Share Transfers Agreed/Cooling off period

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Originally Posted by Caversham Green

That brochure they produced is effectively a prospectus and that only happens in the case of a new issue. If it was Vlad/UBIG selling the shares the club wouldn't have produced the brochure and any offer document would have had to identify who the sellers were.

Incidentally, current shareholdings are UBIG 79%; Quantum Holdings SA 15%; Others 6%. If the offer is fully taken up (:faf:) that will change to UBIG 71%; Quantum 13.5%; Others 15.5%.

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Quantum Holdings is the Swiss based company that someone said about a year ago had Vld had transferred the ownership of the PBS into. I suppose we can check that when we see the accounts for the last financial year !

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Originally Posted by Ozyhibby

I got a kickback email as well. Normally I'm on kickback raving about how good Vlad is but can't bring myself to do it now that he is robbing them blind so blatantly.
I know they are Hearts supporters but this share thing is a disgrace. The club needs to be wound up now before more people get conned.

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I've just told them to grow a pair and get rid of Romanov before asking succesful small businesses to invest :wink:

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Originally Posted by Caversham Green

CA2006 did away with the concept of authorised shares. I thought it was only for new companies because removing it from existing companies meant changing the Articles, but it seems all companies can now dispense with it. Many still show it in their accounts though.

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Thanks Cav. So does this mean that a company can now increase its shareholding at will without the need to go back to its shareholders for approval?

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Originally Posted by Seveno

Quantum Holdings is the Swiss based company that someone said about a year ago had Vld had transferred the ownership of the PBS into. I suppose we can check that when we see the accounts for the last financial year !

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If we ever see those accounts. When they go into liquidation they won't have to produce them.

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Originally Posted by Caversham Green

If we ever see those accounts. When they go into liquidation they won't have to produce them.

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I can't see how they could get them signed off by the Auditor. The Auditor has always signed them off on the basis that, whilst they are effectively trading insolvently, they have a guarantee from the parent company. Although the Auditor had no means of knowing how effective that might be.

Since the parent company have said that they will no longer provide financial support, they can't sign them off.

Can we check Quantum's ownership of the PBS anywhere? There's no point in waiting for the accounts!!

We might as well do it as the kids piggy bank raiders don't like asking awkward questions.

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Originally Posted by Eric

Thanks Cav. So does this mean that a company can now increase its shareholding at will without the need to go back to its shareholders for approval?

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Companies still need a resolution to issue new shares so they do need the shareholders approval for that.

And of course, HoMFC didn't propose such a resolution as far as I'm aware. It would have been a foregone conclusion but they still should have gone through the motions. Either they've got it wrong or it's not a new issue after all - up until this moment I was absolutely sure it was. :dizzy:

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Originally Posted by Caversham Green

:agree: Putting banter aside this leaves a very nasty taste in the mouth. What's worse is that if 'Mr Romanov' does actually meet his moral obligation rather than depending on children to do it for him he'll once again be lauded as a hero by the Gorgie idiots.

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I to found this very hard reading.

Knowing that they could have accepted the 500,000 from Rangers and solved this (initial) problem in house.

Thereby telling the fans, we are ok just now, keep up the support but... do not to spend your Christmas money.

It truly is a sad state.

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Originally Posted by gogse

I to found this very hard reading.

Knowing that they could have accepted the 500,000 from Rangers and solved this (initial) problem in house.

Thereby telling the fans, we are ok just now, keep up the support but... do not to spend your Christmas money.

It truly is a sad state.

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:agree:

It's yet another MadVladBluff and they've fallen for it hook, line & sinker.

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Originally Posted by Seveno

I can't see how they could get them signed off by the Auditor. The Auditor has always signed them off on the basis that, whilst they are effectively trading insolvently, they have a guarantee from the parent company. Although the Auditor had no means of knowing how effective that might be.

Since the parent company have said that they will no longer provide financial support, they can't sign them off.

