' Cardiff City letter to Shareholders arrived today '

Can anyone explain what this is to us who have no idea what's going on please

You need Keith'62 for a full in depth explanation but in layman's terms the club are creating 'extra' shares at the value of 10p per share. VT will buy these new shares by writing off some or all of the debt owed to him by the club.

However, there is a knock on affect to existing shareholders as their share of the club is diluted and their shares are worth much less.

One billion two hundred million shares are being created which equals to £120m which is what the club will eventually owe VT (I presume).

it looks like the plan has changed if that's true and we could be ready to spend instead of writing off 8 million a season

It doesn't give new money to spend, it just converts existing debt into shares. It is therefore not "new money"

what I ment was he's converting all his debt in one and not over a period of time which COULD give us more money each season if he choose to invest more money

Wez, nothing has changed.

In February VT said he would be converting £68m of the £108m he was owed " immediately" with the balance of £40m being written off ( rather than converted to shares) over 5 years to help with FFP. This latest news of the impending issue of new shares allows that to happen but isn't actually a conversion ( yet) and is not new or more money from VT.

Keith, So is it a step forward to making our club debt free as promised 7 years ago?

7 years ago don't you mean 5 ?

Can anyone explain what this is to us who have no idea what's going on please

You need Keith'62 for a full in depth explanation but in layman's terms the club are creating 'extra' shares at the value of 10p per share. VT will buy these new shares by writing off some or all of the debt owed to him by the club.

However, there is a knock on affect to existing shareholders as their share of the club is diluted and their shares are worth much less.

One billion two hundred million shares are being created which equals to £120m which is what the club will eventually owe VT (I presume).

it looks like the plan has changed if that's true and we could be ready to spend instead of writing off 8 million a season

It doesn't give new money to spend, it just converts existing debt into shares. It is therefore not "new money"

what I ment was he's converting all his debt in one and not over a period of time which COULD give us more money each season if he choose to invest more money

Wez, nothing has changed.

In February VT said he would be converting £68m of the £108m he was owed " immediately" with the balance of £40m being written off ( rather than converted to shares) over 5 years to help with FFP. This latest news of the impending issue of new shares allows that to happen but isn't actually a conversion ( yet) and is not new or more money from VT.

Keith, So is it a step forward to making our club debt free as promised 7 years ago?

7 years ago don't you mean 5 ?

Will be 7 years next May.

Can anyone explain what this is to us who have no idea what's going on please

You need Keith'62 for a full in depth explanation but in layman's terms the club are creating 'extra' shares at the value of 10p per share. VT will buy these new shares by writing off some or all of the debt owed to him by the club.

However, there is a knock on affect to existing shareholders as their share of the club is diluted and their shares are worth much less.

One billion two hundred million shares are being created which equals to £120m which is what the club will eventually owe VT (I presume).

it looks like the plan has changed if that's true and we could be ready to spend instead of writing off 8 million a season

It doesn't give new money to spend, it just converts existing debt into shares. It is therefore not "new money"

what I ment was he's converting all his debt in one and not over a period of time which COULD give us more money each season if he choose to invest more money

Wez, nothing has changed.

In February VT said he would be converting £68m of the £108m he was owed " immediately" with the balance of £40m being written off ( rather than converted to shares) over 5 years to help with FFP. This latest news of the impending issue of new shares allows that to happen but isn't actually a conversion ( yet) and is not new or more money from VT.

Keith, So is it a step forward to making our club debt free as promised 7 years ago?

7 years ago don't you mean 5 ?

Will be 7 years next May.

since the promise of debt to equity ? wasn't it at the end of the 2012 season after the west ham game the year we went red ?

Can anyone explain what this is to us who have no idea what's going on please

You need Keith'62 for a full in depth explanation but in layman's terms the club are creating 'extra' shares at the value of 10p per share. VT will buy these new shares by writing off some or all of the debt owed to him by the club.

However, there is a knock on affect to existing shareholders as their share of the club is diluted and their shares are worth much less.

One billion two hundred million shares are being created which equals to £120m which is what the club will eventually owe VT (I presume).

it looks like the plan has changed if that's true and we could be ready to spend instead of writing off 8 million a season

It doesn't give new money to spend, it just converts existing debt into shares. It is therefore not "new money"

what I ment was he's converting all his debt in one and not over a period of time which COULD give us more money each season if he choose to invest more money

Wez, nothing has changed.

