Share Transfers Agreed/Cooling off period

[Andy74]

Still banging on about building a stadium suitable for one of Europe's top teams. Deary dear.

[PatHead]

Aw well, all is Barry. Don't know what we get excited about. When they have their new stadium and the youth players we are screwed.

[robinp]

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https://twitter.com/pieandbov/status/330627499144933376

Lost £1.65M in a year with a cup win, a European tie against Spurs and selling Lee Wallace for £1.5M.

Pretty bad it has to be said, but when you were losing 10m just a.few years ago it would be party time!

[God Petrie]

Remember this is for 2011-2012 not this year. Think they were still getting UKIO/UBIG support for these results.

[Ozyhibby]

They have not been paying interest up till now on their debt and still losing money.
New stadium sounds great though.

[macca70]

Fans that bought shares in the October-December 2012 share issue, won't be allowed to attend 2013's AGM.

A hefty loss in a year that probably couldn't have been much better for them with the cup win and big European games.

But Allisbarry as they are self sufficient this year.

[Caversham Green]

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Wonder what the audit report says...

I'm very surprised the accounts are out in the current circumstances - they'll make interesting reading (for me at any rate) and I'll offer some comments once I've seen them.

This does suggest that a planned administration isn't on the cards for the next few weeks though - they probably wouldn't have issued the accounts if it was.

As a side note this is for the year they won the big cup and they're reporting a £1.65m loss. When Hibs won the wee cup we reported a £7.5m profit.

[Gus Fring]

Here's the statement from their website

Heart of Midlothian plc (Hearts) today reported further improvement in its financial performance for the year ended 30 June 2012.


The club achieved an improved turnover of £8.68m (11 months ended June 2011: £6.92m).


The improvement in performance was underpinned by a revenue boost due in the main to the club's participation in the qualifying and play-off rounds of the 2011/12 UEFA Europa League. Additionally, the club also benefited from its successful William Hill Scottish Cup campaign culminating in a historic 5-1 victory against city rivals Hibernian at Hampden Park on the 19th May 2012.


The importance of the Heart of Midlothian Youth Academy was once again visible as the club benefited financially from another positive year in player trading, with a net gain of £1.96m accounted for in the main by the transfer of two of the club's Academy graduates - Scotland international defender Lee Wallace moved to Rangers and Icelandic international midfielder Eggert Jonsson joined English Premiership side Wolverhampton Wanderers.


The club also delivered a solid operating performance with reductions in operating expenses and staff costs when based on annualised figures for the previous period to year ended 30 June 2011. Finance charges also reduced on an annualised basis,with only a modest increase in net debt to £24.7m.


Post year end, the company also successfully resolved a contingent liability relating to an HMRC investigation from a previous reporting period. The result of this is that the company will report the full £1.58m settlement figure in this reporting period leading to a loss for the year of £1.65m.


The company's continued financial progress gives the club confidence that its financial position now provides the foundation stone for it to achieve the Financial Fair Play requirements of UEFA in time for its full introduction in season 2013/14.


The company continues to be resolute in its belief that the future of the business is dependent on three key factors - developing the best young footballers in the country, building a stadium that is befitting of one of the biggest clubs in the United Kingdom and expanding the supporter base of the club.


Our youth development policy aims to ensure that investment returns are delivered through managed player development, promotion and trading while also providing supporters with entertaining and successful football in domestic and European competitions.


Our stadium development plans continue to be an aim which will benefit the club, the city and the game of football in Scotland. And the requirement for a new stadium development whether that be at Tynecastle or elsewhere in the city has never been more evident than the recent European matches against English Premiership clubs Tottenham Hotspur and Liverpool when the club could have sold thousands more tickets and attracted thousands more visitors to the city if it had a suitable stadium facility.


We continue, however, to work with the City of Edinburgh Council and business partners in order to deliver a stadium befitting of a top European football team playing in one of the world's finest capital cities.


We are confident that future financial results will demonstrate further progress and with the continued support of the club's tens of thousands of supporters, Heart of Midlothian will be in a good position to benefit from changes in the game both domestically and in Europe.


During the period there has been mention of Heart of Midlothian being for sale. The Board can assure supporters that the club will only be sold on the basis of a constructive and realistic offer for the company and secondly, and as importantly, can prove that they have the resource, determination, and business acumen to allow Heart of Midlothian to prosper in future years.


The Board has, post year end, offered supporters the opportunity to take an increased share of the club which could lead to an outright purchase of the club in the future. The club is delighted with the positive response received and this gives it confidence that supporter ownership can be a viable proposition for the club. The Board can assure supporters that any structured and realistic offer presented to the Board by an organised and professionally constituted supporter organisation will be treated seriously.