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Correct. I think the auditors will have thought long and hard about signing off last year's accounts because by the time they were issued 'Mr Romanov' had already said he was withdrawing funding. There was a statement on the club website that backed down a bit from that stance which was obviously sufficient for the auditors, but now there is absolutely no grounds for suggesting they are a going concern even if this share issue is successful.

I don't envy Johnston Carmichael LLP one bit.

Gary MacKay has started a fighting fund with his pals. Any idea of who else might help?

Attachment 8856

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Attachment 8858

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Originally Posted by gogse

Knowing that they could have accepted the 500,000 from Rangers and solved this (initial) problem in house.

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... but how would they make up the £300K that would lose? Even if they get through this week, it's a long road for them to the end of the season with numerous wages and tax hurdles to clear and (with any luck :wink:) HMRC's coup de grace waiting for them after the tribunal.

Kudos to the systems guys in my office, they've got a collection plate set up for the Yams as well so that people in the office can contribute. It's going well so far, 6p, a screw, and a chewed pen lid in there already.

I'm going to do my bit as well, I've an empty crisp packet and some broken staples to put in later.

Fair play to them for pulling together in these difficult times.

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Originally Posted by matty_f

Kudos to the systems guys in my office, they've got a collection plate set up for the Yams as well so that people in the office can contribute. It's going well so far, 6p, a screw, and a chewed pen lid in there already.

I'm going to do my bit as well, I've an empty crisp packet and some broken staples to put in later.

Fair play to them for pulling together in these difficult times.

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can you no put a big toly in it :greengrin

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Originally Posted by Desperate Dan

can you no put a big toly in it :greengrin

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Not after last time! :bitchy:

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Originally Posted by matty_f

Kudos to the systems guys in my office, they've got a collection plate set up for the Yams as well so that people in the office can contribute. It's going well so far, 6p, a screw, and a chewed pen lid in there already.

I'm going to do my bit as well, I've an empty crisp packet and some broken staples to put in later.

Fair play to them for pulling together in these difficult times.

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I take it that the 6p is the total of all contributions? - surely nobody would be reckless enough to make a single contribution of 6p.

:greengrin

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Originally Posted by Golden Bear

I take it that the 6p is the total of all contributions? - surely nobody would be reckless enough to make a single contribution of 6p.

:greengrin

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Hard to tell, there's a 1p and a 5p. It is possible that some of them clubbed together to raise the 5p. :agree:

I'm yet to hear if anyone is making cakes for them.

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Originally Posted by Seveno

I can't see how they could get them signed off by the Auditor. The Auditor has always signed them off on the basis that, whilst they are effectively trading insolvently, they have a guarantee from the parent company. Although the Auditor had no means of knowing how effective that might be.

Since the parent company have said that they will no longer provide financial support, they can't sign them off.

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But Romanov announced some time ago that UBIG were no longer going to continue to bankroll Hearts, and the Auditors signed off the most recent accounts to enable Hearts to obtain a European licence for this current season

The Auditors will have questions to answer about that. They seem about as competent as Dumb and Dumber.

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Originally Posted by matty_f

Not after last time! :bitchy:

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:greengrin

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Originally Posted by matty_f

Not after last time! :bitchy:

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How about the steam off yer p!sh, Matty?

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Originally Posted by Stevie Reid

How about the steam off yer p!sh, Matty?

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Wouldn't give them that!

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Originally Posted by matty_f

Wouldn't give them that!

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:aok:

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Originally Posted by jgl07

But Romanov announced some time ago that UBIG were no longer going to continue to bankroll Hearts, and the Auditors signed off the most recent accounts to enable Hearts to obtain a European licence for this current season

The Auditors will have questions to answer about that. They seem about as competent as Dumb and Dumber.

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Not long after that announcement and before the audited accounts were published the website carried this story http://www.heartsfc.co.uk/articles/2...241384_2662311 . It was almost certainly done at the request of the auditors and that (along with details confirmation of support letters I would assume) enabled them to sign the still heavily qualified audit report.

