Share Transfers Agreed/Cooling off period

[BroxburnHibee]

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The chat is getting more desperate.


FOUNDATION of Hearts will submit their bid to take control of the club within the next 24 hours.



Edinburgh MP Ian Murray, the fan group’s independent chair, is to lodge what he described as a “credible, affordable and realistic” offer with administrators BDO prior to tomorrow’s 5pm deadline. Today, he urged Hearts fans to help the Foundation seize the moment and take control of their club’s future.

Legal checks on the bid were being done yesterday before it can be presented. The Foundation currently has more than 5000 cash pledges from supporters and access to investors to help with purchasing of shares in Hearts. Those investors would need to be repaid should the fan-led organisation ultimately gain control.

Other offers could arrive to rival the Foundation but, as of this morning, BDO had yet to receive any. A Scandinavian consortium remains interested in getting involved with the Foundation but, after meeting last night, do not plan to submit their own offer after having a £500,000 bid rejected last month.

The UK-based group fronted by Gordon McKie and Stephen Paterson are also in the background, willing to assist Murray and Foundation of Hearts. Club 9 Sports, the American sports 
management agency, are said to be preparing a bid, but have yet to submit one.

Murray today outlined the opportunity open to Hearts supporters if they back the Foundation, which plans to run the club through a membership scheme. He wants more cash pledges to help secure preferred bidder status before trying to get the club out of administration.

“This is a real chance for Hearts fans to seize the moment,” he told the Evening News. “If they just want to wait for a mysterious ‘white knight’ to come in, that’s all good and well. For every converted pledge we have, the process is an awful lot easier. Don’t wake up on Saturday morning with BDO locking the club up because there are no bids in.

“Hearts are still in the premier league. We have a small squad and we have sanctions to come but we might just have a chance of getting out of this. We have some of the best youngsters in the country and if three or four of them click we might just stave off relegation. Then the future becomes very bright.”

Murray is aware some fans remain unconvinced about the Foundation. “What I’d say to the fans who are still sceptical and haven’t pledged is: By five o’clock tomorrow, if the Foundation of Hearts bid is not in, or we can’t afford it or we decide not to do it, there might not be anybody else. Other potential bidders may or may not be there, it may be just speculation, they may or may not be able to pull their bid together.

“I’m not suggesting any of the other bidders are being inappropriate, all I’m saying is we’re being transparent. We’re going to walk through the doors of Tynecastle before tomorrow’s deadline and give them our bid. It’s the only bid that is really on the table, that is truly transparent and that the fans can truly influence.

“We can fall short of our pledges target, we can reach our target or we can smash it. Personally, I’d much prefer to smash it. If I’ve got 25,000 people paying £100 a month then it makes the process an awful lot easier than having 1000 people at £10 a month. Every single penny given to the Foundation goes back into the club.

“If the fans own the club, the membership then decides what is the future. Once the club is financially stable and any purchasing debt has been paid off, then the club will have a revenue stream to add to its current revenue stream, which tends to be quite profitable anyway. That can be ploughed back into the club.

“The key to all that is you would have to pay off all the capital you might need to purchase the club first. Then you reach a stable financial footing and go from there.”

The Scandinavian consortium released the following statement following last night’s meeting. “The Scandinavian group remain interested in Heart of Midlothian FC, but have decided not to field a separate bid for Heart of Midlothian FC by the deadline set by the joint administrators.

“As Hearts fans first and foremost, they feel it would be inappropriate at this stage to bid against fan driven takeover bids already in place. They wish all bidders best of luck and will continue to monitor the situation and remain available and interested in talking to the club in the future to see how they can contribute to a healthy and stable Heart of Midlothian FC in the long term.”

Desperate and frankly quite obscene.

[CropleyWasGod]

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I get that next year but that seems to be their ongoing model for fan owership? Keep taking money from fans to spend more cash than they would get from tickets etc?

...which may not be a bad model, if there was a consistent (and reliable) core of fan payment. More income from fans = more investment on the park.

It's not a model I would like to follow, though.

[I'm_cabbaged]

#allisbarry is back!! Remember folks, he's the one to follow for the truth in this shambolic affair.

[HUTCHYHIBBY]

"credible, affordable and realistic offer" perhaps in FoH's eyes, I doubt The Lith's will be falling over themselves to accept.

[Treadstone]

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The chat is getting more desperate.
FOUNDATION of Hearts will submit their bid to take control of the club within the next 24 hours....

Ian 'I'm an MP' Murray disagreeing with himself.

Don’t wake up on Saturday morning with BDO locking the club up because there are no bids in.

