Share Transfers Agreed/Cooling off period

[IWasThere2016]

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I ****ing hate Hearts.

F*** the c***s!

[Scònaldò]

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F*** the c***s!

Smelly mother ****ing *******s

[Stevie Reid]

http://www.edinburghnews.scotsman.co...sale-1-3033375

I noted this bit: -

Meetings are taking place between BDO and the Foundation as they prepare a second bid. Officials at Valnetas have stated privately that they would be willing to do a deal for around £5m but the Foundation’s cash offer was some way short of that figure.

[CropleyWasGod]

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http://www.edinburghnews.scotsman.co...sale-1-3033375

I noted this bit: -

Meetings are taking place between BDO and the Foundation as they prepare a second bid. Officials at Valnetas have stated privately that they would be willing to do a deal for around £5m but the Foundation’s cash offer was some way short of that figure.

This is the important bit for me:-

“The season ticket money has caused such a massive problem for all of us. If we had been appointed administrators and got the money from 7000 season tickets, then potentially that would take care of the funding gap."

In other words, delaying the administration is what is killing the chances of a deal. Had they gone into administration six months ago, they might have had a better chance of a CVA.

[Spike Mandela]

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http://www.edinburghnews.scotsman.co...sale-1-3033375

I noted this bit: -

Meetings are taking place between BDO and the Foundation as they prepare a second bid. Officials at Valnetas have stated privately that they would be willing to do a deal for around £5m but the Foundation’s cash offer was some way short of that figure.

Let's be honest £5m for stadium, club and forgiveness of debt is an absolute bargain so if anyone is serious about bidding this shouldn't be insurmountable.

[CropleyWasGod]

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Let's be honest £5m for stadium, club and forgiveness of debt is an absolute bargain so if anyone is serious about bidding this shouldn't be insurmountable.

I would agree. However, it's the EEN, so I have my doubts about how genuine that bit is.

[Onion]

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This is the important bit for me:-

“The season ticket money has caused such a massive problem for all of us. If we had been appointed administrators and got the money from 7000 season tickets, then potentially that would take care of the funding gap."

In other words, delaying the administration is what is killing the chances of a deal. Had they gone into administration six months ago, they might have had a better chance of a CVA.

They kept the rancid corpse on life support to avoid the 18 pt penalty which would have relegated them. Then there would be no way they'd sell 10000 STs. Just as there is no way they would have won the cup without Vlads financial doping. A truly horrible club.

[Hibby Kay-Yay]

The frozen UBIG shares still an issue too.

I doubt £5million would be acceptable giving that a valuation on the land will likely be more than that, significantly more. When the Lith administrator stated they want the best for their creditors, this £5million valuation doesn't fit their agenda.

The Evening News spin is biased to FoH

[CropleyWasGod]

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They kept the rancid corpse on life support to avoid the 18 pt penalty which would have relegated them. Then there would be no way they'd sell 10000 STs. Just as there is no way they would have won the cup without Vlads financial doping. A truly horrible club.

Agreed, up to a point. However, if they'd gone into administration in February, they would have known about the 18 point penalty at that point. That would have given them time to actually play their way out of relegation.

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The frozen UBIG shares still an issue too.

I doubt £5million would be acceptable giving that a valuation on the land will likely be more than that, significantly more. When the Lith administrator stated they want the best for their creditors, this £5million valuation doesn't fit their agenda.

The Evening News spin is biased to FoH

Oh, shut up. That's just not an issue. That's just Hobonomic frothing.

[Hibby Kay-Yay]

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Oh, shut up. That's just not an issue. That's just Hobonomic frothing.

[Dr Jimmy]

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Agreed, up to a point. However, if they'd gone into administration in February, they would have known about the 18 point penalty at that point. That would have given them time to actually play their way out of relegation.

Apologies if this has been stated before, but if FOH or any other bidder does not meet the Lith valuation and they then go into liquidation. Can the Liths hold on to the stadium etc until the land price rises or do liquidators tend to sell for the best they can get asap?

[Mr White]

Angelo massones bid can't be far off the mark then if the liths would accept 5m?

