Share Transfers Agreed/Cooling off period

[greenpaper55]

Was just gong to post the same http://www.bbc.co.uk/sport/0/football/24628538

Seems it's not over by a mile

[silverhibee]

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That's unimportant because all UBIG holds is a bunch of presently worthless shares and a pile of unsecured debt. If FOH have got a deal with Ukio that they can push forward with then everything else will fall into place relatively easily.

The next stage would be for BDO to arrange a meeting to formally vote on the CVA. If that passes (as it should with UBIG and Ukio support) then it would require another month or so before they exit administration. If everything is speeded up and there are no further problems they could be out of administration by Christmas, but it could possibly drag on for a month or two more.

[Golden Bear]

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Was just gong to post the same http://www.bbc.co.uk/sport/0/football/24628538

Seems it's not over by a mile

All is not lost. Let the uncertainty linger on for a few months more.

[HibbySpurs]

Looks like the Ukio admins have taken the view that "something is beter than nothing"?

So be it...... They are cut adrift at the bottom of the SPFL and with the teams directly above them picking up points now they will need nothing short of a miracle to avoid the drop.... If they go down the best they ca hope for is a play off against an SPFL side so no easy route back for them....

Also if my understanding is correct they will only be able to sign players on 01 Februaury which means no beeter than ancient journeymen that no one else wants...

The other thing is that the playing field has been levelled now, they will not be able to spend mega money on wages anymore and they have nowhere near the infrastructure we do or the capital to back it up.... They are going to be living hand to mouth from their support for a long period to come even if this goes through....

Obviously a tad annoyed about them (looking likely) wriggling out of this but that's life & Dunfermline pulled off the same feat just last week so it's not an earth shattering achievement.

What we need to do (IMO) is simply get right behind Hibs and MAKE SURE we dominate them for years to come.....

GGTTH

[Part/Time Supporter]

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All is not lost. Let the uncertainty linger on for a few months more.

Cautious / negative spin on the same news.

Ukio wouldn't let BDO proceed with a CVA meeting if they didn't intend to vote in favour of it.

[Ozyhibby]

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Looks like the Ukio admins have taken the view that "something is beter than nothing"?

So be it...... They are cut adrift at the bottom of the SPFL and with the teams directly above them picking up points now they will need nothing short of a miracle to avoid the drop.... If they go down the best they ca hope for is a play off against an SPFL side so no easy route back for them....

Also if my understanding is correct they will only be able to sign players on 01 Februaury which means no beeter than ancient journeymen that no one else wants...

The other thing is that the playing field has been levelled now, they will not be able to spend mega money on wages anymore and they have nowhere near the infrastructure we do or the capital to back it up.... They are going to be living hand to mouth from their support for a long period to come even if this goes through....

Obviously a tad annoyed about them (looking likely) wriggling out of this but that's life & Dunfermline pulled off the same feat just last week so it's not an earth shattering achievement.

What we need to do (IMO) is simply get right behind Hibs and MAKE SURE we dominate them for years to come.....

GGTTH

They can only sign under 21's in feb

[HibbySpurs]

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They can only sign under 21's in feb

Even better


Thanks for the correction

[God Petrie]

Don't they still need UBIG to agree??

[JeMeSouviens]

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Looks like the Ukio admins have taken the view that "something is beter than nothing"?

So be it...... They are cut adrift at the bottom of the SPFL and with the teams directly above them picking up points now they will need nothing short of a miracle to avoid the drop.... If they go down the best they ca hope for is a play off against an SPFL side so no easy route back for them....

Also if my understanding is correct they will only be able to sign players on 01 Februaury which means no beeter than ancient journeymen that no one else wants...

The other thing is that the playing field has been levelled now, they will not be able to spend mega money on wages anymore and they have nowhere near the infrastructure we do or the capital to back it up.... They are going to be living hand to mouth from their support for a long period to come even if this goes through....

Obviously a tad annoyed about them (looking likely) wriggling out of this but that's life & Dunfermline pulled off the same feat just last week so it's not an earth shattering achievement.

What we need to do (IMO) is simply get right behind Hibs and MAKE SURE we dominate them for years to come.....

GGTTH

Absolutely.

btw, people who think this is bad should ponder on where things might've ended up. Imagine if Vlad had spent (someone else's) money wisely. They could be sitting pretty in a brand new wongadome after years of really challenging.

