The Cricket Bond Invitation Document - LANCASHIRE COUNTY CRICKET CLUB EMIRATES OLD TRAFFORD
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LANCASHIRE COUNTY CRICKET CLUB
EMIRATES OLD TRAFFORD
The Cricket Bond
Invitation Document
LANCASHIRE COUNTY CRICKET CLUB Emirates Old Trafford
The Cricket Bond Invitation Document The Cricket Bond Invitation Document
This document is
important and requires
Investors should not
subscribe for any Cricket
financial promotion for UK
publication by BDO LLP,
of the kind referred to in
this Invitation.
or to any national,
resident or citizen of the Contents
your immediate Bonds referred to in this 55 Baker Street, London United States or Canada.
attention: Invitation Document, W1U 7EU (“BDO”) This Invitation does not
If you are in any doubt except on the basis of which is authorised by constitute an offer of The distribution of this
about the action
you should take or
the information published
in this Invitation and the
the Financial Conduct
Authority to conduct
transferable securities
to the public and,
Invitation Document in
other jurisdictions may
07 Welcome from the Chairman
the contents of this
document, you should
terms and conditions
constituting the Cricket
investment business.
BDO is acting exclusively
accordingly, this Invitation
does not constitute a
be restricted by law and
therefore persons into
08 Cricket by numbers
contact your stockbroker,
solicitor, accountant,
Bonds of the Club (the
“Instrument”) set out on
for the Club in connection
with the issue of Cricket
prospectus to which
the Prospectus Rules of
whose possession this
Invitation comes should 10 The Cricket Bond at-a-glance
bank manager or other
professional financial
pages 50 to 55 of this
Invitation Document.
Bonds for promotion
to the limited class of
the Financial Conduct
Authority apply. Therefore,
inform themselves about
and observe any 12 Introducing The Cricket Bond
14 Taxation
adviser authorised by persons listed in FCA this Invitation and the such restriction.
the Financial Conduct Your attention is COBS Rule 4.7.7. Instrument have not been
Authority to conduct particularly drawn to the (being (a) certified approved by the Financial Any failure to comply with
investment business
and who specialises in
“Risk Factors” which
are set out on pages 42
as a ‘high net worth
investor,’ (b) certified as
Conduct Authority or any
other regulatory body.
these restrictions may
constitute a violation of
18 How the funds will be used
advising on investment
in shares and other
to 43 of this Invitation.
Prospective investors
a ‘sophisticated investor,’
(c) self-certified as a
You should ensure that
you have read and
the securities laws of any
such jurisdictions.
20 Our Vision and Mission
securities, including
unlisted securities.
should consider carefully
whether an investment in
‘sophisticated investor,’
or (d) certified as a
understood all of this
Invitation Document 22 Financial Information
This document (the
“Invitation” or “Invitation
Cricket Bonds is suitable
for them in light of their
‘restricted investor.’ before applying for
Cricket Bonds. If you are 28 Meet our team - The Board
30 Meet our team - The Senior Directors
Document”) constitutes personal circumstances. For ease of reference, in any doubt as to the
an invitation to subscribe Cricket Bonds are an by completing the contents of this Invitation,
for bonds (“Cricket unsecured debt of the “Investor Categorisation or whether subscribing
Bonds”) in Lancashire
County Cricket Club
Club and they may not
be a suitable investment
Questionnaire” prior to
having been supplied or
for Cricket Bonds is a
suitable investment for
32 A track record of success
Limited (the “Club”) on
the terms and conditions
for all recipients of this
Invitation. Cricket Bonds
otherwise given access to
this Invitation Document,
you, you should seek your
own independent advice
34 Our unrivalled heritage
set out in this Invitation. are not transferable
or negotiable on the
you have confirmed
that you are one of the
from an appropriately
qualified financial adviser 36 Credit4Cricket
Before you subscribe
for any Cricket
capital markets and no
application is to be made
category of persons (a) to
(d) above and, as such,
authorised under the
Financial Services and 38 How to apply
42 Risk Factors
Bonds you should for the Cricket Bonds to are permitted to receive Markets Act 2000 and
make sure that you be admitted to listing or this Invitation Document who specialises
fully understand the trading on any market. and apply for Cricket in advising on the
risks which are set
out in the Invitation Investment in an
Bonds. acquisition of
unlisted securities.
44 Questions and Answers
Document and you
should determine
unquoted security of this
nature, being an illiquid
Applications should only
be made on the basis of Cricket Bonds are not
46 Terms and Conditions
whether the
investment is suitable
investment, is speculative,
involving a degree of risk.
the Invitation and
the Instrument.
protected from loss by
the Financial Services 48 Appendix Taxation
for you on the basis
of all the information
It will not be possible to
sell or realise the Cricket For the avoidance of
Compensation Scheme.
50 Bond Instrument
56 Glossary and Definitions
contained in the Bonds or to obtain doubt, BDO is in no way This Invitation Document
Invitation Document. reliable information about behaving in a manner does not constitute
In the event that the risks to which they which might reasonably an offer to sell, or the
the Club becomes
insolvent, you may
are exposed. There is no
certainty or guarantee that
be considered to have
a client relationship with
solicitation of an offer to
buy, Cricket Bonds in
56 References
lose some or all of the Club will be able to an applicant for Cricket any jurisdiction in which
your investment. repay them. Bonds or for such person such offer or solicitation is
If you are in any to be a client of BDO in unlawful and, in particular,
doubt about the This Invitation, which is a the context of the offering is not for distribution
contents of the financial promotion for the of the Cricket Bonds. into the United States or
Invitation Document purposes of Section 21 Canada. Cricket Bonds
or the action of the Financial Services Any individual who is have not been and will not
you should take, and Markets Act 2000, is in any doubt about the be registered under the
you are strongly issued by the Club which investment to which this applicable securities laws
recommended accepts responsibility for Invitation relates should of the United States or
to consult a the information contained consult an authorised Canada and may not be
professional herein. This document person specialising in offered or sold within the
financial adviser. has been approved as a advising on investments United States or Canada
LANCASHIRE COUNTY EMIRATES LANCASHIRE COUNTY EMIRATES Contents
CRICKET CLUB OLD TRAFFORD p_04 CRICKET CLUB OLD TRAFFORD p_05
The Cricket Bond Invitation Document The Cricket Bond Invitation Document
A welcome from
Michael Cairns OBE
Chairman
We are a club of enviable heritage, now in our 150th year, and following on from
our recent £45million redevelopment we are now in the process of formalising
a new financing opportunity to continue our development plans and secure a
long-term sustainable future for the business.
We are a club of enviable
Part of this financing opportunity will be the issue by Lancashire County Cricket
Club of our first-ever Cricket Bond and this Invitation Document aims to provide an
introduction to this exciting opportunity along with the relevant terms and conditions.
heritage, now in our 150th year, Proposals for redevelopment
The Club is now preparing to commence the next £12million phase in its
and following on from our recent
development and we are seeking to replace the Old Trafford Lodge with a branded
4-star hotel.
