Share Transfers Agreed/Cooling off period

[Juice-Terry]

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Point of interest... the shares aren't being transferred to BIDCO initially. It's FOH that are getting them first, and they will transfer them to BIDCO.

Yes, true. But a potential cooling off period of 30 days after the relevant ratification will obviously put FOH/BIDCO back even further. Here's hoping!

[Dashing Bob S]

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Have said it before, Jackson has brought sanity and reason to that club (although well paid for his troubles). He's far too good for them.

It's all relative. Michael Jackson could have brought sanity and reason to that mob.

And the kids would have been safer.

[PatHead]

It will be interesting to see how many fans turn up at their games after they are officially relegated. (I know it will be 13,000 ish no matter how many are there but how many will have paid to get in?).

They have no obvious source of income to see them through the close season unless they get season tickets issued sharpish and that scunners the cash flow and business plan for next year. Though Ms Budge may bail them out in the short term.

CGW at what stage would BDO say enough is enough, basically when would they decide they were trading outwith income?

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I wouldn't be surprised if there is enough cash to get them through to May.

BJ is an accountant, and by nature he will downplay expectations. Although he has spoken about February and March, it is likely that he was being publicly pessimistic.

[Kato]

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Michael Jackson could have brought sanity and reason to that mob.

Did he and Bryan not have a falling out? Something about blaming it on the boogie?

[CropleyWasGod]

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It will be interesting to see how many fans turn up at their games after they are officially relegated. (I know it will be 13,000 ish no matter how many are there but how many will have paid to get in?).

They have no obvious source of income to see them through the close season unless they get season tickets issued sharpish and that scunners the cash flow and business plan for next year. Though Ms Budge may bail them out in the short term.

CGW at what stage would BDO say enough is enough, basically when would they decide they were trading outwith income?

Basically, when there's no cash left, or it's clear that the shares won't be obtained before the cash runs out.

[CyberSauzee]

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And as predicted....the first mention of May is now muted on KB.



Interesting to see where the cash will be coming from to simply get them to that point.

It won't be too long before they start citing the 'out of administration by Christmas' line again.

Interestingly, the only thing I could find online when looking at the Express's site was this article which I recall someone posted a link to back at the beginning of February.

http://www.express.co.uk/sport/footb...t-shares-boost

It's dated 4th Feb, and they quote Jackson: "The administrators for UBIG expect the shares to be transferred within eight to 10 weeks."

So, 10 weeks from then takes us to 15th April, but we all now know the creditors need some notice, so their new optimistic time scales may be right: "Out of admin by the time the season finishes" will be the next rallying cry.

I would add that you cannot rely on the veracity of the Express, as the article starts off "BDO confirmed that an agreement was in place to buy 78.9 per cent of the club from UBIG’s liquidators".

[PatHead]

Would the early sale of season tickets not mean that FoH business plan was flawed and therefore invalid?

[Waxy]

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Did he and Bryan not have a falling out? Something about blaming it on the boogie?

Dunno but they need a cashflow and can't sell STs till they know which division they'll be in. It's now that they wanna be startin somethin.

[sidjames]

There was a female called Budge that I once worked with. Stubborn wifie. Think her first name was WInnie.

[Mikey]

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Would the early sale of season tickets not mean that FoH business plan was flawed and therefore invalid?

I think they would tap into a couple of sources before going down that route. Gretna were given an advance of their (last place) prize money when they went tits up and if Jackson could show the SPFL that they were genuinely stoney broke than that will happen. Then there's the Diddie's money that can also be used.

They'll see out the season, it's what happens in the summer that will be fun. Not that it's not fun now, I'm mean really fun

[Mikey]

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Did he and Bryan not have a falling out? Something about blaming it on the boogie?

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Dunno but they need a cashflow and can't sell STs till they know which division they'll be in. It's now that they wanna be startin somethin.

Ahem

[jacomo]

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I wouldn't be surprised if there is enough cash to get them through to May.

BJ is an accountant, and by nature he will downplay expectations. Although he has spoken about February and March, it is likely that he was being publicly pessimistic.

They need enough cash to get them through until season ticket sales for 2014/15 go on sale, don't they?

