Wasps downward spiral... (7 Viewers)
- Thread starter CCFC54321
- Start date
jordan210
Well-Known Member
Some appear to be coming to the terms they might not get the money back
Gynnsthetonic
Well-Known Member
Same on Wasps drivel, a few now thinking Richardson didn't do proper due diligence before the move and most think it's going to end badly for them
clint van damme
Well-Known Member
Wasps and the tories imploding - Carlsberg Wednesday.
Grendel
Well-Known Member
A typical leftie going for the weak as piss option
NorthernWisdom
Well-Known Member
You always struck me as a Special Brew kind of guy.
Grendel
Well-Known Member
No I’m afraid that’s the drink of pleasure of the hard left it tastes bitter it never does any good it’s cheap and it leaves you very disappointed when you wake up
Terry Gibson's perm
Well-Known Member
fernandopartridge
Well-Known Member
I've got to say for years i looked forward to the prospect of a Wasps financial meltdown but now it's virtually here I'm not that bothered.
Sent from my SM-G935F using Tapatalk
Sent from my SM-G935F using Tapatalk
Grendel
Well-Known Member
i hate champagne the only reason I’m still alive is the only alcohol I like is in a pint glass - I can just about tolerate a small amount of whiskey but every wine I’ve had I hate
Wow. That sure was a lot of information nobody asked for, or cares about.
win9nut
Well-Known Member
Despair for investors trapped in Wasps’ £35m bond
Former London rugby club raised money from DIY investors to buy a stadium in Coventry
www.telegraph.co.uk
Despair for investors trapped in Wasps’ £35m bond
Former London rugby club raised money from DIY investors to buy a stadium in Coventry
ByLauren Almeida
8 July 2022 • 7:00am
Adrian Rossiter, a consultant from London, invested thousands of pounds in a retail bond issued by Wasps, the rugby union club, in 2015, lured by the promise of 6.5pc annual interest and the guarantee that he would get all his money back in 2022.
Seven years later, Mr Rossiter’s cash is trapped in a bond that has vanished from the market.
Wasps – six-time Premiership champions – raised £35m from DIY investors in 2015 to buy a stadium, the Coventry Building Society Arena, after relocating to the city from London in 2014. Unlike “mini” bonds, retail bonds are tradeable on the stock market.
But the bond was suspended from the London Stock Exchange this May, after the club announced on its last day of trading that it would not be able to meet its repayments.
Mr Rossiter was left out-of-pocket and enraged. “I was absolutely furious that Wasps waited until the bond’s maturity date to say they could not give us back our money,” he said. “It is totally inexcusable for [the issuer of] a seven-year bond to wait until its last day of trading.”
Wasps is pursuing a refinancing agreement with HSBC, but investors have grown anxious that the bond is hurtling towards a default.
Last week, the rugby club served a “notice in the event of default”, informing investors that it hoped to agree to refinancing terms with HSBC by August 13. It said it would update bondholders no later than July 29.
However, bond experts have warned that if Wasps fails to secure an agreement, it would be the first ever retail bond to default after being listed on the stock exchange.
Kim Barrett, a financial adviser, said savers should be wary of investing in individual bonds from relatively small businesses such as Wasps, which typically came with a higher level of risk.
A spokesman for Wasps said investors would keep getting 6.5pc interest payments until the bond is repaid, including beyond the maturity date.
He said: “Wasps continues to work towards completing its refinancing and the redemption of the bonds on, or before, August 12 2022.”
Frostie
Well-Known Member
Despair for investors trapped in Wasps’ £35m bond
Former London rugby club raised money from DIY investors to buy a stadium in Coventry
Despair for investors trapped in Wasps’ £35m bond
Former London rugby club raised money from DIY investors to buy a stadium in Coventry
ByLauren Almeida
8 July 2022 • 7:00am
Adrian Rossiter, a consultant from London, invested thousands of pounds in a retail bond issued by Wasps, the rugby union club, in 2015, lured by the promise of 6.5pc annual interest and the guarantee that he would get all his money back in 2022.
