One thing that has popped into my head since my post above is why are there 117,858 of FV's new share allocation not been 'taken up'?
I had assumed (wrongly I now believe) that these were the shares allocated to the 750,000 shares that FV (the company) owned after 'buying them back'.
That can't be though because on the new share allocation form it summarises at the bottom that the new share issue brings the total shares in FV to 4,125,046.
The new shares being allocated being 2,125,046 meaning prior to the allocation there was only 2,000,000 in existence.
We know there was at one time 2,750,000 shares of which FV (the company) had bought back so it also means the Statement of Capital for Reduction
(as it is titled) filed at CH on the 6th December, stating there was only 2,000,000 shares at that point in time must have taken place BEFORE the allocation as per the Statement of Capital following an allotment of shares.
I'd also assumed that the shares would be 'owned' by FV but if they have not been paid for then I assume no one
actually owns them???
It certainly isn't the government because the shares are shown to be at £8 per share whilst we know the government only pays £6 per share.
As share allocation is based on a pro-rata basis per existing shareholders it would seem to me that one or a combination of Sharon, Mike James and or Luckock have not taken up their full allocation allotted to them - and further more one or more of the existing shareholders haven't stepped in to buy them - thus showing them (at the time) to be unsold (and ownerless)???
Also I think I might have misunderstood the matched funding element too?
The matched funding element is definitely there in respect of the Recovery Loan Scheme (RLS) BUT the scheme only started on the 6th April, 2021.
FV received a £5m loan from the government (or more likely 'backed' by the government - there were/are a number of approved lenders such as RBS, Lloyds, etc for RLS) on 28th August, 2020!
There were a number of government schemes set up at the time in 2020, one of which was the Coronavirus Business Interruption Loan Scheme (CBILS).https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/cbils-faqs-for-smes/
As far as I can understand it there was no requirement to provide a matching amount to access the loan - which was for any amount up to a maximum of £5m.
This being the case it does seem more than likely that 2020 loan for £5m did not require match funding, but the 2021 £5m loan did, and that is why the two loans from the government totalling £10m has together with the match funding by FV of £5m (for the second loan only) have all been rolled together to form the £15m new share allocation that took place.
I'm still troubled as to why 117,857 shares of this new allocation don't seemed to have been paid for (amounting to £1m) although the 607,623 that have been paid for amounting to £5,155,535 fulfils FV's obligation to match fund the second £5m loan.
Hope all this helps Bob?