Wasps and the tories imploding - Carlsberg Wednesday.
You always struck me as a Special Brew kind of guy.A typical leftie going for the weak as piss option
You always struck me as a Special Brew kind of guy.
You always struck me as a Special Brew kind of guy.
No champagne only for the g.
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
Despair for investors trapped in Wasps’ £35m bond
Former London rugby club raised money from DIY investors to buy a stadium in Coventrywww.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.”
Despair for investors trapped in Wasps’ £35m bond
Former London rugby club raised money from DIY investors to buy a stadium in Coventrywww.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.”
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.
Wasps’ useful idiotIt's ok Bobby bridge is going on about food again.
I think he has been acknowledged as being utterly dreadful at his job.Wasps’ useful idiot
It's ok Bobby bridge is going on about food again.
This bit stood out for me, you'd think being the first ever bond to default would generate a decent amount of negative press.
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.
I’m sure I read he thinks that a few more concerts will pay off the £35m bond.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.
Great responseHive aid
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.
I’m convinced he’s a troll - he’s embedded himself into the culture, purely for this moment.Shugs is comedy gold, he just don't get the dire situation they're in.
Sadly, a lot of their fans are like thisI’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
He now wants Wasp to charge the football more to play at the CBSI’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
Well yeah you would think it's just stealing the money.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.
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.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.
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