We remain resolute and due to the commitment of all those associated with the club we are cautiously optimistic about the future of the business. This resolve and commitment will be particularly essential as we move forward given that the club can no longer depend on the support that it has received in previous years from UAB Ukio Banko Investicine Grupe ("UBIG").


It is crucial that everyone with the interests of the club at heart continues to back the team and we hope that this year's season ticket sales and match day ticket sales will show that the club can have a positive outlook going into the new season.


Finally, the Board would like to express its thanks to the employees, players, supporters, shareholders and other associates such as sponsors, commercial and community partners who continue to support the business.


Notes:


Full sets of the 2012 Annual Accounts will be arriving with shareholders from this morning (Saturday 4th May 2013).


The club AGM is scheduled for Thursday 23rd May 2013. This is only open to existing shareholders.


New shareholders, including those from the October to December 2012 share issue, will receive their shareholders' packs a few weeks after the AGM and will be entitled to attend future AGMs

[Benny Brazil]

We continue, however, to work with the City of Edinburgh Council and business partners in order to deliver a stadium befitting of a top European football team playing in one of the world's finest capital cities.


Hmmm.......

[grunt]

Interesting use of the word "recent" there when describing the game against Spurs. Almost 21 months ago.

[Northernhibee]

Love how their official statement is 'debt increased...new stadium...5-1'.

[Phil D. Rolls]

"Best young players", "biggest clubs in Britain", "top European team".

Says who? That's right, the Yams themselves. Nobody else.

It is believing nonsense like that which led them to the mess they are in. If they could just accept they are ordinary, then they could start making realistic plans.

As it stands, they have learned nothing and seem determined to ignore the rest of the planet. Madness, we all know what Einstein said about that: "doing the same thing over and over again and expecting a different result".

[Gus Fring]

"During the period there has been mention of Heart of Midlothian being for sale. The Board can assure supporters that the club will only be sold on the basis of a constructive and realistic offer for the company and secondly, and as importantly, can prove that they have the resource, determination, and business acumen to allow Heart of Midlothian to prosper in future years"

Doesn't sound to me like they are actively looking to sell? Sounds more like "Aye, we'll sell if we get a decent offer but we might as well hang on to it the now"

[21.05.2016]

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Love how their official statement is 'debt increased...new stadium...5-1'.

Aye thats it just say 5-1 and all the problems disappear

[Phil D. Rolls]

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"During the period there has been mention of Heart of Midlothian being for sale. The Board can assure supporters that the club will only be sold on the basis of a constructive and realistic offer for the company and secondly, and as importantly, can prove that they have the resource, determination, and business acumen to allow Heart of Midlothian to prosper in future years"

Doesn't sound to me like they are actively looking to sell? Sounds more like "Aye, we'll sell if we get a decent offer but we might as well hang on to it the now"

Pay no attention to that man behind the curtain.

[21.05.2016]

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"Best young players", "biggest clubs in Britain", "top European team".

Says who? That's right, the Yams themselves. Nobody else.

It is believing nonsense like that which led them to the mess they are in. If they could just accept they are ordinary, then they could start making realistic plans.

As it stands, they have learned nothing and seem determined to ignore the rest of the planet. Madness, we all know what Einstein said about that: "doing the same thing over and over again and expecting a different result".

I totally agree. Their delusion and arrogance has contributed to the mess they are in. Their complete denial and failure to live in the real world has been a god send for Vlad and co as for years they have got away with spinning them any old bull**** because the muppets just swallow it. Any other set of fans would have seen through the lies and took action but no the jams just hung on every word and lived in merry old Vlad land. I remember jambos absolutely creaming themselves at the start of the Vlad era when he promised them world cup stars, huge 5 star multi-plex stadium, SPL titles and even a Champions league trophy in 10 years! Anybody with half a brain cell and even the slightest grip with the real world can see that those promises were simply ludicrous but no not our jambo friends.

Their "big team wee team" bull**** sums them up for what they really are and that is small minded, arrogant, deluded muppets. Let them carry on thinking they are a big huge superpower club, that kind of delusion will only make their downfall all the harder and funnier!

[One Day Soon]

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I'm very surprised the accounts are out in the current circumstances - they'll make interesting reading (for me at any rate) and I'll offer some comments once I've seen them.

This does suggest that a planned administration isn't on the cards for the next few weeks though - they probably wouldn't have issued the accounts if it was.

As a side note this is for the year they won the big cup and they're reporting a £1.65m loss. When Hibs won the wee cup we reported a £7.5m profit.

The pro-Yam grouping outside the club are sitting on a cash pile of over £5 million and they believe they can get the club for that and perhaps even less.
They have, not surprisingly, been speaking to everyone under the sun to look for funding and support.

