Share Transfers Agreed/Cooling off period

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Originally Posted by Bajillions

HEARTS fans who invested in the club’s share issue should receive their shareholder certificates after the forthcoming Annual General Meeting, due to take place in late April.

Formal registration of all ordinary shares purchased is to be done by Hearts officials at the AGM and certificates will then be posted to shareholders. Thereafter, Companies House will be informed that the club has allotted new shares to 
comply with legal procedures.

When a company registers new shares, it must inform the authorities of the allotment within one month. Ukio Bankas Investment Group (UBIG), Hearts’ parent company, has already approved the process.
A Hearts spokesperson told the Evening News: “The club is currently finalising the annual accounts for the period to 30 June 2012 for publication. The 2013 AGM will be held mid to late April and one of the resolutions will be to ratify and finalise the allotment of the shares acquired by fans at the end of 2012 (which UBIG has already undertaken to approve). Once the share issues have been ratified the share certificates will be finalised and issued out to all purchasers.”

Hearts raised £1.1million through the share issue, which ran from October 27 until December 19 last year. A total of 16,325,000 ordinary shares were offered priced at 11 pence each, with the stated aim being to raise £1.79m. Fans rallied at a time when Hearts were threatened with closure due to unpaid tax bills. Their efforts secured the club’s future and helped bridge a funding gap of nearly £2m.

http://www.scotsman.com/edinburgh-ev...-agm-1-2849430

#AllIsBarry #AllVeryComplex

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That convinces me that they're sandbagging. Share allotments don't need to be 'ratified and finalised' at a general meeting to comply with legal procedures but share issues do and this one wasn't. They've ridden roughshod over legal procedures throughout (including failing to produce accounts within the legal time limits) but claim that they're now complying with them three months too late, meanwhile all the people who think they've bought shares don't have anything and have no right to attend the AGM. And wee Alice Barry laps it all up.

Male cattle excrement throughout.

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Originally Posted by Bajillions

Are you implying he gets his information directly from Gary Locke?

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If I was a betting man.......................................:cb:wink :

So does this mean they'll likely be submitting the accounts by the cut off date the SFA rules states?

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Originally Posted by Caversham Green

That convinces me that they're sandbagging. Share allotments don't need to be 'ratified and finalised' at a general meeting to comply with legal procedures but share issues do and this one wasn't. They've ridden roughshod over legal procedures throughout (including failing to produce accounts within the legal time limits) but claim that they're now complying with them three months too late, meanwhile all the people who think they've bought shares don't have anything and have no right to attend the AGM. And wee Alice Barry laps it all up.

Male cattle excrement throughout.

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So to clarify. What they've done is a deliberate illegal scam?

Just noticed the caption under the picture of the PBS says "Hearts fans who bought shares in the club will get their certificatse after the AGM"


I'm guessing Barry isn't responsible for the captions on images either? :greengrin

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Originally Posted by green glory

So to clarify. What they've done is a deliberate illegal scam?

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I wouldn't go that far yet, but what they're saying through their press spokesman is only being said to tread water. Those certificates should have been issued at least a month ago, which was two months after the accounts should have been issued. To talk about complying with legal procedures at this stage is just nonsense and the possibility that it was all a scam remains high.

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Originally Posted by Bajillions

I'm guessing Barry isn't responsible for the captions on images either? :greengrin

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I'm guessing Barry wouldn't be responsible for the TV remote in his house.

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Originally Posted by Treadstone

I'm guessing Barry wouldn't be responsible for the TV remote in his house.

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Are you kidding? With all those buttons and stuff? Far too complex.

Wouldn't be at all surprised if this has been issued due to constant questions from Barry owing to us badgering him. I think they'd have quietly let it drop as the yam herd itself hasn't been kicking up too much of a fuss.

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Originally Posted by Jack Hackett

Wouldn't be at all surprised if this has been issued due to constant questions from Barry owing to us badgering him. I think they'd have quietly let it drop as the yam herd itself hasn't been kicking up too much of a fuss.

