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No I don't think its a major expense either or, more importantly, a long process. If I suddenly said I want to put 40 million into the club but I want loan notes it could be organised pretty quickly. Yes you need a board meeting and you'd need to get them together but you wouldn't need...

Would a company go to the expense and bother of doing this just "in case" someone comes along who wants them? OK so presumably it isn't a massive time consuming job, so surely they would only do this if they thought there was a reasonable chance of a new investor. If someone suddenly comes out...