Share Transfers Agreed/Cooling off period

[Spike Mandela]

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

This is where I'm struggling. BDO must know about the frozen assets and yet appear to be carrying on as if it's not a problem? Are they going to proceed all the way to the end of the process and then turn round to the prospective seller and say 'woops, we actually can't sell, sorry about that'.
It doesn't make sense that they have not acknowledged that there is a potential problem?

It would seem a rather fraudulent stance if this were the case, no?

[CropleyWasGod]

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

It would seem a rather fraudulent stance if this were the case, no?

How would it be so? The buyers know what the position is, so how are they being defrauded?

[Dashing Bob S]

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

Trevor Birch did last week.

Part of their job, to make the administration work, is to take possession of the shares. They will be trying to do that at the moment.

Any knowledgeable buyer will be aware of the share problems and they will be asking the same question.

How will the assets being frozen by the Lithuanian state authorities effect BDO's progress?

[CropleyWasGod]

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

How will the assets being frozen by the Lithuanian state authorities effect BDO's progress?

It means that they can't take possession of the shares owned by UBIG. Without them, a sale of the shares can't happen.

[Spike Mandela]

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

Trevor Birch did last week.

Part of their job, to make the administration work, is to take possession of the shares. They will be trying to do that at the moment.

Any knowledgeable buyer will be aware of the share problems and they will be asking the same question.

But why then invite bids on such a short timescale of 12th July if it is so complex? Is this possibly when BDO will know for certain from Lithuania if they can sell assets?

[CropleyWasGod]

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

But why then invite bids on such a short timescale of 12th July if it is so complex? Is this possibly when BDO will know for certain from Lithuania if they can sell assets?

I have 2 theories about that.

The first is that the McKie group wants to get in as soon as possible.... he's made some comments about signing players before the start of the season. If they don't get a bid accepted quickly, I think they will pull out. Hence, BDO have to maximise the chance of a decent bid from them at least.

The second, less likely, notion is that BDO may have an inkling that the shares WON'T be available any time soon. They might therefore want to get the process over and done with sooner rather than later, as there would be little point persisting with the administration.

[Liberal Hibby]

Would BDO be able to do a deal for Hearts as a going concern? By that I mean - they've stripped out the high earners, cut their cost and other things being equal would turn a profit. Except they have loans to Ukio that they need to pay interest and capital on.

So if a consortium could get the finance together to meet these overheads could they buy the name and entity (or whatever it is called) of the club - while the renting the remaining assets (ie Tynie) while its ownership was resolved/criminal investigations run their course etc...

[Judas Iscariot]

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

Sadly this leaves Hearts with a semi decent back five of MacDonald - PlSH, Hamill - PlSH, Wilson - PlSH, McGowan - PlSHER and McHattie - Even Mare PlSHER.

I say SEMI decent but it's still irritating how that particular area is - as usual - the only one that isn't completely decimated, unlike their midfield (Ryan Stevenson and some "wonderkids") and their attack (David Smith, Dale Carrick and Billy King - 0 goals between them). I can see them trying their best to shut us out next derby.

Semi decent?!

Steady on

[Liberal Hibby]

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

Maybe the captaincy is a bit of a sweetener so he doesn't start forcing a move elsewhere?

Maybe the captaincy is a bit of a sweetener to up his sale price?

[flash]

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

Sadly this leaves Hearts with a semi decent back five of MacDonald, Hamill, Wilson, McGowan and McHattie.

I say SEMI decent but it's still irritating how that particular area is - as usual - the only one that isn't completely decimated, unlike their midfield (Ryan Stevenson and some "wonderkids") and their attack (David Smith, Dale Carrick and Billy King - 0 goals between them). I can see them trying their best to shut us out next derby.

That's a dreadful defence.

