Share Transfers Agreed/Cooling off period

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Originally Posted by Stevie Reid

I was very young at the time but IIRC the share issue was extremely successful in terms of the money raised. Obviously we ended up in a very bad way but from my very limited knowledge we ended up in such a state due to the club's money being badly invested.

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Is this what you mean here, can remember them investing in a hotel group at the time, don't think it was a wise investment. :rolleyes:

http://www.heraldscotland.com/sport/...-hibs-1.600865

It was another of Mr Rowland's companies, Monaco, that lent Mr Duff's Highmace Ltd the original £800,000. This was paid back, with interest at commercial rates, when Hibs plc went public. Fans bought 62.5% of the available shares at that time, and £2m was raised for the new company. Since then, Hibs -- who were looking for new investments in the leisure business -- had the ''great good fortune'' to hear about a chain of hotels and wine bars in the South-west of England.

They bought the company, Avon Inns, for £4m in cash and about £1.6m worth of Hibs shares. The money was raised by a rights issue and Avon Inns were on the books of one of Mr Rowland's companies, Inoco, as a non-performing loan. Asked about the transaction, Mr Duff tells Hume that he saw it as ''a cheap deal that could make us money -- one that could bring us income and, if we decided to capitalise on any of these units, would make us a profit''. He would ''go to Timbuktu'' to do this for Hibs.

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Originally Posted by DAG013

correct me if i am wrong but did hibs not do a similar thing with selling shares to fans in the 80s? im guessing it didnt work as the club had financial problems up until tom farmer stepped in. as i say im not 100% on this as i could on of been about 2 at the time but if farmer had to step in soon after is it fair to say it didnt work? can any comparisons can be made with the yams?

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Quite correct .
Back in the dark days of Duff & Gray my son and I bought shares in the club.
With the melt down they became worthless due to the money raised being badly invested.
Appeared to be a great idea at the time but it turned out to be a case of the 'heart ruling the head ' :rolleyes:

:flag:

Hurry up and die!!!!!!!!!!!!!!!!!!!!!

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Originally Posted by DAG013

as i said i have very little knowledge of what happened. was just something that was in the back of my mind

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Of course. Very different in terms of what was offered and the money raised though. We did the share issue, which was successful and raised a lot of money; we then got in a bad way - Hearts are in dire straits and are offering shares with no value in a desperate bid to keep themselves alive.

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Originally Posted by Max

If he shut the club and liquidated the assets, would he have to pay all the staff (inc players) redundancy money?

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No, the ranking is Liquidators fees (otherwise no-one would take the job); creditors with a fixed charge; unpaid wages (not redundancy); creditors with a floating charge; the rest. I believe statutory redundancy can still be claimed from the government, so Vlad would be screwing us all over a bit.

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Originally Posted by Peevemor

The money raised was invested in Avon Inns, a struggling hotel group forced on Duff & Gray by David Rowland. This is basically what put us in so much trouble. These shares weren't only bought by the fans but also by financial institutions - these are the shares that were eventually bought up in dribs and drabs during the Hands off Hibs campaign.

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Many fans including myself purchased shares purely with the objective of stopping WM acquiring a controlling interest in the Club. However it was only when a big player like Sir Tom entered the arena that the Walnut's devious plan was put to rest.

somehow i dont see a yam equivalent of sir tom materialising anytine soon

this was in the edinburgh gazette today

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Date: 6 November 2012 Issue Number: 27169 Page number: 3046


Publication Date: Tuesday, 6 November 2012

Notice Code: 2450

Petitions to Wind Up (Companies)

HEART OF MIDLOTHIAN PLC

On 1 November 2012, a petition was presented to the Court of Session by the Advocate General for Scotland for and on behalf of the Commissioners for Her Majesty’s Revenue and Customs craving the Court inter alia to order that Heart of Midlothian Plc, Tynecastle Stadium, Gorgie Road, Edinburgh EH11 2NL (registered office) be wound up by the Court and to appoint a liquidator. Any person who intends to appear in the petition must lodge Answers with the Court of Session, 2 Parliament Square, Edinburgh within 8 days of intimation, service and advertisement.

