OFFICIAL: " LANGSTON DEBT CLEARED "

http://www.cardiffcityfc.co.uk/news/article/cardiff-city-reach-langston-resolution-936997.aspx

Cardiff City Football Club and the Langston Corporation are pleased to announce that an amicable resolution to the longstanding differences has been formally reached today, July 22, 2013.



Speaking of the news Tan Sri Vincent Tan said, “I am grateful and indebted to Sam Hammam, Michael Isaac and Michael Filiou for their part in this resolution, which brings to a close a lengthy period of uncertainty.



“This settlement allows us to look to a new era of financial stability, which should be celebrated by all connected to Cardiff City. I am delighted, primarily for the supporters of this great club that we can put this matter firmly behind us and plan for our future with confidence."



Sam Hammam, said, “This resolution will rightly be regarded as a proud and historic occasion for all associated with Cardiff City Football Club. Now that an amicable agreement has been reached, thanks in most part to the vision of Tan Sri Vincent Tan and the important role of Michael Isaac and Michael Filiou, the club can now focus on the exciting Premier League season ahead, while building for the future with optimism."



It has been agreed by all parties that the sole focus should be on building for the season ahead. Sam Hammam, as a part of this resolution, will take up the honorary title of Life President at the club, while the board would like to place on record its gratitude and thanks to Tan Sri Vincent Tan, Sam Hammam, Michael Isaac and Michael Filiou for their invaluable contributions to the confidential deal. Michael Filiou is joining the Board of Cardiff City Football Club.


Read more at http://www.cardiffcityfc.co.uk/news/art ... sjfsrx4.99

The settlement of the debt for far less than its book value is obviously great news if the figure of £15m in full and final settlement being bandied about is correct.

Now on to the conversion of the full VT debt into shares ASAP as promised , which will be an even bigger step (but which will need a shareholders` meeting to approve the necessary increase in shares).

One comment on the press release. There is no way that those words are those of either VT or Sam - they just don`t speak that way. And that`s not a criticism , just a sense of relief that they have allowed someone more professional in drafting these things to do so rather than repeat errors of the past in insisting they give direct quotes.

about the shareholders meeting, someone posted that there was a board meeting held tonight, could that of been to discuss the debt to equity?

We're Cardiff City and we're debt free, now we're gonna storm the premier league.

You do realise we are still massively in debt. It just means we owe Tan now instead of Sam. I won't be doing cartwheels until Tan converts his debt to equity.

You do realise that VT is a man of his word.

May I also add thank you for finalizing this deal even with the tragic personal news you received last week.

http://www.bbc.co.uk/news/uk-wales-23413195?

Fantastic news!

Looking forward to understanding the detail. I'm Sam didn't write off the debt so has been paid an amount which will increase the debt owed to VT but a net reduction overall no doubt. Still I rather the old scores get settled as it now gives VT scope to press on with his financial restructuring.

A great day for Cardiff City

I only popped out for a couple of hours and I seem to have missed all the news!

This can only be a good thing, and hopefully this means Tan will convert some of his loans to equity before long.

This is a huge weight of Cardiff shoulders, we can now concentrate on winning the prem league /o\ <o> /o\

we need to sign players first?

looked like a bit of every one congratulating everyone?

Trust statement:

Tim Hartley, chair of Cardiff City Supporters’ Trust commenting on the announcement, said: “Fans will be very relieved that his historic debt and the wrangle between the club and Langston has been finally settled.

“If the figures being talked about are correct and the settlement is below the original value, then Cardiff City must be congratulated on the settlement.

“We now look forward to Vincent Tan converting his loans to the club into shares. The long term aim has always been a debt free club which manages its finances in a prudent manner.”

Trust statement:

Tim Hartley, chair of Cardiff City Supporters’ Trust commenting on the announcement, said: “Fans will be very relieved that his historic debt and the wrangle between the club and Langston has been finally settled.

“If the figures being talked about are correct and the settlement is below the original value, then Cardiff City must be congratulated on the settlement.

“We now look forward to Vincent Tan converting his loans to the club into shares. The long term aim has always been a debt free club which manages its finances in a prudent manner.”

Really good to hear the Trust making a statement about this

sod the royal baby this is bigger!!!!

We're Cardiff City and we're debt free, now we're gonna storm the premier league.

You do realise we are still massively in debt. It just means we owe Tan now instead of Sam. I won't be doing cartwheels until Tan converts his debt to equity.

You do realise that VT is a man of his word.

Re: OFFICIAL: LANGSTON DEBT CLEARED
Unread postby brickyblue » Mon Jul 22, 2013 8:14 pm

Best news ever brilliant news for ccfc .wicked news been waiting a long time for this news

the most news ever in one sentence

Best news of the summer, Tan has sorted it, think we could have a lot of cash pumped into the club from now on.

Great news that this matter has finally been resolved.

One comment on the press release. There is no way that those words are those of either VT or Sam - they just don`t speak that way. And that`s not a criticism , just a sense of relief that they have allowed someone more professional in drafting these things to do so rather than repeat errors of the past in insisting they give direct quotes.

As you said no criticism but it doesn't half make you feel that we could all do with a professional drafter at times

Great news for CCFC. Obviously the job isn't yet finished but this is a massive step in the right direction.

Trust statement:

Tim Hartley, chair of Cardiff City Supporters’ Trust commenting on the announcement, said: “Fans will be very relieved that his historic debt and the wrangle between the club and Langston has been finally settled.

“If the figures being talked about are correct and the settlement is below the original value, then Cardiff City must be congratulated on the settlement.

“We now look forward to Vincent Tan converting his loans to the club into shares. The long term aim has always been a debt free club which manages its finances in a prudent manner.”

Having been a long time critic of the Supporters Trust it is nice to be able to give them some praise for a change. I don't know if there has be a change of tact but they have certainly upped their game recently.

I don't want to get into all the BU stuff, but the ST have quietly gone about their business with regard to the red/blue issue and they are very much in line with how I would like to see things handled. Well done.