Share Transfers Agreed/Cooling off period

[Sergey]

Well, Banderson's article is up for all to see:

A DEAL to transfer Ukio Bankas Investment Group’s 50 per cent shareholding in Hearts to the Foundation of Hearts has been agreed, the Evening News can reveal.


The agreement needs to be ratified legally in Lithuania, but would see a token £50,000 payment for the shares made to UBIG’s administrators, allowing the Edinburgh club to exit administration with the Foundation as their new owners.

Hearts’ administrators BDO are proceeding with caution in the hope that the deal can go through despite UBIG’s assets being frozen. Foundation of Hearts already have a £2.5million Creditors’ Voluntary Arrangement (CVA) in place to secure 29.9 per cent of the club’s shares from Ukio Bankas, who are also in administration. The CVA is conditional upon the fans’ umbrella group getting UBIG’s 50 per cent stake.

BDO have been in talks with UBIG’s administrators Bankroto Administrativo Paslaugos for some time trying to negotiate the handover of shares. This is the only remaining hurdle to Hearts exiting administration after the CVA was voted through last November.

There is now a verbal agreement between both parties for the transfer of shares at an agreed price. It has yet to be decided whether the £50,000 would come out of the £2.5m CVA fund – something Ukio Bankas administrators would need to agree to – or whether the Foundation would meet it as an additional payment.

As things currently stand, all of the CVA fund would go to Ukio Bankas, as they are Hearts’ only secured creditor and are owed £15m. UBIG, an an unsecured creditor, would get nothing from the CVA despite being owed around £9m.

BDO will continue to work on the deal and their hope is to have it finalised and signed as soon as possible, although they are relying on the legal process in Lithuania to move swiftly and in their favour. Hearts’ funding for the season is due to run out by the end of March and both BDO and the Foundation are keen for the club to be out of administration before then. Foundation of Hearts declined to comment on the matter.

Meanwhile, the Scottish Football Association have confirmed that Ryan Stevenson will miss Hearts’ League Cup semi-final against Inverness next month. He was red carded for violent conduct at St Johnstone on Saturday, meaning an automatic two-match ban for his club’s next two matches. Those are Saturday’s league trip to Ross County and then the semi-final.

Is this the first time Banderson has admitted the shares are frozen? A verbal agreement doesn't 'unfreeze' the shares. Ratification through the Lith courts isn't a formality - anything but.

No need to panic yet folks - there's a number of awkward hurdles for them to negotiate yet and time isn't on their side.

[The_Todd]

Banderson, king of the "ifs, buts and maybes".

[CropleyWasGod]

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

Well, Banderson's article is up for all to see:



Is this the first time Banderson has admitted the shares are frozen? A verbal agreement doesn't 'unfreeze' the shares. Ratification through the Lith courts isn't a formality - anything but.

No need to panic yet folks - there's a number of awkward hurdles for them to negotiate yet and time isn't on their side.

Also the small matter of who pays the £50k.

[Dashing Bob S]

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

Well, Banderson's article is up for all to see:



Is this the first time Banderson has admitted the shares are frozen? A verbal agreement doesn't 'unfreeze' the shares. Ratification through the Lith courts isn't a formality - anything but.

No need to panic yet folks - there's a number of awkward hurdles for them to negotiate yet and time isn't on their side.

There's certainly a need to panic - but only if you're an undercover Yam.

[Geo_1875]

And in breaking news I've agreed in writing that I can buy Edinburgh Castle for £24 from the guy who sells tickets at the gate. He's just waiting for the lassie from the office to rubber stamp the paperwork.

Historic Scotland might have something to say about our agreement.

[Gus Fring]

Just had a wee look over at Kickback and here's some quotes

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

Oh, BTW, those vermin who thought that the shares were frozen?



Nae luck, you deluded simpletons.

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

The ***** on hibs net have clung on to 'the frozen shares' for quite some time now.

********s.

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

"FROZEN SHARES!!!!"



Utter testicles.

So the conclusion they've drawn from Barry's tweet is that the shares aren't frozen. Here's a quote from Barry's article.

Hearts’ administrators BDO are proceeding with caution in the hope that the deal can go through despite UBIG’s assets being frozen.

[MB62]

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

Allisbarry couldnae report correctly where his last ***** came from.

My 4 yo daughter could right a story that's more believable/factual.

Maybe you should ask her to show you how it's done

[The_Todd]

Those JKB users can only be "undercover Hobos", either that or really, really stupid.

[greenginger]

Suppose Jackson can just say that FoH has the shares even if they don't, because they have an agreement to get the shares.

He got away with saying that connected parties were not connected for the CVA vote ,so is anyone likely to argue the point if he says they are ready to come out of Admin.

[Aldo]

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

Maybe you should ask her to show you how it's done

Doh what a fud. ;-)

[robinp]

They are too busy creaming themselves that the shares are not frozen and we are gutted to read the article which states that the shares are still frozen.

Ha ha ha.

[Dashing Bob S]

Further breaking news (and it's very encouraging for Hearts fans ) The Lithuanian President said he felt it was "almost certain" that the CVA would be completed soon.


Edit: Sorry to misquote the Lithuanian president. The 'almost certain' quote was actually a response to another question which was: 'Are you going to take a holiday a some point this year?'

The response to the CVA question was "what the f*u*c*k are you on about?"

[Ronniekirk]

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

Just had a wee look over at Kickback and here's some quotes







So the conclusion they've drawn from Barry's tweet is that the shares aren't frozen. Here's a quote from Barry's article.

They clearly cling on to the deluded hope that this can all be sorted by end of month. Nae common sense between them .

[CropleyWasGod]

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

Suppose Jackson can just say that FoH has the shares even if they don't, because they have an agreement to get the shares.

