Share Transfers Agreed/Cooling off period

[Peevemor]

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Another day another page, more boring stories about the bank and still yet not a peep from any area of the media except FOH statements which mean nothing.

Closure of this thread long overdue, maybe admins waiting for a million views then pull the plug perhaps?

Boring? It's just getting interesting.

In any case, you don't have to read it.

[clerriehibs]

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Another day another page, more boring stories about the bank and still yet not a peep from any area of the media except FOH statements which mean nothing.

Closure of this thread long overdue, maybe admins waiting for a million views then pull the plug perhaps?

Ffs

[Lucius Apuleius]

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Another day another page, more boring stories about the bank and still yet not a peep from any area of the media except FOH statements which mean nothing.

Closure of this thread long overdue, maybe admins waiting for a million views then pull the plug perhaps?

nah, think we will keep it going just a little bit longer. If that is OK with you that is?

If it is not OK with you, do one and stop reading it.

[Hank Schrader]

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Another day another page, more boring stories about the bank and still yet not a peep from any area of the media except FOH statements which mean nothing.

Closure of this thread long overdue, maybe admins waiting for a million views then pull the plug perhaps?

Away and bile yer heid.

[JeMeSouviens]

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Another day another page, more boring stories about the bank and still yet not a peep from any area of the media except FOH statements which mean nothing.

Closure of this thread long overdue, maybe admins waiting for a million views then pull the plug perhaps?

Why do you want a peep from the media? Judging by their performance through Hunmageddon, they're the last place you should look for news.

[scoopyboy]

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Another day another page, more boring stories about the bank and still yet not a peep from any area of the media except FOH statements which mean nothing.

Closure of this thread long overdue, maybe admins waiting for a million views then pull the plug perhaps?

I like it to be honest, it cheers me up when I'm a tad down in spirits.

Once they have ceased to exist (Monty Python classic) IMO is the time to close it.

Until then keep up the fine work, your all doing very well (young Mr. Grace in Are You Being Served).

[HUTCHYHIBBY]

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tynecastle green?

skidd row?

[Pete]

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lifted this from the Savilles....

The following has been cut and pasted directly from parts of the recent share issue prospectus.

'Now, after more than seven years since the original purchase of Heart of Midlothian plc by UAB Ukio Banko Investicine Grupe (UBIG), the majority shareholder of the Company, Hearts supporters and others are being offered the first chance since 2005 to potentially step towards a supporter-owned football club.

The Company’s balance sheet is negative and the Company would be insolvent (on the basis of being unable to pay its debts as they fall due) without the ongoing support of UBIG or alternative funding.Whilst the Company has short-term comfort from UBIG that it will not call up its debt, there is no guarantee that UBIG will not do so in the future, although the Board takes comfort from the fact that UBIG has supported the Club from 2006 to date by funding and debt restructuring.

As at the 30th of June 2011 the amount due to the parent company, UAB Ukio Banko Investicine Grupe, was £22,413,000, which amount bears interest at 4.5%. UAB Ukio Banko Investicine Grupe have confirmed to the Directors of Heart of Midlothian plc. that they will not seek repayment of this amount during season 2012/2013 and at the 1st July 2013 the position will be reassessed. The balance due to UAB Ukio Banko Investicine Grupe is secured by a standard security over Tynecastle stadium and a floating charge across the company’s assets. If UBIG were to demand repayment of the full amount, the Company would be insolvent and would face liquidation.

Whilst UBIG has expressed a current intention to explore the possibility of allowing the club’s supporters the opportunity to acquire over time a majority stake in the Company’s share capital and has positioned the current offer as the first step towards that possibility, there is no commitment on the part of UBIG to continue with this current intention and the Company’s debt levels are such that further debt capitalisations may be required in the future, which would have the effect of significantly diluting the other shareholders’ interests in the Company. For so long as UBIG owns or controls more than 75% of the Company’s share capital, it will be able to pass the resolutions required to effect any such debt capitalisation.