Seven years later, Mr Rossiter’s cash is trapped in a bond that has vanished from the market.
Wasps – six-time Premiership champions – raised £35m from DIY investors in 2015 to buy a stadium, the Coventry Building Society Arena, after relocating to the city from London in 2014. Unlike “mini” bonds, retail bonds are tradeable on the stock market.
But the bond was suspended from the London Stock Exchange this May, after the club announced on its last day of trading that it would not be able to meet its repayments.
Mr Rossiter was left out-of-pocket and enraged. “I was absolutely furious that Wasps waited until the bond’s maturity date to say they could not give us back our money,” he said. “It is totally inexcusable for [the issuer of] a seven-year bond to wait until its last day of trading.”
Wasps is pursuing a refinancing agreement with HSBC, but investors have grown anxious that the bond is hurtling towards a default.
Last week, the rugby club served a “notice in the event of default”, informing investors that it hoped to agree to refinancing terms with HSBC by August 13. It said it would update bondholders no later than July 29.
However, bond experts have warned that if Wasps fails to secure an agreement, it would be the first ever retail bond to default after being listed on the stock exchange.
Kim Barrett, a financial adviser, said savers should be wary of investing in individual bonds from relatively small businesses such as Wasps, which typically came with a higher level of risk.
A spokesman for Wasps said investors would keep getting 6.5pc interest payments until the bond is repaid, including beyond the maturity date.
He said: “Wasps continues to work towards completing its refinancing and the redemption of the bonds on, or before, August 12 2022.”
Think there must be a line missed out at the end there.
It should read:
“Wasps continues to work towards completing its refinancing and the redemption of the bonds on, or before, August 12 2022 provided the WMCA & Coventry Council agree to bail us out. Again."
Despair for investors trapped in Wasps’ £35m bond
Former London rugby club raised money from DIY investors to buy a stadium in Coventry
Despair for investors trapped in Wasps’ £35m bond
Former London rugby club raised money from DIY investors to buy a stadium in Coventry
ByLauren Almeida
8 July 2022 • 7:00am
Adrian Rossiter, a consultant from London, invested thousands of pounds in a retail bond issued by Wasps, the rugby union club, in 2015, lured by the promise of 6.5pc annual interest and the guarantee that he would get all his money back in 2022.
Seven years later, Mr Rossiter’s cash is trapped in a bond that has vanished from the market.
Wasps – six-time Premiership champions – raised £35m from DIY investors in 2015 to buy a stadium, the Coventry Building Society Arena, after relocating to the city from London in 2014. Unlike “mini” bonds, retail bonds are tradeable on the stock market.
But the bond was suspended from the London Stock Exchange this May, after the club announced on its last day of trading that it would not be able to meet its repayments.
Mr Rossiter was left out-of-pocket and enraged. “I was absolutely furious that Wasps waited until the bond’s maturity date to say they could not give us back our money,” he said. “It is totally inexcusable for [the issuer of] a seven-year bond to wait until its last day of trading.”
Wasps is pursuing a refinancing agreement with HSBC, but investors have grown anxious that the bond is hurtling towards a default.
Last week, the rugby club served a “notice in the event of default”, informing investors that it hoped to agree to refinancing terms with HSBC by August 13. It said it would update bondholders no later than July 29.
However, bond experts have warned that if Wasps fails to secure an agreement, it would be the first ever retail bond to default after being listed on the stock exchange.
Kim Barrett, a financial adviser, said savers should be wary of investing in individual bonds from relatively small businesses such as Wasps, which typically came with a higher level of risk.
A spokesman for Wasps said investors would keep getting 6.5pc interest payments until the bond is repaid, including beyond the maturity date.
He said: “Wasps continues to work towards completing its refinancing and the redemption of the bonds on, or before, August 12 2022.”
