Share Transfers Agreed/Cooling off period

[SunshineOnLeith]

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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.

So it's fair to say the situation will turn on the solvency of UBIG? What interests do they have other than hearts?

[lapsedhibee]

today's events in Lithuania will have very little affect on our day-to-day business

Effect.

Illitrits.

[Sioux]

“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,”

No problem. Vlad (UKIO) has merely loaned money to himself (HMFC, UBIG). For years the Yams have been telling us that such a move is perfectly OK. Some people think its all over.....................it might be now.

[Hibernia Na Eir]

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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.

would have thought any Floating Charge would have been slapped on long time ago. in which case, they're up the street that stinks of poo poo. Asset = Pink Bus thing.
And debt must come in to satisfy others.
A huge big, OH DEAR!

[Twa Cairpets]

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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.

Think i'm right in saying that if its anything like administration over here, what His Royal Vladness may or may nor want to do is immaterial. The administrators have final say on what happens now at UKIO, not their management/owners

[Bostonhibby]

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



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

I'd be even more nervous being one of the entities owned by UBIG looking at how some of them have went recently. Two cheeks of the same arse is the phrase that springs to mind.

[Oscar T Grouch]

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ah so it's all ok then.

Aye apart fi ma PC being tainted by going on that site, I feel dirty

[Twa Cairpets]

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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."

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Temporarily, until it is decided what means will be used to find a solution to
the problems of Ūkio bankas, the bank will not be providing financial services.

Now, can anyone see where the problem might lie if UKIO are due to pay the players wages in the next few days?

[Hibernia Na Eir]

I'll bet his failed Edinburgh branch and his flawed St Andrew Square building seems an awful long time ago.

Down Periscope....

[mim]

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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.

Exactly how I see it.

[PatHead]

My favourite bit of Hearts statement "the Board of the club continues continues to be diligent in financial matters"

Obviously means they aren't paying this week's wages

[Danderhall Hibs]

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Now, can anyone see where the problem might lie if UKIO are due to pay the players wages in the next few days?

UBIG make up the difference. Ukio don't pay anything.

[SteveHFC]

Think I'll just sit back and wait for all this to blow over.

[Haymaker]

Classic steve gif.

[Hank Schrader]

From the various bits of news posted on here today regarding UKIOs administration, the bit that stands out most for me (from Lix's Bloomberg extract a couple of hours ago) is this;

Ukio had insufficient capital and liquidity and refused to
stop lending money to companies associated with majority owner
Vladimir Romanov.

Now, I assume that these associated companies include UBIG and therefore through association, HMFC. Are we to assume that this lending from insufficient capital is what has been keeping HMFC alive (along with the bakes sales and stealing from childrens piggy banks)? If so then I cannot see how Hearts are going to survive short term as the administrators are unlikely to allow this funding to continue.

[green glory]

Without wanting to seem too smug...




image-2331180655.jpg

[TrinityHibs]

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Think I'll just sit back and wait for all this to blow over.

Thats Sean of the Dead. Just brilliant

[Gingertosser]

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

I suppose this gives them time to pack their bags & leave the country, but obviously not to Lithuania...

[PatHead]

Anyone else notice that UKIOS value when shares ceased trading was just more than the debt owed by Hearts alone to UBIG. £28.2m.

[Mikey]

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



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

A statement made by the same board that told Hearts fans they had a Director of Football working undercover

The list of porkies is quite lengthy..................

[s.a.m]

Not their lucky day....

Jane Lewis‏@JaneLewisSport#Hearts says Captain Marius Zaliukas could be out for up to 2 months after a scan revealed he's torn ankle ligaments.

[Russell The Dug]

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Not their lucky day....

Jane Lewis‏@JaneLewisSport#Hearts says Captain Marius Zaliukas could be out for up to 2 months after a scan revealed he's torn ankle ligaments.

[itslegaltender]

been a lurker way too long here in this forum. Waiting for the "smell of yam" comments . Just managed to get a bite from Mark Donaldson on twitter.

Mark Donaldson‏@Donaldson007@itslegaltender @HibernianFans I can report, direct from the horse's arse, that there are in fact no tanks in the centre of Baghdad ;-p

[pacorosssco]

rangers sold ibrox to newco with what it seems like no fuss expect the other dark force to do something similar.

keith allen should investigate

[hibees 7062]

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It's hard to see how UBIG can survive now as they are surely what the regulator meant by 'risky investments'.

The administrator will need to protect depositors in the first instance and that will mean cashing in on the security over the PBS.

In our efforts to assist the ordinary depositors, we should set up a scheme whereby we pay to be allowed to drive a bulldozer for a day. Does anyone know if Stephen Dalton is a Hibby ?

Seniors a Celtic supporter , juniors a yam

[Mikey]

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rangers sold ibrox to newco with what it seems like no fuss expect the other dark force to do something similar.

keith allen should investigate

Rangers had a very friendly Adminstrator. Expect Hearts not to

[Hibernia Na Eir]

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



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

the word "believe" says it all from Fed-it-toe-fart. going under all day long Yambos :)

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Not their lucky day....

Jane Lewis‏@JaneLewisSport#Hearts says Captain Marius Zaliukas could be out for up to 2 months after a scan revealed he's torn ankle ligaments.

no sympathy for the Balkan dud.

[EuanH78]

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



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

Well, to be fair it is true - Finances were a basket case before UKIO went into admin and remain a basket case afterwards too.

[Caversham Green]

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

Because he can't sell them for less than £7m and they're not worth 7p.

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So it's fair to say the situation will turn on the solvency of UBIG? What interests do they have other than hearts?

Their main other interest is the Birac aluminium plant that hasn't been paying its employees since last summer....

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UBIG make up the difference. Ukio don't pay anything.

....like they do with their other employees? Or like they've done over the last three or four months with the yams?

It looks like Ukio is the bank that all the proceeds from the face-baking and cake-painting activities went to, and they can't get them back out now.

[Ozyhibby]

I'm going to stick my neck out now and predict that Hearts will be at least in admin by the weekend and have possibly played their last game.
And the thought makes me very Happy.