[greenginger]

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Thanks for that GG, I've still not been able to access the BDO document but in looking for it last night I ended up on a JKB thread, apologies to all!! They seem to have a couple of posters who are less stupid ( I almost said more knowledgeable ) than the average & they are likewise confused about just how BDO will be paid. They continue to assert however that there is a fixed price for BDO fees. If I can find the thread again they actually quoted a document reference. I can't see this being the case, don't think BDO are that dumb but would appreciate your ( & others ) thoughts.

ftp://wck2.companieshouse.gov.uk/ima...9-10173586.pdf

That should be the BDO January update.

[Disc O'Dave]

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Dunno but they need a cashflow and can't sell STs till they know which division they'll be in. It's now that they wanna be startin somethin.

Apparently, BJ is about to begin legal proceedings, one by one, against any newspaper editor who publishes negative press about their situation......

He's starting with the man in the Mirror.

[Aldo]

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I think they would tap into a couple of sources before going down that route. Gretna were given an advance of their (last place) prize money when they went tits up and if Jackson could show the SPFL that they were genuinely stoney broke than that will happen. Then there's the Diddie's money that can also be used. They'll see out the season, it's what happens in the summer that will be fun. Not that it's not fun now, I'm mean really fun

I thought the prize money was going to be withheld Mikey to pay the football debt which I believe currently stands at around £535,000.

Sure you get just over 700,000 for finishing bottom so it doesn't leave much... But probably just enough to get them through to seasons end,

[greenginger]

And that should be the CVA report from 29th November.


ftp://wck2.companieshouse.gov.uk/ima...9-10173586.pdf


I will post them both on the Community Page so we can find them again.

[Ozyhibby]

Although the Ukio meeting on the 18th March is not the main one they are waiting for, it still seems to be a threat to the yams.
If the meeting concludes without the CVA being ratified or even discussed it could be all over at that point.
Don't know if BDO have assurances that it will be dealt with at this meeting but they have been very quiet of late.

[Ozyhibby]

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Apparently, BJ is about to begin legal proceedings, one by one, against any newspaper editor who publishes negative press about their situation......

He's starting with the man in the Mirror.

Brutal.

[CropleyWasGod]

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Apparently, BJ is about to begin legal proceedings, one by one, against any newspaper editor who publishes negative press about their situation......

He's starting with the man in the Mirror.

This is a serious thread. There's no room for puns.

Just beat it, eh?

[Waxy]

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Apparently, BJ is about to begin legal proceedings, one by one, against any newspaper editor who publishes negative press about their situation......

He's starting with the man in the Mirror.

When they went into admin they had to sack Di the cleaning lady.Last week Di bumped into a member of staff and asked how the place was looking.The staff member say "since youve been away the place is looking Dirty Diana"

[CropleyWasGod]

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Although the Ukio meeting on the 18th March is not the main one they are waiting for, it still seems to be a threat to the yams.
If the meeting concludes without the CVA being ratified or even discussed it could be all over at that point.
Don't know if BDO have assurances that it will be dealt with at this meeting but they have been very quiet of late.

It's not even on the agenda, as far as I can see. The meeting is mainly to elect a creditors committee.

[#FromTheCapital]

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This is a serious thread. There's no room for puns.

Just beat it, eh?

Earth song

[TRC]

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This is a serious thread. There's no room for puns.

Just beat it, eh?

Oh your bad

[Aldo]

Think this thread has turned into a right Thriller

[CropleyWasGod]

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They need enough cash to get them through until season ticket sales for 2014/15 go on sale, don't they?

They do, although if they're still in admin by then, it might affect Budge's attitude.

[greenginger]

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It's not even on the agenda, as far as I can see. The meeting is mainly to elect a creditors committee.

Here's the draft agenda for the meeting.

http://translate.googleusercontent.c...diqoNevz6Qrxlg


No mention of Yams, their shares or any business. Maybe Barry or I am an MP.should get them told.

[Kato]

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Ahem

Leave me alone.

[davidw]

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Did he and Bryan not have a falling out? Something about blaming it on the boogie?

I heard that they fell out over Bryan's disgusting nose-picking habit. They blamed it on the bogie.

[GreenLake]

They must be tired of getting repeatedly punked by those who gave them hope.

Maroon morons
Pink punks
Twirling twats
Gorgie gimps

[Mikey09]

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This is a serious thread. There's no room for puns.

Just beat it, eh?

Exactly.... This is serious... You are not alone CWG..