Wasps downward spiral... (11 Viewers)
- Thread starter CCFC54321
- Start date
Trying to contact the Trustee and not getting replies
chiefdave
Well-Known Member
looks like they're also being ignored by Wasps.
mr_monkey
Well-Known Member
HuckerbyDublinWhelan
Well-Known Member
Nah - they were happy enough to fund this… and making 6% profit, at our expense, I’m glad it’s all going tits up
shepardo01
Well-Known Member
Step forward Councillor Martin Reeves! (Although it won't be with his own money!
)
FulltimeWum
Well-Known Member
I see the world is full of Wasps fans and investors celebrating their returns.
Oh they haven't.
I didn't realise till earlier that the payments they receive for the investment of 2k were almost £1,800.
Oh they haven't.
I didn't realise till earlier that the payments they receive for the investment of 2k were almost £1,800.
I think you have misread something if they settle fully, the bondholders will get the full issue price
I see the tone these is getting a bit more realistic, acknowledging the comms have been awful and that there’s a chance they won’t see their money again.
NorthernWisdom
Well-Known Member
High return comes with high risk too - so the deal when going in on something like this is you know there's a fair old chance it'll fail.
FulltimeWum
Well-Known Member
Not misread misunderstood, from what I could see, they got 6% of 2k every six months and then their 2k back.
But they aren't getting the 2k back as it's been spent.
But they aren't getting the 2k back as it's been spent.
Gynnsthetonic
Well-Known Member
Yes but they some invested a lot more than 2k, a lot lot more, a lot of the interest payments came from the origanal bond investment itself which also payed Richardson back apparently so there is no money left.
LastGarrison
Well-Known Member
So in layman’s terms what’s the best and worst outcomes that can happen today?
Gynnsthetonic
Well-Known Member
The best outcome is they apply for administration, the worst outcome they delay yet again the bond repayment
skybluelee
Well-Known Member
So do we know for sure by now that it definitely won't be paid today? I don't understand the technicalities.
Gynnsthetonic
Well-Known Member
Nobody knows apart from those at the top who are very silent
The interest was 6.5% per year paid in two instalment, not 6% every 6 months. So the £2k investor will have received £910 so far.
I have no idea what will happen and no expertise but the lack of communication is a bad sign IMO. Suggests the investors will get shafted. If it was being refinanced and was just a delay you’d think they would be making an effort to reassure the investors.
But what do I know, maybe that’s just how things are done?
But what do I know, maybe that’s just how things are done?
Grendel
Well-Known Member
It would seem the grant requirement is probably needed to get the investment to pay the bonds
chiefdave
Well-Known Member
I don't know much about bonds but its seems there should have been an announcement to the stock exchange at 7am and so far I can see no sign of that. Would have expected someone to post it on that bonds site.
But I think people are getting a bit over excited about what non-payment today means. Personally don't see an imminent collapse, if they can't pay it today there will be another 'we'll pay it in a months time'.
My suspicion is due diligence has been done by HSBC and they are now aware of the work required to the stadium and won't lend against it until that work is done, or at the very least Wasps show they have the money to do the work and have it scheduled. That would tie in with the approach to WMCA, that money could be used for the stadium repairs which would then allow them to get finance. At the same time it would mean the WMCA could claim they haven't paid the bond or bailed Wasps out when in reality they have, just in a roundabout way.
But all this is just kicking the can down the road, they can't go on losing this much every year and Richardson doesn't have deep enough pockets to keep covering it.
NorthernWisdom
Well-Known Member
That would certainly be short notice in applying for one, then. Local authorities usually move at a glacial pace!
Grendel
Well-Known Member
Well I would assume the main lender believes the value of the lease is at risk without the repairs so won’t lend unless the funds are there to do it
It’s all pretty shoddy - Vaughan loves to spin a story when he wants positive news out in the media. There is a wall of silence on this though.
chiefdave
Well-Known Member
I love how for the last few weeks their fans have been justifying the silence by saying they can't do anything without informing the stock exchange and now the 7am deadline to inform the stock exchange has passed those same fans are now saying its delisted so they don't need to inform the stock exchange.
Gynnsthetonic
Well-Known Member
It could open the floodgates though, Birmingham City could apply, Cov Rugger should definitely apply now they know funding maybe available, Aston Villa maybe getting funding towards their revamp announced yesterday too
chiefdave
Well-Known Member
Different rules seem to apply to Wasps. They had millions supposedly for the Commonwealth Games. How much did Edgbaston get for example? They're also a Commonwealth venue.
Gynnsthetonic
Well-Known Member
Commonwealth games still going ahead and will be over in 6 weeks so that legacy will be long gone, what did Edgbaston get excuse my ignorance
SBAndy
Well-Known Member
chiefdave
Well-Known Member
fuck all. As far as I can make out the only venues that have had money are the CBS, the athletics stadium which has essentially been rebuilt, and a new aquatics centre. There's a clear legacy with the last two, not sure how putting a new front on the CBS will benefit taxpayers.
