Share Transfers Agreed/Cooling off period

[Bostonhibby]

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http://www.bbc.co.uk/sport/0/footbal...medium=twitter

All seems a bit premature to me, and it disnae sound like a fan owned club if Budge is already doing Kim Jong Il walkabouts and appointed herself to the chair - wonder if the bubble might still go pop if the real value of the property asset is ever drawn to the Liths attention or indeed the shares remain frozen.

[Waxy]

They tried to get more cash out her but she wouldn't budge.

[Gustavo Fring]

so that FOH statement says to the effect that the share deal has not yet been done , yet all the yams are spouting that the shares are signed sealed and delivered

[davcar]

This, have we not discussed this 100 times over, no really any new news! Oh and frozen shares not being defrosted anytime soon, which is the key element!

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"BBC Scotland can reveal"

[Dashing Bob S]

If I was her I'd be praying that the Lith shares remain frozen and the Jambos proceed to liquidation. Getting mixed up in a CVA and bid that looks doomed to permanent austerity followed by failure...all you're doing by getting involved is setting yourself up to be a much hated scapegoat.

[O'Rourke3]

Might be the first, probably not the last. So, the £6M is the debt due to BidetCo, not the total needed to keep the club going in running costs/turnover so - and excluding the rebuilding costs for the main stand - they need to raise around £11M

[CropleyWasGod]

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Might be the first, probably not the last. So, the £6M is the debt due to BidetCo, not the total needed to keep the club going in running costs/turnover so - and excluding the rebuilding costs for the main stand - they need to raise around £11M

Don't think so. I made it 6.3 m.



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[Ozyhibby]

Looks like Ann Budge is paying £2.5m fir the club and selling to FoH for £6.3m.
She's no daft.

[CropleyWasGod]

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Looks like Ann Budge is paying £2.5m fir the club and selling to FoH for £6.3m.
She's no daft.

She's no daft. ..no sure about you though ;-).
Not my reading at all.

She is lending FOH cash. That is all. FOH are buying the club.

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[Tyler Durden]

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Looks like Ann Budge is paying £2.5m fir the club and selling to FoH for £6.3m.
She's no daft.

No - she gets her £2.5m repaid but other funds are for working capital purposes.

[Ozyhibby]

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She's no daft. ..no sure about you though ;-).
Not my reading at all.

She is lending FOH cash. That is all. FOH are buying the club.

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I can't help but try to show it in a most negative light. :-)


All in all the yams have to come up with £6.3m to take control of the club?

[hibs0666]

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I can't help but try to show it in a most negative light. :-)


All in all the yams have to come up with £6.3m to take control of the club?

It's effectively a £1000 a yam 5 year payment plan.

Not sure what happens after the five years. Maybe they start saving up for a new stadium at that point.

[SuperAllyMcleod]

Interesting that she is the sole director of Bidco. I thought they had a number of investors - perhaps they still do but they don't want the spotlight or the hassle that would go with it.

Makes you wonder why Donald Ford left though.

[Mikey]

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so that FOH statement says to the effect that the share deal has not yet been done , yet all the yams are spouting that the shares are signed sealed and delivered

You know what, that could be because THE SHARES ARE STILL FROZEN

[Tyler Durden]

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I can't help but try to show it in a most negative light. :-)


All in all the yams have to come up with £6.3m to take control of the club?

No. On day 1 Bidco buys the club. FOH need £1m in the first year (not sure if that's actually by day 1) to support running costs. That's funds over and above their revenues from season tickets etc. FOH then need to put in £1.4m working capital for at least next 2 years for same purposes.

When FOH are able, they can repay Bidco the £2.5m used for initial purchase of the club. That has to happen by year 5.

Is my reading.

[Dashing Bob S]

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You know what, that could be because THE SHARES ARE STILL FROZEN

Oh I expect they'll unfrozen soon as part of the normal procedure of rubber stamping the CVA. That's if they were ever really frozen in the first place.

Debt free by April and a strike force of May and MacKay blasting Hearts back into the Premiership next season!

[Ronniekirk]

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No - she gets her £2.5m repaid but other funds are for working capital purposes.