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I know a few Yams who want them specifically to attend the AGM. The ones who arent bothered are either doing this :ostrich: or its all very complex and they don't understand


http://i46.tinypic.com/2usct9v.jpg

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Originally Posted by The Green Goblin

Are you kidding? With all those buttons and stuff? Far too complex.

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Pleasing

I'm actually starting to hope that they survive. It could be a nice little earner next season; issuing bogus share certificates, running buses that don't exist to games etc etc. When challenged by the odd few of those puddle drinkers with any sort of gumption, I'd just say that it was 'all very complex' and 'we only really owe it ourselves' etc.

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Originally Posted by Bajillions

I know a few Yams who want them specifically to attend the AGM. The ones who arent bothered are either doing this :ostrich: or its all very complex and they don't understand

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That pic's ****ing brilliant. Someone to tweet it to him. :-D

Wee Barry's eyes look very close together in that picture eh? #allisverycomplex

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Originally Posted by CropleyWasGod

It won't.

Firms who are owed money, at least the savvy ones, will know that "shutting them down" will result in their getting no money. Keeping them alive gives some hope that some money will be recouped.

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Well that depends, just like a run on the bank if a creditor thinks it can get it's money from Yams it won't really care if it gets paid & the actions then push Yams over the edge. FWIW I think ( just like with Oldco ) all the small creditors have been incredibly trusting of Yams so far, probably because as you say they hope their survival will result in them getting paid. However it won't take much for a crisis to become a full scale panic if creditors think they're only going to get about 10p in the £. Personally I think this panic will occur as soon as Yams miss a repayment to HMRC.

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Originally Posted by Bajillions

I know a few Yams who want them specifically to attend the AGM.

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Barry Anderson was asked if the new shareholders would be invited to the AGM - he doesn't think they will be, and he doesn't seem to think there's anything amiss with that...

Edit - it has been pointed out that the Prospectus said that the new shareholders would be invited to the AGM. Didn't say which AGM, I guess...

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Originally Posted by brog

Well that depends, just like a run on the bank if a creditor thinks it can get it's money from Yams it won't really care if it gets paid & the actions then push Yams over the edge. FWIW I think ( just like with Oldco ) all the small creditors have been incredibly trusting of Yams so far, probably because as you say they hope their survival will result in them getting paid. However it won't take much for a crisis to become a full scale panic if creditors think they're only going to get about 10p in the £. Personally I think this panic will occur as soon as Yams miss a repayment to HMRC.

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They won't even get that. They will get nothing.

Hence why it makes sense to use normal collection methods, and the Small Claims Court, to try and squeeze some cash out of them just now.

This is comedy gold. They're talking about compliance and dates and so on, yet by the time they actually publish these accounts they'll be laughably out of date.

What a mess; no share certificates, despite being shareholders looks like they won't be able to attend AGM, some thought they were buying Vlads shares whereas it looks like they were buying new shares.

Wouldn't surprise me if the club don't have a clue how much each person put in.

If the shares were worth 11p at the start, surely with them getting to a cup final and getting a manager of the wage bill they must have increased in value. 1 chance, nae chance!! Lucky if they are now worth 1p.

My guess is hearts will have crowds of 7-8000 from now on, except derbies, for the rest of this season and for a long long time to come. Very wee for a big team now that the credit card has been rejected

1 thing I have never understood throughout Vlads circus is the 'Debt for Equity' nonsense.

How can he have just wiped out some of there debt in exchange for worthless shares.

Surely now with Ukio or UBIG situation now, the authorities should be investigating what the **** went on.

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Originally Posted by macca70

1 thing I have never understood throughout Vlads circus is the 'Debt for Equity' nonsense.

How can he have just wiped out some of there debt in exchange for worthless shares.

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All he really did was to swap worthless equity for worthless debt.
There was never any prospect of the debt being repaid, so it had no value.
So he swapped it for shares which also had no value. No cost to him.
But the balance sheet looked better afterwards.