We’re going to walk through the doors of Tynecastle before tomorrow’s deadline and give them our bid.

[Phil D. Rolls]

then the club will have a revenue stream to add to its current revenue stream, which tends to be quite profitable anyway. That can be ploughed back into the club.

Please let them win.

[GraniteCityHibs]

''If I’ve got 25,000 people paying £100 a month''

cloud-cuckoo-land

[Hibbyradge]

Can a bid be accepted when the assets are frozen?

[Fife-Hibee]

25000 fans paying £100 a month ! Hahahahahahahaha

[Craig_in_Prague]

If I drink 10 pints tomorrow instead of 2, I will be more drunk. Or 15 pints, if I prefer to get smashed.
Am I getting this right Ian? I know I'm not an MP...
25000 hahaha, thought they had 400,000 fans.

[StevieC]

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The Foundation currently has more than 5000 cash pledges from supporters and access to investors to help with purchasing of shares in Hearts. Those investors would need to be repaid should the fan-led organisation ultimately gain control.


If I’ve got 25,000 people paying £100 a month then it makes the process an awful lot easier than having 1000 people at £10 a month.

Two quotes that I've picked out ..

The first suggests that they have someone willing to put up a loan (exactly how much is open to debate) as they know that they do not have the ability to meet the financial demands for a succesful bid. I suspect that this would put the person that gives them the loan the ones in command and the "fan led" bid would become "fan funded" bid as the monthly donations would simply go towards the repayment of the loan. Where that leaves them for working capital is anybodies guess (unless it is a defered repayment).

The second quote suggests that they may actually be sitting at no more than 1,000 "converted" pledges. If not, why would they give this figure? Surely you would give the lowest figure that you have converted to show that you are pretty close to what is needed?

[Seveno]

In the EEN, Murray states :

“If the fans own the club, the membership then decides what is the future. Once the club is financially stable and any purchasing debt has been paid off, then the club will have a revenue stream to add to its current revenue stream, which tends to be quite profitable anyway. That can be ploughed back into the club.
“The key to all that is you would have to pay off all the capital you might need to purchase the club first. Then you reach a stable financial footing and go from there.”

So they are borrowing money to buy the club which will then have to be paid back by the DD scheme before they have any money to actually run the club. In a weaker moment, I could almost feel sorry for the deluded Yamboids. But only 'almost'.

[Hibbyradge]

Maybe the Scottish Government will make a bid for Tynecastle after all.

http://www.bbc.co.uk/news/uk-scotland-23255326

[ScottB]

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The chat is getting more desperate.


FOUNDATION of Hearts will submit their bid to take control of the club within the next 24 hours.



Edinburgh MP Ian Murray, the fan group’s independent chair, is to lodge what he described as a “credible, affordable and realistic” offer with administrators BDO prior to tomorrow’s 5pm deadline. Today, he urged Hearts fans to help the Foundation seize the moment and take control of their club’s future.

Legal checks on the bid were being done yesterday before it can be presented. The Foundation currently has more than 5000 cash pledges from supporters and access to investors to help with purchasing of shares in Hearts. Those investors would need to be repaid should the fan-led organisation ultimately gain control.

Other offers could arrive to rival the Foundation but, as of this morning, BDO had yet to receive any. A Scandinavian consortium remains interested in getting involved with the Foundation but, after meeting last night, do not plan to submit their own offer after having a £500,000 bid rejected last month.

The UK-based group fronted by Gordon McKie and Stephen Paterson are also in the background, willing to assist Murray and Foundation of Hearts. Club 9 Sports, the American sports 
management agency, are said to be preparing a bid, but have yet to submit one.

Murray today outlined the opportunity open to Hearts supporters if they back the Foundation, which plans to run the club through a membership scheme. He wants more cash pledges to help secure preferred bidder status before trying to get the club out of administration.

“This is a real chance for Hearts fans to seize the moment,” he told the Evening News. “If they just want to wait for a mysterious ‘white knight’ to come in, that’s all good and well. For every converted pledge we have, the process is an awful lot easier. Don’t wake up on Saturday morning with BDO locking the club up because there are no bids in.

“Hearts are still in the premier league. We have a small squad and we have sanctions to come but we might just have a chance of getting out of this. We have some of the best youngsters in the country and if three or four of them click we might just stave off relegation. Then the future becomes very bright.”

Murray is aware some fans remain unconvinced about the Foundation. “What I’d say to the fans who are still sceptical and haven’t pledged is: By five o’clock tomorrow, if the Foundation of Hearts bid is not in, or we can’t afford it or we decide not to do it, there might not be anybody else. Other potential bidders may or may not be there, it may be just speculation, they may or may not be able to pull their bid together.

