Share Transfers Agreed/Cooling off period

[Mikey]

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The penny might have dropped with Banderson...



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

I think there may be a reason for that

[tamig]

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Actually, that has confused me now. It's at odds with yesterday' s press release and the previous statements.
I'll get back to you :-)

Sent from my GT-I9100 using Tapatalk

I thought it was very clear that BIDCO - aka Budgie - will initially control and own the club. FOH will only own it once BIDCO have been repaid in full. And Budgie will be running the show in that interim period.

[leggeto]

And at the end of it all they'll still be shi@t@

[Gustavo Fring]

so when they talk about fan ownership , 7801 pay in but it will be literally 1 fan owning them

[CropleyWasGod]

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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?

That article is just nonsense on that score.

FOH have a conditional agreement to complete the CVA. No-one else has.

[Mikey09]

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so when they talk about fan ownership , 7801 pay in but it will be literally 1 fan owning them

Does that mean, technically, they are fan owned??!

[CropleyWasGod]

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I thought it was very clear that BIDCO - aka Budgie - will initially control and own the club. FOH will only own it once BIDCO have been repaid in full. And Budgie will be running the show in that interim period.

... which is not how they sold the package in the first place.

[Mikey]

Quality comment from over the road.......

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we are currently running at a profit

Yet BDO have told them that they'll run out of money at the end of March. How does that work then

[Dashing Bob S]

I'm hoping now that the shares get unfrozen and the CVA proceeds. This looks the best potential for a Jambo civil war. The fans pay for five years of cost cutting 'tight ship' mediocrity on the tightest of budgets, why shelling out an extra million a year to get 'fan ownership' in five years time. If they succeed, they then have to finance the club on an ongoing basis. If they fail, and default, they've presumably bought the club for a private individual who can sell on the assets to recoup her outlay.

UNFREEZE THOSE BLASTED SHARES NOW!

[Dashing Bob S]

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Quality comment from over the road.......



Yet BDO have told them that they'll run out of money at the end of March. How does that work then

Yamamomics still alive and well. 'We only owe it to ourselves.'

[jdships]

Have read and re-read the press statements re Mrs Budge's " takeover " and my " considered opinion " () is that it raises more question than supplying answers .
There appear to be more " If's, but's ,perhaps's, maybe's etc." than there has been previously !!

Anyone else agree or perhaps sees things differently ?

[jdships]

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I'm hoping now that the shares get unfrozen and the CVA proceeds. This looks the best potential for a Jambo civil war. The fans pay for five years of cost cutting 'tight ship' mediocrity on the tightest of budgets, why shelling out an extra million a year to get 'fan ownership' in five years time. If they succeed, they then have to finance the club on an ongoing basis. If they fail, and default, they've presumably bought the club for a private individual who can sell on the assets to recoup her outlay.

UNFREEZE THOSE BLASTED SHARES NOW!

Yes , think you have got that as near right as is possible without knowing all the facts.
Dangerous path to go down methinks . But then again what is the alternative ? Even the most ardent Jambo's I know were/are concerned as to how the club can maintain a stable existence in the next 5/6 years.

[grunt]

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Yet BDO have told them that they'll run out of money at the end of March. How does that work then

Profit and cash flow are different measures. You can be profitable but have poor cashflow and vice versa.

[Moulin Yarns]

I have tried to explain it to a Hearts fan in the office, like so...

The sums that FOH have to raise, according to what I’ve seen

£1million immediately
£1.4million each of the next 2 seasons
£2.5million to pay her back in 3-5 years time

That is £6.3 million,(NOT £6MILLION IN THE PRESS) to be raised over 5 years, just to see present commitments covered, not including the actual running of Hearts and the upkeep of the piggery. FOH have 7600 people paying by direct debit. That is about £830 from each and every one of them, would you want to throw that money away knowing you have nothing at the end of the day? And then there is the upkeep on the piggery. AND THE SHARES ARE FROZEN DUE TO INVESTIGATION INTO CRIMINAL ACTIVITY. And a main stand that was considered to be on the verge of losing its safety certificate 10 years ago (As were Hibs who replaced the main stand at the time).

