it be be them? I'm not convinced but you never know. The concern I always had about the Seneca option was exactly where the funds would be coming from and how they would be able to raise them. Now note that now sitting on the board of Seneca and also a director is a certain Richard Matthewman. Considering this,  and bear in mind I'm thinking out loud here and could be totally wrong, but if he is on board in some way then raising the funds to make the acquisition could be done with relative ease. Also a lot of the so called Walker investments in the UK are audited by...........KPMG

Until February 17th, Richard Matthewman was chief executive of Northcote Leisure, parent group of the Northcote, Ribble Valley Inns and Northcote at the Rovers. A confirmation statement received at Companies House, on the 14th May states that the person with significant control of the Northcote group is Nigel Hall, with a Jersey address. He is declared to have control, directly or indirectly of over 75% of the shares.Northcote Leisure is audited by KPMG.

It would appear that the Walker Trust is heavily involved in the Northcote Group, could it be they're planning to retake control of the Club, perhaps with a view to turning the club around and selling it again when profitable ??

[Mike Graham]

Just now, Dunnfc said:

It will go up certainly now they've offered a divend. usually on average last two years upon announcement of that it's sprung up in the days before the AGM typically 5%.

And down as soon as the dividend is paid.

[Brian-Potter]

Just now, Boz said:

As yet I wouldn't get too excited about who instructed who. Whilst the Rao family still hold significant control, the conversation with their bankers might perhaps be down the lines of..."look madam we are very concerned about the going concern and viability of this sports club you invested in, we need some reassurance as to the groups overall financial position and the effect a write off might have. Options, either, provide us with the reassurance that all is fine in Blackburn, or make provision for a write off ,or there might be a qualification on the audit report with the impact this would have on the groups share price."

So yes Venkys make the instruction but at the bequest of their bank. As Kamy says BOI wouldn't jeopardise their overall relationship just over BRFC. 

Separate to this, independent business consultants looking at cost saving measures, same people who undertook similar role following the previous relegation. No doubt their review might include a report on viability, plus advice on whether to sink more £ or to advise a managed exit.

I would agree with your view if there weren't two independent firms working on it.

[Dunnfc]

Just now, preston blue said:

And down as soon as the dividend is paid.

Pump and dump

[Mike Graham]

Just now, Dunnfc said:

Pump and dump

I do a bit of that  depends whether the shareholding is a longer term hold (5 years+) with me.

Pump and dump in the Venkys context smells 

[Brian-Potter]

Just now, sympatheticclaret said:

Until February 17th, Richard Matthewman was chief executive of Northcote Leisure, parent group of the Northcote, Ribble Valley Inns and Northcote at the Rovers. A confirmation statement received at Companies House, on the 14th May states that the person with significant control of the Northcote group is Nigel Hall, with a Jersey address. He is declared to have control, directly or indirectly of over 75% of the shares.Northcote Leisure is audited by KPMG.

It would appear that the Walker Trust is heavily involved here, could it be they're planning to retake control, perhaps with a view to turning the club around and selling it again when profitable ??

You are spot on, the Walker Trust have a controlling interest the whole Northcote Leisure Group via one of their Jersey based investment companies Matlyn Inestments. Reverse the name and see who's name it spells out ;-)

This is one of many Walker investment companies and they have a staggering property and business portfolio that most people would be unaware they were behind.

[DE.]

The Trust were absolutely desperate to be rid of us when we were a stable PL club. It would be baffling if they wanted us back now that we're a debt-ridden League 1 club.

If the Trust had just held on a little longer they might have been able to make a tidy profit each year with Rovers in the PL. 

[Giant]

It's absolutely pointless speculating on Rovers with Venkys at the helm; false dawns, lack of communication, rubbish from so-called ITKs etc. Hopes are usually dashed so it's probably best not to stress about things until they actually happen.

[Mike Graham]

Just now, Giant said:

It's absolutely pointless speculating on Rovers with Venkys at the helm; false dawns, lack of communication, rubbish from so-called ITKs etc. Hopes are usually dashed so it's probably best not to stress about things until they actually happen.

I can't see any sign of speculation, hope or stress on this MB 

[den]

Just now, Brian-Potter said:

You are spot on, the Walker Trust have a controlling interest the whole Northcote Leisure Group via one of their Jersey based investment companies Matlyn Inestments. Reverse the name and see who's name it spells out ;-)[\b]

This is one of many Walker investment companies and they have a staggering property and business portfolio that most people would be unaware they were behind.

NYLTAM.?

[47er]

1 hour ago, preston blue said:

I can't see any sign of speculation, hope or stress on this MB 

A possible Chinese buyer is speculation, Venkys selling is speculation surely? 

Edit-----I've been whooshed haven't I?

1 hour ago, den said:

NYLTAM.?

LYNMAT!

[den]

Just now, 47er said:

 

 

LYNMAT!

Oh! 

[Tom]

6 minutes ago, preston blue said:

I liked Myers.

When I packed in my ST he had the guts to phone me up personally and try and talk me out of it.  He was not following a script (he was told by another fan how long I had followed Rovers and my reasons for leaving)  and he did not try and ram the reasons I should renew down my throat; he understood it was a very personal thing.  I respect people with a human approach like Myers.

I would welcome him back.

A very genuine bloke, i had a phonecall with him recently not related to rovers but something else I wanted some advice on, he was more than happy to talk to me and genuinely keen to help

[tomphil]

5 minutes ago, Boz said:

As yet I wouldn't get too excited about who instructed who. Whilst the Rao family still hold significant control, the conversation with their bankers might perhaps be down the lines of..."look madam we are very concerned about the going concern and viability of this sports club you invested in, we need some reassurance as to the groups overall financial position and the effect a write off might have. Options, either, provide us with the reassurance that all is fine in Blackburn, or make provision for a write off ,or there might be a qualification on the audit report with the impact this would have on the groups share price."

So yes Venkys make the instruction but at the bequest of their bank. As Kamy says BOI wouldn't jeopardise their overall relationship just over BRFC. 

Separate to this, independent business consultants looking at cost saving measures, same people who undertook similar role following the previous relegation. No doubt their review might include a report on viability, plus advice on whether to sink more £ or to advise a managed exit.

I'd suggest it's a two way street between Venkys and the BOI as they fund their businesses to the tune of God knows how much on a day to day basis hold securities over tens of millions of Vs properties. Therefore I think it's very much Venkys want to keep them inside rather than the other way around.

If VH went bust tomorrow there'd still be the BOI but if the BOI went bust there probably wouldn't be a VH left. If they are unhappy and want to go in and look they'll go in. Hopefully they'll insist it's then off loaded or has some cold hard personal Venkys cashput in to balance the books.

[Giant]

This isn't speculation, but if we are liquidated I think we are no longer eligible to play in the football league.