“I’m not suggesting any of the other bidders are being inappropriate, all I’m saying is we’re being transparent. We’re going to walk through the doors of Tynecastle before tomorrow’s deadline and give them our bid. It’s the only bid that is really on the table, that is truly transparent and that the fans can truly influence.

“We can fall short of our pledges target, we can reach our target or we can smash it. Personally, I’d much prefer to smash it. If I’ve got 25,000 people paying £100 a month then it makes the process an awful lot easier than having 1000 people at £10 a month. Every single penny given to the Foundation goes back into the club.

“If the fans own the club, the membership then decides what is the future. Once the club is financially stable and any purchasing debt has been paid off, then the club will have a revenue stream to add to its current revenue stream, which tends to be quite profitable anyway. That can be ploughed back into the club.

“The key to all that is you would have to pay off all the capital you might need to purchase the club first. Then you reach a stable financial footing and go from there.”

The Scandinavian consortium released the following statement following last night’s meeting. “The Scandinavian group remain interested in Heart of Midlothian FC, but have decided not to field a separate bid for Heart of Midlothian FC by the deadline set by the joint administrators.

“As Hearts fans first and foremost, they feel it would be inappropriate at this stage to bid against fan driven takeover bids already in place. They wish all bidders best of luck and will continue to monitor the situation and remain available and interested in talking to the club in the future to see how they can contribute to a healthy and stable Heart of Midlothian FC in the long term.”

So, key points for me:


Does he genuinely think there are no other serious bidders in play, or is he just trying to ensure FoH come out on top for his own ego purposes?

I'm guessing they are currently on course to miss their target.

The Scandinavians are back! But seem only interested in investing once the club has emerged from the current mess. So they're useless in effect.

Is the BDO locking the gates line a threat to bully fans into converting their pledges (4,000 pledges already converted... Aye right, isn't that the original total of pledgers including all the Hibs joke ones?) or has he been told by BDO it's curtains if no suitable bids are lodged tomorrow?

[JeMeSouviens]

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In the EEN, Murray states :

“If the fans own the club, the membership then decides what is the future. Once the club is financially stable and any purchasing debt has been paid off, then the club will have a revenue stream to add to its current revenue stream, which tends to be quite profitable anyway. That can be ploughed back into the club.
“The key to all that is you would have to pay off all the capital you might need to purchase the club first. Then you reach a stable financial footing and go from there.”

So they are borrowing money to buy the club which will then have to be paid back by the DD scheme before they have any money to actually run the club. In a weaker moment, I could almost feel sorry for the deluded Yamboids. But only 'almost'.

... and if they got that far, all they have left to do is sign an actual team and rebuild their crumbling main stand. Simples.

[ScottB]

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In the EEN, Murray states :

“If the fans own the club, the membership then decides what is the future. Once the club is financially stable and any purchasing debt has been paid off, then the club will have a revenue stream to add to its current revenue stream, which tends to be quite profitable anyway. That can be ploughed back into the club.
“The key to all that is you would have to pay off all the capital you might need to purchase the club first. Then you reach a stable financial footing and go from there.”

So they are borrowing money to buy the club which will then have to be paid back by the DD scheme before they have any money to actually run the club. In a weaker moment, I could almost feel sorry for the deluded Yamboids. But only 'almost'.

Surely as a club recently exited from administration, or as a newco, nobody will even offer them a bank account, nevermind a loan?

[Waxy]

I wonder what's the worst that could happen for them this weekend?
Could the gates get padlocked?

[CropleyWasGod]

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I wonder what's the worst that could happen for them this weekend?
Could the gates get padlocked?

Very unlikely.

As I said earlier, it's likely that there will be little news of any substance until the beginning of the week.

[Treadstone]

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I wonder what's the worst that could happen for them this weekend?
Could the gates get padlocked?

As CWG says, but expect more rhetoric from FoH at the weekend.

[Billy Whizz]

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Very unlikely.

As I said earlier, it's likely that there will be little news of any substance until the beginning of the week.

Hibs better not put the derby tickets on sale yet.......

[JeMeSouviens]

I think BDO hope the process will be:

- get a bunch of bids in by tomorrow, throw away the worst of the bargain hunters
- negotiate/work with what's left to get at least close to something they think creditors will accept (iirc, Ukio's liquidator, Valnetas, is also a BDO group company or has some formal relationship with them, so BDO should be as well informed as an admin can be).
- name one of them as preferred bidder, work on detail of bid to satisfaction of secured creditors
- put CVA proposal to unsecured creditors

All that should take a fair bit of time and of course exit via CVA requires the UBIG situation to be resolved.

