Share Transfers Agreed/Cooling off period

[EuanH78]

Interesting bit from Lix's post


The shareholders of Ūkio bankas and the management did not fulfil the loan
restructuring plan, disregarded the Bank of Lithuania’s order to essentially
reduce the part of the loan portfolio related to the main shareholder, or they
only formally complied. Particularly the loans issued to companies related to
the main shareholder make up the largest part of the problem loan portfolio.

Sounds like a reference to Vlad's er... empire to me - loss making empire held up by the bank. Not for much longer I suspect

[Treadstone]

This quote is hidden because you are ignoring this member. Show Quote

Jambos on Facebook (Clearly in denial or just ignorant)

"The bank has nothing to do with us, won't affect us"

:

You forgot stupid.

[johnbc70]

If the bank is being restructured then another bank may take on the debt. They could either keep the debt on the same terms, restructure the debt meaning higher interest payments or call it in. Looks like all options are outwith Vlads control. Interesting next few days and weeks ahead.

[Makaveli]

This quote is hidden because you are ignoring this member. Show Quote

Jambos on Facebook (Clearly in denial or just ignorant)

"The bank has nothing to do with us, won't affect us"

:

There is "No real direct link between Ukio & HMFC" according to Mark Donaldson.

[EdinMike]

This quote is hidden because you are ignoring this member. Show Quote

You forgot stupid.

I didn't want to be too mean

Anyway.. If I knew you were dieing...

[Jim44]

This quote is hidden because you are ignoring this member. Show Quote

Agree 100%. Said it before too, Hibs need Hearts and vice versa. What happens over the road happens - I just want a better, stronger Hibs on the park. We concern ourselves too much with that mob - I love beating them simple as that, so want them to survive. Nowt beats going into a working week having beaten Hearts - plus I know two of the younger coaches who are thoroughly decent guys - it's just their fans I find nauseating at times :-)

Nah. I'm willing to risk the disappointment of never playing them again. And I'm not up for putting a sympathetic spin on it just because a couple of decent guys work for them. They are a despicable outfit through and through and I for one would happily dance on their grave. Mind you, I don't see it happening and they'll come out of jt smelling of roses as usual.

[GordonHFC]

This quote is hidden because you are ignoring this member. Show Quote

There is "No real direct link between Ukio & HMFC" according to Mark Donaldson.

Is there a pretend one then?

[blackpoolhibs]

This quote is hidden because you are ignoring this member. Show Quote

There is "No real direct link between Ukio & HMFC" according to Mark Donaldson.

That lot are in complete denial.

[CraigHibee]

amazing :)

as the guiness advert once said


"tick follows tock"

[Sergey]

This quote is hidden because you are ignoring this member. Show Quote

There is "No real direct link between Ukio & HMFC" according to Mark Donaldson.

What a pathetic, misinformed quote from an alleged, in-the-know journalist to make.


(It wouldn't surprise me one jot if the PR folks at HoMFC release a statement later today along similar lines)

[Fat Penlon]

This quote is hidden because you are ignoring this member. Show Quote

There is "No real direct link between Ukio & HMFC" according to Mark Donaldson.

Do any of our financial experts know if this is true? Is there any evidence from their annual reports as to their creditors or even who they bank with?

[Gingertosser]

I would suggest Ukios floating charge of £6.8m over Tynecastle IS A DIRECT LINK

[scoopyboy]

This quote is hidden because you are ignoring this member. Show Quote

There is "No real direct link between Ukio & HMFC" according to Mark Donaldson.

Apart from the fact they own Tynecastle.

[CropleyWasGod]

This quote is hidden because you are ignoring this member. Show Quote

Apart from the fact they own Tynecastle.

Do they?

[green glory]

Is it the case that UKIO not UBIG now have the floating charge over the pink Savile dome?

If so, Saughton Park had better start building ash terracing.

[Oscar T Grouch]

Donaldsons last couple of tweets

Mark Donaldson ‏@Donaldson007
Indirect link to Hearts - since December, Ukio Bankas has owned a company that owns 17 percent of UBIG shares.
Expand
1h

Mark Donaldson ‏@Donaldson007
Ukio Bankas is a business arm of UBIG, just like Hearts is. HMFC debt, on the whole, owed to UBIG. No real direct link between Ukio & HMFC.
Expand

[Joy Zipper]

From Yakback - "Hearts own Tynecastle. If Hearts decide to sell it, it will be to raise funds for Hearts."

I'd say that he's not the sharpest tool in the box.

Look at me - I own a £3 million villa in the south of France. Ok, I have a £2.9 million mortgage on it which I can't pay. If I sell it, can I keep the £3 mil ?

[Makaveli]

Worth re-quoting the Bloomberg article from last week, I feel.

"UBIG, which controls Scottish football team Hearts, on Jan. 8 took advantage of a new Lithuanian law allowing the company to pledge all of its assets as collateral for a purpose it has not disclosed."



Sounds legit.

[lyonhibs]

Until I see the headline "Heart of Midlothian definitively cease trading and plunge into eternal obscurity" all these debt collection/UKIO etc stories are ripples in a far off ocean as far as I'm concerned.