Lancashire County Cricket Club (LCCC) has always prided itself on its ability to
£45million redevelopment we are generate non-cricket revenues to help support the Club and re-invest funds into
cricket. In the long term, the Board of the Club are of the opinion that this next phase
of development will enable us to further strengthen and support this strategy.
now in the process of formalising The Cricket Bond
We intend to finance this latest phase of our development through a range of sensible
a new financing opportunity to
commercial options. One of those is to raise a target amount of £3million by offering
you the Cricket Bond.
continue our development plans
The Cricket Bond is a five-year initial fixed-term investment and will earn 7% gross
interest per annum, which will be split between 5% gross per annum in cash and a
further 2% gross per annum in Credit4Cricket Units.
and secure a long-term sustainable Credit4Cricket is earned in the form of Credit4Cricket Units which can be used to
purchase in full or gain a discount against the Club’s ticket and hospitality products.
These include Membership fees, international tickets, domestic tickets, international
future for the business. hospitality packages and domestic ticket and food and beverage packages to enjoy
at Emirates Old Trafford.
I am delighted to invite you to take up this opportunity to invest in the Cricket Bond
and, if you do, I look forward to seeing you at Emirates Old Trafford enjoying the
cricket with us.
LANCASHIRE COUNTY EMIRATES Welcome LANCASHIRE COUNTY EMIRATES Welcome
CRICKET CLUB OLD TRAFFORD p_06 CRICKET CLUB OLD TRAFFORD p_07
The Cricket Bond Invitation Document
LANCASHIRE COUNTY CRICKET CLUB
Emirates Old Trafford
Sources> *ECB Eureka research 2013.
LANCASHIRE COUNTY EMIRATES Cricket by numbers
CRICKET CLUB OLD TRAFFORD p_08
The Cricket Bond Invitation Document
Lancashire County Cricket Club
The Cricket Bond at-a-glance
Five-year initial fixed-term with the option
to extend by successive one-year rolling periods.
7% (gross) interest per annum payable as
5% (gross) cash and 2% (gross) Credit4Cricket Units
paid semi-annually.
Issuer: Lancashire County Cricket Club Limited.
Registrar: Neville Registrars Limited, Neville House, 18 Laurel Lane, Halesowen, West Midlands, B63 3DA.
Transferability: Five-year Bonds are not transferable and they cannot be traded.
Security: Cricket Bonds are an unsecured debt of the Club.
Closing date: Applications for the Cricket Bonds will be accepted until 1pm on 27th October 2014
(“Long Stop Date”).
Who can take up the Bonds?
Individuals who are at least 18 years old and who are resident in the UK, and companies, charities and trusts
resident in the UK and/or who are not prevented by laws applicable to them from applying for Cricket Bonds.
At the time of issue Cricket Bonds may be placed in a Self Invested Personal Pension (SIPP). However, we strongly
recommend that applicants seek advice as to whether the specific terms of your arrangements permit this type
of investment.
Amount per Application?
A minimum of £1,000 and thereafter in multiples of £500.
Amount being raised?
The Club are aiming to raise up to £3million by the issue of Cricket Bonds. The Club may, in order to satisfy
demand, issue up to £5million of Cricket Bonds.
Right> England Captain Alastair Cook, moments after retaining
The Ashes at Emirates Old Trafford, 5th August 2013.
LANCASHIRE COUNTY EMIRATES At-a-glance
CRICKET CLUB OLD TRAFFORD p_10
The Cricket Bond Invitation Document The Cricket Bond Invitation Document
Introducing The Cricket Bond
We have designed the Cricket Bond to be a very
straightforward investment. Bondholders lend the
Club money until repaid in return for a fixed rate of
interest paid every six months. On maturity of the
Cricket Bonds, the full amount of your investment
will be repaid with no deductions or charges and with
accrued interest.
The Cricket Bond has an initial fixed term of five years from the date of issue, subject to our right to repay all or part
of the Cricket Bond early at any time. The Cricket Bond will pay interest at a rate of 7% (gross) per annum, of which
5% (gross) is payable in cash and 2% (gross) is payable in Credit4Cricket Units every six months.
After the initial fixed period of five years, your Bond will be redeemed by the Club and you will receive your initial
investment in full together with all unpaid cash interest and Credit4Cricket Units accrued. Alternatively, if you notify
us not less than six months before the end of the initial five-year period, you can choose to extend your Bond
for successive one-year periods and continue to receive your interest as before. For however long you choose to
hold Cricket Bonds, the interest rate will remain the same. Please note the Club may repay the Cricket Bonds at
any time.
The Cricket Bonds will be issued by the Club.
The Club is a registered society under the Co-operative and Community Benefit Societies Act 2014.
As at the date of this Invitation Document, the Club has no subsidiaries or holding companies (direct or indirect).
Cricket Bonds give Bondholders the opportunity to earn a fixed cash and Credit4Cricket Units return on their
investment. By making this available directly to prospective Bondholders, the Club can offer a risk appropriate
return to Bondholders.
Redeeming Credit4Cricket Units
2% gross per annum of your interest will be paid in Credit4Cricket Units. Credit4Cricket is earned in the form of
Credit4Cricket Units which can be used to purchase in full or gain a discount against Membership, international
tickets, domestic tickets, international hospitality packages and domestic ticket and food and beverage packages
to enjoy at Emirates Old Trafford.
Who can apply
UK resident individuals who are at least 18 years old when making their Application and also companies,
charities and trusts can also apply for Cricket Bonds. At the time of issue Cricket Bonds can be placed in a Self
Invested Personal Pension (SIPP). However, we advise seeking advice as to whether the specific terms of your
arrangements permit this type of investment.
Withholdings and deductions
All payments of cash interest and/or Credit4Cricket Units made to a Bondholder in relation to its investment
in the Cricket Bonds will be made subject to the prevailing withholding tax at the basic rate of income tax
(currently 20%) imposed in the UK by HM Revenue & Customs but otherwise free and clear of, and without
withholding or deduction for, any other taxes, duties, assessments or governmental charges of whatsoever
nature unless such withholding or deduction is required by law. In that event, the Club shall make such further
withholding or deduction and shall, where required, account to the relevant tax authority for such withholding
or deduction. For the avoidance of doubt, in such circumstances, the Club shall not be required to increase or
gross-up any payment of principal or interest made to a Bondholder.
LANCASHIRE COUNTY EMIRATES Introducing The Cricket Bond LANCASHIRE COUNTY EMIRATES Introducing The Cricket Bond
CRICKET CLUB OLD TRAFFORD p_12 CRICKET CLUB OLD TRAFFORD p_13
The Cricket Bond Invitation Document The Cricket Bond Invitation Document
Taxation
HMRC currently
requires the Club to
apply a withholding
tax at the basic rate of
income tax (currently
20%) (the “Basic Rate
Tax”) on all payments
of interest made to any
Bondholder who is an
individual in respect of As an example, an
their investment in the applicant who invests Gross Tax Withheld Net Received
Cricket Bonds unless £5,000 and is liable to
the Club has received a have Basic Rate Tax Cash Interest 5% £250 £50 £200
direction to the contrary deducted at source
from HMRC in respect should expect to receive Credit4Cricket Units 2% £100 £20 £80
of such relief as may the following return:
be available pursuant Annual Total 7% £350 £70 £280
to the provisions of
any applicable double GRAND TOTAL
taxation treaty. £1,750 £350 £1,400
(at the end of five years)
The Club will arrange for
applicable Basic Rate Tax The Club will provide the recipient of the interest payment with a statement in writing on the date each semi-annual
due on such payments payment is made confirming the gross interest, tax deducted and net amounts.
of cash interest and
Credit4Cricket Units to All Applicants who are or may be liable to tax, especially higher rate taxpayers in the UK or Applicants who may be
be deducted from each required to pay tax in non-UK jurisdictions, should consult their independent financial advisors as further tax may
element of the interest be payable in some cases. Please refer to the “Taxation” appendix for further information.
payment made to each
Bondholder and shall
pay such amount to
HMRC in cash on each
Bondholder’s behalf.
