Share Transfers Agreed/Cooling off period

[CropleyWasGod]

Another ambiguous statement in that press release:-

"On transfer of ownership of the majority shareholding to BIDCO, to transfer £1m to the club to
provide working capital"

Majority shareholding in whom?

1. if HMFC, that bears out my earlier guess that FOH buy the shares, then transfer them to BIDCO.

2. alternatively, does it mean that BIDCO will have a majority holding in FOH?

[jacomo]

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Will she be happy when the bills start rolling in and the Diddies can't cough up any more?

Just wait for the terms of the legal agreement, which is yet to be drawn up. It might include a clause like this:

"In the case of FoH failing to cough up enough cash to BIDCO, BIDCO reserves the right to turf the club out of Tynecastle and flog the land for redevelopment, and FoH will accept full blame for the whole sorry mess."

[Mikey09]

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Will she be happy when the bills start rolling in and the Diddies can't cough up any more?

She could always follow that old yam tradition of not paying the bills......

[Eric]

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Another ambiguous statement in that press release:-

"On transfer of ownership of the majority shareholding to BIDCO, to transfer £1m to the club to
provide working capital"

Majority shareholding in whom?

1. if HMFC, that bears out my earlier guess that FOH buy the shares, then transfer them to BIDCO.

2. alternatively, does it mean that BIDCO will have a majority holding in FOH?

I read that as "On transfer of ownership of the majority shareholding in Hearts to BIDCO, FOH to transfer 1m to Hearts to provide working capital"

[jacomo]

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Another ambiguous statement in that press release:-

"On transfer of ownership of the majority shareholding to BIDCO, to transfer £1m to the club to
provide working capital"

Majority shareholding in whom?

1. if HMFC, that bears out my earlier guess that FOH buy the shares, then transfer them to BIDCO.

2. alternatively, does it mean that BIDCO will have a majority holding in FOH?

I assume it means HMFC. I'm sticking to my guns here ... BIDCO is effectively the buyer (no matter if the shares technically pass through FoH's hands first), and is getting a £1m dowry from FoH.

[CropleyWasGod]

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I read that as "On transfer of ownership of the majority shareholding in Hearts to BIDCO, FOH to transfer 1m to Hearts to provide working capital"

... which could only make sense if FOH buy the shares, and then transfer them immediately to BIDCO.

[lord bunberry]

Can someone confirm that I'm picking all this up correctly.
The Lithuanians are going to sell the shares to bidco, bidco are then going to run the club for 3 years then hand it over to foh, foh will only gain control if bidco has been paid what they are owed.
During this 3 year period the fannies are still going to be paying the direct debits but will have absolutely no control over how the club is run, what's to stop them all just canceling their direct debits, their club will be out of administration so their won't be any need to keep paying up. Bidco would then put the club up for sale to get their money back.

[CropleyWasGod]

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I assume it means HMFC. I'm sticking to my guns here ... BIDCO is effectively the buyer (no matter if the shares technically pass through FoH's hands first), and is getting a £1m dowry from FoH.

Yeah, it is, but that is what is different to what has been marketed before.

Unless we have misunderstood the previous trumpetings, the Diddies have signed up to something that has now been changed without their consent or knowledge.

[CropleyWasGod]

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Can someone confirm that I'm picking all this up correctly.
The Lithuanians are going to sell the shares to bidco, bidco are then going to run the club for 3 years then hand it over to foh, foh will only gain control if bidco has been paid what they are owed.
During this 3 year period the fannies are still going to be paying the direct debits but will have absolutely no control over how the club is run, what's to stop them all just canceling their direct debits, their club will be out of administration so their won't be any need to keep paying up. Bidco would then put the club up for sale to get their money back.

The Lithuanians have a conditional agreement to sell to FOH, not Bidco. However, the latest thinking has FOH transferring the shares to Bidco immediately after that.

The rest of your post is more or less correct. FOH will have representation on the HMFC Board, but how much power they will have is not clear.

[Ozyhibby]

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Another ambiguous statement in that press release:-

"On transfer of ownership of the majority shareholding to BIDCO, to transfer £1m to the club to
provide working capital"

Majority shareholding in whom?

1. if HMFC, that bears out my earlier guess that FOH buy the shares, then transfer them to BIDCO.

2. alternatively, does it mean that BIDCO will have a majority holding in FOH?

From Ubig/Ukio to bidco? It looks to me that the Hearts fans won't get ownership till 2019.

[Mikey]

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Here's the report in the Evening News last year saying that she is thought to still control 15% of the shares through Quantum, in Switzerland.