[Hibee87]

This quote is hidden because you are ignoring this member. Show Quote

Worth re-quoting the Bloomberg article from last week, I feel.

"UBIG, which controls Scottish football team Hearts, on Jan. 8 took advantage of a new Lithuanian law allowing the company to pledge all of its assets as collateral for a purpose it has not disclosed."



Sounds legit.

So what does this actually mean? **** all is going to happen in this instances....again?

[HFC 0-7]

Hearing a lot of people talking about lad possibly selling hearts off on the cheap just to get rid but I am not sure he can do it now. If ukio have security over Tynie I am not sure it will be in his powers to do so. I am pretty sure at potential buyers wouldn't rush into a sale either without being sure that vlad has written the debt off.

This surely can't be good news for hearts, if hearts don't have any money left, no bank in the uk would provide overdrafts etc and they will just keep defaulting.

[SunshineOnLeith]

2 floating charges satisfied in full by hearts in the last two days, can't find out whom they were due to though (they've cleared all the bank of Scotland ones over the last month or so).

Still at least one floating charge in effect due to ubig (rather than ukio). Info may be incomplete, only had a cursory glance.

[PatHead]

This quote is hidden because you are ignoring this member. Show Quote

From Yakback - "Hearts own Tynecastle. If Hearts decide to sell it, it will be to raise funds for Hearts."

I'd say that he's not the sharpest tool in the box.

Look at me - I own a £3 million villa in the south of France. Ok, I have a £2.9 million mortgage on it which I can't pay. If I sell it, can I keep the £3 mil ?

More like If I have a piggery of a stadium in Edinburgh worth between £5m and £7m and have a £28m mortgage on it which I can't pay........

[Lix]

(BN) Lithuanian Lender Ukio Suspended in Latest Baltic Bank Blow
(1)


+------------------------------------------------------------------------------+


Lithuanian Lender Ukio Suspended in Latest Baltic Bank Blow (1)
2013-02-12 14:53:36.930 GMT




(Updates with fraud probe starting in third paragraph,
EBRD in penultimate.)


By Bryan Bradley
Feb. 12 (Bloomberg) -- Lithuania suspended the operations
of Ukio Bankas AB, the nation’s sixth-largest lender by assets,
threatening the existence of a fourth Baltic bank in less than
five years.
Ukio had insufficient capital and liquidity and refused to
stop lending money to companies associated with majority owner
Vladimir Romanov, who also owns Edinburgh soccer club Heart of
Midlothian Plc, the central bank, based in Vilnius, the capital,
said today in an e-mailed statement. Prosecutors said they’d
investigate “suspicious transactions” between 2005-2012.
The central bank’s move follows the demise of Lithuania’s
Snoras Bankas AB, which was declared insolvent and nationalized
in 2011. Its Latvijas Krajbanka AS unit in neighboring Latvia,
where Parex Banka AS needed a government bailout in 2008, was
also shut down. Ukio’s shares have plunged 40 percent since
October amid net losses, concerns about loan quality and probes
into alleged money laundering that the bank denies.
“Bankruptcy is the last option -- our priority is for Ukio
Bankas to continue operating after a restructuring,” central
bank Chairman Vitas Vasiliauskas told reporters today in
Vilnius. “‘All other banks operating in Lithuania and foreign
bank branches implement prudential requirements and there’s no
risk to their stability.”


Shares Halted


The Nasdaq OMX Vilnius stock exchange said today in a
statement that it had suspended trading of Ukio shares at the
central bank’s request. They last traded at 12:58 p.m. in
Vilnius at 0.093 euro each. Aukse Armonaite, a spokeswoman for
Ukio, didn’t answer repeated calls to her mobile phone or e-
mails seeking comment.
Russian-born Romanov owns 64.9 percent of Ukio, which lost
44 million litai ($17 million) in the first nine months of 2012.
Loans to companies related to him comprise the largest part of
Ukio’s problem-loan portfolio, according to the central bank.
“The shareholders and management of Ukio didn’t fulfill
the loan-restructuring plan and disregarded the Bank of
Lithuania’s order to reduce the part of the loan portfolio
related to the main shareholder,” it said in its statement.
The Kaunas-based bank’s situation is better than that of
Snoras, Vasiliauskas said. The central bank appointed Adomas
Audickas, a former deputy economy minister, as temporary
administrator to assess and report on Ukio within six days.


Fraud Probe


Prosecutors started a probe into possible large-scale fraud
at the lender based on information provided by the central bank
covering 2005 to 2012, according to an e-mailed statement today.
Siauliu Bankas, a Lithuanian lender whose biggest
shareholder is the European Bank for Reconstruction and
Development, told the central bank today that it would be
prepared to participate in any possible restructuring of Ukio,
Vasiliauskas said.
The EBRD “is monitoring the situation carefully,” London-
based EBRD spokesman Axel Reiserer said by phone. “We stand by
what we’ve said before about having a firm commitment to support
the Lithuanian banking sector.”
Vasiliauskas said a merger of some sort with Siauliu was
one of three or four possible resolutions to the Ukio situation.