They are *****, going down and will struggle to get back. Enjoy it!

[Crossgates Hibs]

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Looks like the Ukio admins have taken the view that "something is beter than nothing"?

So be it...... They are cut adrift at the bottom of the SPFL and with the teams directly above them picking up points now they will need nothing short of a miracle to avoid the drop.... If they go down the best they ca hope for is a play off against an SPFL side so no easy route back for them....

Also if my understanding is correct they will only be able to sign players on 01 Februaury which means no beeter than ancient journeymen that no one else wants...

The other thing is that the playing field has been levelled now, they will not be able to spend mega money on wages anymore and they have nowhere near the infrastructure we do or the capital to back it up.... They are going to be living hand to mouth from their support for a long period to come even if this goes through....

Obviously a tad annoyed about them (looking likely) wriggling out of this but that's life & Dunfermline pulled off the same feat just last week so it's not an earth shattering achievement.

What we need to do (IMO) is simply get right behind Hibs and MAKE SURE we dominate them for years to come.....

GGTTH

gutted to be honest wanted them to at the very least lose their ground. No doubt they will be crowing away and slavering on about being the big team without a thought to all whom they ripped off.

[CropleyWasGod]

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Cautious / negative spin on the same news.

Ukio wouldn't let BDO proceed with a CVA meeting if they didn't intend to vote in favour of it.

Clarification on the CVA numbers

Total debt is £29m, of which UKIO's security seems to be c.£5m.

That means £24m will be voting in the CVA.

75% required to pass it, is £18m.

UKIO's unsecured debt is £10m, and UBIG's £8m.

The 2 of them voting for the CVA would pass it.

Agreed?

If that's the case, UBIG still hold a fair set of cards here. They can set a hefty price for handing over the shares.

[Keith_M]

The only thing that could de-rail this now is if the UBIG Admins decide to play hard ball.

You could argue that UKIO own the only viable asset, Tynecastle, but the UBIG Admin might decide to ask for money for the 50% of shares they currently hold. Without those, there is no purchase of the club, therefore no CVA.

OK, that might not happen but if I were the UBIG Admin I'd want to at least make something from the purchase of the club. They actually have the ability to hold FoH to ransom.

There is also the small matter of the 15% of the shares held by Romanov's neice, although I'm not sure how refusing to sell them would affect any potential purchase.



EDIT: I see CWG got in ahead of me

[Ozyhibby]

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Clarification on the CVA numbers

Total debt is £29m, of which UKIO's security seems to be c.£5m.

That means £24m will be voting in the CVA.

75% required to pass it, is £18m.

UKIO's unsecured debt is £10m, and UBIG's £8m.

The 2 of them voting for the CVA would pass it.

Agreed?

If that's the case, UBIG still hold a fair set of cards here. They can set a hefty price for handing over the shares.

I wouldn't hold out much hope.

[JeMeSouviens]

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Clarification on the CVA numbers

Total debt is £29m, of which UKIO's security seems to be c.£5m.

That means £24m will be voting in the CVA.

75% required to pass it, is £18m.

UKIO's unsecured debt is £10m, and UBIG's £8m.

The 2 of them voting for the CVA would pass it.

Agreed?

If that's the case, UBIG still hold a fair set of cards here. They can set a hefty price for handing over the shares.

How does the share sale work wrt to other shareholders? Are share deals completely separate or do they have to offer all shareholders the same price? If so, then whatever UBIG get for their 50%, Ukio and the mysterious Vlad vehicle Quantum will have to get (pro-rata) also?

[Hibs07p]

I would like to hear the views of the Big Guns who have been predicting their demise, on their take of this statement, before I accept it's a done deal.

GGTTH

[God Petrie]

What's the deal with the stadium? Would any CVA include that or not?

[CropleyWasGod]

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How does the share sale work wrt to other shareholders? Are share deals completely separate or do they have to offer all shareholders the same price? If so, then whatever UBIG get for their 50%, Ukio and the mysterious Vlad vehicle Quantum will have to get (pro-rata) also?

Majority holdings are always going to be worth more than minority holdings, due to the power that comes with them. So the short answer is "no", but UBIG only have the bare 50%, so the other shareholders might be in a good bargaining position.