In February VT said he would be converting £68m of the £108m he was owed " immediately" with the balance of £40m being written off ( rather than converted to shares) over 5 years to help with FFP. This latest news of the impending issue of new shares allows that to happen but isn't actually a conversion ( yet) and is not new or more money from VT.

Keith, So is it a step forward to making our club debt free as promised 7 years ago?

7 years ago don't you mean 5 ?

Oops Wez, I was wrong and so were you,each by a year


Tan took over in May 2010, so it will be 7 years next May and hopefully finally Debt Free as promised

Can anyone explain what this is to us who have no idea what's going on please

You need Keith'62 for a full in depth explanation but in layman's terms the club are creating 'extra' shares at the value of 10p per share. VT will buy these new shares by writing off some or all of the debt owed to him by the club.

However, there is a knock on affect to existing shareholders as their share of the club is diluted and their shares are worth much less.

One billion two hundred million shares are being created which equals to £120m which is what the club will eventually owe VT (I presume).

it looks like the plan has changed if that's true and we could be ready to spend instead of writing off 8 million a season

It doesn't give new money to spend, it just converts existing debt into shares. It is therefore not "new money"

what I ment was he's converting all his debt in one and not over a period of time which COULD give us more money each season if he choose to invest more money

Wez, nothing has changed.

In February VT said he would be converting £68m of the £108m he was owed " immediately" with the balance of £40m being written off ( rather than converted to shares) over 5 years to help with FFP. This latest news of the impending issue of new shares allows that to happen but isn't actually a conversion ( yet) and is not new or more money from VT.

Keith, So is it a step forward to making our club debt free as promised 7 years ago?

7 years ago don't you mean 5 ?

Oops Wez, I was wrong and so were you,each by a year


Tan took over in May 2010, so it will be 7 years next May and hopefully finally Debt Free as promised

When he took over there was no talk of debt to equity it was the rebrand and the sorting of Langstone tan promised this which was 2012 -13 season

Can anyone explain what this is to us who have no idea what's going on please

You need Keith'62 for a full in depth explanation but in layman's terms the club are creating 'extra' shares at the value of 10p per share. VT will buy these new shares by writing off some or all of the debt owed to him by the club.

However, there is a knock on affect to existing shareholders as their share of the club is diluted and their shares are worth much less.

One billion two hundred million shares are being created which equals to £120m which is what the club will eventually owe VT (I presume).

it looks like the plan has changed if that's true and we could be ready to spend instead of writing off 8 million a season

It doesn't give new money to spend, it just converts existing debt into shares. It is therefore not "new money"

what I ment was he's converting all his debt in one and not over a period of time which COULD give us more money each season if he choose to invest more money

Wez, nothing has changed.

In February VT said he would be converting £68m of the £108m he was owed " immediately" with the balance of £40m being written off ( rather than converted to shares) over 5 years to help with FFP. This latest news of the impending issue of new shares allows that to happen but isn't actually a conversion ( yet) and is not new or more money from VT.

Keith, So is it a step forward to making our club debt free as promised 7 years ago?

7 years ago don't you mean 5 ?

Oops Wez, I was wrong and so were you,each by a year


Tan took over in May 2010, so it will be 7 years next May and hopefully finally Debt Free as promised

When he took over there was no talk of debt to equity it was the rebrand and the sorting of Langstone tan promised this which was 2012 -13 season

100% wrong,the minute the rebrand was talked about,at the same time we were were promised a debt free club and thats not second hand info,as I was present at the meetings.

When he took over there was no talk of debt to equity it was the rebrand and the sorting of Langstone tan promised this which was 2012 -13 season

So much has happened since 2010 I can't quite remember the full chronology but I believe you might have a point. But then again the anti-Tan brigade could point to the fact there wasn't much 'debt' until 2012?

When he took over there was no talk of debt to equity it was the rebrand and the sorting of Langstone tan promised this which was 2012 -13 season

So much has happened since 2010 I can't quite remember the full chronology but I believe you might have a point. But then again the anti-Tan brigade could point to the fact there wasn't much 'debt' until 2012?

Cheers Tony, Your right it was Tan who increased our debt beyond belief.

