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Craig, Webb & Swallow...how much did they get?
Craig, Webb & Swallow...how much did they get?

YCST...working for the good of York City

Much has been said and written about the York City saga of recent years.  Understandably, an enormous amount of frustration and anger has been vented.  Whilst we should all continue to work hard and look forward to a brighter future for our community-owned football club, most supporters will not forget that history and the actions of certain people.


 


Some supporters have asked the Trust for clarification about the amount of money that has been taken out of York City by Messrs Craig, Swallow and Webb through their BCH dealings.  In total, the figure is over 2.1 million, of which around 1.5 million is pocketed by D. Craig.


 


The 2.1 million is arrived at as follows:



  • In April 2002, Persimmon Homes Limited paid 310,000 to acquire some BCH shares from Messrs Craig, Swallow and Webb. 

  • In February 2005 arrangements were completed for York City Football Club Limited to acquire BCH shares from Craig, Swallow and Webb whereby the amount paid aggregated to 1,463,000.  In addition, an amount of 162,000 was paid to settle director loans.

  • Messrs Craig, Swallow and Webb are no longer directors of BCH.  Under the arrangements entered into in February 2005, the remaining BCH shares held by Craig, Swallow and Webb (in aggregate, a minority shareholding of 8.5%) will be acquired by York City at a future date at a set price of 12.10 per share, which means a further 206,000 to be paid to them at some point in the future.

 The details are summarised as follows: 















































































 


April 2002


Feb 2005


After Feb 2005


Total take


 


Shares


000


Shares


000


Shares


000


000


DM & EL Craig


13,118


230


98,658


1,095


11,590


140


1,465


EB & EA Swallow


2,294


40


16,555


184


2,727


33


257


C & JM Webb


2,294


40


16,555


184


2,727


33


257


 


17,706


310


131,768


1,463


17,044


206


1,979


 


17.50 per share


11.10 per share


12.10 per share


 


Repayment of director loan


 


 


 


 


 


 


 


 


162


 


 


 


 


 


 


 


2,141


 


Related aspects about the financial arrangements are as follows:



  • In April 2002, John Quickfall had also sold some shares to Persimmon for 40,000.  In March 2003, John Quickfall resigned as a director of BCH Plc and pledged to return any profits from his shareholding to York City.  In Autumn 2003, it was revealed that John Quickfall had donated 20,000 to the Trust in March 2003 to help the Trust complete the Rescue Package.  This amount is equivalent to the profit from the shareholding.

  • In April 2002, in total, Persimmon had acquired 20,000 shares.  Around the same time, Persimmon also made a 400,000 payment in relation to J. Batchelor.

  • In February 2005, York City also acquired the 20,000 shares held by Persimmon, paying them 222,000.  In addition, York City paid a sum of 202,000 to Persimmon in consideration for them agreeing to release their conditional contract over the Bootham Crescent site and entering into a new option agreement.

We hope this helps clarify certain aspects.  In January 2005, the Trust issued a comprehensive newsletter detailing the arrangements by the Club to enter into agreements with messrs Craig, Swallow and Webb, Persimmon Homes and the FSIF.  The newsletter is still available to download from the Trusts website www.ycst.org.uk or is available in hard copy (by request).  If you have any queries about any York City matters, please do contact the Trust.

 
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