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Thread: Castle Gone

  1. #46
    Veteran Bakkies's Avatar
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    Still no financial report the RA have just over 24 hours to submit it otherwise they will be in breach.

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    https://www.change.org/p/rugby-australia-petition-for-cameron-clyne-to-resign-as-chairman-of-the-rugby-australia-board

  2. #47
    Legend Contributor Alison's Avatar
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    Quote Originally Posted by Bakkies View Post
    Still no financial report the RA have just over 24 hours to submit it otherwise they will be in breach.
    Still not showing on the ASIC register.

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  3. #48
    Veteran valzc's Avatar
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    So RA have missed the deadline?

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  4. #49
    Veteran Bakkies's Avatar
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    Quote Originally Posted by valzc View Post
    So RA have missed the deadline?
    If it had to be submitted by close of business today than yes.

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    https://omny.fm/shows/the-alan-jones-breakfast-show/cameron-clyne

    Link to Senate Report http://www.aph.gov.au/senate_ca

    https://www.change.org/p/rugby-australia-petition-for-cameron-clyne-to-resign-as-chairman-of-the-rugby-australia-board

  5. #50
    Legend Contributor Alison's Avatar
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    I thought it had to be submitted by cob yesterday (30 April).
    Come on ASIC!

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  6. #51
    Veteran Bakkies's Avatar
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    True but thatís assuming they get uploaded on the day they are submitted.

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    https://omny.fm/shows/the-alan-jones-breakfast-show/cameron-clyne

    Link to Senate Report http://www.aph.gov.au/senate_ca

    https://www.change.org/p/rugby-australia-petition-for-cameron-clyne-to-resign-as-chairman-of-the-rugby-australia-board

  7. #52
    Legend Contributor Alison's Avatar
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    Quote Originally Posted by Bakkies View Post
    True but that’s assuming they get uploaded on the day they are submitted.
    Good point. But don’t they have to be voted on by the members first though? Usually at an AGM of course. Can RA submit them without an EGM at least?
    As far as I know, none of the member unions have even seen the financial report let alone voted to accept it.

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  8. #53
    Immortal Contributor shasta's Avatar
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    Being unfamiliar with the regulations covering this deadline; is it a serious matter? Or are lodgement dates flexible and/or extensions relatively easy to get?

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  9. #54
    Legend Contributor .X.'s Avatar
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    Quote Originally Posted by shasta View Post
    Being unfamiliar with the regulations covering this deadline; is it a serious matter? Or are lodgement dates flexible and/or extensions relatively easy to get?
    Its a Federal Government Department - with both the Department and the "organisation" having staffing issues due to COVID19. I would bet that the Lodgement Dates are more flexible than Nadia Comaneci.

    It is not worth losing sleep over.

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  10. #55
    Immortal Contributor shasta's Avatar
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    Quote Originally Posted by .X. View Post
    Its a Federal Government Department - with both the Department and the "organisation" having staffing issues due to COVID19. I would bet that the Lodgement Dates are more flexible than Nadia Comaneci.

    It is not worth losing sleep over.
    Thanks bud. About what I thought. If I had to list a thousand things that might make me lose sleep, that wouldn't be on it.

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  11. #56
    Veteran Bakkies's Avatar
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    Quote Originally Posted by Alison View Post
    Good point. But donít they have to be voted on by the members first though? Usually at an AGM of course. Can RA submit them without an EGM at least?
    As far as I know, none of the member unions have even seen the financial report let alone voted to accept it.
    Itís BAU in Federal Government Departments and as the books are for the year finishing up to Dec 31 2019 they canít use any stand downs in relation to Chinavirus as delayed income and effect in turnover. Documents can also be lodged electronically so they canít blame it on postal/courier delays.

    Government is considered essential business and hasnít shut down at all.

    They also lodged their change in director forms on April 6 2020 so they have submitted documents to the regulator recently. The RAs senior directors including up until last week the CEO have been still working.

    The AGM was still held without delay on March 30. The financial results are usually known before the meeting. NZ who are far better run didnít lodge provisional figures.