Now on ADVFN!
joemercersaces
Well-Known Member
Wasps’ useful idiot
I think he has been acknowledged as being utterly dreadful at his job.
I doubt many will be chasing him for his services.
clint van damme
Well-Known Member
Egg on face followed by humble pie
clint van damme
Well-Known Member
Also the financial advisor who said investors should be wary of buying individual bonds from fairly small companies - hecouldhaved added especially when they are offering significantly higher returns than anything else on the market at the time.
Especially those where the first 3 payments are paid by the lender. The interest is back end loaded so until the full 100% has been repaid, the bondholders have not actually been paid interest for those periods
HuckerbyDublinWhelan
Well-Known Member
At this point I can’t tell if Shugs is a parody or he really has his head In the sand about all this
I’m sure I read he thinks that a few more concerts will pay off the £35m bond.
clint van damme
Well-Known Member
I’m sure I read he thinks that a few more concerts will pay off the £35m bond.
Hive aid
Great response
Attachments
Gynnsthetonic
Well-Known Member
Shugs is comedy gold, he just don't get the dire situation they're in.I’m sure I read he thinks that a few more concerts will pay off the £35m bond.
HuckerbyDublinWhelan
Well-Known Member
I’m convinced he’s a troll - he’s embedded himself into the culture, purely for this moment.
no way can someone say “just need todo a few more concerts” I’m surprised he hasn’t mooted ripping up our deal and charging us 35 million
chiefdave
Well-Known Member
I know I'm repeating myself here but the longer this goes on the more this amazes me. The complete lack of concern for supporters who have sunk large amounts of their own cash into this, and cash they probably can't afford to lose, is astonishing.
Yes we all know investments are a risk but we also know with sport the head doesn't always rule the heart and you can be certain lots of those fans eagerly buying bonds didn't really know what they were getting into and just heard how Wasps were going to be the richest and most successful club in the world. Those same fans, during a cost of living crises, now can't access their money, that must be a huge strain for some but he majority of the supporters couldn't care less.
Equally the unwavering trust in Wasps is just bizarre. Reciting the press release that there will be news in a few weeks time when two deadlines have already gone past with nothing just defies all logic. They are also justifying Wasps silence on things like the WMCA grant by saying they have to follow stock market rules, why do they apply if its not related to the bond?
Yes we all know investments are a risk but we also know with sport the head doesn't always rule the heart and you can be certain lots of those fans eagerly buying bonds didn't really know what they were getting into and just heard how Wasps were going to be the richest and most successful club in the world. Those same fans, during a cost of living crises, now can't access their money, that must be a huge strain for some but he majority of the supporters couldn't care less.
Equally the unwavering trust in Wasps is just bizarre. Reciting the press release that there will be news in a few weeks time when two deadlines have already gone past with nothing just defies all logic. They are also justifying Wasps silence on things like the WMCA grant by saying they have to follow stock market rules, why do they apply if its not related to the bond?
Nick
Administrator
Sadly, a lot of their fans are like this
Gynnsthetonic
Well-Known Member
He now wants Wasp to charge the football more to play at the CBS
Gynnsthetonic
Well-Known Member
Another good poster on ADVN mentioned that if Wasp don't pay back the bond the board members ie Richardson and Eastwood just carry on the same sitting in the directors box sipping champagne and eating their prawn sandwiches, won't they face any penalties or court action, surely this amounts to fraud on a massive scale.
Nick
Administrator
Well yeah you would think it's just stealing the money.
chiefdave
Well-Known Member
I've found it quite surprising they can just let the deadline pass with a 'we'll get back to you later'. I would have expected some form of regulation, appreciate there's a risk involved but how you can just get to the redemption date and do nothing is amazing to me, especially when there is supposed to be security. At the bare minimum you'd be expecting the trustees to be contacting all bond holders with details of what their options are.
Gynnsthetonic
Well-Known Member
Where actually has the original £35m bond gone to, its just like disappeared into thin air.
