Harvey Wallbanger

Well done Andy. My main takeaway from JT is that we must pronounce Coltyn's family name without the "h" so TOL- STRUP. It's taken a couple of years to get the "o" out of Van Rooyen, so that it is Van ROY-YEN. 🙂

Spot on George. We have never had a comprehensive financial strategy, with sustainable fund-raising embedded - we just rattle the tins occasionally when the need arises - e.g. to get Gosch's Paddock upgraded and further work done at Casey. Foundation Heroes are now being "re-booted" - why now, why not in October 2021 when euphoria reigned? Oh the cheques that may have been written back then.

So Petty was there but not training (same as Fritta) - mystery solved.

Listed on one site at 186 cms - closer to 183 I reckon.....

I am hoping that Clayton is still over with Kade in SA. A few SA boys not there - e.g. ANB, Kosi, and the mystery as to whether Petty was there or not this morning......

I reckon that there were about 14 boys that were not "required" today. Good to see! 29 on the track, if you include Fritta, 15 absent.

Petty was not out on the track

And no Melksham of course.

Absentees from the track (not all required at this session of course): Chandler Oliver (maybe still with Kade in SA?) J Smith May Viney Brayshaw Hunter B Brown Petty Kosi Langdon Schache ANB Tomlinson Tmac moving freely - nice to see. Fritta did not join the group - rehabbing, but didn't look serious. All the draftees and rookie picks were there, plus Fullarton, McAdam, Billings. Marty Hore, fit and firing, like he never left...

That's a fair reading of it. It has been unclear to me how much would be put into this Future Fund. As you know, money is fungible. Seems the final decision is not to top up the Future Fund (bentleigh Club proceeds) with surplus cash, but to "allocate" $7.7 million to the new Home Base. So $23.7 million it is for the FF.

In fact the sale of Leighoak and the Bentleigh Club has generated $34.4 mil. Our current net assets $30.4 mil and still no home base.

Straight from the Board's mouth, yesterday: The Club has previously outlined to members and supporters that we plan to have primary (Melbourne) and secondary (Casey Fields) training bases. Whilst the Club has been unable to achieve its aim of commencing construction on a new Melbourne home base facility during the strategic period, all involved in the Club are working tirelessly to deliver the vision of a world class primary facility that can be enjoyed by players, staff and supporters, and are confident this vision will be realised in the term of the Club’s next Strategic Plan. We understand the delay is frustrating for players, staff, supporters and your Board, however it is a long-term project and in order to deliver the world class facilities we want we can only move at the speed determined by our key project partners and State Government given our requirement for land and funding. The Club is continuing to work closely with the Victorian State Government on our primary home base, and as advised at last year’s Annual General Meeting this includes opportunities within the Caulfield Racecourse. The next Strategic Plan is coming out in February, 2024 but get your votes in for three of our eight directors before this Christmas. So is the MCG prospect dead? If so, please advise why.

Absolutely, so the additional 12 financial questions can come at the end. You had better be there in person because you if you were on the stream last year you saw no Q&A.

Future Fund - $23.7 mil. Cash $10.2 mil, of which $7.7 mil "of these funds are allocated for investment in the Club's Training & Administration Facility project". That leaves $2.5 million cash. And we have current liabilities including trade and other payables of $5.5 mil. Perhaps that explains the new $4.5 million loan facility from NAB (not drawn) - see Note 15. Just in case. And that cash is there partly because of the prepaid 2024 memberships as at 31 October 2023 of $3.7 million. Not saying any of this is bad. Just giving you the financial facts as contained in our audited financial statements.

And the proceeds from the sale of Leighoak? That was $10.7 million. The quote above come sfrom Key Highlights. The other quote from those 2022 Financials is this one further on in the Dircetors' Report: "Bentleigh Club Sale, Future Fund & Investment Committee As outlined previously, the sale of Bentleigh Club settled just after the financial year end. The sale of Bentleigh Club is the culmination of a long-term strategy to exit the gaming industry, which commenced with the sale of Leighoak in 2018 for $10.7m. The Club exits gaming with combined sale proceeds of $34.4m, and the expectation of an annual income stream from the Future Fund that will exceed income otherwise expected had the Club retained its two gaming venues. The Board have established a Future Fund with the proceeds of the sale, with the purpose of the Future Fund to underpin the long-term financial sustainability of the Club." One could read that the Future Fund was to be $34.4 m. Maybe the wording was unclear (sale proceeds/proceeds of the sale?) and it was only ever to be $23.7m?

It does BDA - so it is only (roughly) the proceeds from Bentleigh that has gone into the FF - $23.7m. My point is that last year we were advised that the combined sales proceeds would go into the FF, and not to be used on capex or operating deficits. It seems we have "pinched" $7.7 mil from the FF, ready in case we get to build something at Caulfield.

The Club doesn't respond to detailed questions from members - they tell you to ask them at the AGM, and you are restricted to one question per member (see your AGM notice you should have received today). Oh, and if you want a proxy form, you have to ask the Company Secretary - they used to be included in the notice.

Last year's Directors' Report said: "The Club exits gaming with combined sale proceeds of $34.4m, and the expectation of an annual income stream from the Future Fund that will exceed income otherwise expected had the Club retained its two gaming venues. The Board have established a Future Fund with the proceeds of the sale, with the purpose of the Future Fund to underpin the long-term financial sustainability of the Club." Why have we only put $23.7m in the Future Fund?

Likely to use one of those picks to upgrade Disco to the main list. Then tomorrow at the pre-season and rookie draft, Rookie (A) Kynan Brown and Marty Hore. Does that sound like a plan?

AFL website says we have 74 and 87 tonight - for father/son and rookie upgrade?

We have 74 and 88 still to be used tonight

No luck. Got caught three wide early - might need a short break.....

Last I heard was that we would play our first game against the Dogs on Sat, Mar 16 and therefore we were not involved with Round Zero....

Speaking of voting ET - how is your campaign going? Nominated yet? - you only need 20 MFC friends.

Diverging slightly, the Foundation Heroes/Legends group has been "re-launched" (it probably should not have laid dormant?) with the purpose of tapping the well-heeled for a facility - presumably Caulfield in the long term. An event was held at the MCG in August 2023. Not sure what has happened since. The hat was also being whipped around to complete an aquatic facility out at Casey. Also, not sure what has happened about that?