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Originally Posted by Part/Time Supporter

That involves a lot of heroic assumptions. The risks of Hearts losing Tynecastle or being locked out of the league system (if they go bust at the wrong time) are much greater. They also don't have the same leverage as Rangers (ie let us back in or your TV contract disappears).

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Surely even the shambolic SFA/SPL/SFL would have to be seen to treat the next club to get in trouble the same way! ;-)

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Originally Posted by degenerated

this was in the edinburgh gazette today

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Also on P47 of today's Scotsman.

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Originally Posted by degenerated

this was in the edinburgh gazette today

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We've seen this before, but that was when Romanov was still paying the bills.

A link for any disbelievers:

http://www.edinburgh-gazette.co.uk/i...+of+midlothian

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Originally Posted by degenerated

this was in the edinburgh gazette today

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In layman's terms, they haven't paid their PAYE/VAT. They have until the 14th to defend the action, otherwise the Court will approve the application and order their liquidation.

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Originally Posted by CropleyWasGod

In layman's terms, they haven't paid their PAYE/VAT. They have until the 14th to defend the action, otherwise the Court will approve the application and order their liquidation.

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This would at least lend some weight to the 'by the end if the week' rumours going around.

Is this order related to the 1.75m tax case?

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Originally Posted by green glory

This would at least lend some weight to the 'by the end if the week' rumours going around.

Is this order related to the 1.75m tax case?

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No. HMRC can't pursue that until if and when the Tribunal rules in their favour. This action will be for normal monthly PAYE and/or VAT payments.

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Originally Posted by green glory

This would at least lend some weight to the 'by the end if the week' rumours going around.

Is this order related to the 1.75m tax case?

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No. That has still to be decided.

It will be for PAYE and VAT debts. IIRC, there was an agreement in place between HMFC and HMRC for the settlement of old debts and, presumably, ongoing ones. It is quite common for HMRC to take this sort of action if such agreements are not adhered to.

Of course, as has been said, we have been here before.

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Originally Posted by CropleyWasGod

No. That has still to be decided.

It will be for PAYE and VAT debts. IIRC, there was an agreement in place between HMFC and HMRC for the settlement of old debts and, presumably, ongoing ones. It is quite common for HMRC to take this sort of action if such agreements are not adhered to.

Of course, as has been said, we have been here before.

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It's true we've been here before, but to let it happen shortly after the launch of the share offer and amid all the current publicity strikes me as astonishing mismanagement.

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Originally Posted by Caversham Green

It's true we've been here before, but to let it happen shortly after the launch of the share offer and amid all the current publicity strikes me as astonishing mismanagement.

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I am guessing that they had little option. If so, then they really are running on fumes.

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Originally Posted by CropleyWasGod

I am guessing that they had little option. If so, then they really are running on fumes.

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Agreed, but with a winding-up petition in place is anyone going to be bone-headed enough to buy shares? Surely even the thickest yam would hold off to see how this pans out.


OK, probably not.

PS They don't seem to have spotted this over on Keechbag yet

durty cheatin tax-dodgin VAT-dodgin yamboid grunts, and the ****s have the audacity to go around schools flashing off the spoils of their cheating ways...beggars belief it truly does :bitchy: what a horrible horrible disgusting club

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Originally Posted by Part/Time Supporter

We've seen this before, but that was when Romanov was still paying the bills.

A link for any disbelievers:

http://www.edinburgh-gazette.co.uk/i...+of+midlothian

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Nothing to see here, move along now. Any money allegedly owed by Heart of Midlothian plc is simply owed to themselves, so not a debt as you think of it in the real world. The English HMRC have no jurisdiction over the dealings of HOMO plc and their 400,000 subjects and just part of a wider Mafia within Scotland, envious of their unbeaten record in fighting Fascism and Communism since the 12th century and their Apollo Space mission which put a Hearts flag on the moon in 1969.