[JeMeSouviens]

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The frozen UBIG shares still an issue too.

I doubt £5million would be acceptable giving that a valuation on the land will likely be more than that, significantly more. When the Lith administrator stated they want the best for their creditors, this £5million valuation doesn't fit their agenda.

The Evening News spin is biased to FoH

Tiny was valued (valuation commissioned by FoH and revealed on Radio Scotland by Blobbo) at £5.6M in use as a stadium, £6M as a development site. *If* the article has any truth then Valnetas (are they a BDO company btw, istr at least a link to BDO?) are willing to take £5M to wash their hands of it.

But ... there's still the frozen share situation to resolve.

But ... they still have to get a CVA vote through which means satisfying UBIG's liquidator when they appear on the scene. If they demand, say 5p/£, then that could be another £1M or so for the muppets to find.

[CropleyWasGod]

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Apologies if this has been stated before, but if FOH or any other bidder does not meet the Lith valuation and they then go into liquidation. Can the Liths hold on to the stadium etc until the land price rises or do liquidators tend to sell for the best they can get asap?

It's not the Liths to sell. It's still the property of Hearts and, if they go into liquidation, the liquidator takes possession of it. The net proceeds of any sale will go to UKIO's administrators, after admin and liquidation fees.

They could, I suppose, exercise their rights under their security and take possession of it, although I don't know why they would. Given that they are charged (I'm assuming, since I don't know enough about Lith law) with recouping as much cash as possible for their creditors, they would also want to sell it ASAP.

[Deansy]

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I would agree. However, it's the EEN, so I have my doubts about how genuine that bit is.

Yeah, there's no name to who actually wrote this 'article' -could be 'All-is !!

[YehButNoBut]

So reading between the lines nobody has come up with the cash to buy Hearts, not looking good for them is it.

And all the time BDO's fee get's bigger & bigger, pleasing.

[CropleyWasGod]

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So reading between the lines nobody has come up with the cash to buy Hearts, not looking good for them is it.

And all the time BDO's fee get's bigger & bigger, pleasing.

"lack of funding hampers"??

That's the way to go. Fill up some hampers with cakes, and sell 'em.

[joe breezy]

Surely not long to go now



http://www.edinburghnews.scotsman.co...sale-1-3033375

HEARTS administrator Bryan Jackson admits funding the club remains a huge problem for any prospective buyer despite more than 10,500 season tickets being sold.

Money from the first 7000 season ticket sales was used as funding by the previous board before Hearts entered administration on June 19. Jackson’s company, BDO, is still attempting to negotiate the sale of the club as a going concern.

Foundation of Hearts, the fans’ umbrella group, remain the only credible bidder for control so far, but its first offer has been rejected by Valnetas UAB – the administrators for Hearts’ biggest creditor, Ukio Bankas. Ukio is owed £15million of the club’s total £28.5m debt and have Tynecastle Stadium as security.

The Evening News can confirm that Angelo Massone has still to submit proof of funding for his £4m offer. The Italian has been given until Friday to complete due diligence but has done little investigating into the club’s finances. After Friday, BDO will demand he names the investors behind his bid or risk being discounted from the process. Bob Jamieson’s HMFC Limited has already been dismissed by Valnetas. Meetings are taking place between BDO and the Foundation as they prepare a second bid. Officials at Valnetas have stated privately that they would be willing to do a deal for around £5m but the Foundation’s cash offer was some way short of that figure. FoH have a separate £3.75m earmarked from fans’ pledges to fund Hearts over the next three years, which Jackson believes is crucial for any party gaining control. A total of £1.27m of income has been generated by Hearts since June, including more than £800,000 from 3500 season ticket sales during that period. Cash from the previous 7000 sales is already gone.

Jackson is eager that any takeover is done with a long-term plan in mind due to the significant shortfall in funding which still exists. “We have met with the Foundation of Hearts and they are still working on their bid. We are keeping an ongoing dialogue with them,” he said.

“The season ticket money has caused such a massive problem for all of us. If we had been appointed administrators and got the money from 7000 season tickets, then potentially that would take care of the funding gap.