Therefore, a Bondholder
who is an individual and
who is subject to UK
income tax at the basic
rate should not be liable
for additional income tax
in respect of the Cricket
Bonds. A Bondholder
who is not normally
subject to tax in the UK
may be entitled to claim
repayment of the tax Left> Jos Buttler,
withheld at the basic Lancashire County
rate by the Club Cricket Club and England.
from HMRC. 4th Investec Test Match
7th - 11th August 2014,
70 runs scored.
LANCASHIRE COUNTY EMIRATES Taxation LANCASHIRE COUNTY EMIRATES Taxation
CRICKET CLUB OLD TRAFFORD p_14 CRICKET CLUB OLD TRAFFORD p_15
An enviable history,
an iconic location,
cricket is in our heart
but business is on our mind.
About the Cricket Bond How the funds will be used The aspiration, subject to funding and planning permission, is to develop a new branded hotel to replace the existing Old Trafford Lodge. The rationale for the proposed development is summarised through the following five key factors: ›› The Old Trafford Lodge is now more than 15 years old and requires significant investment to maintain current revenue levels. However, due to the original design and construction, more specifically no meetings and events space and poor acoustic partitioning, it will be less expensive to demolish and reconstruct a new building than to try and retrofit, convert and expand the current Lodge. ›› The Old Trafford Lodge has a consistent, profitable trading history demonstrating the core feasibility of operating a hotel at the location. ›› It is anticipated that a new 150+ bedroom branded hotel, underpinned by strong market demand will attract an enhanced room rate and increased occupancy alongside strong additional business when compared with the existing Lodge. ›› The new hotel is anticipated to unlock significant additional untapped business in the corporate conference market currently unavailable to the Club due to a lack of accommodation on site. ›› The hotel project is specifically designed to support a strategy of driving non-cricket revenues to provide a majority if not a full recovery of central overheads. This would significantly reduce the current reliance of the Club on the revenues associated with international cricket and provide a platform for sustainable business growth into the future. In the event of external factors preventing the hotel project from being developed as envisaged e.g. if planning permission is not approved (or is not approved on terms acceptable to the Club), or sufficient funding is not raised, the proceeds of the Cricket Bonds will be used for either a smaller hotel scheme, replacement stand or for other income-generating development projects by the Club. Images are early artist’s impressions.
LANCASHIRE COUNTY CRICKET CLUB AND ENGLAND Our Vision James Anderson For Emirates Old Trafford to provide one of the best sports, entertainment and business experiences in cricket throughout the world. To provide a magnet for local, national and international business and leisure tourism that further regenerates the wider area, providing and sustaining employment opportunities. We will continue to invest in the facilities to ensure we consolidate our aspiration to be a world-class venue for both cricket and business. Our Mission To always strive to develop home grown cricketers to play winning cricket for Lancashire and England. To drive community engagement and commercial event attendance by energising our staff to exceed the expectations of our Members and customers, providing them with multiple reasons to visit and return.
The Cricket Bond Invitation Document
Lancashire County Cricket Club
Financial Information
The audited trading In 2013 the Club also
performance of the benefited from the
Club over the last two re-introduction of the
completed financial new Members’ Pavilion
years is summarised and the opportunity to
on page 24. In separate use the AJ Bell Players
ways, both years were & Media Centre for
exceptional. training events, small
meetings and catering
Much of the 2012 loss & events revenues.
was anticipated and When combined with The
largely inevitable. In a Point the incremental year
year when there was a on year conference and
continued absence of events revenue growth
Test Match cricket, the was 20%. Following the
Club was also faced with completion of the stadium
the loss of the Pavilion rebuild the Club was also
and a site which was two successful in establishing
thirds under construction. new partnerships with
This left a reduced seating some major corporate
capacity and fewer match brands. A 10-year
day and non-match day naming rights deal with
operational facilities, Emirates was followed
which themselves were by the sponsorship of
also seriously hampered the new Players &
by their proximity to Media Centre by AJ Bell,
major building work. further supplementing
Furthermore, with the other existing long
transitional status of the term relationships.
ground, there was a need This resulted in a growth
to provide temporary in annual recurring
facilities for players, sponsorship of more than
broadcasters £600,000.
and Members.
Whilst 2014 cannot be
Conversely, despite expected to generate the
construction work same level of international
continuing right through match day returns, the
until June, 2013 was a India Test Match has
record year. The financial contributed positively
impact of the Ashes towards LCCC continuing
Test Match, in particular, its return to profitability
pervades the numbers following the completion
throughout the Income & of its £45million ground
Expenditure Account with redevelopment.
cricket match receipts,
hospitality, advertising,
catering and the Old
Trafford Lodge all hugely
benefiting from the event.
LANCASHIRE COUNTY EMIRATES Financial Information
CRICKET CLUB OLD TRAFFORD p_22The Cricket Bond Invitation Document The Cricket Bond Invitation Document
Financial Financial
Information Information
Lancashire County Cricket Club Limited 2013 2013 2012 2012 Lancashire County Cricket Club Limited 2013 2013 2012 2012
Income and Expenditure Account Audited Audited Audited Audited Balance Sheets Audited Audited Audited Audited
for the years ending 31 December £ £ £ £ as at 31 December £ £ £ £
Income for the year Tangible fixed assets 43,862,948 37,855,202
Subscriptions 392,992 418,252
Cricket match receipts 6,368,438 1,343,426 Current assets
Hospitality 1,588,113 485,231 Debtors and prepayments 2,058,450 1,680,943
ECB Distribution 1,852,845 1,648,907 Stocks 81,994 61,643
LCCC Sponsorships 1,006,831 386,093 Cash at bank and in hand 48,217 422,256
Advertising 480,688 135,742 2,188,661 2,164,842
Catering sales - cricket 2,210,723 499,513
Catering sales - conference and events 3,259,900 2,726,082 Creditors: amounts falling due within one year
Indoor Cricket Centre 240,562 221,943 Sundry creditors and accrued liabilities (6,045,192) (5,963,641)
Shop income 99,169 120,827
Miscellaneous income 368,304 461,213 Net current liabilities (3,856,531) (3,798,799)
Old Trafford Lodge income 1,179,324 1,004,027 Total assets less current liabilities 40,006,417 34,056,403
Cricket Academy income 100,530 101,100 Less deferred income (1,991,341) (4,901,806)
Total income for the year 19,148,419 9,552,356 38,015,076 29,154,597
Expenditure for the year Financed by:
Salaries, wages and staff related costs 7,021,880 6,009,004 Creditors:
11,016,622 9,889,142
Cricket match expenses (incl hospitality) 4,190,982 1,441,118 amounts falling due after more than one year
Catering purchases and overheads 1,653,519 1,047,717 Unamortised grants 28,893,393 23,501,093
Ground expenses 1,351,399 1,288,621 39,910,015 33,390,235
Office costs 660,111 579,465 Capital and reserves
Miscellaneous costs 348,803 338,920 Share capital 242 257
Old Trafford Lodge purchases and overheads 329,782 304,079 General reserve (1,895,181) (4,235,895)
Indoor Cricket Centre purchases and overheads 11,303 9,988 (1,894,939) (4,235,638)
Cricket Academy overheads 36,204 36,879 38,015,076 29,154,597
Total expenditure for the year 15,603,983 11,055,791
The audited financial information for 2012 and 2013 has been extracted from the audited financial statements for these years and does not
Operating profit/(loss) 3,544,436 (1,503,435) constitute full statutory accounts in accordance with the Industrial and Provident Societies Acts 1965 to 2002.