So she's a Philanthropist with Hear7s best interests at Heart It's a touching story .Her name came up before so I take it there is substance to this .Has anyone confirmed yet when the Lithuanian Court is meeting to unfreeze the shares and bring this fairy tale to its happy ending .has she passed the due Diligence and Fit and Proper person checks the new SPFL put in place , who knows we might then discover she is in the midst of some mid life crisis and hasn't thought this through .Wonder what her realMotives are .

[hibees 7062]

From EEN

Great News, BIDCO to run the club for 3-5 years as per the full statement and WE the Foundation of Hearts will have enough from our current members to pay back BIDCO's interest free loan and have 6million reserve in the bank. All great news, pity the EN have only printed the bit about us have to raise 6million, the statement says nothing about we need this to save Hearts, BIDCO (Anne Budge) has kindly done this for us, cheers Anne!!

Wow they're ok then

[GreenLake]

They can do admin2 and stiff Budge for the 2.5m and drop into the West Edinburgh Pub League.

[jacomo]

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She's no daft. ..no sure about you though ;-).
Not my reading at all.

She is lending FOH cash. That is all. FOH are buying the club.

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But she will be Executive Chair though? I understand why she'd want to be on the board to protect her loan but sounds like she wants to run the club.

[EastCalderHibby]

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I was last in main stand for a game vs them in the 90's. I was horrified at the conditions, particularly as people were smoking in the toilets. I've refused to go there ever since & also barred my family from going to that stand. It really should be shut down now.

Why are we even interested in hearts main stand . the club know how dangerous it is yet are not worried about their own fans sitting in it
the season ticket holders in there don't seem to complain . would not want any body hurt or become ill due to asbestos but if as you say its that bad
then why not close that stand I know they need the wonga but surely fan safety is more important wonga ?

[HibbySpurs]

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Melville dundas were the main contractor on that job, were they not?

Wonder what happened to them

[StevieC]

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They can do admin2 and stiff Budge for the 2.5m and drop into the West Edinburgh Pub League.

Budge will be running the club, so she'll not be getting stiffed off anyone ..

.. which, given some of the jambo bur .. errr .. females .. I've seen, sounds like it's on the money.

[HibbySpurs]

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But she will be Executive Chair though? I understand why she'd want to be on the board to protect her loan but sounds like she wants to run the club.

Sounds like she WILL run the club to me..... so much for fan ownership hahaha ducking plums.

[DC_Hibs]

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Budge will be running the club, so she'll not be getting stiffed off anyone ..

That suits her down to the ground.
With "Budgie" - like most Ikea furniture - there's no screwing, its all Tongue 'n Groove.

Old'un but golden - ya for sure

[CropleyWasGod]

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I can't help but try to show it in a most negative light. :-)


All in all the yams have to come up with £6.3m to take control of the club?

Yep.

Easy peasy :-)

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[hibees 7062]

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Yep.

Easy peasy :-)

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How much will it be next month ?

[NadeAteMyLunch!]

Couple of jambos have told me this week that all is sorted, the shares can be unfrozen by UKIO, soon as the meeting is over in March the shares will be popped in the microwave, everything has been agreed down to the finer details and they will be debt free by next season.
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[jacomo]

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Here's the FOH response

http://progress-sc.com/wp-content/up...ruary-2014.pdf

I've read this properly now, and here's the news:

Ann Budge is buying the club out of admin, if all goes to plan. Ann Budge will run the club. FoH will be represented on the Board but will not have control.

At some point in the future, probably at least 3 years away or longer, Ann Budge will hand the club over to FoH if they have paid her money back. There is no legal agreement in place for this yet.

So many questions about this I don't know where to start. It's hardly the 'supporters revolution'' as advertised though, is it?

[CropleyWasGod]

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I've read this properly now, and here's the news:

Ann Budge is buying the club out of admin, if all goes to plan. Ann Budge will run the club. FoH will be represented on the Board but will not have control.

At some point in the future, probably at least 3 years away or longer, Ann Budge will hand the club over to FoH if they have paid her money back. There is no legal agreement in place for this yet.

So many questions about this I don't know where to start. It's hardly the 'supporters revolution'' as advertised though, is it?

Ann Budge isn't buying the club. She is lending the money to FOH to enable them to buy it.



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