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Originally Posted by CropleyWasGod

I am guessing that they had little option. If so, then they really are running on fumes.

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Originally Posted by Caversham Green

Agreed, but with a winding-up petition in place is anyone going to be bone-headed enough to buy shares? Surely even the thickest yam would hold off to see how this pans out.


OK, probably not.

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So can we at least get a wee bit excited then, chaps?

Thought the SPL had brought in rules to disipline clubs who didn't pay their taxes on time. Surely another transfer embargo or points deduction must now be in order.


Petrie get round to the SPL offices and get it sorted!!!!!!!!!!!!!!!!!!!!!!!!

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Originally Posted by Stevie Reid

So can we at least get a wee bit excited then, chaps?

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I'm still laughing at 'hearts players and manager buy shares'
http://www.heartsfc.co.uk/articles/2...241384_2972960

"We'll pay your salary if you give us it straight back" :greengrin

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Originally Posted by Stevie Reid

So can we at least get a wee bit excited then, chaps?

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Well, if they're not wound up on the back of this it's either the astonishing mismanagement I was talking about or we know where the share issue proceeds have gone. Either way it should be extremely damaging to the share issue.

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Originally Posted by Caversham Green

Well, if they're not wound up on the back of this it's either the astonishing mismanagement I was talking about or we know where the share issue proceeds have gone. Either way it should be extremely damaging to the share issue.

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I'm not smiling any less after reading that.

Thanks, CG :thumbsup:

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Originally Posted by jonty

I'm still laughing at 'hearts players and manager buy shares'
http://www.heartsfc.co.uk/articles/2...241384_2972960

"We'll pay your salary if you give us it straight back" :greengrin

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OMG....the players are even thicker than the fans...hilarious, you couldnae make it up!! :greengrin:greengrin

Inevitable wage cuts ahead for Hearts.............if they make it that far.

http://www.scotsman.com/sport/footba...3-5m-1-2618700

HEARTS intend to reduce their annual wage budget to £3.5million by next season, taking it down to its lowest level since Vladimir Romanov gained control.

The last set of club 
accounts showed wages at £8m for the period to June 2011 and directors want those costs cut by more than half in time for next summer.
The Evening News has learned that Hearts’ current wage bill sits around the £5m mark having been dramatically reduced since the last set of accounts was released. A number of high-earning players have left, allowing the club to operate with a smaller number of senior players.

The Tynecastle board want wages further reduced to £3.5m by the start of next season as they return to a structure similar to the one used before Romanov took control in 2005. The £3.5m figure is seen as sustainable if the club is to operate efficiently without aid from its parent company, Ukio Bankas Investment Group. As such, a number of Hearts’ current high earners in the final year of their contracts will either have to accept a reduced pay or leave in search of pastures new. Amongst those whose deals expire next June are captain Marius Zaliukas, defender Andy Webster and winger Andy Driver. A total of 14 players are out of contract next summer and Hearts are prepared to let some deals expire without offering a renewal. Those given a chance to re-sign will be offered a salary which fits in with the new budget.

Hearts have held talks with Australian internationalist 
defender Ryan McGowan, who is one of the players in the final year of his contract. To date there has been no agreement over an extension.

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Originally Posted by jonty

I'm still laughing at 'hearts players and manager buy shares'
http://www.heartsfc.co.uk/articles/2...241384_2972960

"We'll pay your salary if you give us it straight back" :greengrin

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Ryan Stevenson led "the consortium" :fenlon

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Originally Posted by Sergey

He also did it with FBK Kaunas :agree:

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I'm sure they ended up playing the 3/4 division (Amateur League) because they could not get a pro licence from UEFA :agree:

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Originally Posted by PatHead

Thought the SPL had brought in rules to disipline clubs who didn't pay their taxes on time. Surely another transfer embargo or points deduction must now be in order.


Petrie get round to the SPL offices and get it sorted!!!!!!!!!!!!!!!!!!!!!!!!

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Think there is also punishment if you fail to report it to the SPL ......... double whammy ........ Sanctions time!!

:greengrin