It needs to be borne in mind that HoMFC is the auditors client, so they will do as much they can to make their report as favourable as possible while still covering their own backsides. Their job was difficult last year, it looks almost impossible at the moment.

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Originally Posted by matty_f

Kudos to the systems guys in my office, they've got a collection plate set up for the Yams as well so that people in the office can contribute. It's going well so far, 6p, a screw, and a chewed pen lid in there already.

I'm going to do my bit as well, I've an empty crisp packet and some broken staples to put in later.

Fair play to them for pulling together in these difficult times.

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Moved by the travails of our neighbours, I decided to donate all the proceeds from Saturday's peg sales. Unfortunately, the skag boat came in on Friday evening so I didn't actually leave the van on Saturday, but it's the thought that counts!

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Originally Posted by jacomoseven

Moved by the travails of our neighbours, I decided to donate all the proceeds from Saturday's peg sales. Unfortunately, the skag boat came in on Friday evening so I didn't actually leave the van on Saturday, but it's the thought that counts!

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I've heard the council are planning to raise the rents in Lochend, and put a surcharge on long term caravan pitches.

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Originally Posted by jacomoseven

Moved by the travails of our neighbours, I decided to donate all the proceeds from Saturday's peg sales. Unfortunately, the skag boat came in on Friday evening so I didn't actually leave the van on Saturday, but it's the thought that counts!

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Quite right. Broon comes first, man :agree:

Hearts Owner Romanov’s Ukio Bankas Shares Plummet on Arena Deal2012-11-12 14:34:35.497 GMTBy Bryan BradleyNov. 12 (Bloomberg) -- AB Ukio Bankas, the Lithuanian bank controlled by*Edinburgh soccer club Heart of Midlothian Plc owner Vladimir Romanov,*fell to an eight-year low on the Vilnius exchange, losing a quarter of*its value in a month.The shares fell as much as 12.4 percent*today, closing down7 percent at 0.12 euros ($0.15), the lowest sinceOct. 28, 2004,*according to data compiled by Bloomberg. Volume of 766,022 shares was 11*times the three-month daily average. The shares have lost 24.5 percent*since Oct. 10.
The decline began after the bank reported a nine-month net loss on Oct.*29, and accelerated on Nov. 6, when it said it took over a Lithuanian*sports arena developer from debtors. Swedbank changed the shares to ‘no*recommendation’ from ‘buy’ on Nov. 9, citing a lack of information about*the effect of the arena transaction. Romanov owns 64.9 percent of Ukio*Bankas shares, according to a note in the bank’s earnings report.“Investors really question the valuation of that property developer,*which is a big part of the bank’s assets, and so they don’t know how*much its equity may be worth now,” Finasta investment bank analyst Tadas*Povilauskas said by phone. “And if Romanov hasn’t rescued his soccer*club and hasn’t increased the share capital of Ukio Bankas as was*planned some time ago, it probably means he just can’t find the money.”Kaunas, Lithuania-based Ukio Bankas’s investor relations department was*unable to comment immediately on the share performance when reached by*Bloomberg, and did not answer subsequent calls over about two hours.Heart of Midlothian, which identifies Romanov as principal shareholder*on its website, said there on Nov. 7 that it had been issued with a*winding-up order by a Scottish court due to overdue tax payments of 450*million pounds ($714 million). The club is asking fans to buy shares and*tickets in order to help it avoid bankruptcy, according to an open*letter its website.--*

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Originally Posted by RicheyWhite

