Share Transfers Agreed/Cooling off period

[Spike Mandela]

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... that's straight out of the David Murray book of Due Diligence.

Thought due diligence Came after preferred bidder was announced.

[07hibee]

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11,000 ST holders bumped, 7,000 walk-ups = 18,000 attendance although their capacity is a lot less

Any idea why they do that ?is it something financial,or just to big themselves up?

[CropleyWasGod]

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Thought due diligence Came after preferred bidder was announced.

It's a 2 way thing.

BDO have to examine the Proof of Funding, to satisfy themselves that it's reasonable etc etc.

Once the Preferred Bidder is identified, that bidder has to carry out their own DD work, to establish what exactly they are buying.

[Allant1981]

Im probably being really daft and have missed something when on my hols but has danny wilson signed for them, just been reading the paper on how he has been out injured but is hoping to be back playing soon

[CropleyWasGod]

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Im probably being really daft and have missed something when on my hols but has danny wilson signed for them, just been reading the paper on how he has been out injured but is hoping to be back playing soon

Yes he has.

[greenginger]

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It's a 2 way thing.

BDO have to examine the Proof of Funding, to satisfy themselves that it's reasonable etc etc.

Once the Preferred Bidder is identified, that bidder has to carry out their own DD work, to establish what exactly they are buying.

At what point does the Ukio Admin. get to say, " sorry folks, thats not enough ", or " I'm sure the Lith. tax payers will be delighted to receive a pittance for the £ 70 million fraud ".

[Allant1981]

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Yes he has.

Again just being daft but how do they get to sign a player while in admin

[CropleyWasGod]

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At what point does the Ukio Admin. get to say, " sorry folks, thats not enough ", or " I'm sure the Lith. tax payers will be delighted to receive a pittance for the £ 70 million fraud ".

They can probably say that at any time. They could even say it now.

Whilst the bidder is doing their due diligence work, BDO will be trying to negotiate a higher price from the bidder and a lower price from the seller. I have no idea how far apart they are, but it's probably a long way.

[Hibbyradge]

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Again just being daft but how do they get to sign a player while in admin

How long were you on holiday for?

[CropleyWasGod]

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Again just being daft but how do they get to sign a player while in admin

They found a way to get round the rules, which basically was about "extending" his registration rather than registering a new one.

[Allant1981]

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How long were you on holiday for?

I really have no idea how i missed this!!

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They found a way to get round the rules, which basically was about "extending" his registration rather than registering a new one.

Cheers, i must have been on a different planet the last wee while!!

[jacomo]

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Proof of funding to be in BDO's possession by tomorrow.

http://www.scotsman.com/sport/footba...ding-1-3010061

From that article:

FoH have put forward £2 million for a Company Voluntary Agreement, with £3.75 million, through a monthly direct debit scheme, available for working capital.

Is that £3.75m for working capital for the first 12 months, or longer? Because if it's £3.75m a year, and they have 6,000 people signed up, each would be paying £625 a year, or just over £52 a month.

That seems very high to me.

[SurferRosa]

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Again just being daft but how do they get to sign a player while in admin

`Coz the SFA said he`d been signed before the ban. He hadn`t though, as they`d prevented his registration. Came up with some guff about his loan lasting till 31st July.....instead of till after his final game like every other loan deal.

They then allowed Hearts to register him despite then being under a registration ban, IIRC.

"The SFA......where rules dont mean a thing".

[jacomo]

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`Coz the SFA said he`d been signed before the ban. He hadn`t though, as they`d prevented his registration. Came up with some guff about his loan lasting till 31st July.....instead of till after his final game like every other loan deal.

They then allowed Hearts to register him despite then being under a registration ban, IIRC.

"The SFA......where our rules dont mean a thing".

Yes it was a total nonsense. I think the SFA said Hearts had simply extended his contract, which was rubbish. In fact, Wilson had a contract with Liverpool which expired at the end of June, and his new contract with Hearts had not started when the company went into admin.

I think they probably just wanted to placate the Yammish hordes - potential for ugly scenes if that lot get organised.