[Just Alf]

from Brokeback

BDO have published "Business for sale" Heart of Midlothian plc in yesterdays Financial Times. Interestingly it states:

"... the business and assests ............ including the brand and freehold stadium"

It goes on:

" Founded in 1874, with 16 league and cup wins
Freehold of 17,500 all seater Tynecastle Stadium
Average attendance of c. 13,000, with a loyal fan base including c. 10,000 season ticket holders
Heart of Midlothian Football Club brand and associated goodwill
Squad of 22 players, together with a highly skilled, loyal and experienced workforce"

Formal offers by 5.00pm on Friday 12 July 2013.

[CropleyWasGod]

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

from Brokeback

Interestingly, that was posted on here last week. It was taken down as it appeared to be confidential.

[cocopops1875]

Seen him today at hairy twatt (in full training gear number 4 dunno if he had that lat year) workmate gave him a wee smug smile captain Wilson caught his eye put his head down and scurried off, even he is embarrassed

[CropleyWasGod]

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

Would BDO be able to do a deal for Hearts as a going concern? By that I mean - they've stripped out the high earners, cut their cost and other things being equal would turn a profit. Except they have loans to Ukio that they need to pay interest and capital on.

So if a consortium could get the finance together to meet these overheads could they buy the name and entity (or whatever it is called) of the club - while the renting the remaining assets (ie Tynie) while its ownership was resolved/criminal investigations run their course etc...

If they buy the name, through a new company, that's the same as the Rangers situation. The new company would have to apply to the SPFL and the SFA for a new membership.

[Part/Time Supporter]

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

from Brokeback

"Brand and assets" sounds like they aren't even trying to sell the existing company. If my understanding of that phrase is correct they will instead sell the "Hearts" business and assets from the existing company to a new company. Which would then leave them open to punishments at the discretion of the SPFL. Of course Rangers would then demand that "Hearts" should be put into the bottom division, because it would be practically the same as what happened to them.

[Geo_1875]

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

The ground, though, is owned by Hearts. In theory, that could be sold, as long as the proceeds went to UKIO.

It's the shares, though, that are un-sellable.

But couldn't the UKIO admins block a sale that didn't cover their security?

[CropleyWasGod]

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

"Brand and assets" sounds like they aren't even trying to sell the existing company. If my understanding of that phrase is correct they will instead sell the "Hearts" business and assets from the existing company to a new company. Which would then leave them open to punishments at the discretion of the SPFL. Of course Rangers would then demand that "Hearts" should be put into the bottom division, because it would be practically the same as what happened to them.

Have you seen the actual ad? I'm intrigued now.

[CB_NO3]

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

But couldn't the UKIO admins block a sale that didn't cover their security?

I dont think they could block the sale but could demand the 8m (which i believe is the value of the site in security to the debt) anytime.

[Part/Time Supporter]

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

Have you seen the actual ad? I'm intrigued now.

No, I was just responding to what was in the post above. I would like to see the full wording as well.

[Waxy]

The speed at which BDO are doing this also suggests they think hearts could be relegated to the bottom and have been told to sort it out sharpish by the spfl.

[St.Kristopher]

All of us who live in Edinburgh South can relax again, looks like Ian Murray is catching up on all the time he has wasted with the Hearts Foundation and is back to real parlimentery business again:

Who ate all the burgers?

[CropleyWasGod]

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

I dont think they could block the sale but could demand the 8m (which i believe is the value of the site in security to the debt) anytime.

It's £6.8m fixed charge over the property, and a floating charge over all of the assets.

[Just Alf]

found the add online

http://www.businessesforsale.com/ft/...ub-Assets.aspx


Business description

Joint Administrators of Heart of Midlothian plc offer for sale
the business and assets of this Edinburgh-based
Scottish Premier League football club, including the
brand and freehold stadium.

- Founded in 1874, with 16 League and Cup wins

- Freehold of 17,500 all-seater Tynecastle Stadium

- Average attendance of c.13,000, with a loyal fan base including
c.10,000 season ticket holders

- Heart of Midlothian Football Club brand and associated goodwill

- Squad of 22 players, together with a highly skilled, loyal and experienced workforce

Formal offers should be submitted to the Joint Administrators
by 5pm on Friday 12 July 2013.