If FoH are now stating they wil gain control of only 79% of the shares, that means Vlad will still own, directly or indirectly, part of their club

Has anyone mentioned to them that the shares are still frozen

[CropleyWasGod]

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Has anyone mentioned to them that the shares are still frozen

See you, Mikey, you can be so freaking negative at times.

[JeMeSouviens]

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Can someone confirm that I'm picking all this up correctly.
The Lithuanians are going to sell the shares to bidco, bidco are then going to run the club for 3 years then hand it over to foh, foh will only gain control if bidco has been paid what they are owed.
During this 3 year period the fannies are still going to be paying the direct debits but will have absolutely no control over how the club is run, what's to stop them all just canceling their direct debits, their club will be out of administration so their won't be any need to keep paying up. Bidco would then put the club up for sale to get their money back.

Nothing. And I would imagine this will be the Bidco fallback position if the diddies don't keep the fannies solvent.

Interesting that they appear to be budgeting for 2 years in Div1 with a £1.4M shortfall x 2. That's almost sensible and will surely never catch on in Yamland.

It's still a very ambitious stretch for them to keep up over £1M of donations every year for the next 5 on top of the usual STs etc. And after all that they are still only at the position of living within their means and with their dump of a stadium to rebuild.

[jacomo]

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Yeah, it is, but that is what is different to what has been marketed before.

Unless we have misunderstood the previous trumpetings, the Diddies have signed up to something that has now been changed without their consent or knowledge.

No argument from me here!

I assumed that FoH would be in control and running the club from the day they exit administration. This is categorically not the case.

[poolman]

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It looks like Dexter is playing the totalitarian card and telling everyone to tow the party line or else they'll be punted from the forum.

Differing opinions aren't readily welcomed.

This is about you Sergey


He clearly doesn't recognise the difference between infighting and adult discussion.


Adult discussion on yakbak

[Mikey]

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Yeah, it is, but that is what is different to what has been marketed before.

Unless we have misunderstood the previous trumpetings, the Diddies have signed up to something that has now been changed without their consent or knowledge.

What? Like the share issue you mean? You know, the one where all the money raised was to go to Youth Development.

David Southern will be heavily involved

[Geo_1875]

EEN now reporting that Budgie has been getting advice from Potter. That's them totally screwed then.

She's also been asking for detailed job descriptions from all staff including players (I don't think that means asking Stevenson WTF do you do). If she runs her club the same way she ran her company there will be players selling programmes and cleaners playing sweeper. They're in for a shock.

[lord bunberry]

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Nothing. And I would imagine this will be the Bidco fallback position if the diddies don't keep the fannies solvent.

Interesting that they appear to be budgeting for 2 years in Div1 with a £1.4M shortfall x 2. That's almost sensible and will surely never catch on in Yamland.

It's still a very ambitious stretch for them to keep up over £1M of donations every year for the next 5 on top of the usual STs etc. And after all that they are still only at the position of living within their means and with their dump of a stadium to rebuild.

I doubt many will continue stumping up their cash once the club is saved, they'll know the club is out of any immediate danger, bidco will then put the club up for sale.

[CropleyisGod]

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The Lithuanians have a conditional agreement to sell to FOH, not Bidco. However, the latest thinking has FOH transferring the shares to Bidco immediately after that.

The rest of your post is more or less correct. FOH will have representation on the HMFC Board, but how much power they will have is not clear.

At the risk of kicking off "Cropley Confusion" again...it looks to me like FOH are a nice front for BIDCO. You send a chubby clown in to deal with the Liths (who clearly doesn't know what he's talking about) and they take so much pity on him they more or less hand the Asbestos Wongadome to FOH on a plate. Post deal, evil BIDCO move in, tear the deeds from his little chubby hands and stand on his foot until he also hands over several million pounds. 'Fan control' my fan, eh? #Letsmakesomeonerich(er)

[Mikey09]

Whenever I pose the question "so who is actually gonna have control of hearts??" My brain just keeps answering "Searg?" No..... "Rosemary, the telephone operator??" No.... "Henry, the mild mannered janitor??" COULD BE!!!!! I'm ****ing confused I tell ya!!! Confused!!!

[Sergey]

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Has anyone mentioned to them that the shares are still frozen

The penny might have dropped with Banderson...

Budge is expected to be installed as Hearts’ new chairwoman before the end of April, provided the club emerge from administration and their majority shareholding is transfered from Lithuanian companies Ukio Bankas and Ukio Bankas Investment Group (UBIG).

