Vincent Tan converts £8m of debt into equity

Tan converts another 8 million to equity

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From BBC Sport.

Wednesday 23rd November 2016

Cardiff City owner Vincent Tan has converted a further £8m the club owes him into equity.

The Championship club is about £100m in debt, and Tan said in February it would be debt free by 2021.

More than 50 million ordinary shares at 15.69p each will convert £8m of his loan into equity, in line with his pledge to cut the club's debt annually.

The move will ensure the Malaysian businessman will be able to reduce the debt by £100m in the next few years.

Cardiff City had £174m worth of debt at the end of the 2013-14 financial year, with most of it owed to Tan.

"Action is being taken systematically, in stages," said Ken Choo, the club's chief executive and executive director.

"The process will take time and it is not something which can be completed with a flick of a switch.

"Reducing debt will be completed as soon as practically possible."

Choo said the club must adhere to Malaysian regulatory controls during the process of clearing the debt.

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Tan out tan out can't have a owner doing things like this obviously knows nothing about how a football club should be run

This is certainly a positive step in the right direction!

IMG_1630.JPG

Cardiff City owner Vincent Tan has converted a further £8m the club owes him into equity.

The Championship club is about £100m in debt, and Tan said in February it would be debt free by 2021.

More than 50 million ordinary shares at 15.69p each will convert £8m of his loan into equity, in line with his pledge to cut the club's debt annually.

The move will ensure the Malaysian businessman will be able to reduce the debt by £100m in the next few years.

Cardiff City had £174m worth of debt at the end of the 2013-14 financial year, with most of it owed to Tan.

"Action is being taken systematically, in stages," said Ken Choo, the club's chief executive and executive director.

"The process will take time and it is not something which can be completed with a flick of a switch.

"Reducing debt will be completed as soon as practically possible."

Choo said the club must adhere to Malaysian regulatory controls during the process of clearing the debt.

As written by Rob Phillips on the BBC Wales website.

Fancy having something posted on here without attributing it to the original author. Who would have believed that?

IMG_1630.JPG

Cardiff City owner Vincent Tan has converted a further £8m the club owes him into equity.

The Championship club is about £100m in debt, and Tan said in February it would be debt free by 2021.

More than 50 million ordinary shares at 15.69p each will convert £8m of his loan into equity, in line with his pledge to cut the club's debt annually.

The move will ensure the Malaysian businessman will be able to reduce the debt by £100m in the next few years.

Cardiff City had £174m worth of debt at the end of the 2013-14 financial year, with most of it owed to Tan.

"Action is being taken systematically, in stages," said Ken Choo, the club's chief executive and executive director.

"The process will take time and it is not something which can be completed with a flick of a switch.

"Reducing debt will be completed as soon as practically possible."

Choo said the club must adhere to Malaysian regulatory controls during the process of clearing the debt.

As written by Rob Phillips on the BBC Wales website.

Fancy having something posted on here without attributing it to the original author. Who would have believed that?

It says from BBC Sport at the top, what else do you want?

IMG_1630.JPG

Cardiff City owner Vincent Tan has converted a further £8m the club owes him into equity.

The Championship club is about £100m in debt, and Tan said in February it would be debt free by 2021.

More than 50 million ordinary shares at 15.69p each will convert £8m of his loan into equity, in line with his pledge to cut the club's debt annually.

The move will ensure the Malaysian businessman will be able to reduce the debt by £100m in the next few years.

Cardiff City had £174m worth of debt at the end of the 2013-14 financial year, with most of it owed to Tan.

"Action is being taken systematically, in stages," said Ken Choo, the club's chief executive and executive director.

"The process will take time and it is not something which can be completed with a flick of a switch.

"Reducing debt will be completed as soon as practically possible."

Choo said the club must adhere to Malaysian regulatory controls during the process of clearing the debt.

As written by Rob Phillips on the BBC Wales website.

Fancy having something posted on here without attributing it to the original author. Who would have believed that?

It says from BBC Sport at the top, what else do you want?

I think he wants jam on it Norms

IMG_1630.JPG

Cardiff City owner Vincent Tan has converted a further £8m the club owes him into equity.

The Championship club is about £100m in debt, and Tan said in February it would be debt free by 2021.

More than 50 million ordinary shares at 15.69p each will convert £8m of his loan into equity, in line with his pledge to cut the club's debt annually.

The move will ensure the Malaysian businessman will be able to reduce the debt by £100m in the next few years.

Cardiff City had £174m worth of debt at the end of the 2013-14 financial year, with most of it owed to Tan.

"Action is being taken systematically, in stages," said Ken Choo, the club's chief executive and executive director.

"The process will take time and it is not something which can be completed with a flick of a switch.

"Reducing debt will be completed as soon as practically possible."

Choo said the club must adhere to Malaysian regulatory controls during the process of clearing the debt.

As written by Rob Phillips on the BBC Wales website.

Fancy having something posted on here without attributing it to the original author. Who would have believed that?

It says from BBC Sport at the top, what else do you want?

I think he wants jam on it Norms

Or wants to be the only one with knowledge of these things.
Thanks for the link Norms.

Positive stuff, Vinny delivers...

This Tanfastic news

Keep him until he rids us debt free by 2021. Then he can do one, find new owners and we can all move on.

It is baby steps but it is positive steps by the club.

Keep him until he rids us debt free by 2021. Then he can do one, find new owners and we can all move on.

It is baby steps but it is positive steps by the club.

What an appalling sense of gratitude you have.

You do know he won't just rid us of debt and walk?

Anyone wanting to take over will have to pay the going rate for a debt free club and that's not cheap nowadays.

I've said this before, I don't like the guy after the whole red decision. But if/when he goes, he would've done a hell of a lot more good for us than he has bad.

Tan promises and Tan delivers.

Tans keeping to his word

Keep him until he rids us debt free by 2021. Then he can do one, find new owners and we can all move on.

It is baby steps but it is positive steps by the club.

Not sure what good new owners would do? With FFP the years of new owners coming in and throwing money around for a short while are gone.

I've said this before, I don't like the guy after the whole red decision. But if/when he goes, he would've done a hell of a lot more good for us than he has bad.

That's a fair summary. When history comes to judge the Tan years there will be no way of sweeping the rebrand (& the divisions it caused) under the carpet. BUT the man has proved to be honourable in admitting his mistakes and has proved that by picking up the tab.

On balance he has been very positive for this club. It's just a huge shame he has that one blemish on his record which will always be remembered.

Well done Vincent Tan , as far as new owners go, I think its better the devil you know.
Especially an owner who rectifies his mistakes and learns from them.
A new owner could make different but just as unpleasant mistakes and maybe not be a billionaire ?

I've said this before, I don't like the guy after the whole red decision. But if/when he goes, he would've done a hell of a lot more good for us than he has bad.

Could not of put it better. Vinny T is turningg into one hell of an owner. Ask Leeds, Charlton or Coventry fans would they take him? We could do a lot worse