The Company is largely owned and absolutely controlled by UBIG and will continue to be controlled by UBIG for so long as it owns more than 50% of the Company’s share capital. Unlike directors, who owe certain duties to the shareholders of the Company, UBIG does not and can largely act out of self-interest at any time, although the Board takes comfort from the fact that UBIG has supported the Club from 2006 to date by funding and debt restructuring.

So the Savilles OWN documents show things could be a wee bit shaky for them..... and for UBIG, read Lith Central bank/Lith Administrators if UBIG goes tits up

I take comfort from posts like this.

[Sergy Pie]

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Another day another page, more boring stories about the bank and still yet not a peep from any area of the media except FOH statements which mean nothing.

Closure of this thread long overdue, maybe admins waiting for a million views then pull the plug perhaps?

We're all frustrated this is taking so long but patience is needed here. Not long now, stick in there, it will be worth it.

[cam75]

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I like it to be honest, it cheers me up when I'm a tad down in spirits.

Once they have ceased to exist (Monty Python classic) IMO is the time to close it.

Until then keep up the fine work, your all doing very well (young Mr. Grace in Are You Being Served).

I enjoy a good read of this page,
if he don't like it don't read it!

[southfieldhibby]

https://twitter.com/BryanPBradley

[HUTCHYHIBBY]

Heres an alternative option involving Hearts demise, this would appear to be the prime time for someone to come along and snap up both Edinburgh clubs and establish The Capital as a one club city playing at ER. Maybe all this infrastructure was put in place for a reason!

Surprised its not been tried before if I'm honest! ;-)

[Jim44]

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Another day another page, more boring stories about the bank and still yet not a peep from any area of the media except FOH statements which mean nothing.

Closure of this thread long overdue, maybe admins waiting for a million views then pull the plug perhaps?

Absolutely delighted that our succulent lamb media clowns are staying schtum on recent developements. If they were commenting, it would only be pro HoMFC waffle, as it is in their long term interests to protect them and keep them as intact as long as possible. If, Hibernian 0762, you are bored with the thread, take a break and we'll call you when the real party starts.

[EdinMike]

I dunno why but I find myself writing a parody of Green Days "Wake Me Up When September Ends"... Work in process !

"Vlads reign has come and passed
The cheating **** will never last
Wake me up when Tynecastle ends

Like your main stand it's in the past
Seven years has gone so fast
Wake me up when Tynecastle ends.."

[JeMeSouviens]

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I dunno why but I find myself writing a parody of Green Days "Wake Me Up When September Ends"... Work in process !

"Vlads reign has come and passed
The cheating **** will never last
Wake me up when Tynecastle ends

Like your main stand it's in the past
Seven years has gone so fast
Wake me up when Tynecastle ends.."

Surely Good Riddance would be more appropriate?

[Treadstone]

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https://twitter.com/BryanPBradley

Jamie Borthwick says it will be on STV site in an hour (that was at 1:15pm) and says the quotes are better than the ones on Good Morning Scotland.

https://twitter.com/jamiekborthwick

[magpie1892]

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Closure of this thread long overdue

I'm feeling 99% enjoyment of this thread. If you don't want to read it, just stay away. Why should you dictate what makes a story? Bear in mind that I've worked at numerous papers and you're setting yourself up as THE editor with silly comments like this.

You're not the editor, you're not a moderator, so just leave the rest of us to it, please.

[GreenCastle]

Just out of interest - can someone confirm it's a 10 point deduction for administration and not 18 I have seen posted several times.

What are the chances of the yams going into administration ?

As I see it Vlad's empire has crumbled in a big way and he doesn't have the back up he used to have to shift money sources.

They are still stuck with players they can't afford - however keep bringing loans in ?

Debt free or not they still have a major problem with the stadium - the old stand - the current stands maintenance and no money to build anything let alone replace the main stand.

They are losing Zaliukas / Grainger (end of contracts) and probably Webster and Novikovas. Ngoo and Wilson won't be around next season either.

They may win the cup final but bottom 6 would really hurt them so lets hope they end up there as the fans won't be interested in meaningless games (meaning less money for the club) with Dundee looking like they will go down.

Next season will be interesting to see their team and what state the club will be in - surely their luck has run out ?