Result!

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Originally Posted by macca70

1 thing I have never understood throughout Vlads circus is the 'Debt for Equity' nonsense.

How can he have just wiped out some of there debt in exchange for worthless shares.

Surely now with Ukio or UBIG situation now, the authorities should be investigating what the **** went on.

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Dam right there there will be an investigation. Basically, one benelovent board member and UBIG share holder said let's give you cash and we will just forget about it and call it equity.

If I was a Ukios Bank depositor, I would not think that was right.

However, what a Scottish political and football pantomine.Logic and common sense has totally gone out of the window.
The only way to end this farce is by the rules and the law. Eg. Accounts by a certain time and all council bills paid.

April AGM....aye right believe it when I see it. Share certificates never need to be authorised by an AGM....even Barry Good time knows that.

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Originally Posted by grunt

All he really did was to swap worthless equity for worthless debt.
There was never any prospect of the debt being repaid, so it had no value.
So he swapped it for shares which also had no value. No cost to him.
But the balance sheet looked better afterwards.

Result!

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But there was/will be a cost to somebody. This money, a lot of it hard cash, has been spent and lets hope the Lith authorities determine whose it was. I suspect there will be few Lith pension funds being revised at the end of all this. The victims of The Rangers scams were, in the main, Ticketus and HMRC whereas in the Yam scenario it will probably ultimately be the ordinary Lith who picks up the tab for the Yam Great Adventure. Thieving bar stewards.

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Originally Posted by grunt

Barry Anderson was asked if the new shareholders would be invited to the AGM - he doesn't think they will be, and he doesn't seem to think there's anything amiss with that...

Edit - it has been pointed out that the Prospectus said that the new shareholders would be invited to the AGM. Didn't say which AGM, I guess...

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They're not shareholders yet, they haven't been registered and according to Alice's article that has to be 'ratified' at the AGM - so if they're invited at all it will be as guests with no right to vote, raise questions or even speak.

All the share issue has done is made things rather more difficult for a ptoential buyer - and I have a feeling that was Mr Romanov's intention all along.

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Originally Posted by Caversham Green

They're not shareholders yet, they haven't been registered and according to Alice's article that has to be 'ratified' at the AGM - so if they're invited at all it will be as guests with no right to vote, raise questions or even speak.

All the share issue has done is made things rather more difficult for a ptoential buyer - and I have a feeling that was Mr Romanov's intention all along.

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If you were an ex-millionaire submariner who bought a football club and then proceeded to preside over a period of mismanagement such that the club is on the brink of going out of business, would you want thousands of additional shareholders to attend an AGM asking lots of difficult questions?

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Originally Posted by DarrenSQH

Best thread since the stole the TV or Brum jambos mrs turned.

Spoiler Alert:

I cant believe the girl making the accusations was pumping him. haha

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And he charged her over £180 for the hell of it. Did she get her money back or is the Gypsy fighting Tully still evading the long arm of the 87.:greengrin

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Originally Posted by ronaldo7

And he charged her over £180 for the hell of it. Did she get her money back or is the Gypsy fighting Tully still evading the long arm of the 87.:greengrin

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That thread was priceless, feel for the jambos who were bumped but what a bunch of diluted twats they are. The boy had previous for it!

Shame that thread got closed was a cracking read :)

Ooooh Barry!

http://img441.imageshack.us/img441/557/barryk.jpg

Think somebody posted something similar recently, but not sure if there was a response...Is there anyone that can answer the following?

Have Hibs been paid the ticket money?
Did they pay their staff on the 16th? (Do we take bandersons word for it?)
Have they settled o/s money due to the council?
Will they have been racking up fines for not submitting accounts on time?
Will they get any sort of fine for not issuing share certificates on time?
Would they have been getting chased from various authorities in relation to rates, accounts, certificates?
Why are their fans so ugly?