Hearts Owner Romanov’s Ukio Bankas Shares Plummet on Arena Deal2012-11-12 14:34:35.497 GMTBy Bryan BradleyNov. 12 (Bloomberg) -- AB Ukio Bankas, the Lithuanian bank controlled by*Edinburgh soccer club Heart of Midlothian Plc owner Vladimir Romanov,*fell to an eight-year low on the Vilnius exchange, losing a quarter of*its value in a month.The shares fell as much as 12.4 percent*today, closing down7 percent at 0.12 euros ($0.15), the lowest sinceOct. 28, 2004,*according to data compiled by Bloomberg. Volume of 766,022 shares was 11*times the three-month daily average. The shares have lost 24.5 percent*since Oct. 10.
The decline began after the bank reported a nine-month net loss on Oct.*29, and accelerated on Nov. 6, when it said it took over a Lithuanian*sports arena developer from debtors. Swedbank changed the shares to ‘no*recommendation’ from ‘buy’ on Nov. 9, citing a lack of information about*the effect of the arena transaction. Romanov owns 64.9 percent of Ukio*Bankas shares, according to a note in the bank’s earnings report.“Investors really question the valuation of that property developer,*which is a big part of the bank’s assets, and so they don’t know how*much its equity may be worth now,” Finasta investment bank analyst Tadas*Povilauskas said by phone. “And if Romanov hasn’t rescued his soccer*club and hasn’t increased the share capital of Ukio Bankas as was*planned some time ago, it probably means he just can’t find the money.”Kaunas, Lithuania-based Ukio Bankas’s investor relations department was*unable to comment immediately on the share performance when reached by*Bloomberg, and did not answer subsequent calls over about two hours.Heart of Midlothian, which identifies Romanov as principal shareholder*on its website, said there on Nov. 7 that it had been issued with a*winding-up order by a Scottish court due to overdue tax payments of 450*million pounds ($714 million). The club is asking fans to buy shares and*tickets in order to help it avoid bankruptcy, according to an open*letter its website.--*

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Jeez. They now owe £450 million :greengrin

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Originally Posted by RicheyWhite

Hearts Owner Romanov’s Ukio Bankas Shares Plummet on Arena Deal2012-11-12 14:34:35.497 GMTBy Bryan BradleyNov. 12 (Bloomberg) -- AB Ukio Bankas, the Lithuanian bank controlled by*Edinburgh soccer club Heart of Midlothian Plc owner Vladimir Romanov,*fell to an eight-year low on the Vilnius exchange, losing a quarter of*its value in a month.The shares fell as much as 12.4 percent*today, closing down7 percent at 0.12 euros ($0.15), the lowest sinceOct. 28, 2004,*according to data compiled by Bloomberg. Volume of 766,022 shares was 11*times the three-month daily average. The shares have lost 24.5 percent*since Oct. 10.
The decline began after the bank reported a nine-month net loss on Oct.*29, and accelerated on Nov. 6, when it said it took over a Lithuanian*sports arena developer from debtors. Swedbank changed the shares to ‘no*recommendation’ from ‘buy’ on Nov. 9, citing a lack of information about*the effect of the arena transaction. Romanov owns 64.9 percent of Ukio*Bankas shares, according to a note in the bank’s earnings report.“Investors really question the valuation of that property developer,*which is a big part of the bank’s assets, and so they don’t know how*much its equity may be worth now,” Finasta investment bank analyst Tadas*Povilauskas said by phone. “And if Romanov hasn’t rescued his soccer*club and hasn’t increased the share capital of Ukio Bankas as was*planned some time ago, it probably means he just can’t find the money.”Kaunas, Lithuania-based Ukio Bankas’s investor relations department was*unable to comment immediately on the share performance when reached by*Bloomberg, and did not answer subsequent calls over about two hours.Heart of Midlothian, which identifies Romanov as principal shareholder*on its website, said there on Nov. 7 that it had been issued with a*winding-up order by a Scottish court due to overdue tax payments of 450*million pounds ($714 million). The club is asking fans to buy shares and*tickets in order to help it avoid bankruptcy, according to an open*letter its website.--*

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Imagine Vlad overvaluing land. Bit like the piggery and speculation he doesn't have a pot to piss in. Roll on Thursday............

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Originally Posted by GordonHFC

Jeez. They now owe £450 million :greengrin

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Wonga must have applied interest.....