[Cod Boy]

with driver leaving they will probably bring in another player who is a free agent

[Caversham Green]

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For me, what could happen is that the adminstrator/UBIG/UKIO/whoever sell the football club along with Tynie to someone (FOH?) for a symbolic £1 (or maybe even 1€ if they can't raise a quid), on provision that they take on at least some of the debt (£20m?), scheduled to be repaid over 20-25 years, with repayments starting during the close season.

If this was to happen quickly (ie. before UBIG go into administration) they could struggle on to the end of the season with a relatively small cash injection - maybe a couple of million quid to pay wages, the first tax installment, etc.), leaving them to start with a clean slate next season, with their ST money intact, but with a hefty debt to service - though remember Hibs were £16-18m in debt not too long ago.

However, if nothing happens quickly then they're daffied. UBIG will go down the cludgie taking Hearts with them, leading to an automatic points deduction, probable non payment of wages and the first tax installment, further sanctions and every possibilty of Pheonix Merrick FC trying desperately to get into D3 with no ground to call their own, no 3 years of accounts (or none that make sense in any case) and a lot less clout in terms of tv and sponsorship deals than Sevco.

I'm not sure how anything between the 2 scenarios could happen.

Not sure Scenario 1 works Peeve. What it boils down to is the administrator or buying bank (per your later post) giving the buyers of HoMFC a long-term loan/mortgage to buy and operate the club. That would have to be either unsecured or secured on Tynie which is nowhere near the value of the loan you're suggesting. Ukio's administrator can't do that because the bank's licence has been revoked and it would be a huge risk for the buying bank to offer that sort of facility to a club that hasn't made a profit since Grampa was a lad. I would also maintain that the assigned security is a block on any undervalue sale of the club or tynie for as long as UBIG remain solvent. From the buyer's point of view they would be better waiting for a liquidation/administration sale to pick up the assets at sale value and then take a bank loan to pay for it if they could get one.

Funnily enough there's no guarantee that a newco would go into D3 either - IIRC the decision on that change to the rules was that each case would be decided on its merits so it's possible that a Newyam could be voted into the SPL. Annoying in one respect, but the bleating and whining from Govan would be priceless.

[Mikey]

Definitely 18 points. It's 1/3 of the previous season's points total, rounded up. They finished with 52 points last season.

[Treadstone]

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Just out of interest - can someone confirm it's a 10 point deduction for administration and not 18 I have seen posted several times.

A third of your previous seasons points rounded up or 10pts whichever is greater. 2011-2012 52pts.

[GreenCastle]

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Definitely 18 points. It's 1/3 of the previous season's points total, rounded up. They finished with 52 points last season.

How many were Oldco deducted ?

[green glory]

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Heres an alternative option involving Hearts demise, this would appear to be the prime time for someone to come along and snap up both Edinburgh clubs and establish The Capital as a one club city playing at ER. Maybe all this infrastructure was put in place for a reason!

Surprised its not been tried before if I'm honest! ;-)

Hmm interesting idea. A future all Edinburgh club, playing at Easter Road you say?

I vote we call said club Hibernian.

[Stevie Reid]

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How many were Oldco deducted ?

10 points.

[Caversham Green]

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How many were Oldco deducted ?

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10 points.

That was under the old rules. They were changed as a result of Rangers' demise.

http://www.bbc.co.uk/sport/0/football/18263819

[JimBHibees]

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How many were Oldco deducted ?

10 but new rules in place.

[MacBean]

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How many were Oldco deducted ?

10, but the latest rules came into effect at the end of last season so they missed the 1/3 of points impact. Null and void now anywya

[Treadstone]

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How many were Oldco deducted ?

These rules were implemented after Oldco. They were deducted 10pts. SFA took their lead on this from England on the 10 point penalties. The 10 point deduction as has been seen in England is no deterrent whatsoever, in my view and not just because of the Yams but 25pts would be viewed differently. Currently in England you see teams choosing when they want to go in administration, its an absolute joke.

http://news.bbc.co.uk/sport1/hi/foot...ed/6625751.stm

[Russell The Dug]

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with driver leaving they will probably bring in another player who is a free agent

Can't. Was only loans.