Amortisation of capital grants 867,438 144,134
The auditor’s reports made on the company’s statutory accounts for each of the above financial years were unqualified and did not include
Depreciation (1,150,771) (751,534) a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report, neither did they contain any
statement concerning maintaining a satisfactory system of internal control, not keeping proper accounting records nor failure to receive all
Finance charges (920,389) (554,411)
necessary information and explanations as required by the Industrial Provident Societies Act 1965 to 2002.
Surplus/(deficit) before taxation 2,340,714 (2,665,246)
Corporation Tax - 430,000
Surplus/(deficit) after taxation 2,340,714 (2,235,246)
LANCASHIRE COUNTY EMIRATES Financial Information LANCASHIRE COUNTY EMIRATES Financial Information
CRICKET CLUB OLD TRAFFORD p_24 CRICKET CLUB OLD TRAFFORD p_25LANCASHIRE COUNTY CRICKET CLUB AND ENGLAND
Jos ButtlerThe Cricket Bond Invitation Document The Cricket Bond Invitation Document
Meet our team
The Board
LES PLATTS DAVID HODGKISS OBE GEOFFREY SHINDLER OBE
Honorary Treasurer Vice Chairman
Les is a Chartered Accountant with 33 David is CEO of the William Hare Group, As a Director of Old Trafford Consulting
years’ experience at Deloitte where he a global leader in engineered steel Ltd, Geoffrey specialises in wills, trusts,
was a Board Member, Chair of the Audit framework solutions and has established capital taxation and estate work.
Committee and a Practice Senior Partner. the business as a truly global group with He was a founder member of STEP and
He is now a Non-Executive Director and, offices worldwide including, the UAE its Chairman from 1994-1998 and was
in addition to his role at the Club, and India. Employing over 1800 people Chairman of its Education Committee
he is Chairman at AJ Bell, the investment worldwide, William Hare has an annual and is now its President. Geoffrey also
platform, and Vice Chairman at Leeds turnover of £180million. serves on the Board of Directors of the
Building Society. Royal Exchange Theatre, Manchester and
David is the former Honorary Treasurer is a member of the Trust Law Committee
SIR HOWARD BERNSTEIN MICHAEL CAIRNS OBE and now Vice Chairman of the Club
and has been part of the team that has
which studies the workings of inheritance
tax legislation in the UK.
President Chairman overseen the recent redevelopment work.
Sir Howard Bernstein joined the City Council as a Michael has been involved in the governance of He is also a Director of LCCC Foundation.
Junior Clerk and became its Chief Executive in 1998. LCCC since 2001 when he was co-opted to the then
Following the terrorist bombing of the city centre in committee and oversaw the growth of the Old Trafford
1996 he was appointed Chief Executive of Manchester Lodge. But his dedication to cricket stretches much
Millennium Ltd, overseeing the rebuilding of the City. further back than that; Michael was captain of both
He is known for his business acumen; and for Manchester schoolboys and Lancashire schoolboys.
successfully attracting millions of pounds into the At the age of 16 he was selected to play for the
City; and for the key role he continues to play in Lancashire and Cheshire League XI. He also played for
area regeneration initiatives, most recently in East the Lancashire Federation and was an avid supporter of
Manchester. Lancashire at Old Trafford.
Sir Howard was also instrumental in securing After being told that a career in cricket wasn’t for him,
Manchester as Host City for the XVII Commonwealth he moved into the commercial world with a position at
Games in 2002. Grand Hotel Eastbourne Limited. He studied at Cornell
University, and was then employed by Inter-Continental
He has been Clerk to Greater Manchester Passenger Hotels before embarking on a worldwide career with
Transport Authority (now GMITC) since the mid-1980s the organisation.
where he has taken a leading role in introducing PAUL ALLOTT MAURICE WATKINS CBE
Metrolink, the first UK on-street public transport system. He held the position of Chief Executive for the Pacific,
He was involved in the establishment of Manchester United States, Middle East, Africa and Europe, returning
Fast bowler Paul Allott represented Senior Partner and Head of Sport at
Airport as a PLC and has driven the expansion of the to the United Kingdom in 1988. Promotion to oversee
Lancashire between 1978 and 1992 Brabners LLP Solicitors Manchester,
company into the next stage of commercial and strategic planning and global business development
and played for England on 26 occasions. Maurice was also a director of
physical development. led to his appointment as Managing Director of the
He made his Test debut at Old Trafford in Manchester United FC for 28 years and
group. By this time Inter-Continental owned, managed
1981 and hit 52 not out against Australia. Manchester United PLC for 13 years.
Sir Howard has been involved in several external and leased 150 hotels around the world.
With the Red Rose he picked up the He holds a number of positions in sport
appointments and is currently Non-Executive Chair
Benson and Hedges Cup in 1984 and including Chairman of British Swimming,
of Manchester Academic Health Science Centre and In 1993 he elected to take early retirement which lasted
1990 and won the NatWest Trophy in the Greyhound Board of Great Britain,
Deputy Chair of the HS2 Growth Task Force. just four weeks. He was then headhunted to join
1990. In 1995 he became a renowned Barnsley FC and the Rugby League
Queen’s Moat Houses PLC and retired in 1999.
broadcaster and commentator with European Federation. He was voted
Sir Howard was knighted for his services to Manchester
Sky Sports Cricket. Paul is also a International Sports and Entertainment
in 2003. In 2009, he became Chairman of Lancashire County
Non-Executive Director of ITC Sports Lawyer of the Year at the 2014 Who’s
Cricket Club and presided over the multi-million pound
– a tour operator. Who Legal Annual Awards in New York.
redevelopment of Emirates Old Trafford.
LANCASHIRE COUNTY EMIRATES Meet our team LANCASHIRE COUNTY EMIRATES Meet our team
CRICKET CLUB OLD TRAFFORD p_28 CRICKET CLUB OLD TRAFFORD p_29The Cricket Bond Invitation Document The Cricket Bond Invitation Document
Meet our team
The Senior Directors
DANIEL GIDNEY LEE MORGAN
Chief Executive Officer Finance Director & Secretary
Daniel Gidney joined Lancashire County Cricket Club in Having spent 16 years with Deloitte fulfilling a variety of
November 2012. financial and management roles and being responsible
for servicing a cross-section of demanding clients
After building a career in entertainment, venue across a range of businesses, Lee has been at the Club
management and large scale facilities, Daniel for more than nine years and has developed a deep
established his reputation in stadium management and knowledge of the business and understanding of the
non-match day revenue generation during his six years industry in which the Club operates.
at the Ricoh Arena.