[brog]

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Two quotes that I've picked out ..

The first suggests that they have someone willing to put up a loan (exactly how much is open to debate) as they know that they do not have the ability to meet the financial demands for a succesful bid. I suspect that this would put the person that gives them the loan the ones in command and the "fan led" bid would become "fan funded" bid as the monthly donations would simply go towards the repayment of the loan. Where that leaves them for working capital is anybodies guess (unless it is a defered repayment).

The second quote suggests that they may actually be sitting at no more than 1,000 "converted" pledges. If not, why would they give this figure? Surely you would give the lowest figure that you have converted to show that you are pretty close to what is needed?

I think you're on the right track here. I also love the quote about buying shares, what shares? There's a million £ worth of share certificates sitting in Vlad's back room already!
Separately I don't believe there will be any credible bids by tomorrow. FoH are well meaning but have no business plan & I can't see how BDO would be fulfilling their statutory obligations by accepting a bid based on dribs & drabs of sweeties coming in at irregular intervals. The others sniffing around are the usual cowboys/predators/asset strippers looking to make a quick buck & their bids (if any ) will be pitifully low. Nope, end game now very close, liquidation for Yams, fizzy liquids for Hobos!

[Bad Martini]

ENDOF :cool:

[Seveno]

The process tomorrow will be as follows :

1700 - Deadline for bids comes into effect.
1705 - BDO open the envelope containing the bid from FoH.
1710 - BDO analyse bid.
1715 - BDO collapse on the floors in fits of laughter.
1720 - BDO phone Lithuania
1725 - Translator tells BDO that message from Lithuania is along the lines of 'GTF'.
1730 - Gates are padlocked.

[steakbake]

A loan, you say? It'll be okay: it'll be just like owing it to themselves.

[Bad Martini]

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The process tomorrow will be as follows :

1700 - Deadline for bids comes into effect.
1705 - BDO open the envelope containing the bid from FoH.
1710 - BDO analyse bid.
1715 - BDO collapse on the floors in fits of laughter.
1720 - BDO phone Lithuania
1725 - Translator tells BDO that message from Lithuania is along the lines of 'GTF'.
1730 - Gates are padlocked.

1735 - Messrs Locke, Robertson, McKay, pishy breeks and Satan himself all drown in floods of their own tears
1736 - 'mr' Romanov makes himself known ala slugworth at the end of Charlie and the chocolate factory
1737 - 400,000 are seen jumping off the brewery rooftops
1738 - everyone else in Scottish fitba laughs their ***** off
2359 -... Until they can laugh no more
0000 - genesis. new era. One team in Edinburgh :D

ENDOF

[Sanger]

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The process tomorrow will be as follows :

1700 - Deadline for bids comes into effect.
1705 - BDO open the envelope containing the bid from FoH.
1710 - BDO analyse bid.
1715 - BDO collapse on the floors in fits of laughter.
1720 - BDO phone Lithuania
1725 - Translator tells BDO that message from Lithuania is along the lines of 'GTF'.
1730 - Gates are padlocked.

Funny that was my dream last night. No admin in right mind going to accept £1.5m now and £1.5m in direct debits over 3 years. Any Newco including Tynie would cost £5m for Tynie and £1.5 for rest. So a no go. Break up and liquidation. FOH buy club exTynie and look to rent a pitch and apply for div 3. The latter may take a couple of years if ever!

[BurghHibby]

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The process tomorrow will be as follows :

1700 - Deadline for bids comes into effect.
1705 - BDO open the envelope containing the bid from FoH.
1706 - Claude Litner interviews Ian (I'm an MP you know) Murray re bid
1707 - Ian Murray scuttles from room with Litner stating that Jordan was more credible than FoH
1710 - BDO analyse bid.
1715 - BDO collapse on the floors in fits of laughter.
1720 - BDO phone Lithuania
1725 - Translator tells BDO that message from Lithuania is along the lines of 'GTF'.
1730 - Gates are padlocked.

Fixed that for you.

[KdyHby]

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1737 - 400,000 are seen jumping off the brewery
ENDOF

So long as they stay away from the Forth Road Bridge, don't want to be late getting to Kirkcaldy

[s2hart]

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Funny that was my dream last night. No admin in right mind going to accept £1.5m now and £1.5m in direct debits over 3 years. Any Newco including Tynie would cost £5m for Tynie and £1.5 for rest. So a no go. Break up and liquidation. FOH buy club exTynie and look to rent a pitch and apply for div 3. The latter may take a couple of years if ever!

As someone has said before, keep talking like that and I'll have to close the curtains