I understand (sound like Chic Young) that there is an annual cost of £350k to ‘maintain’ the piggery, and that doesn’t include the estimated £6million to replace the main stand, or the upkeep of the 3 newer stands (that had a designed lifespan of 20 years)

IF they survive, and manage to pay their way, they are quickly going to be back in (deeper) debt trying to keep the piggery going.

Can you tell that I don’t actually believe they will get out of this easily?


I also sent her 2 valentines...

Roses are red
Cabbage is Green
Hibs are the best team
I've ever seen

Roses are red
Hearts are maroon
Endo of this season
They're going doon

[ian omand]

Once Budgie has bought the lot, what is to prevent
the direct debitors from cancelling their commitment?
As the club is in "safe" hands, would the FOH still be
obliged to rise the finance to buy her out?

[ehf]

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Have read and re-read the press statements re Mrs Budge's " takeover " and my " considered opinion " () is that it raises more question than supplying answers .
There appear to be more " If's, but's ,perhaps's, maybe's etc." than there has been previously !!

Anyone else agree or perhaps sees things differently ?

Pretty simple really:

1. the Budge bint is acquiring ownership and control of the Yams/the PBS at well under market value;

2. and getting the muppets to pay for it out of their families' clothing and food money instead of risking any of her own £40 million fortune;

3. all while being accclaimed as a hero and saviour.

She's not daft.

[Bighoose]

Is this £2.5m AB is lending interest free?

Or is AB taking her cut out of the Working Capital?

Or is she just asking for £1M pa salary instead?

[CropleyWasGod]

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Is this £2.5m AB is lending interest free?

Or is AB taking her cut out of the Working Capital?

Or is she just asking for £1M pa salary instead?

According to the press release, she's taking no salary.

That's them imitating the Wee Team again.

[Seveno]

I feel sorry for those of you that think it's hilarious that the yams will not achieve fan ownership until 2019.

Don't you people realise that they will be far to busy celebrating their glorious achievements in WW1 all the way through to the centenary in 2018 ?

[PatHead]

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According to the press release, she's taking no salary.

That's them imitating the Wee Team again.

I seem to recollect that the "loan" was being provided at a competitive rate of interest by the individuals, so unless that has changed, interest would be due on top of the capital.

[CropleyWasGod]

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I seem to recollect that the "loan" was being provided at a competitive rate of interest by the individuals, so unless that has changed, interest would be due on top of the capital.

There have been a few things changed, Pat, so who knows?

Budge is no fool, so I'm sure she will have that sorted.

A side issue. Like you, I was led to believe that there were a few people involved. The focus now seems to be on her alone, which is another siginificant shift.

[jacomo]

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I seem to recollect that the "loan" was being provided at a competitive rate of interest by the individuals, so unless that has changed, interest would be due on top of the capital.

Competitive with who? Wonga?

[GreenLake]

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I find the quoted figures interesting.

As far as I can see the Diddies need to find the following:

Year 1 - £1m for immediate working capital and football debt
+ £1.4m additional working capital
Year 2 - £1.4m working capital
Year 3-5 £2.5m repayment of Bidco investment

That looks like £6.3m which exceeds the £6m given by FoH and EEN as required from fans. It also does not include any additional working capital in years 3-5. Do they expect to be fully self-sufficient or are they hoping for further investment from their new chairperson?

Years 1-5 £1.2m expense tab for Murray and Foulkes

[fat freddy]

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I also sent her 2 valentines...

Roses are red
Cabbage is Green
Hibs are the best team
I've ever seen

Roses are red
Hearts are maroon
Endo of this season
They're going doon

I sent her another two poems..

Bears love Honey
Budgies love Trill
I love the Game
We won Seven Nil

You now have Five Points
You might end up with a Dozen
You can Dream all you want
But the shares are still Frozen

[18/03/07]

Budge's brother is a hibby,he is always in famous five stand bar before the games (if its the same woman, maiden name brydon)

[GreenLake]

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@WelshIrvine: Is it just my interpretation of events or are Hearts supporters now being expected to buy their club for the ownership of a private company?

