Share Transfers Agreed/Cooling off period

[McSwanky]

"Both Pat Munro and Bob Jamieson have claimed to be bidders for ownership of Hearts before and nothing materialised. Seem like spoilers."

Old George tweeting direct from.... wait for it.... Tunisia????? Did your plane take a wrong turning, George?

[H18sry]

http://www.scotsman.com/sport/footba...-bid-1-3367638

EDINBURGH-based businessman Pat Munro has made a late bid for Hearts, it has been announced.

Munro, who owns a plumbing business, has offered the Tynecastle club’s major shareholders - Ukio Bankas and UBIG - £15 million for the club, over a 15-year period in exchange for their joint 80 per cent shareholding.

He also wants ownership of the stadium, currently held by Ukio Bankas - at the end of that time period.

Munro has failed in the past with a number of attempts to take over Hearts, but administrators BDO and supporters group Foundation of Hearts are concerned at the impact the late bid will have in Lithuania.

Ukio Bankas and UBIG are in administration, with their creditors meeting in Lithuania today. A vote is expected on transferring shares in Hearts to prospective owner Ann Budge, but the club’s administrators fear Munro’s 11th-hour offer may delay things further.

It was revealed in March that Hearts have enough funding to last until the end of April, and a delay could be catastrophic for the Jambos.

Bryan Jackson, the administrator in charge at Tynecastle, has made it clear that the club will be liquidated if a company voluntary arrangement (CVA) worth £2.5 million agreed last November is not finalised in the next few weeks.

[ano hibby]

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True but as we are heading for a period of deflation, or at the least very low inflation, it could be not far off the mark.

That as maybe but irrespective, a bid from a plumber for a football club over a 15 year period will need to be discounted at a pretty healthy rate.

[Hibernia&Alba]

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What time is the coffin getting lowered?
its all we need/want to know

Correct. Time to put all this timewasting to bed. I have bought a new black tie for this, so it had better be put to use!

[Hibby Kay-Yay]

Regardless of who gets the approval to receive the shares...they will still be frozen and only the courts can defrost them.

[Pray4Marc]

My sperm count has took a good few hits the last 2 days, I don't no if I'll get through today. So much pleasure.

[Jim44]

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Regardless of who gets the approval to receive the shares...they will still be frozen and only the courts can defrost them.

I thought that this 'frozen' issue was declared a red herring last week.

[Weststandwanab]

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That as maybe but irrespective, a bid from a plumber for a football club over a 15 year period will need to be discounted at a pretty healthy rate.

No the Liths need as much distraction as possible.

Keep the faith the big L is coming.

[The_Todd]

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I thought that this 'frozen' issue was declared a red herring last week.

I don't think it was. I thought they were still in deep freeze.

[leggeto]

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http://www.scotsman.com/sport/footba...-bid-1-3367638

EDINBURGH-based businessman Pat Munro has made a late bid for Hearts, it has been announced.

Munro, who owns a plumbing business, has offered the Tynecastle club’s major shareholders - Ukio Bankas and UBIG - £15 million for the club, over a 15-year period in exchange for their joint 80 per cent shareholding.

He also wants ownership of the stadium, currently held by Ukio Bankas - at the end of that time period.

Munro has failed in the past with a number of attempts to take over Hearts, but administrators BDO and supporters group Foundation of Hearts are concerned at the impact the late bid will have in Lithuania.

Ukio Bankas and UBIG are in administration, with their creditors meeting in Lithuania today. A vote is expected on transferring shares in Hearts to prospective owner Ann Budge, but the club’s administrators fear Munro’s 11th-hour offer may delay things further.

It was revealed in March that Hearts have enough funding to last until the end of April, and a delay could be catastrophic for the Jambos.

Bryan Jackson, the administrator in charge at Tynecastle, has made it clear that the club will be liquidated if a company voluntary arrangement (CVA) worth £2.5 million agreed last November is not finalised in the next few weeks.

he was my old next door neighbour quite a sound bloke

[Bostonhibby]

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No the Liths need as much distraction as possible.

Keep the faith the big L is coming.

Any chance it could be after 12? Dinnae really want to get caught opening a rare malt on a monday morning:-)

[KeithTheHibby]

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http://www.scotsman.com/sport/footba...-bid-1-3367638

EDINBURGH-based businessman Pat Munro has made a late bid for Hearts, it has been announced.

Munro, who owns a plumbing business, has offered the Tynecastle club’s major shareholders - Ukio Bankas and UBIG - £15 million for the club, over a 15-year period in exchange for their joint 80 per cent shareholding.

He also wants ownership of the stadium, currently held by Ukio Bankas - at the end of that time period.