During his time at Emirates Old Trafford, as well as
Prior to this, he ran Sodexo’s Hospitals Division and managing the Club’s day-to-day finances, he has been
spent nearly seven years at Clear Channel (now Live instrumental in bringing to the Club £30million of grant
Nation) in varying roles, including Head of PFI and funding and more than £15million of bank funding
Director of Ticketing where, through rationalisation, on the back of comprehensive business plans which
he later sold the division to Ticketmaster. He has demonstrates the confidence external stakeholders
experience in major event bidding and management have in his abilities. At the same time, Lee was the
experience including Olympic football, Heineken Cup Club’s main liaison with the project manager on all
Rugby semi-finals, England U21 football matches and development activity and was instrumental in making
major stadium concerts. positive strides in improving the Club’s match day
stewarding and security operations.
Daniel is a former Board Member of the CW LEP and
Chaired both its Tourism Taskforce and Skills and
Employability Groups. Daniel was also named the 2011
Midlands Business Person of the Year and 2014 Trafford
Business Person of the Year.
LANCASHIRE COUNTY EMIRATES Meet our team LANCASHIRE COUNTY EMIRATES Meet our team
CRICKET CLUB OLD TRAFFORD p_30 CRICKET CLUB OLD TRAFFORD p_31The Cricket Bond Invitation Document
A track record of success
2013 saw the dawn of a new era for Lancashire
County Cricket Club with the completion of the new
£45million redevelopment which has seen the ground
transformed including the provision of:
›› The Point; conference and hospitality facilities and replacement stand.
›› The new AJ Bell Players & Media Centre.
›› Two new double-tier stands.
›› The new Pavilion blending modern and expanded facilities whilst retaining the
Victorian façade which was recognised globally winning the “Project of the Year”
award at the prestigious international Stadium Business Awards earlier in 2014.
Since the completion of the redevelopment, Emirates Old Trafford has hosted a
stunning Investec Ashes Test Match which saw England retain the Ashes and Kevin
Pietersen score his last ever Test Match hundred.
Then in 2014, India returned for a Test Match for the first time in nearly 25 years.
During 2013 and 2014 alone, Emirates Old Trafford has welcomed over 200,000 fans
watching international cricket.
In addition to this, the Club signed a 10-year multi-million pound naming rights
partnership with Emirates; a record partnership of its kind for any first-class county in
the history of the game.
The launch of Emirates Old Trafford has seen the Club become established as a
new conference and events brand and during the past 12 months, being recognised
regionally by winning Marketing Manchester’s 2013 Business Tourism Award and
nationally winning Visit England’s 2014 Gold Award for Business Tourism.
In 2013, we had a record year in both revenue and profit terms and the Club is now
able to look forward with confidence, with a stadium that will proudly stand alongside
other international Test Match venues throughout the world.
Right> Andrew “Freddie” Flintoff at the 2014 NatWest T20 Blast Finals Day,
after taking the prized wicket of England star Ian Bell with his first ball of the game.
LANCASHIRE COUNTY EMIRATES A track record of success
CRICKET CLUB OLD TRAFFORD p_32The Cricket Bond Invitation Document The Cricket Bond Invitation Document
Lancashire County
Cricket Club - 150*
The Club has an enviable history and heritage and celebrates its
150th anniversary in 2014. Having the iconic location of Emirates
Old Trafford as its home provides a perfect platform to see the Club
progress far into the future.
7th June 1860 saw the first major match played at Old Trafford between two England XIs. Four years later
and Lancashire County Cricket Club was formed on 12th January 1864 at the Queens’ Hotel Manchester.
The Club’s initial first-class county match was played at Old Trafford in 1865 vs. Middlesex, and in 1884 Old Trafford
became the second ground to host a Test Match in England. The Club has seen several successful teams winning
trophies through the 1970s, 80s and 90s and most recently winning the County Championship outright for the first
time in 77 years in 2011.
As well as domestic cricket, Emirates Old Trafford has a proud history of hosting some of international cricket’s most
iconic moments including:
›› Jim Laker’s world record 19 Test wickets in a match in 1956.
›› Ian Botham’s rapid match-winning 118 in the 1981 Ashes which sealed an unlikely series victory for England.
›› Sachin Tendulkar’s maiden Test century in 1990.
›› Shane Warne’s ‘Ball of the Century’ in 1993.
1857 1956 1980 1981 1988 1990 1993 2005
Ashes Test Match, Andrew Flintoff
2011
LCCC win the
The original Jim Laker’s world record Clive Lloyd scores a century Ian Botham’s rapid Wasim Akram takes a Sachin Tendulkar’s Shane Warne’s
Old Trafford Pavilion 19 Test wickets in a match. for West Indies at Old Trafford. 118 in the ‘81 Ashes. hat-trick for Lancashire v Surrey. Maiden Test century ‘Ball of the Century’. scores 50 runs & takes 5 wickets. LV=County Championship
LANCASHIRE COUNTY EMIRATES History LANCASHIRE COUNTY EMIRATES History
CRICKET CLUB OLD TRAFFORD p_34 CRICKET CLUB OLD TRAFFORD p_35The Cricket Bond Invitation Document The Cricket Bond Invitation Document
The Credit4Cricket Programme
The benefits of the Credit4Cricket
Bondholder programme
In subscribing to the Cricket Bond, you will
automatically become a member of the Credit4Cricket
Bondholder programme.
How does it work?
In addition to the 5% (gross) cash interest per annum which will accrue on the Cricket
Bonds, once issued, the Cricket Bonds will also earn Credit4Cricket Units at a rate of
2% (gross) per annum for every £500 of Cricket Bonds that you hold.
So, for example, if you have invested the minimum subscription amount of £1,000,
you will earn £20 (gross) Credit4Cricket Units per annum.
£1 of Credit4Cricket Units is worth £1 sterling.
Redeeming your
Credit4Cricket Units
Once your Application is successful, we will contact all Bondholders with details of
a dedicated telephone number and email address that they can use both to check
their current balance of Credit4Cricket Units and also to redeem some or all of their
Credit4Cricket Units against the purchase (or part-purchase) of ticket and hospitality
products at Emirates Old Trafford including Membership fees.
Credit4Cricket Units must be redeemed within 24 months of the date of issue.
LANCASHIRE COUNTY EMIRATES Credit4Cricket LANCASHIRE COUNTY EMIRATES Credit4Cricket
CRICKET CLUB OLD TRAFFORD p_36 CRICKET CLUB OLD TRAFFORD p_37The Cricket Bond Invitation Document The Cricket Bond Invitation Document
How to apply Online
Simply access the online Application on the Cricket Bonds website at
www.cricketbond.com, complete it on screen and submit your online Application
together with your debit card payment or bank transfer to NatWest Bank,
Neville Registrars re: Clients Account, Sort Code: 60-09-39, Account Number:
78544688, including your Application reference number in respect of the full amount
of the Cricket Bonds that you are applying for.