@WelshIrvine: If so, it sadly fits in perfectly with the ethos of our times. A 'Labour man' backing a 'fan movement' as a front for private ownership.

Extorting charity and imposing austerity on the yams at the same time, but then they do like to "create history".

[jacomo]

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That article is just nonsense on that score.

FOH have a conditional agreement to complete the CVA. No-one else has.

Apologies for being like a dog with a bone on this own CWG. I don't doubt your analysis of the ongoing situation based on the available info at all, and you have added immeasurably to this thread, but...

http://www.edinburghnews.scotsman.co...taff-1-3306157

Budge will appoint her own board upon taking control and the Foundation will be represented on it.

EEN are close to FoH and these reports are not being challenged as far as I know. Whatever has been said in the public domain up until this point, and whatever the exact arrangements of the transfer of shares, FoH are not taking control of this football club. Down the line, maybe, but not in the short term.

I don't know how FoH have presented themselves in negotiations with BDO but there is now a clear line of separation between them and Ann Budge. She is not even described as a member of FoH anymore.

[CropleyWasGod]

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Apologies for being like a dog with a bone on this own CWG. I don't doubt your analysis of the ongoing situation based on the available info at all, and you have added immeasurably to this thread, but...

http://www.edinburghnews.scotsman.co...taff-1-3306157



EEN are close to FoH and these reports are not being challenged as far as I know. Whatever has been said in the public domain up until this point, and whatever the exact arrangements of the transfer of shares, FoH are not taking control of this football club. Down the line, maybe, but not in the short term.

I don't know how FoH have presented themselves in negotiations with BDO but there is now a clear line of separation between them and Ann Budge. She is not even described as a member of FoH anymore.

No apologies needed. I am still getting my head around this.

What is, I think, without challenge is the fact that there has been a conditional agreement made between FOH and the HMFC creditors that FOH will buy the controlling shareholding in HMFC. That has been published by BDO and lodged with Companies House. I think it also has to be lodged with the Court.

What is emerging (and, remember the lack of media nous in these things) is that Ann Budge/BIDCO "will" own the club.

So, those two "facts" are clearly incompatible. Unless, as I say, FOH give/sell/transfer their shares to BIDCO as soon as they get them. The more I think about it, the more sense it makes to AB to have that control. It also, IMO, is in HMFC's interest to have AB (with all her experience) in control rather than Ian Murray et al.

[Geo_1875]

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Apologies for being like a dog with a bone on this own CWG. I don't doubt your analysis of the ongoing situation based on the available info at all, and you have added immeasurably to this thread, but...

http://www.edinburghnews.scotsman.co...taff-1-3306157



EEN are close to FoH and these reports are not being challenged as far as I know. Whatever has been said in the public domain up until this point, and whatever the exact arrangements of the transfer of shares, FoH are not taking control of this football club. Down the line, maybe, but not in the short term.

I don't know how FoH have presented themselves in negotiations with BDO but there is now a clear line of separation between them and Ann Budge. She is not even described as a member of FoH anymore.

I'm sure the FoH flyer said they were getting the shares from Lithuania and handing them straight over to Budgie.

[Mikey09]

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No apologies needed. I am still getting my head around this.

What is, I think, without challenge is the fact that there has been a conditional agreement made between FOH and the HMFC creditors that FOH will buy the controlling shareholding in HMFC. That has been published by BDO and lodged with Companies House. I think it also has to be lodged with the Court.

What is emerging (and, remember the lack of media nous in these things) is that Ann Budge/BIDCO "will" own the club.

So, those two "facts" are clearly incompatible. Unless, as I say, FOH give/sell/transfer their shares to BIDCO as soon as they get them. The more I think about it, the more sense it makes to AB to have that control. It also, IMO, is in HMFC's interest to have AB (with all her experience) in control rather than Ian Murray et al.

If you're toiling to understand all this CWG I'm ****ed!!! So I will read your posts with interest and in the meantime rip the piss out the yams......