not seen them anywhere else the links about west ham an includes how much they are paying us for cheating
http://www.guardian.co.uk/football/2009/sep/03/west-ham-financial-crisis-37m-loss
By James Whitmore (Property Week)
Property entrepreneur Kevin McCabe to direct restructure of Australian group
Kevin McCabe, the successful property entrepreneur and Sheffield United football club chairman, is to take charge of the reconstruction of Valad Property Group, the struggling Australian company that bought the bulk of his UK and European property empire a month before the onset of the credit crunch.
McCabe, who has been based in Brussels for three and a half years for tax reasons, is a non-executive director of Valad, which is listed on the Australian Stock Exchange.
He now plans to spend more time in Sydney – equivalent to two months of the year – to help Valad ‘rebuild’ its portfolio in Australia, Asia Pacific and Europe. His long-time lieutenant, Didier Tandy, head of property in Europe, is joining the Valad board, and one of his sons, Simon or Scott, is likely to move to Sydney for two years.
They will join Valad’s only executive director, managing director Peter Hurley, who has been consulted on the strengthening of the board.
‘It’s a time for grey hairs and experience to repair the company,’ McCabe told Property Week. ‘While I will remain a non-executive, I shall be helping it to rebuild.’
McCabe, who personally made £150m from the £250m sale in July 2007, is still owed £31.2m from the deal. Two weeks ago he reached agreement with the board of Valad, chaired by Trevor Gerber, for the settlement of the outstanding money, which will give him £3m in cash, £15m of loan notes and £13.2m of Valad shares. This has increased his stake from 3% to 19.9% – the maximum amount permitted on the Australian Stock Exchange before triggering a bid.
McCabe said his desire to increase control was ‘inevitable as a result of becoming the major shareholder’.
The strategy will find favour with Barry Wynne, the retired co-founder with Stephen Day of Valad. In February Wynne told the Australian newspaper that the company’s problems boiled down to ‘no grey hairs on the boards’. He predicted McCabe would end up taking over the company.
‘The only grey hair is McCabe. It is a classic case of the Bond-Packer deal with Channel Nine,’ he added in reference to Australian mogul Kerry Packer’s buying back of the national network from Australian businessman Alan Bond in 1990 for A$250m, having sold it to him three years earlier for A$1bn.
Valad’s shares have plunged from a peak of A$2.32 in May 2007 to just A$0.12 because of falling property values and its high level of debt, and in the year to 30 June it made a loss of A$1.5bn.
However, in July it restructured its European business by injecting most of its properties into a £1.1bn joint venture with Bank of Scotland known as Duke.
McCabe is also close to two flotations in the Far East. Top Spring International Holdings, in which McCabe’s Scarborough Group has a 15% stake, is aiming to float in Hong Kong before the end of the year.
Before that, Top Spring is demerging its 44% stake in 35 Rainbow department stores in China – the balance is held by China Resources – ready for a flotation of Rainbow on the Shenzhen Stock Exchange. The RMB10.5bn (£929m) will value Scarborough’s 7% stake at RMB750m (£67m).
In the UK McCabe is setting up Scarborough Development Group with Brendan Flood, former managing director of modus Ventures. The group is in discussions to buy back a ‘dozen’ foodstore development sites from KPMG, the administrator to Modus Ventures.
http://www.guardian.co.uk/football/2009/sep/03/west-ham-financial-crisis-37m-loss
By James Whitmore (Property Week)
Property entrepreneur Kevin McCabe to direct restructure of Australian group
Kevin McCabe, the successful property entrepreneur and Sheffield United football club chairman, is to take charge of the reconstruction of Valad Property Group, the struggling Australian company that bought the bulk of his UK and European property empire a month before the onset of the credit crunch.
McCabe, who has been based in Brussels for three and a half years for tax reasons, is a non-executive director of Valad, which is listed on the Australian Stock Exchange.
He now plans to spend more time in Sydney – equivalent to two months of the year – to help Valad ‘rebuild’ its portfolio in Australia, Asia Pacific and Europe. His long-time lieutenant, Didier Tandy, head of property in Europe, is joining the Valad board, and one of his sons, Simon or Scott, is likely to move to Sydney for two years.
They will join Valad’s only executive director, managing director Peter Hurley, who has been consulted on the strengthening of the board.
‘It’s a time for grey hairs and experience to repair the company,’ McCabe told Property Week. ‘While I will remain a non-executive, I shall be helping it to rebuild.’
McCabe, who personally made £150m from the £250m sale in July 2007, is still owed £31.2m from the deal. Two weeks ago he reached agreement with the board of Valad, chaired by Trevor Gerber, for the settlement of the outstanding money, which will give him £3m in cash, £15m of loan notes and £13.2m of Valad shares. This has increased his stake from 3% to 19.9% – the maximum amount permitted on the Australian Stock Exchange before triggering a bid.
McCabe said his desire to increase control was ‘inevitable as a result of becoming the major shareholder’.
The strategy will find favour with Barry Wynne, the retired co-founder with Stephen Day of Valad. In February Wynne told the Australian newspaper that the company’s problems boiled down to ‘no grey hairs on the boards’. He predicted McCabe would end up taking over the company.
‘The only grey hair is McCabe. It is a classic case of the Bond-Packer deal with Channel Nine,’ he added in reference to Australian mogul Kerry Packer’s buying back of the national network from Australian businessman Alan Bond in 1990 for A$250m, having sold it to him three years earlier for A$1bn.
Valad’s shares have plunged from a peak of A$2.32 in May 2007 to just A$0.12 because of falling property values and its high level of debt, and in the year to 30 June it made a loss of A$1.5bn.
However, in July it restructured its European business by injecting most of its properties into a £1.1bn joint venture with Bank of Scotland known as Duke.
McCabe is also close to two flotations in the Far East. Top Spring International Holdings, in which McCabe’s Scarborough Group has a 15% stake, is aiming to float in Hong Kong before the end of the year.
Before that, Top Spring is demerging its 44% stake in 35 Rainbow department stores in China – the balance is held by China Resources – ready for a flotation of Rainbow on the Shenzhen Stock Exchange. The RMB10.5bn (£929m) will value Scarborough’s 7% stake at RMB750m (£67m).
In the UK McCabe is setting up Scarborough Development Group with Brendan Flood, former managing director of modus Ventures. The group is in discussions to buy back a ‘dozen’ foodstore development sites from KPMG, the administrator to Modus Ventures.
, did yer know McCabe is a director of sum Bank of Scotland companies ? and Scarborough does a lot of 'work' wi the bank in joint property deal/construction ventures with local coucils/government departments throughout the UK, nice recession proof work eh ?