Still no mention of a court date in Lithuania, nor the creditors meetings at both institutions, but that doesn't really matter to #allisbarry.

[Mikey09]

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At the risk of kicking off "Cropley Confusion" again...it looks to me like FOH are a nice front for BIDCO. You send a chubby clown in to deal with the Liths (who clearly doesn't know what he's talking about) and they take so much pity on him they more or less hand the Asbestos Wongadome to FOH on a plate. Post deal, evil BIDCO move in, tear the deeds from his little chubby hands and stand on his foot until he also hands over several million pounds. 'Fan control' my fan, eh? #Letsmakesomeonerich(er)

Staying on my Hong Kong Phooey theme........ "It's fanarific!!!" Hey, that could be FOH wee slogan!

[Weststandwanab]

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Not mine. They have always been separate to me.

If anything, the latest release muddies things, compared to what they were.

Separate legally.

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Will she be happy when the bills start rolling in and the Diddies can't cough up any more?

Yes as she will just threaten to sell the PBS and the will start paying again.

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Can someone confirm that I'm picking all this up correctly.
The Lithuanians are going to sell the shares to bidco, bidco are then going to run the club for 3 years then hand it over to foh, foh will only gain control if bidco has been paid what they are owed.
During this 3 year period the fannies are still going to be paying the direct debits but will have absolutely no control over how the club is run, what's to stop them all just canceling their direct debits, their club will be out of administration so their won't be any need to keep paying up. Bidco would then put the club up for sale to get their money back.

Pretty much.

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Has anyone mentioned to them that the shares are still frozen

Stop spoiling the diddies fun.

[jacomo]

It's all coming out now...

http://www.edinburghnews.scotsman.co...club-1-3305689

THE Foundation of Hearts have revealed that £6 million will need to be raised over the next five years in order to save the club.

The figure was released as part of a statement setting out more detail of what will happen under the proposals to move the club out of administration and into fan ownership.

And it also revealed that Ann Budge, 65, would become executive chairman of Hearts on a “no fee” basis as she is currently the sole director of BIDCO 1874, the company that has struck a £2.5m deal with administrator BDO to enable the club to exit administration.

The deal would see BIDCO a controlling 78.98% of shares from UBIG, the bankrupt Lithuanian institution. Under a legally binding agreement to be drawn up those shares would be transferred to the fan-led Foundation of Hearts within five years.

The Foundation would agree to transfer £1m to the club to provide working capital once ownership is transferred to BIDCO, and would agree to provide working capital of £1.4m per annum for at least two years.

In total fans and supporters of the Foundation would be expected to raise £6m - although the statement said that if the current level of monthly contributions continued that figure would be met.

Hearts season-ticket holder Budge netted £40 million in 2005 when she sold her IT company Newell’s & Budge to French group Sopra 20 years after she founded it.

I am an MP might have some explaining to do. Weren't FoH named preferred bidder?

[Mikey09]

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It's all coming out now...

http://www.edinburghnews.scotsman.co...club-1-3305689



I am an MP might have some explaining to do. Weren't FoH named preferred bidder?

So the biggest fan movement football has ever seen will take 5 years to kick in?? Am I right in saying that??

[Ozyhibby]

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So the biggest fan movement football has ever seen will take 5 years to kick in?? Am I right in saying that??

Roll on 2019

[jacomo]

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So the biggest fan movement football has ever seen will take 5 years to kick in?? Am I right in saying that??

Do keep up. It's called a "supporter revolution" these days. But yes, it appears you are absolutely right about the rest.

[Mikey09]

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Roll on 2019

You couldn't make it up!!! And wait till the yams paying direct debits see the calibre of player that will come in to play for the famous?? " Am no payin awe that money for us to watch that *****!!"

Aye... Happy days.....

[Tyler Durden]

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@The_FoH: [BIDCO]: BIDCO can and must ONLY sell to #FOH with a binding contract in place. This will take 3-5 years.

@The_FoH: [BIDCO]: BIDCO as majority shareholder of Hearts will control the board. Ann will put that in place in due course. #FOH will be fully rep.

I'm confused as usual. :-)

The first tweet is not accurate - as usual they're selective with the facts. "BIDCO can and must only sell to FOH........if FOH meet the terms of the contract and meet the agreed repayment schedule"....would be be more accurate.

If they don't then BIDCO can do what they please.

[Mikey09]

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Do keep up. It's called a "supporter revolution" these days. But yes, it appears you are absolutely right about the rest.

Sorry... Supporter revolution!!! Even funnier!!!