I am somewhat concerned by the reference in their accounts to the potential to bring thousands more visitors into the city:

"Our stadium development plans continue to be an aim which will benefit the club, the city and the game of football in Scotland. And the requirement for a new stadium development whether that be at Tynecastle or elsewhere in the city has never been more evident than the recent European matches against English Premiership clubs Tottenham Hotspur and Liverpool when the club could have sold thousands more tickets and attracted thousands more visitors to the city if it had a suitable stadium facility."

This is the kind of language that is used in broad and nebulous terms by Councils and politicians - not by football clubs.

If I were putting together a rescue package I would be looking to use my £5 million to buy the club for that or less seeking to use the balance to clear some residual debt and/or as working capital for next season (given that season ticket revenue will be shipped off to HMRC) and seeking a solution to the stadium challenge which involved the Council either supplying an interim facility (Meadowbank?) or giving financial guarantees on a new community stadium elsewhere in the city as a way around spending actual Council capital on a stadium. If I were doing all that and I was in conversation with a variety of parties - including Council people - then the tourism visitors cobblers above is precisely the sort of broader language of justification I would expect to start to see being wheeled into play just now.

[greenginger]

What are the Auditors saying about the " going Concern " nature of the business ?

[MrSmith]

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What are the Auditors saying about the " going Concern " nature of the business ?

I might be ok for that period. From what I read it is to June 2012 so, perhaps evidence of technicality or play on dates just to get over a time period?? However no way can it be a going concern from June 2012 to June 2013!

Joke anyway! Historic 5-1 victory over city rivals - is that it?? @allisbary again with the hordes!

[clerriehibs]

phannies - esp #allisbarry when he gets round to 'reporting' this, verbatim.

[Keith_M]

Apparently, the first draft of the statement was considered not to be acceptable to their fans

"......if it had a suitable stadium facility, like our local rivals Hibernian"

[clerriehibs]

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Apparently, the first draft of the statement was considered not to be acceptable to their fans

"......if it had a suitable stadium facility, like our local rivals Hibernian"

Local rivals? They're not even on our planet anymore!

[MrSmith]

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Local rivals? They're not even on our planet anymore!

It reads to me as if its a combination or culmination of three different statements!! Flatter to deceive is my take on it!!

[Kato]

I've seen less spin on two goes of the Waltzers.

[adhibs]

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The pro-Yam grouping outside the club are sitting on a cash pile of over £5 million and they believe they can get the club for that and perhaps even less.
They have, not surprisingly, been speaking to everyone under the sun to look for funding and support.

Who's this group? Guessing not FOH after their begging bowl letters

[Dashing Bob S]

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Well, I'm with Murray the MP, AllIsBarry and Rolland (the scotsman commenter) Rat on this one. Serious political pressure WILL be brought to bear to ensure the survival of Hearts.

What you lot don't seem to appreciate is that the security of Europe, nay the World, depends on a stong Hearts. Over here in Germany, they are secretly re-arming, in the knowledge that the only organisation that stopped them winning the LAST two world wars may soon be defunct.

They know, as I'm sure everyone else does, that without hearts to save us once again, the Germans WILL be victorious this time.


You have been warned!!!

So true. Surprised nobody has mentioned that the ascendancy of the German clubs in the CL has coincided with Hearts financial problems and general decline. Without the thick maroon line of 400,000 to protect us we'll soon be reduced to drinking proper beer instead of Tennents and dressing in Hugo Boss.

[allezsauzee]

A fiver to get in at the PBS today. It will be interesting to see how many of their loyal supporters are willing to spend that much to watch their team.

[Caversham Green]

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I might be ok for that period. From what I read it is to June 2012 so, perhaps evidence of technicality or play on dates just to get over a time period?? However no way can it be a going concern from June 2012 to June 2013!

Joke anyway! Historic 5-1 victory over city rivals - is that it?? @allisbary again with the hordes!

No, the going concern aspect relates to the company's ability to continue trading for the foreseeable future, which is usually considered to be a year from the date of signing the audit report.

That means that if the report was signed yesterday the auditors believe HoMFC will be able to continue trading until 2 May 2014 - subject to any qualifications they make. It's those qualifications that will be interesting (the date of signature may also be relevant).

[Kevvy1875]

'BBC Scotland reporter Clive Lindsay at Tynecastle: "Hearts' hopes of a sell-out as a result of reduced admission prices look unlikely to be realised. At kick-off, there are still big gaps in the stands. However, it looks like a fairly healthy crowd - and no doubt a lot bigger than would have been here otherwise."

[Sanger]

Today's announcement that Hearts debt stands at just over £25 million means the real debt is over £47 million as £12m & £10m if debt converted into shares that UBIG held but now a claim against the original UB loan to UBIG. Will the administrator accept £2 million for £47 million of debt?