Tweet
Posted on QPR Report and sent to me today in post by way of Shareholders Resolution.
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 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]
Comment