[Dashing Bob S]

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I would like to hear the views of the Big Guns who have been predicting their demise, on their take of this statement, before I accept it's a done deal.

GGTTH

Yes! Giveme Sergey! Give me Bajillions! Deano Santos! Cropley Was God!

[Hank Schrader]

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Just like it was a matter of time before liquidation and a CVA wouldn't get agreed. This was always the most likely outcome and all they've got for years of cheating is a 15 point deduction for one season.

Considering your actual knowledge on the subject of insolvency equals a grand total of NIL your guesswork has been pretty good so far.

[Keith_M]

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What's the deal with the stadium? Would any CVA include that or not?

OK, your point raises the issue that a lot of people are forgetting. I think it's important to highlight this now.


Firstly, a CVA is normally presented by the owners of the company in Administration. FOH are not the owners so must go through an extra step of actually buying the club first. The majority shares of the club are mostly held by the largest creditors, UKIO and UBIG (they owe it to themselves )

So, to present a CVA, to purchase the club and assets (Tynecastle), they must first get UKIO and UBIG to agree to sell/transfer the shares. If I were the UBIG Admin, I'd be playing hardball here and ask just how much FOH were willing to pay for the shares or offer them in the CVA. If it's zero, I'd tell them to bolt.

[AlbertK86]

So not a done deal yet

Even if a CVA is agreed and they keep swine castle then how much will it cost to maintain that dump ... An awfy lot I would suspect and money they would rather spend on improving their already all conquering young squad !!

Whatever happens they will have very limited spending power for the foreseeable !!

GGTTH

[CropleyWasGod]

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Yes! Giveme Sergey! Give me Bajillions! Deano Santos! Cropley Was God!

See above.

[Pete]

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gutted to be honest wanted them to at the very least lose their ground. No doubt they will be crowing away and slavering on about being the big team without a thought to all whom they ripped off.

No doubt but we know what they are and they know what they are. The history books will say one thing but the way it was all achieved will never leave them. We have nothing to be ashamed of and if any team has earned the title "wee" it's them.

[Keith_M]

I forgot to say, my vote in the poll was "Hearts survive but play in a lower league".


I might just get my wish after all

[Treadstone]

[Keith_M]

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As I've mentioned twice already (for emphasis)

UBIG.


Also, no mention of the 15% of shares owned by Romanov's niece. Imagine she refuses to sell and they only get 85% of the shares, agree a CVA, and it turns out Romanov still owns 15% of the club

[Ozyhibby]

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The only thing that could de-rail this now is if the UBIG Admins decide to play hard ball.

You could argue that UKIO own the only viable asset, Tynecastle, but the UBIG Admin might decide to ask for money for the 50% of shares they currently hold. Without those, there is no purchase of the club, therefore no CVA.

OK, that might not happen but if I were the UBIG Admin I'd want to at least make something from the purchase of the club. They actually have the ability to hold FoH to ransom.

There is also the small matter of the 15% of the shares held by Romanov's neice, although I'm not sure how refusing to sell them would affect any potential purchase.



EDIT: I see CWG got in ahead of me

Any money UBIG admin collect is going to Ukio admin so i doubt they will be able to play hardball

[Spike Mandela]

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So not a done deal yet

Even if a CVA is agreed and they keep swine castle then how much will it cost to maintain that dump ... An awfy lot I would suspect and money they would rather spend on improving their already all conquering young squad !!

Whatever happens they will have very limited spending power for the foreseeable !!

GGTTH

Why? Surely they will have the same spending power as us ie, season ticket money but with the added monthly contributions? No debt interest or mortgages either? They have reduced rent on a soon to be state of the art training facility. So they haven't got a new stand? So what? Did we really need one or indeed has it been beneficial to us? Better a full old stand than an empty new one.

[CropleyWasGod]

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Why? Surely they will have the same spending power as us ie, season ticket money but with the added monthly contributions? No debt interest or mortgages either? They have reduced rent on a soon to be state of the art training facility. So they haven't got a new stand? So what? Did we really need one or indeed has it been beneficial to us? Better a full old stand than an empty new one.

They are not, despite what the spin is, debt-free in this scenario.

[Dashing Bob S]

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See above.

i'm not up with play...