[Oscar T Grouch]

Statement fi their fishy site
Heart of Midlothian FC today issued the following statement in regard to the announcement in Lithuania that Ukio Bankas has entered temporary administration.

Sergejus Fedotovas, director of Hearts, stated: "The Board wishes to make it clear that Heart of Midlothian plc and Ukio Bankas are two separate companies.

"Hearts is majority owned by Ukio Banko Investicine Grupe (UBIG), a multi-national business conglomerate. UBIG is an entirely separate entity and stands alone from Ukio Bankas.

"At a service and operational level, Ukio Bankas does provide the club with some banking services and debt facility and the Board is liaising with Ukio Bankas on these matters.

"The supporters of Hearts can be assured that the Board of the club continues to be diligent in financial matters and we believe that today's events in Lithuania will have very little affect on our day-to-day business."

Now how to I disinfect my PC?

[Joy Zipper]

This quote is hidden because you are ignoring this member. Show Quote

More like If I have a piggery of a stadium in Edinburgh worth between £5m and £7m and have a £28m mortgage on it which I can't pay........

I was being too kind !

[Caversham Green]

Right, the link between HoMFC, UBIG and Ukio.

HoMFC owe UBIG something in excess of £22m - that is secured on all the assets of HoMFC.
UBIG owe Ukio an undetermined amount in excess of £6.8m.
UBIG have transferred to Ukio £6.8m (plus interest) of the security they hold over HoMFC's assets, but they haven't transferred the debt.
HoMFC still owe UBIG £22m+ and don't owe Ukio anything events at Ukio don't change the debt even if Ukio were to write off the amount owed to them by UBIG.

Their problems start if and when Ukio's administrator starts calling in the debts - he will first go to UBIG and if they can pay nothing good or bad happens to HoMFC. If UBIG can't pay the administrator is likely to either go after HoMFC's assets - i.e. force the sale of Tynie or serve a WUP on UBIG either way he will get his £6.8m.

As I've said before, UBIG simply can't sell a debt-free HoMFC for less than about £7m as they'd effectively be paying someone to take it away. This is not in any way good news for the yams.

[Sergey]

Official statement from Yam Land (from an UBIG Director):

Heart of Midlothian FC today issued the following statement in regard to the announcement in Lithuania that Ukio Bankas has entered temporary administration.

Sergejus Fedotovas, director of Hearts, stated: "The Board wishes to make it clear that Heart of Midlothian plc and Ukio Bankas are two separate companies.

"Hearts is majority owned by Ukio Banko Investicine Grupe (UBIG), a multi-national business conglomerate. UBIG is an entirely separate entity and stands alone from Ukio Bankas.

"At a service and operational level, Ukio Bankas does provide the club with some banking services and debt facility and the Board is liaising with Ukio Bankas on these matters.

"The supporters of Hearts can be assured that the Board of the club continues to be diligent in financial matters and we believe that today's events in Lithuania will have very little affect on our day-to-day business."

I just don't believe the last sentence as their day-to-day finances are now out of their control.

[bighairyfaeleith]

This quote is hidden because you are ignoring this member. Show Quote

Statement fi their fishy site
Heart of Midlothian FC today issued the following statement in regard to the announcement in Lithuania that Ukio Bankas has entered temporary administration.

Sergejus Fedotovas, director of Hearts, stated: "The Board wishes to make it clear that Heart of Midlothian plc and Ukio Bankas are two separate companies.

"Hearts is majority owned by Ukio Banko Investicine Grupe (UBIG), a multi-national business conglomerate. UBIG is an entirely separate entity and stands alone from Ukio Bankas.

"At a service and operational level, Ukio Bankas does provide the club with some banking services and debt facility and the Board is liaising with Ukio Bankas on these matters.

"The supporters of Hearts can be assured that the Board of the club continues to be diligent in financial matters and we believe that today's events in Lithuania will have very little affect on our day-to-day business."

Now how to I disinfect my PC?

ah so it's all ok then.

[Fat Penlon]

This quote is hidden because you are ignoring this member. Show Quote

Right, the link between HoMFC, UBIG and Ukio.

HoMFC owe UBIG something in excess of £22m - that is secured on all the assets of HoMFC.
UBIG owe Ukio an undetermined amount in excess of £6.8m.
UBIG have transferred to Ukio £6.8m (plus interest) of the security they hold over HoMFC's assets, but they haven't transferred the debt.
HoMFC still owe UBIG £22m+ and don't owe Ukio anything events at Ukio don't change the debt even if Ukio were to write off the amount owed to them by UBIG.

Their problems start if and when Ukio's administrator starts calling in the debts - he will first go to UBIG and if they can pay nothing good or bad happens to HoMFC. If UBIG can't pay the administrator is likely to either go after HoMFC's assets - i.e. force the sale of Tynie or serve a WUP on UBIG either way he will get his £6.8m.

As I've said before, UBIG simply can't sell a debt-free HoMFC for less than about £7m as they'd effectively be paying someone to take it away. This is not in any way good news for the yams.

In the last week Vlad has lost his basketball team and now his bank. Why is he still holding onto HOMFC?