I might be Anti Tan, but at least I don't change like some do, I give credit when its due.
I respect all your views even if different than mine

Cheers for this Keith, we now know exactly where we are at and it is a step forward


Since 62 aka Keith Morgan

This share issue means that the debt to equity swap can now take place- previously there were not enough in issue to enable the debt conversion to take place.
Although the shares have a nominal, or face value of 10 p all previous shares have been priced at 15.69p each. Therefore 1.2bn shares at a price of 15.69p would enable up to £ 188m of debt to be converted. At a cheaper sale price of 10p each it would allow £120m of debt to be converted.


If and when Vincent Tan now carries out the actual conversion it will be a huge improvement in the balance sheet as it will convert repayable debt into non repayable shares. It won't actually impact on FFP though as FFP only relates to transactions through the profit and loss account which a debt conversion to shares isn't.

Can anyone explain what this is to us who have no idea what's going on please

You need Keith'62 for a full in depth explanation but in layman's terms the club are creating 'extra' shares at the value of 10p per share. VT will buy these new shares by writing off some or all of the debt owed to him by the club.

However, there is a knock on affect to existing shareholders as their share of the club is diluted and their shares are worth much less.

One billion two hundred million shares are being created which equals to £120m which is what the club will eventually owe VT (I presume).

it looks like the plan has changed if that's true and we could be ready to spend instead of writing off 8 million a season

It doesn't give new money to spend, it just converts existing debt into shares. It is therefore not "new money"

what I ment was he's converting all his debt in one and not over a period of time which COULD give us more money each season if he choose to invest more money

Wez, nothing has changed.

In February VT said he would be converting £68m of the £108m he was owed " immediately" with the balance of £40m being written off ( rather than converted to shares) over 5 years to help with FFP. This latest news of the impending issue of new shares allows that to happen but isn't actually a conversion ( yet) and is not new or more money from VT.

Keith, So is it a step forward to making our club debt free as promised 7 years ago?

7 years ago don't you mean 5 ?

Oops Wez, I was wrong and so were you,each by a year


Tan took over in May 2010, so it will be 7 years next May and hopefully finally Debt Free as promised

When he took over there was no talk of debt to equity it was the rebrand and the sorting of Langstone tan promised this which was 2012 -13 season[/quote]


100% wrong,the minute the rebrand was talked about,at the same time we were were promised a debt free club and thats not second hand info,as I was present at the meetings.[/quote]
I'm 100% right annis we lost to West ham 2012 may 3rd that's when the rebrand news came out before that there was no talk of debt to equity it was after this date ,when he took over in 2010 the rebrand or debt to equity wasn't mentioned so it can't be 7 years

m 100% right annis we lost to West ham 2012 may 3rd that's when the rebrand news came out before that there was no talk of debt to equity it was after this date ,when he took over in 2010 the rebrand or debt to equity wasn't mentioned so it can't be 7 years

m 100% right annis we lost to West ham 2012 may 3rd that's when the rebrand news came out before that there was no talk of debt to equity it was after this date ,when he took over in 2010 the rebrand or debt to equity wasn't mentioned so it can't be 7 years

To be fair Annis did'nt say debt to equity, he said "debt free". Not sure when he said that he would leave the club debt free, but I thought that was mentioned in the early days of Tan's reign.

m 100% right annis we lost to West ham 2012 may 3rd that's when the rebrand news came out before that there was no talk of debt to equity it was after this date ,when he took over in 2010 the rebrand or debt to equity wasn't mentioned so it can't be 7 years

To be fair Annis did'nt say debt to equity, he said "debt free". Not sure when he said that he would leave the club debt free, but I thought that was mentioned in the early days of Tan's reign.

Steve, Exactly, Tan promised Cardiff City would be a Debt Free Club if we accepted the Rebrand, Wez is trying to twist it all as usual.

m 100% right annis we lost to West ham 2012 may 3rd that's when the rebrand news came out before that there was no talk of debt to equity it was after this date ,when he took over in 2010 the rebrand or debt to equity wasn't mentioned so it can't be 7 years

To be fair Annis did'nt say debt to equity, he said "debt free". Not sure when he said that he would leave the club debt free, but I thought that was mentioned in the early days of Tan's reign.

Steve, Exactly, Tan promised Cardiff City would be a Debt Free Club if we accepted the Rebrand, Wez is trying to twist it all as usual.

Not twisting things just say it's not 7 years the rebrand was mooted after the west ham game which was not in 2010 there was never talk in 2010 on being debt free