By Post
Please download the Application Form from the Cricket Bonds website at
www.cricketbond.com. The Application Form should be completed online and will be
downloadable in PDF format only to avoid amendments. Please sign and return
the completed Application Form with a cheque in respect of the full amount of the
Cricket Bonds that you are applying for made payable to “Neville Registrars Limited
re: Clients Account” and crossed “Account Payee only” to Cricket Bond Offer,
Freepost Neville Registrars.
The closing date for the receipt of Applications (online and by post) is 1pm on
27th October 2014.
Additional Information
All payments must be in pounds sterling. Cheques or banker’s drafts must be
drawn on an account at a branch of a bank or building society in the United
Kingdom, the Channel Islands or the Isle of Man which is either a settlements
member of the Cheque or Credit Clearing Company or the CHAPS Clearing
Company Limited or which has been arranged for its cheques and banker’s drafts to
be cleared through facilities provided by any of those companies or committees.
LANCASHIRE COUNTY EMIRATES How to apply LANCASHIRE COUNTY EMIRATES How to apply
CRICKET CLUB OLD TRAFFORD p_38 CRICKET CLUB OLD TRAFFORD p_39The Cricket Bond Invitation Document
Risk Factors
In addition to relevant of the Club may be Economic and played at Emirates Old the future, this may have In particular, each or warranty, express
information in this affected by changes in Political Conditions Trafford in both the 2015 a material negative impact potential applicant or implied, is given to
Invitation, your attention legal, regulatory and The Club is exposed to and 2016 cricket seasons, upon the Club’s financial should: Bondholders as to the
is drawn to the following tax requirements in the any economic downturn there is no certainty of the performance. tax consequences of
specific factors which United Kingdom (or which could affect number of international (a) either alone, or with their acquiring, owning or
should be considered elsewhere for Applicants consumer trends in the matches that will be Application for the assistance of a disposing of any Cricket
carefully in evaluating who may be required UK. The Club is subject to awarded to Emirates Old Planning Permission financial adviser, have Bonds in the Club and
whether to make an to pay tax in other changes in inflation and Trafford beyond 2016 and provision of sufficient knowledge none of the Club, the
investment in the Cricket jurisdictions) as well as interest rates and other (or at all). However, the further funding and experience to Board, or the Directors
Bonds of the Club. the overall global financial economic factors affecting Board and the Directors The Club cannot make a meaningful will be responsible for any
and economic conditions. its business and over feel that the recent major guarantee that planning evaluation of the tax consequences for any
If you are in doubt about which it has no control. investment in the Emirates permission in respect Cricket Bonds, the such investor.
the contents of this Non-transferable The Club, like any trading Old Trafford facilities has of the proposed merits and risk of
document or the action Cricket Bonds are not business, is susceptible put the Club in a good redevelopment will be investing in the
you should take, you are transferable or negotiable to the general economic position to obtain an granted, either in the Cricket Bonds and the
strongly recommended to on the capital markets climate and spending allocation of international form submitted or at information contained
consult a financial adviser and no application is patterns of its customers. matches at least all. In addition, the Club in this Invitation
authorised under the to be made for Cricket equivalent to what it has cannot guarantee that the Document;
Financial Services Bonds to be admitted to Business Interruption been guaranteed in the further funding required to (b) have sufficient
and Markets Act 2000 listing or to trading on A major incident, such preceding three years and finance the remainder of financial resources
who specialises in any market. as a terrorist attack or it is the intention to bid the redevelopment plans and liquidity to bear
advising on investment in pandemic outbreak of for the most appropriate will be available to the all of the risks of an
unlisted debt, shares or Illiquid investment illness, or an event which packages on offer from Club (in full or in part). In investment in the
other securities. Investment in an impacts upon the Club’s the ECB which will include such circumstances, the Cricket Bonds;
unquoted security of this mainframe systems, key World Cup fixtures and an proceeds of the Cricket (c) either alone or
Cricket Bonds may not nature, being an illiquid central support functions Ashes Test Match in 2019. Bonds will be used for with the assistance
be a suitable investment investment, is speculative, or information technology either a smaller hotel of a financial
for all recipients of involving a degree of risk. systems could affect the Interest Rate Risks scheme, replacement adviser understand
this Invitation or the It will not be possible Club’s ability to trade and The Cricket Bonds stand or for other income thoroughly the terms
Instrument. Each potential to sell or realise Cricket have an adverse impact are five-year initial generating development of the Cricket Bonds;
Applicant must determine Bonds or to obtain on the Club’s financial fixed-term loan projects by the Club. and
the suitability of that reliable information about performance. obligations with a fixed (d) be able to evaluate,
investment in light of their the risks to which they are interest rate. There is a The foregoing factors either alone or with
own circumstances. exposed. Cricket Bonds Match Allocation risk that Bondholders are not exhaustive and the assistance of
are an unsecured debt of Major international cricket will not benefit from any do not purport to be a a financial adviser,
The Board and the the Club and there is no matches have not been subsequent increases complete explanation potential scenarios,
Directors believe the certainty or guarantee that allocated beyond the in market interest rates of all of the risks and including changes in
following risks to be the Club will be able to end of the 2016 cricket (should such market significant considerations economic conditions,
the most significant for repay them. season; such allocation interest rates increase involved in investing interest rates and
potential investors. will not be made by during the term of the in the Cricket Bonds. other factors that may
Not protected by the the England and Wales Cricket Bond). Accordingly, and as noted affect their investment
The risks listed do not Financial Services Cricket Board (“ECB”) above, additional risks and ability to bear the
necessarily comprise all Compensation Scheme until late 2014 when it is Reliance on and uncertainties not applicable risks.
those associated with Cricket Bonds are not anticipated all matches Key Personnel presently known to the
an investment in Cricket protected from loss by to at least 2019 will be The Club is, to a certain Board or the Directors, Investors should also
Bonds and are not the Financial Services allocated with further extent, dependent on the or that the Board or the take their own tax advice
intended to be presented Compensation Scheme. matches through to 2022 contribution of certain Directors currently deem as to the consequences
in any order of priority. potentially allocated key personnel in the immaterial, may also of owning Cricket Bonds
For example, during 2015. Therefore, organisation. If any of have an adverse effect in the Club as well as
the performance although fixtures have them were no longer on the Club’s business receiving returns from
Right> The Point in use
been secured to be involved with the Club in and prospects. them. No representation
for a recent exhibition.
LANCASHIRE COUNTY EMIRATES Risk Factors
CRICKET CLUB OLD TRAFFORD p_42The Cricket Bond Invitation Document The Cricket Bond Invitation Document
Questions and
Answers
How many Cricket Can I pay by instalments What return do I receive and hospitality products, Alternatively, if you so Do I need to discuss the the Financial Conduct
Bonds can I apply for? or top up on my holding on my investment and is including Membership choose, upon six months’ Cricket Bond offer with Authority’s new rules
The minimum amount of Cricket Bonds? the interest rate fixed? fees, international notice being given by a financial adviser? to ensure that you
of Bonds for which you Unfortunately, you will The Cricket Bonds will tickets, domestic tickets, you, your Bond can be We strongly recommend understand the nature of
can apply is £1,000. not be able to pay for yield a fixed return of 7% international hospitality extended by successive that you do seek the the investment
You can apply for as your Cricket Bonds in gross per annum on your packages and domestic one-year periods. advice of an independent you wish to make.
many Bonds as you wish, instalments, nor can initial investment. Interest ticket and food and The Club may, at its financial adviser. The Appropriateness
in increments of £500. they be topped up. All is payable at a rate of 5% beverage offers to enjoy option, repay all or part Questionnaire can be
paper Application Forms gross per annum in cash at Emirates Old Trafford. of the Cricket Bonds at What happens if I accessed online on the
How much is must be accompanied as well as a 2% gross per any time. die while I hold Cricket Bond’s website
being raised? by a cheque and all annum payment in the May I waive my right Cricket Bonds? www.cricketbond.com.
