CVA approved
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CVA approved
F.u.k.I.n boooooooooooooooooooQuote:
Originally Posted by Ozyhibby
Because they are pretentious wannabes?Quote:
Originally Posted by Filled Rolls
oh well
more parties down gorgie way
Not so sure about that....Quote:
Originally Posted by Craig_in_Prague
Looonnnggg way to go yet, like where are the shares?...
Typical:rolleyes:
Knew this would happen H.Quote:
Originally Posted by Winston Ingram
Lots of twists & turns still to go.
Btw it's "on condition of purchase of UBIG shares"
So their out of admin by transfer window or will they still have to wait for UBIG?
What does first stage bit mean? Could it still fall through or is the rest a formality?Quote:
Originally Posted by green glory
It wasn't a surprise really, there's still a long way to go before they're out of trouble, don't get frustrated- just sit back and enjoy what's to come.Quote:
Originally Posted by Winston Ingram
They still have to buy the shares from UBIG.....chill people.
So they have slithered out of the mess typical
Is that not what's just been agreed?Quote:
Originally Posted by underscore
[CVA] Ukio voted in favour, Ubig abstained.
UBIG abstained from this morning's vote #heartscva
Stage 5 is completing deal in required timescale.
Retweeted by Foundation of Hearts
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Heart of Midlothian @JamTarts 8m
Stage 4 is sale and purchase agreement
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Heart of Midlothian @JamTarts 9m
Stage 3 is securing shares from UBIG.
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Heart of Midlothian @JamTarts 9m
Stage 2 is members meeting today. 50% of votes in favour requires.
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Foundation of Hearts @The_FoH 9m
CVA - first stage passed at 87% of vote.
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Heart of Midlothian @JamTarts 10m
BREAKING: 87% of creditors vote in favour of CVA.
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No..Quote:
Originally Posted by bingo70
Ukio voted in favour as expected UBIG abstained
Still a ways to go yet, FoH need to cobble together some serious money to get the shares from UBIG - which correct me if I'm wrong - can't be bought until UBIG's assets are unfrozen. Not out of the woods just yet.
Have to wait for UBIG, it will be into Feb at earliest, probably more likely March (or not at all if they can't get the shares).Quote:
Originally Posted by QMU-1875
I must say that although this has been coming I'm still surprised Valnetas took half the value of Tiny. Strange one.
I'm a bit disappointed they'll probably survive but even in death we'd still have had a zombie Hearts reappearing, so it doesn't make that much odds in the long run. We just need Tel to get us into some sort of shape and skelp them twice on their way down. Their relegation will still be worth some big grins.
So basically what we were told would happen, happened! Per EN last night though this still means nothing happens before Feb at earliest. I'm intrigued as to why UKIO & UBIG are taking a different stance given that UBIG was only effectively the investment arm of UKIO. Still a long way to go methinks!Quote:
Originally Posted by underscore
Exactly. Everything is fine.. Nothing new here.Quote:
Originally Posted by brog
Let's not get ahead of ourselves. UBIG abstained. That's a pretty major plot point as they are the major shareholder. All this means is the creditors have agreed to take nothing for the money they are owed. Nothing more. UBIG could still demand a large sum for their shares for all we know
Half? A quarter more likeQuote:
Originally Posted by JeMeSouviens
Quote:
Originally Posted by JeMeSouviens
Can you expand on this please?
In what way? FoH got it valued at £5.5M. I guess you wouldn't get full value in a liquidation sale but £5M doesn't seem unreasonable. They're actually getting £2.5M. BDO costs would be deducted either way. I suppose this way they get the reduced sum a bit quicker?Quote:
Originally Posted by brog
Could ubig agree and not demand a huge price for the shares?Quote:
Originally Posted by Bajillions
They still have the second stage vote at the shareholders meeting at 12.00 - need 50% to vote in favour. :rolleyes:
Speaking from ignorance perhaps, but aren't Ubig and Ukios essentially joined at the hip and unlikely to work against the interests of each other? I reckon things will run comparatively smoothly for the Jambos now. My only fear is that all concerned including the SPFL will try to fast-track them back to undeserved good health. Relegation and what that brings is our main weapon. A good trouncing from Celtic in the cup could set them up for a torrid time in the remaining league matches. I hope Killie get their act together and leave them high and dry.Quote:
Originally Posted by underscore
Quick question Bajillions - how does the final figure work - all creditors get a right to vote and their votes if you like are in proportion to their debt due. Does the 87% figure represent the ones who said yes out of the ones who did inded return a vote at all - so if in theory all creditors had abstained ( or not bothered to return a vote) like UBIG and only UKIo bothered returning a vote it would have been 100% ?Quote:
Originally Posted by Bajillions
An an observation - UBIG admin must realise ( hard not to) that they are siting on the last piece to complete the deal the 50% sahreholding in hearts - why would they even entertain taking nothing for them ? Surely they could say well give us say £500k and they are yours ? I cannot fathom that one out - I know BDO and FOH are saying they are technically "worthless" but they are required to have a mojority shareholding so they are not worthless at all - is that not like that old dears shares in Hibs who she refused to flog to FTB mercer back in the hearts takeover battle - forget her name now ? They were worthless on paper but Mercer was gubbed without them ?