He got away with saying that connected parties were not connected for the CVA vote ,so is anyone likely to argue the point if he says they are ready to come out of Admin.

There's no doubt that they are "ready" to come out of admin. However, they're not yet "able".

[Dashing Bob S]

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

They are too busy creaming themselves that the shares are not frozen and we are gutted to read the article which states that the shares are still frozen.

Ha ha ha.

In his own yam-fisted way Bazza has actually got them focusing on the much-dreaded 'Sergey question' (which they've been ignoring up till now) that the shares are being held by the Lithuanian courts.

The next step (though it will take some time - toilet training patience required here) is for the muppets to ask 'why are Lithuanian courts holding the shares?

They are very, very slow, but they will catch up - around liquidation time when Jacko dances off with his fees.

[Weststandwanab]

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

Well, Banderson's article is up for all to see:



Is this the first time Banderson has admitted the shares are frozen? A verbal agreement doesn't 'unfreeze' the shares. Ratification through the Lith courts isn't a formality - anything but.

No need to panic yet folks - there's a number of awkward hurdles for them to negotiate yet and time isn't on their side.

No chance of any thaw anytime soon.

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

And in breaking news I've agreed in writing that I can buy Edinburgh Castle for £24 from the guy who sells tickets at the gate. He's just waiting for the lassie from the office to rubber stamp the paperwork.

Historic Scotland might have something to say about our agreement.

And he British Army.

[Geo_1875]

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

There's no doubt that they are "ready" to come out of admin. However, they're not yet "able".

I would argue that they are able to come out of administration but not yet willing to enter liquidation.

[CropleyWasGod]

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

I would argue that they are able to come out of administration but not yet willing to enter liquidation.

[Dashing Bob S]

Jacko - Silly Yams, not my club, they're just a team uh uh I want my fees, the club means Jack to me

[Mikey]

Presumably this all ties in with Southern's Kickback stooge wittering on about "4-6 weeks" yesterday.

I predict that all that will have happened in 4-6 weeks is that Hearts will have been relegated.

[GreenLake]

The celebration on thicktwat.com suggests everything is fixed and they will be signing World Cup stars and challenging Celtic next season.

[Aldo]

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

They are too busy creaming themselves that the shares are not frozen and we are gutted to read the article which states that the shares are still frozen. Ha ha ha.

This is brilliant. So they think that the shares are unfrozen yet they are not and BDO is proceeding with caution as there are still some legal processes to overcome before the can be unfrozen.

For the deluded roasters looking in READ THE ARTICLE BEFORE CREAMING YOU SPANGLES

[Hank Schrader]

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

Just had a wee look over at Kickback and here's some quotes







So the conclusion they've drawn from Barry's tweet is that the shares aren't frozen. Here's a quote from Barry's article.

They are actually thick as mince and seem to prioritise getting it right up Hibs rather than reading the article for actual facts.

To paraphrase Blackadder;

"If one hundred cannibal were to crack their heads open there wouldn't be enough inside to cover a small water biscuit."

Idiots, the lot of them.

[Dashing Bob S]

The article is a classic all is barry.

Reality: shares frozen by Lithuanian courts as part of ongoing major investigation into financial corruption by conglomerate led by fleeing businessman hiding in Russia on non extradition treaty.

All is Barry: awaiting rubber stamp

[Glesgahibby]

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

Well, Banderson's article is up for all to see:



Is this the first time Banderson has admitted the shares are frozen? A verbal agreement doesn't 'unfreeze' the shares. Ratification through the Lith courts isn't a formality - anything but.

No need to panic yet folks - there's a number of awkward hurdles for them to negotiate yet and time isn't on their side.

Said this earlier and would like to add,
BDO have been saying they are trying to hurry up the process by pressing UBIGs admins every other day.I honestly think this latest jackanory is partly to,ease the pressure on BDO and Partly give UBIGs admins a break from BDOs daily pleading.
At the end of the day"shares are still frozen" and "no written agreement "
The other pleasing thing is the jumbos will celebrate this as being done and dusted(rubber stamped)
for a week or two

[Sergey]

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

Said this earlier and would like to add,
BDO have been saying they are trying to hurry up the process by pressing UBIGs admins every other day.I honestly think this latest jackanory is partly to,ease the pressure on BDO and Partly give UBIGs admins a break from BDOs daily pleading.
At the end of the day"shares are still frozen" and "no written agreement "
The other pleasing thing is the jumbos will celebrate this as being done and dusted(rubber stamped)
for a week or two

Yip - and remember the old adage, that a verbal contract isn't worth the paper its written on.

[down-the-slope]

More truth and reality than ever seen in Bazza's article and finally catching up with well know .Net facts

As for the deluded...its like the fat bloke standing on scales ramming in another cake pointing at the reading and exclaiming that the measuring instrument is obviously not calibrated correctly ......

[Bristolhibby]

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

The article is a classic all is barry.

Reality: shares frozen by Lithuanian courts as part of ongoing major investigation into financial corruption by conglomerate led by fleeing businessman hiding in Russia on non extradition treaty.

All is Barry: awaiting rubber stamp

Sums it up perfectly IMO.

J

[Gus Fring]

Another one who hasn't read Barry's article properly

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

Yeah they are all convinced Barry is talking Baws and we still have frozen shares so have jumped the gun.

Dream on Hobbits

Here's the line from Barry's article again, a bit clearer this time

Hearts’ administrators BDO are proceeding with caution in the hope that the deal can go through despite UBIG’s assets being frozen.

[Glesgahibby]

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

Yip - and remember the old adage, that a verbal contract isn't worth the paper its written on.

Don't know how many verbal contracts I agree to with mrs glesga?
just to keep the peace,only to renegotiate at a later date