BOND SCHEME 2011-2016

by admin on January 29, 2013

Dear friends and members,

 

Mattock Rangers are currently developing two Adult and Juvenile pitches in order to cater for our ever growing club.  We currently field 36 teams in Gaelic Football, Camogie, Hurling and Ladies’ Football.  From under 7 to adult grade, all codes are currently sharing one pitch for training and playing matches so these new pitches will be a great asset to the club in providing training and playing facilities as we head into 2012, the 60th anniversary of the founding of our club.

Mattock Rangers however have encountered funding problems due to banking changes.  After being granted approval for a bank loan of €150,000 in 2010 we retained a contractor to undertake the construction of the pitches.  Work commenced late 2010 and as the project developed we went to draw down our first tranche of funds from our bank loan in early 2011 only to be told that the loan offer was withdrawn.  We were instructed that it would be necessary to re-apply for the loan because of the length of time between original sanction and drawdown request.  We immediately re-applied for the same amount …

Through the goodwill of a number of local businessmen and the receipt of some grant funding, we were able to pay the contractor an interim payment to keep works continuing.  Michael Rock & Sons finished all the works without any further payment and has created a first class facility in the shape of two magnificent pitches and a practice area.  He has fulfilled his end of the contract on time and on budget.  The club committee cannot commend him highly enough for his efforts and experienced input into the project.  Since 2011 when we re-applied for our loan of €150,000, our bank have donenothing but put obstacles in our way in processing the new loan application.  A critical situation has now come to pass as we are forced to come to the conclusion that our bank are refusing to lend us the €150,000 which we require to fulfill our obligation to pay for our new pitches.

To fulfill our contractual obligations the executives and trustees of the club are launching a Bond Scheme.  Mattock Rangers are asking you to buy a bond in our club.  The bonds will be valued at €1000, €2,000, €3,000, or €5000 and the bond will be redeemable on 31st  October 2016.

In other words you would be loaning the amount of the bond you buy to the club until 31st October 2016 when the club will redeem your bond in full.  Assisting in this bond issue is an investment in the future of your club and your support in this matter will be greatly appreciated.

Please click here for Registraion Form

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