Remember the Trustee acts for the Bondholders. I don't know if he has to take a vote to make his decision on a redemption price or he can apply his discretion
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 can't see how the current prospectus can be seen to apply and that the bonds themselves are now technically in default.
In short, I can't see it happening.
The only way I see the bondholders getting paid is a new investor clearing the debt, possibly by offering a haircut, or the bondholders forcing the sale of the lease and any other assets held by Wasps/ACL.
Thinking it through further, the problem with offering a haircut is that they'd have to get a certain proportion to agree, and I don't think that's going to be easy in the amount of time Wasps have left; especially now that the administration clock is ticking.
Unless there's genuinely someone out there with a lot of money to throw at Wasps, £40-50m, then I can't see any way they avoid administration. Just my personal opinion though, obviously.
Remember the Trustee acts for the Bondholders. I don't know if he has to take a vote to make his decision on a redemption price or he can apply his discretion
What the the heck, Lucas, Mutton and Co were thinking I don't know, done out of sheer spiteAren’t we all so very glad CCC refused to sell to SISU all those years ago, can you imagine the shitshow that would have happened if they had been allowed to raise millions against a lease on the stadium?…………oh, hang on
What would have to change for the exchange to remove the restrictions on trading the bond's?
There are bond risks where you are covered up to 85k, and there are retail bond risks where you can be left penniless. Sorry to say the Wasps bonds are the latter.Still a ridiculously high rate. During the time the bond has been in issue there have been times when it was a struggle to get 1%
Obviously it reflected the risk, as all investments do.
at least 3 conditions - probably more
Proof of Solvency
All regulatory matters are up to date (eg Accounts )
A current audited financial statement
Fucking hell.Just those 4 in singers corner on sunday
Fucking hell.
Which one is shugs?Just those 4 in singers corner on sunday
Does the gnome count towards ticket sales.He seems to take Nobby the Gnome everywhere
Just those 4 in singers corner on sunday
Reminded me of the tribal chant in Zulu.Just those 4 in singers corner on sunday
This is the normal delay of beeb news !Hasn't that been said for years?
However, that says the Council "has the right" which means they clearly aren't going to do it.
'discovered', do they mean by reading the bond prospectus issued years ago
"The BBC has discovered that Coventry City Council, as freeholder of the stadium, has the right to force Wasps to forfeit the lease "if the tenant enters into some kind of insolvency regime"."
Pretty sure MusicDating pointed this out days ago....
'discovered', do they mean by reading the bond prospectus issued years ago
"The BBC has discovered that Coventry City Council, as freeholder of the stadium, has the right to force Wasps to forfeit the lease "if the tenant enters into some kind of insolvency regime"."
Pretty sure MusicDating pointed this out days ago....
"The BBC has discovered that Coventry City Council, as freeholder of the stadium, has the right to force Wasps to forfeit the lease "if the tenant enters into some kind of insolvency regime"."
Pretty sure MusicDating pointed this out days ago....
Hasn't that been said for years?
However, that says the Council "has the right" which means they clearly aren't going to do it.
Sale or transfer back to Richardson who will then let newly formed but not relegated Wasp 2022 RFC play thereExactly. Very unlikely. They might do if there’s no other alternative or if they felt that the correct solution wasn’t being progressed/executed (again extremely unlikely)
They are likely to work with an administrator to agree transfer/sale of long lease
Now that wasps community foundation appears to be active again after being struck off. what's the best the lease ends up with them...
Sale or transfer back to Richardson who will then let newly formed but not relegated Wasp 2022 RFC play there
If he makes the best offer and rugby authorities agree, yes, maybe
Are the council duty bound to get the best price and sell to whoever wants it though? If it goes into Admin, wouldn't they have a responsibility to get as much as they can for the creditors? Haven't we complained that SISU weren't offered the chance to buy the lease? After all the fruckuss, both then and now, could they make councillors vote for selling it virtually straight back to Wasps? Doesn't sound best value to me, stinks of skullduggery.If he makes the best offer and rugby authorities agree, yes, maybe
They didn't follow due process last time - why would it be any different this time ? Selling it back to WaspsV2 on the basis that things will be different this time based on a fantasy business model is surely the only way for them to cover their backs. Otherwise they have to admit they got it wrong last time ? Don't want to be unduly cynical but when they're up to your elbows in it.......Are the council duty bound to get the best price and sell to whoever wants it though? If it goes into Admin, wouldn't they have a responsibility to get as much as they can for the creditors? Haven't we complained that SISU weren't offered the chance to buy the lease? After all the fruckuss, both then and now, could they make councillors vote for selling it virtually straight back to Wasps? Doesn't sound best value to me.
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