The Club is aiming to online Applications form of Credit4Cricket to receive interest in Can I withdraw my Under these Subject to supplying
raise up to £3million accompanied by an Units. Interest is paid Credit4Cricket Units? money before the end circumstances, the answers that are
by the issue of Cricket online payment or bank semi-annually in arrears. Bondholders have the of the initial term? Cricket Bonds would form satisfactory to the Club
Bonds. The Club may, in transfer for the full amount The Club will be obliged option, on making an Unfortunately not. part of your estate and and BDO LLP, you will
order to satisfy demand, of Cricket Bonds applied to withhold tax at the Application for Cricket The Cricket Bonds are title to them would initially then be able to submit
issue up to £5million of for. We are unable to UK basic rate (currently Bonds, to waive their issued for an initial be held by the executors your Application – either
Cricket Bonds in total. accept Applications that 20%) on all payments right to receive interest five-year term and can or administrators of your online together with
are not accompanied of interest, including in Credit4Cricket Units. thereafter be extended, at estate. Your executors payment by debit or bank
Who can invest in by payment for the full interest paid in the form A Bondholder who your option by successive or administrators would transfer in respect of the
Cricket Bonds? amount of Cricket Bonds of Credit4Cricket Units chooses to make such one-year rolling periods. hold the Cricket Bonds full amount of Cricket
Individuals who are over applied for. (please see pages 14 and a waiver (a “Waiving The Cricket Bonds are until transferring the title Bonds applied for, or by
18 and reside in the UK, 36 for further details). Bondholder”) will receive non-transferable and of the Cricket Bonds to printing the Application
or a trust, company or Can I change my mind? This means, for a UK 5% (gross) interest per non-convertible. The Club the intended beneficiary Form and returning it by
charity which is resident Yes, provided you do so basic rate tax payer, annum in cash only. may, at its option, repay by sending to us an post to Neville Registrars,
in the UK and/or which within 14 days of your if you invest in £5,000 Waiving Bondholders will all or part of the Cricket executed transfer in together with a cheque
is not prevented by the completed Application of Cricket Bonds, the not receive any additional Bonds at any time. a form reasonably in payment for the full
laws of its governing Form being received or aggregate interest and the interest in cash or acceptable to us. amount of Cricket Bonds
jurisdiction from applying being made online. If you value of Credit4Cricket Credit4Cricket Units What happens if applied for. Further details
for or holding Cricket contact Neville Registrars Units you will receive, net, per annum. the Cricket Bond is Does holding a Cricket of how to apply are
Bonds. Limited in writing before over the five-year initial oversubscribed? Bond mean that I have contained on page 38.
then, they will refund your fixed-term of the Bond will Are the Cricket The Club will only issue shares in the Club?
Is the Cricket Bond online payment or your be £1,400 (see page 15). Bonds transferable? up to £5million of Cricket No, Cricket Bonds are not
suitable for SIPPs? cheque. If you wish to No, the Cricket Bonds are Bonds. The Club reserves convertible into shares
Individual investors cancel your Application, What are the benefits of not transferable and they the absolute discretion as and the Bondholder does
should be aware that you should write to Neville receiving Credit4Cricket cannot be sold or traded. to whether to accept your not have any ownership
Cricket Bonds are suitable Registrars Limited at Units? The interest coupon and Application for Cricket interest in the Club.
for Self Invested Personal “Cricket Bond Offer”, In addition to the 5% redemption payment are Bonds in whole or in part It is an unsecured loan for
Pension (SIPP) Schemes Neville Registrars Limited, (gross) cash interest per payable to the original (in multiples of £500). a fixed period, paying a
subject to individual Neville House, 18 Laurel annum which will accrue Bondholder. Therefore, the Club may fixed rate of interest.
administration rules, Lane, Halesowen, West on the Cricket Bonds, accept your Application
but not for Individual Midlands B63 3DA. After once issued, the Cricket How do I get my in whole or in part only I would like to
Saving Accounts this date, your Application Bonds will also earn money out? of the nominal amount participate – what do I
(ISAs). However, we will be irrevocable and will Credit4Cricket Units at The Cricket Bonds will of Cricket Bonds applied do now?
strongly recommend not be capable of being a rate of 2% (gross) per be redeemed by the for in your Application (in Before making an
that applicants seek terminated or rescinded annum for every £500 of Club after the initial which case the balance of Application (whether
advice as to whether the by you. Cricket Bonds that you five-year fixed term and the amount paid by you online or by post), you
specific terms of your hold. Credit4Cricket Units your initial investment in respect of the Cricket will need to complete a
arrangements permit this can be used to purchase together with accrued Bonds which were not short Appropriateness
type of investment. in full or gain a discount but unpaid cash interest issued to you would be Questionnaire. This
against the Club’s ticket and Credit4Cricket Units. repaid to you). is a requirement of
LANCASHIRE COUNTY EMIRATES Questions and Answers LANCASHIRE COUNTY EMIRATES Questions and Answers
CRICKET CLUB OLD TRAFFORD p_44 CRICKET CLUB OLD TRAFFORD p_45The Cricket Bond Invitation Document The Cricket Bond Invitation Document
(j) you and funds under If you decide to make www.cricketbond.com. You have the right to you. Your Certificate will
your management an Application, you have The Form should be contact us to cancel be posted to you under
are not engaged in undertaken to the Club completed online and your Application at any separate cover and at
money laundering; that your cheque will will be downloadable time within 14 days of your own risk.
be honoured on in PDF format to avoid receipt of your completed
(k) you are making your first presentation. amendments. Please Application Form (the If you have any questions
Application on your sign and return the “Cancellation Period”). relating to the procedure
Terms and own behalf and for no
other person; and
Terms of Application -
process and timetable
completed Application
Form with a cheque
If you contact Neville
Registrars Limited before
for making an Application
and completion of the
Conditions
Applications (in multiples in respect of the full then, they will refund Application Form, please
(l) if applicable the of £500 subject to a amount of the Cricket your online payment or contact Neville Registrars
cheque provided minimum amount of Bonds that you are your cheque, by crossed Limited on 0121 585 1131.