Please use the 'Contact Seller' form for more information

[Craig_in_Prague]

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

found the add online

http://www.businessesforsale.com/ft/...ub-Assets.aspx


Business description

Joint Administrators of Heart of Midlothian plc offer for sale
the business and assets of this Edinburgh-based
Scottish Premier League football club, including the
brand and freehold stadium.

- Founded in 1874, with 16 League and Cup wins

- Freehold of 17,500 all-seater Tynecastle Stadium

- Average attendance of c.13,000, with a loyal fan base including
c.10,000 season ticket holders

- Heart of Midlothian Football Club brand and associated goodwill

- Squad of 22 players, together with a highly skilled, loyal and experienced workforce

Formal offers should be submitted to the Joint Administrators
by 5pm on Friday 12 July 2013.

Please use the 'Contact Seller' form for more information

Asking price - available on request

c'mon folks, someone has got to find out :-)

not really sure if this 'advert' indicates anything good/bad right now... (?)

whoring themselves though, desperate trash.

[Waxy]

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

found the add online

http://www.businessesforsale.com/ft/...ub-Assets.aspx


Business description

Joint Administrators of Heart of Midlothian plc offer for sale
the business and assets of this Edinburgh-based
Scottish Premier League football club, including the
brand and freehold stadium.

- Founded in 1874, with 16 League and Cup wins

- Freehold of 17,500 all-seater Tynecastle Stadium

- Average attendance of c.13,000, with a loyal fan base including
c.10,000 season ticket holders

- Heart of Midlothian Football Club brand and associated goodwill

- Squad of 22 players, together with a highly skilled, loyal and experienced workforce

Formal offers should be submitted to the Joint Administrators
by 5pm on Friday 12 July 2013.

Please use the 'Contact Seller' form for more information

£70 ono

[Treadstone]

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

£70 ono

£51 or £19.02

[Waxy]

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

found the add online

http://www.businessesforsale.com/ft/...ub-Assets.aspx


Business description

Joint Administrators of Heart of Midlothian plc offer for sale
the business and assets of this Edinburgh-based
Scottish Premier League football club, including the
brand and freehold stadium.

- Founded in 1874, with 16 League and Cup wins

- Freehold of 17,500 all-seater Tynecastle Stadium

- Average attendance of c.13,000, with a loyal fan base including
c.10,000 season ticket holders

- Heart of Midlothian Football Club brand and associated goodwill

- Squad of 22 players, together with a highly skilled, loyal and experienced workforce

Formal offers should be submitted to the Joint Administrators
by 5pm on Friday 12 July 2013.

Please use the 'Contact Seller' form for more information

Was this on ebay or gumtree?

[Part/Time Supporter]

Thanks, that's quite explicit that they are selling the "business and assets" of Hearts, rather than the shares of the existing HMFC limited company. If you look back at the Rangers stuff from a year ago, Duff & Phelps used the exact same phrasing "business and assets" when describing the sale of Rangers FC to Sevco.

[CropleyWasGod]

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

found the add online

http://www.businessesforsale.com/ft/...ub-Assets.aspx


Business description

Joint Administrators of Heart of Midlothian plc offer for sale
the business and assets of this Edinburgh-based
Scottish Premier League football club, including the
brand and freehold stadium.

- Founded in 1874, with 16 League and Cup wins

- Freehold of 17,500 all-seater Tynecastle Stadium

- Average attendance of c.13,000, with a loyal fan base including
c.10,000 season ticket holders

- Heart of Midlothian Football Club brand and associated goodwill

- Squad of 22 players, together with a highly skilled, loyal and experienced workforce

Formal offers should be submitted to the Joint Administrators
by 5pm on Friday 12 July 2013.

Please use the 'Contact Seller' form for more information

If that is genuine, and I have my doubts, that is the Rangers Newco situation. It's definitely a different ad to the prospectus that was issued last week.

There are some glaring errors in it:-

1. it isn't an SPL club.

2. they wouldn't be if the name was sold as suggested.

[Pedantic_Hibee]

Two German Biscuits and the proceeds of my weekend tombola.