“You might then have found that the Foundation could have got their bid up to the right purchase price because they wouldn’t have been worried about the huge hole in funding during the season. One of the biggest problems for them is not just buying the club but funding it. That’s due to this big hole.”

Supporters’ rallying has provided Hearts with huge amounts of funding in recent months but Jackson admits they will still have a massive part to play if the club is to stay alive.

“I can’t speak for the fans but it must be getting close to that well running dry,” he said. “Then again, this is an opportunity to save their club. It’s not just to save the club for the next five or ten years, you’re talking about saving it for the next 100 years. You just hope that there is still something in the bottle.”

Creditors have been called to a meeting with BDO on Monday and Jackson is still hopeful that a Creditors Voluntary Agreement can be reached in tandem with a new buyer to enable the club to exit administration

[Pedantic_Hibee]

That Bryan Jackson looks like something out of Beetlejuice.

I must consult google images at once....

HIYUH!!!!!!!!

[Aldo]

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F*** the c***s!

This

Banderson twittered this yesterday bout the 10.5 K season tickets sold.

I said they only had money from 3.5 has Vlad had pockled the lot and it was in a suitcase somewhere with Vlad.

Surprise surprise no response/reply

[Treadstone]

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Banderson twittered this yesterday bout the 10.5 K season tickets sold.

I said they only had money from 3.5 has Vlad had pockled the lot and it was in a suitcase somewhere with Vlad.

Surprise surprise no response/reply

Response is usually a 'blocking'.

[Aldo]

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Response is usually a 'blocking'.

He has responded before. Prob ignoring me cos I'm right FACT!

That's it he prefers fiction!! Got it now.

[brog]

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This is the important bit for me:-

“The season ticket money has caused such a massive problem for all of us. If we had been appointed administrators and got the money from 7000 season tickets, then potentially that would take care of the funding gap."

In other words, delaying the administration is what is killing the chances of a deal. Had they gone into administration six months ago, they might have had a better chance of a CVA.

Absolutely!! what goes around etc! Their desperation to avoid relegation last season has come back & bit them on the bum!! I notice again though they concentrate on the lost £1.4mm of season ticket sales but never a mention of the fraudulently obtained £1mm share issue!

[Sanger]

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Tiny was valued (valuation commissioned by FoH and revealed on Radio Scotland by Blobbo) at £5.6M in use as a stadium, £6M as a development site. *If* the article has any truth then Valnetas (are they a BDO company btw, istr at least a link to BDO?) are willing to take £5M to wash their hands of it.

But ... there's still the frozen share situation to resolve.

But ... they still have to get a CVA vote through which means satisfying UBIG's liquidator when they appear on the scene. If they demand, say 5p/£, then that could be another £1M or so for the muppets to find.

Court can lift the freeze on shares if admins ask and put money in trust and Romanaov crime sorted out. But much easier if put in liquidation. FOH obvously well short of £6 million valuation of £5 compromise if that figure is correct. I have £10 million estimate from the proptery team at my work with no bias.

[PatHead]

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Court can lift the freeze on shares if admins ask and put money in trust and Romanaov crime sorted out. But much easier if put in liquidation. FOH obvously well short of £6 million valuation of £5 compromise if that figure is correct. I have £10 million estimate from the proptery team at my work with no bias.

Is that £10m with housing planning or as a bus depot/shelter

[Dashing Bob S]

Liquidation probably isn't the best way backwards for Hearts, but it's the only way.

[OrdHibby]

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Absolutely!! what goes around etc! Their desperation to avoid relegation last season has come back & bit them on the bum!! I notice again though they concentrate on the lost £1.4mm of season ticket sales but never a mention of the fraudulently obtained £1mm share issue!

For such an intellectual poster your out by miles. Its millions not millimetres £1.4M and £1M .

[Sanger]

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Is that £10m with housing planning or as a bus depot/shelter

part of the money is a fee is to take away the smell!

[The Falcon]

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part of the money is a fee is to take away the smell!

With the old school up for sale and the distillery looking for a move, there is potential to open up quite a large development on the whole site.

[Scònaldò]

Can someone please tell me what the purpose of the meeting on monday is for?

I thank you.