by you in respect of £1,000 per Application) applying for (being a cheque or a refund to For legal reasons, Neville
This Invitation, your Man made payable oral, or statements of 18 at the date investor’, or (d) your Cricket Bonds of Cricket Bonds can multiple of £500 subject your debit card. If you Registrars Limited will
Application and/or to “Neville Registrars made at any time by of submitting their certified as a subscription will be be made online or by to a minimum amount of wish to cancel your only be able to provide
your participation in Limited, re: Client the Club other than Application Form ‘restricted investor’. honoured on first post. To apply online, £1,000 per Application) Application, you should information contained in
the Cricket Bonds, is Account” and crossed as contained in this will not be accepted. For ease of reference, presentation. please enter your details made payable to “Neville write to Neville Registrars this Invitation Document
conditional upon and “Account Payee only” Invitation and the Applications from joint by completing on the application Registrars Limited re: Limited at Cricket Bond and will be unable to
subject to: being received by Instrument and that, applicants will only be the “Investor The Cricket Bonds offer section of the Cricket Client Account” and Offer, Neville Registrars advise on the merits of
Neville Registrars accordingly, none of accepted where such Categorisation will close on the Long Bond website crossed “Account Payee Limited, Neville House, 18 the Invitation Document or
(1) the Club having Limited (who are the Club, the Board, applicants are married Questionnaire” Stop Date (being 1pm www.cricketbond.com. only” to be received no Laurel Lane, Halesowen, as to whether you should
received Applications acting as the Club’s the Directors, officers, (including same sex prior to having been on 27th October 2014). You will then need later than the Long Stop West Midlands, B63 make an Application or
from potential Receiving Agent in agents, employees, spouses), or civil supplied or otherwise The offer may be closed to complete a short Date (being 1pm on 27th 3DA. After this date, to provide any financial,
investors to subscribe connection with the Members, or advisers partners; given access to this earlier if the Club Appropriateness October 2014) to Cricket your Application will be legal, tax or investment
for Cricket Bonds Cricket Bonds) at or any person acting Invitation Document, so determines. Questionnaire before Bond Offer, Freepost irrevocable and will not advice.
amounting to, in “Cricket Bonds Offer”, on behalf of any of (d) in respect of you have confirmed you can submit Neville Registrars Limited. be capable of being
aggregate, no less Freepost Neville them shall have any Applications from that you are one Nothing in this Invitation, your Application. terminated or rescinded
than £500,000 Registrars, by not responsibility for any persons nominating of the category of the Instrument or Subject to providing Please note that the by you.
(the “Subscription later than the Long such other information a joint holder, such persons (a) to (d) Application will restrict the answers which are decision to accept your
Threshold”) by no Stop Date (being or representation; person nominated is above and, as such, Club’s liability for fraud. satisfactory to the Club Application in whole or We will inform you in
later than 1 pm on 1pm on 27th October (i) a husband or wife are permitted to and BDO LLP, you can in part (and in multiples writing if your Application
27th October 2014 2014); and (b) you are not relying on (as the context shall receive this Invitation Money Laundering then submit your online of £500 subject to a has been successful, in
(the “Long Stop any Director, Board require and as such Document and apply It is also a term of your Application together with minimum amount of whole or in part, within
Date”); (3) the Club having Member or Member terms are defined in for Cricket Bonds; Application that, to your debit card payment £1,000 per Application) 14 days of the Long Stop
accepted your of the Club to advise the Marriage (Same ensure compliance with or bank transfer in respect is at the sole and Date and, in the event
(2) for online Application for a whether or not the Sex Couples) Act (g) you acknowledge and the Money Laundering of the full amount of the unreserved discretion of that your Application has
Applications, your multiple of £500 of Cricket Bonds are a 2013) or (ii) Civil confirm that BDO LLP Regulations 2007, the Cricket Bonds that you the Club. Therefore, the been successful, in whole
completed online Cricket Bonds (with a suitable investment Partners (as defined is not acting for you Club or Neville Registrars are applying for (being a Club may accept your or in part, send you a
Application Form minimum investment for you; in the Civil Partnership or any other applicant Limited may, in our/ multiple of £500 subject Application in respect of certificate (“Certificate”),
being submitted per Application Act 2004) of the in respect of the their absolute discretion, to a minimum amount of part only of the nominal at your risk by first-class
together with payment of £1,000). (c) that you are (i) an Applicant; offering of the Cricket require verification of £1,000 per Application), amount of Cricket Bonds post, in respect of the
made by debit card individual who is at Bonds and will not be your identity. Pending the by the Long Stop Date applied for in your Cricket Bonds that have
or bank transfer to You will be making least 18 years old (e) you are entitled to responsible to such provision of evidence of (being 1pm on 27th Application (in which case been issued to you.
NatWest Bank, Neville your Application and are resident in make your Application potential applicant or identity, Cricket Bonds October 2014). the balance of the amount If your Application is
Registrars re: Client on the terms and the United Kingdom, and to be issued investor for providing applied for hereunder paid by you in respect of not successful a refund
Account, Sort Code conditions contained at the date of with Cricket Bonds in protections afforded may not be issued at the To apply by post, you will Cricket Bonds which were to your debit card or a
60-09-39 and account in this Invitation and submitting your respect thereof under to clients of BDO LLP absolute discretion of the first need to complete not issued to you would cheque or online payment
number 78544688 the Instrument. Application Form or the laws of and rules or in advising him/ Club or Neville an Appropriateness be repaid to you, without for the amount of your
including your (ii) a trust, company of any governmental her on the relevant Registrars Limited. Questionnaire before interest, by cheque, bank Application (without
Application In particular, by or charity resident in body located in any transaction; you can access the transfer or refund to your interest) will be sent to
reference number. making your the United Kingdom jurisdiction which If within a reasonable Application Form. debit card). you within 14 days of the
For postal Application, you and/or who is not apply to you; (h) you are aware that it time after a request for Simply access the Long Stop Date without
Applications a will be deemed to prevented by the is up to you to seek verification of identity, online Appropriateness The Cricket Bonds offer interest and at your risk.
downloaded, acknowledge laws of its governing (f) that you are a person advice from someone satisfactory evidence has Questionnaire on the will close on the Long
completed and and confirm: jurisdiction or place within the class of who specialises not been supplied, the Cricket Bond website Stop Date (being 1pm If your Application is
printed Application of incorporation persons listed in FCA in advising on Club may, at its absolute www.cricketbond.com on 27th October 2014). successful in respect of
Form accompanied (a) that you are not from applying for COBS Rule 4.7.7 investments; discretion, reject your and complete it on However, the offer may be only some of the Cricket
by a cheque in relying on any or holding Cricket (being (a) certified Application in which event screen. Subject to closed earlier if the Club Bonds you applied for,
sterling drawn on a information given or Bonds. Applications as a ‘high net worth (i) you are not entitled the cheque in respect of providing answers which so determines. a refund to your debit
bank account of a any representations, from persons who Investor’, (b) certified to be paid any your Application will be are satisfactory to the card or a cheque or bank
branch of a bank or warranties, do not provide an as ‘sophisticated commission in returned to you without Club and BDO LLP, you Cheques will be transfer for the balance
building society in agreements or address in or reside in investor’, (c) relation to your interest and at your will then be able presented for payment of the amount of your
the UK, the Channel undertakings (express the United Kingdom self-certified as Application; own risk. to access the on receipt. Application (without
Islands or the Isle of or implied), written or or are under the age a ‘sophisticated Application Form at interest) will be sent to
LANCASHIRE COUNTY EMIRATES Terms and Conditions LANCASHIRE COUNTY EMIRATES Terms and Conditions
CRICKET CLUB OLD TRAFFORD p_46 CRICKET CLUB OLD TRAFFORD p_47You can also read