    An EGM can be held on April 30 which is what the captains suggested so the books can be presented for scrutiny and new directors can be appointed.

    The CFO is on stress leave no mention of anyone filling in the role at an important reporting time.

    The RA refused to open the books initially to the players yet expected them to take a pay reduction. That was a immediate red flag. They werenít being honest about the financial situation. The new directors that brokered the pay negotiation and may take over Godfrey and Wigg have now discovered that the financial situation was worse than stated.

    Any money presented to them from the IRB will be a loan not a grant so it will have to be paid back. With no broadcasting revenue locked in for next season they have no income.

    Foxsports and Ten have no obligation to pay out broadcast money as there is no Rugby to televise. Ireland are unlikely to tour yet there is nothing mentioned about reimbursing ticket sales.

    The lawyers that represented them in the Folau case are owed a seven figure sum.

    The loss for the 2019 year is closer to $16 million not the $9 million touted by Raeleneís apologists.

    Past players are due monies owed from the retirement fund.

    They suddenly realise they need the Force as it is the only body that has a stable front office and secure finances.

    This is only coming to light as Jessica Halloran is now reporting the news rather than Wayne Smith who is still hoping the fairy godmother will save the RA.

    In other words they are farked and will have to bring in administrators ASAP.

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    Last edited by Bakkies; 01-05-20 at 20:55.

  12. #57
    Veteran Bakkies's Avatar
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    https://asic.gov.au/about-asic/news-...-requirements/

    https://asic.gov.au/about-asic/news-centre/find-a-media-release/2020-releases/20-084mr-asic-to-provide-additional-time-for-unlisted-entity-financial-reports/

    Here is an update from ASIC. They have up until May 31st to have an AGM if Dec 31 is the balance sheet end date. You have four months to lodge the annual reports to ASIC usually. The RA have got their books tabled but still trying to calculate the figures and the CFO isnít even there. It appears they are still receiving bills from last year such as the solicitorís fees that affect the final figures which werenít mentioned a couple of months ago.

    There is an extension for AGMs this year but the RA went ahead and had their books presented unaudited at the AGM which went ahead as scheduled. They tried to use Chinavirus as an excuse for not tabling audited books as they need to address their cash flow that was ongoing from the 2019 losses. That was an irrelevant argument as the 2019 losses were made last year when the virus was mainly limited to a Wuhan wet market.

    They still had time to give themselves a 72% score so they had ample time to get the books audited.

    Chinavirus wonít affect the presented books until next year if they are still trading.

    A number of people have made that point in recent articles but stone cold silence from the RA. Raelene than resigns as her farking up the rights and player cut negotiations were one of the main contributors to her resignation not the captainsí letter.

    It is a moot point in regards to an ASIC breach letter as the RA donít have money coming in to trade their way out of the black hole mess and July is probably the earliest date they will get matches restarted. The players may have to play local club games before that eventuates.

    They only have a few months to complete a broadcast deal and potential partners have to sort out how much money they can offer. It is a big problem in Europe at the moment as there are rights negotiations that have to be completed there first. The RA are reliant on those European broadcasters such as Sky, BT, BeIN and Canal to kick in extra money.

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    Last edited by Bakkies; 01-05-20 at 21:14.

  13. #58
    Legend Contributor Alison's Avatar
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    The Oz is reporting that RA is poised to appoint Rob Clarke as interim CEO.

    I am utterly poleaxed by that news.

    Gutter meet gutter.

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  14. #59
    Veteran Bakkies's Avatar
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    Quote Originally Posted by Alison View Post
    The Oz is reporting that RA is poised to appoint Rob Clarke as interim CEO.

    I am utterly poleaxed by that news.

    Gutter meet gutter.
    Wayne Smith?

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    https://omny.fm/shows/the-alan-jones-breakfast-show/cameron-clyne

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    https://www.change.org/p/rugby-australia-petition-for-cameron-clyne-to-resign-as-chairman-of-the-rugby-australia-board

  15. #60
    Legend Contributor Alison's Avatar
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    Quote Originally Posted by Bakkies View Post
    Wayne Smith?
    No, Jessica Halloran

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