Munro has failed in the past with a number of attempts to take over Hearts, but administrators BDO and supporters group Foundation of Hearts are concerned at the impact the late bid will have in Lithuania.

Ukio Bankas and UBIG are in administration, with their creditors meeting in Lithuania today. A vote is expected on transferring shares in Hearts to prospective owner Ann Budge, but the club’s administrators fear Munro’s 11th-hour offer may delay things further.

It was revealed in March that Hearts have enough funding to last until the end of April, and a delay could be catastrophic for the Jambos.

Bryan Jackson, the administrator in charge at Tynecastle, has made it clear that the club will be liquidated if a company voluntary arrangement (CVA) worth £2.5 million agreed last November is not finalised in the next few weeks.

Announced where?

[CyberSauzee]

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Any chance it could be after 12? Dinnae really want to get caught opening a rare malt on a monday morning:-)

It's after 12 where I am at the moment. Very tempting to have a wee snifter right now.

[Islington Hibs]

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Why would Munro pay £15M when he could have just agreed a deal with BDO to take the whole club for say 6 or 7 million as part of CVA bid ?

I don't know but I suspect it is because he doesn't have the money thus paying small chunks over many years. If that is the reason I is good news as they will have to live well within their means.

[StevieC]

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Presumably Shoeless Bob and Hapless Pat are positioning their bids for a liquidation scenario, ie this is what you could get if you reject the CVA.

I think it would have to be as neither would involve fan ownership (#notcreatinghistory) so that would rule out FoH money to complete the season.

[Weststandwanab]

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Any chance it could be after 12? Dinnae really want to get caught opening a rare malt on a monday morning:-)

I do not think it will actually happen until after the last league game has been played.

However, BDO may well throw in the towel before then and as quickly as later today.

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It's after 12 where I am at the moment. Very tempting to have a wee snifter right now.

If the news goes the way I expect today I will be having at least one irrespective of the time.

[brog]

After Raith's triumph yesterday & today's news, the new song for the Yams must surely be;

Oh no, no, no, f****** Paddy Munro!!

[brog]

[QUOTE=Weststandwanab;3960075]I do not think it will actually happen until after the last league game has been played.

However, BDO may well throw in the towel before then and as quickly as later today.

If the news goes the way I expect today I will be having at least one irrespective of the time.

Me too, & maybe a drink as well!!

[Onion]

Always thought today would lead to just another delay by BDO supported by FOH funds, but with another offer on the table they are screwed. It will take time for the Liths to assess any new offer and Budgie/ FOH will not want to shore up the club while this happens.

IMHO this is make or break today. If CVA not a approved I think BDO will go straight to Big L.

[Bostonhibby]

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I do not think it will actually happen until after the last league game has been played.

However, BDO may well throw in the towel before then and as quickly as later today.

If the news goes the way I expect today I will be having at least one irrespective of the time.

Good enough for me thanks!

[H18sry]

BBCBMcLauchlin ‏@BBCBMcLauchlin 26s
Majority of UBIG creditors vote in favour of accepting deal for shares in Hearts.#bbcsportscot

[jonty]

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BBCBMcLauchlin ‏@BBCBMcLauchlin 26s
Majority of UBIG creditors vote in favour of accepting deal for shares in Hearts.#bbcsportscot

Hang on - Ukio haven't agreed anything yet

[Liberal Hibby]

£1-5 million for the Hearts - oh the irony...

[matty_f]

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BBCBMcLauchlin ‏@BBCBMcLauchlin 26s
Majority of UBIG creditors vote in favour of accepting deal for shares in Hearts.#bbcsportscot

No real surprise here, there's still more to come though. What's the state of play with ukio?

[Hermit Crab]

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BBCBMcLauchlin ‏@BBCBMcLauchlin 26s
Majority of UBIG creditors vote in favour of accepting deal for shares in Hearts.#bbcsportscot

Is that it over then?

[Moulin Yarns]

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BBCBMcLauchlin ‏@BBCBMcLauchlin 26s
Majority of UBIG creditors vote in favour of accepting deal for shares in Hearts.#bbcsportscot

Shares The Frozen Are

[ALF TUPPER]

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Hang on - Ukio haven't agreed anything yet

Absolutely . Ukio are big players in this shambles

[Dashing Bob S]

"It looks like it could now go all the way the freezer test - the penalty shoot-out of corrupt football shenanigans."

[Thecat23]

My money is on them getting out this mess now. Either way they are finished as the Hearts we all know and hate. They will be a poor side for years to come and may never fully recover from this.

[H18sry]

Foundation of Hearts ‏@The_FOH 5m
@BBCBMcLauchlin is in Lithuania so breaking news that UBIG have agreed share transfer deal. We are half way there...