[Saorsa]

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Yes it was a total nonsense. I think the SFA said Hearts had simply extended his contract, which was rubbish. In fact, Wilson had a contract with Liverpool which expired at the end of June, and his new contract with Hearts had not started when the company went into admin.

I think they probably just wanted to placate the Yammish hordes - potential for ugly scenes if that lot get organised.

It'd be an ugly scene if there was just one of them

[Spike Mandela]

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From that article:



Is that £3.75m for working capital for the first 12 months, or longer? Because if it's £3.75m a year, and they have 6,000 people signed up, each would be paying £625 a year, or just over £52 a month.

That seems very high to me.

It will be season ticket money plus a pledge over and above. Nice in theory.

[SurferRosa]

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Yes it was a total nonsense. I think the SFA said Hearts had simply extended his contract, which was rubbish. In fact, Wilson had a contract with Liverpool which expired at the end of June, and his new contract with Hearts had not started when the company went into admin.

I think they probably just wanted to placate the Yammish hordes - potential for ugly scenes if that lot get organised.

Indeed. Under these new rules, we should have insisted that Leighs loan hadn`t expired after the cup final but lasted until the end of July and he could have played in the Malmo tie...

Given that loan deals now appear to last all through the summer....

[Mr White]

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Indeed. Under these new rules, we should have insisted that Leighs loan hadn`t expired after the cup final but lasted until the end of July and he could have played in the Malmo tie...

Given that loan deals now appear to last all through the summer....

It was to do with registration with the sfa though, not his contract with Liverpool or the length of the loan agreement- it's a separate thing.

[nribs]

Do you pay VAT/Tax on a jambo pledge? It seems all the jambos reckon they have around 6k pledgers at roughly £20 giving them £1.4m per year. Surely not every penny in every pound can go into the Hearts coffers? ?

[jacomo]

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It'd be an ugly scene if there was just one of them

[CropleyWasGod]

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Do you pay VAT/Tax on a jambo pledge? It seems all the jambos reckon they have around 6k pledgers at roughly £20 giving them £1.4m per year. Surely not every penny in every pound can go into the Hearts coffers? ?

If it's a loan or a gift, then there is no VAT or Corporation Tax due.

[jacomo]

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It will be season ticket money plus a pledge over and above. Nice in theory.

Oh ok. So in your bid you include money that the club has already brought in? "Buying it from themselves", perhaps?

[nribs]

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If it's a loan or a gift, then there is no VAT or Corporation Tax due.

Surely we have this all wrong then? Why are we selling season tickets when we could ask people to give us the price of a season ticket as a gift and as a way of a thank you we could allow them into see a football match?

[Treadstone]

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Do you pay VAT/Tax on a jambo pledge? It seems all the jambos reckon they have around 6k pledgers at roughly £20 giving them £1.4m per year. Surely not every penny in every pound can go into the Hearts coffers? ?

Every penny won't go into the Yams coffers. If successful with their bid they will have to pay back the individual(s) who ponied up the initial £2m. I'm assuming that interest will have to be paid too. The interest will likely be sky high (loan issued with no security against it and untried membership scheme). Wait till that sh*tnugget hits the pledgers.
All of the above conditional on their paltry effort of a bid being accepted.

[Hibee87]

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From that article:



Is that £3.75m for working capital for the first 12 months, or longer? Because if it's £3.75m a year, and they have 6,000 people signed up, each would be paying £625 a year, or just over £52 a month.

That seems very high to me.

its over 3 years as is the other bif from the trogladyte

[GlasgowHibee]

First post so be nice, long time reader of the forum and in particular this thread.

I hope these ****ers rot in hell!

[kdhibees1]

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First post so be nice, long time reader of the forum and in particular this thread.

I hope these ****ers rot in hell!

My sentiments exactly!!

[southsider]

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My sentiments exactly!!

Welcome. Good first post

[Dashing Bob S]

The Yam cake bakes are an attempt to form an enterprise not only as profitable as Gregg's, but eventually drive them out of business. Thus the Jambos would be able to control the rumour market, destabilizing every rival club.

It's probably the mostt coherent and viable business strategy for rescuing them I've heard so far.

[clerriehibs]

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First post so be nice, long time reader of the forum and in particular this thread.

I hope these ****ers rot in hell!

ltyf