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As I understand it, it's controlled by the FCA and you need stuff like a draft bond prospectus that meets with their approval. Given the current bond is supposed to have redeemed in May, and all of the confusion around administration, I can't see the FCA relisting it. That's because I also...

It's probably not looking like such a good return now though. And given what's gone on and where interest rates currently are, what rate would bondholders need to be offered to extend? Double and then some, I'd venture. How could Wasps afford to pay interest at (say) 13% per annum on...

The trustee was appointed by Wasps when the bonds were issued, notionally to represent the interests of the bondholders. It's starting to look like that system is somewhat flawed, as what it really does is mean that the bondholders can't take action other than through the trustee.

Every six months, from memory, so I think mid to late November (bonds were issued in May iirc).

I'm going to guess another 10 working days at the most, then HMRC are going to get their kicking boots on and put a stop to it even if no one else does.

Just to second that, I'm sure everyone here would wish you the best, Astute, it sounds like you're really going through it. We might differ over football, (and rugby, politics, accountancy, and law for that matter!*), but we're still all fans together at the end of the day. If there's anything...

Or of course, the court, entirely of their own accord, might simply come to the conclusion that Wasps are taking the piss.

My understanding is that the court doesn't have to agree if it thinks the NOI extension process is being abused. So, for instance, HMRC could (and I suspect would) step in if they thought Wasps were just kicking the can down the road without any real possibility of resolving the problem. At...

The problem is that the bondholders don't have direct rights, everything goes through the trustee... who was originally appointed by Wasps and seems remarkably reluctant to take any action. If SISU pulled this kind of crap, the local media would be all over it. Wasps, for reasons that are...

Explain in detail which bit of the replies you've already had you don't understand or disagree with, and then maybe people will engage. Alternatively, accept that most people will just think you're a bit of a twat for endlessly repeating the same inane question. Personally speaking, I wish...

I don't think that can happen. The bondholders have a charge on the lease and have both Wasps Holdings and ACL as the guarantors if there's a shortfall. So there's no way they can get out of it that easily, imho. They've got to settle with the bondholders in some way, either by redemption...

That blog is an interesting read. I think it's a US volunteer. One thing I can't make out is that he mentions Vietnam in a few posts. If he's served in Vietnam he'd have to be in his 70s by now!

And now, please put your hands together for Liz, who's going to treat us all to Nick Cave's pop-tastic tune, "Well of Misery".

Yawn. You're either completely dense and incapable of reading, or you're a troll. Probably both. On your way now mate, no one is rising to it any more.

To use a technical term, I think they're getting their shit together! Rightly so too; regardless of opinions about Wasps, the bondholders have been treated poorly by the club. The trustee also seems remarkably casual about supporting their best interests, as will any Administrator paid for by...

Can we still be called 'the sick man of Europe', or has Brexit done for that too?

It's quite possibly both, SBT, but the amount of influence that shady money has on the Tory party, and how it can be seen to benefit both those making the policies and those donating to the party, should point you towards genuine corruption as a motive too. Ignoring that possibility in the face...

Except that there's reasonable grounds for suspicion that the people in charge of the country and the economy really are corrupt as well as incompetent. https://www.theguardian.com/business/2022/sep/26/fca-urged-investigate-tory-allies-short-pound-insider-info-budget And it's been going on for...

No googling, honest, but I'm going for Trading Places? Anyway, what are you doing on here, shouldn't you be trading derivatives or setting up an export business overnight to the US to take advantage of Cokehead Kwasi's Cunning Plan. So many plodders in this country; teachers, and nurses, and...

Rather unfortunate timing if it's not related. Derek's probably round there with a van right now, getting it all down to his lock-up before the administrator arrives. 😄