Share Transfers Agreed/Cooling off period

[Eyrie]

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On the Quantum Holdings thing, whoever buys the UBIG/Ukio shares will have to offer the same terms to other shareholders. That means that if they pay £70k for UBIG's 50% shareholding they'll have to offer £21k for Quantum's shares.

On a straight pro rata basis yes, but surely a discount should be applied given that the 15% is a minority interest? The 50% holding effectively provides control as the remaining shares are split (ie 29% UKIO, 15% QH, 6% other) and would need to agree unanimously to cancel out the 50% bought from UBIG.

Given the sums involved though, it's probably easier to just offer £21k for a quick resolution rather than £10k.

[greenginger]

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It wasn't reported that way. The last thing I read was that FoH were directly paying the UBIG Admins 70k for the shares.

The CVA document approved last November states,

Clause 5.3 ( page 4 ) " FoH (or its nominee ) will acquire the shareholdings of Ukio Bankas and UBIG ( circa 80% )of the club or failing an equivalent majority shareholding, in exchange for £ 1 Sterling. "


Can the conditions be varied at a later date ? Would'nt matter anyway , Jackson would just ignore the rules.

[whiskyhibby]

I thought this was all meant to be done and dusted weeks ago, why the silence in the Yam loving media?

[R11Loaded]

A hearts fan I know who claimed they'd be out of admin most months until now has told me the have funding and will exit administration soon. Not that he'd tell me what funding.

Does anyone have access to the link that quotes Bryan Jackson as saying mid June?


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[Keith_M]

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A hearts fan I know who claimed they'd be out of admin most months until now has told me the have funding and will exit administration soon. Not that he'd tell me what funding.

It's just a pity for them that the CVA process doesn't run by wishful thinking and that it all just takes time.

Dunfermline took months from a CVA being agreed to finally being able to exit Administration, and their situation was a lot simpler (it all took place in Scotland, for one)

[Geo_1875]

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Indeed unless, for some reason, they become so rich Liquidation wold never be an issue.

You mean like some megarich bank owning industrialist takes them over?

[Caversham Green]

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On a straight pro rata basis yes, but surely a discount should be applied given that the 15% is a minority interest? The 50% holding effectively provides control as the remaining shares are split (ie 29% UKIO, 15% QH, 6% other) and would need to agree unanimously to cancel out the 50% bought from UBIG.

Given the sums involved though, it's probably easier to just offer £21k for a quick resolution rather than £10k.

The rule is that the offer must be made on the same terms so it would have to be the £21k if they're doing it the way I outlined. I don't know if that's the case or if greenginger's version is more accurate though.

As far as keeping the shares goes, they won't be paying any dividends and they'll be a minority holding where the majority is held by a single entity - therefore no realistic voting power. I'd take the money and run.

[Weststandwanab]

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You mean like some megarich bank owning industrialist takes them over?

If it is there own cash, yes !

[Keith_M]

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.... I'd take the money and run.

I don't see why.

21k for a 15% shareholding means an evaluation of only 140k for the whole club. If Hearts actually get through the CVA, the club/company must be worth much more than that, considering they will additionally own the stadium and the land it sits on outright.

All they'd need to do is hold out for a while and make a killing selling the shares for their actual value.

[Ronniekirk]

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It's just a pity for them that the CVA process doesn't run by wishful thinking and that it all just takes time.

Dunfermline took months from a CVA being agreed to finally being able to exit Administration, and their situation was a lot simpler (it all took place in Scotland, for one)

But the memorandum of misunderstanding seems to have been around for ages assume that's what they are all trying to firm up on now Unless there are other issues that come out of this I don't think we will hear a lot until there is an announcement that's it done and we will have another fanfare ,media frenzy and more backslapping all round ,or it will be negotiations are going on longer than anticipated with one or two hurdles still to overcome but we are still confident it will be done before the start of next season and we don't anticipate having to go into the Championship starting with minus 15 points I think the big L is now a long shot unless the Liths are game playing .

[HUTCHYHIBBY]

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Last home game of the season on Wednesday.
Cant see many walk ups,but partick should take a decent following.

13.5K crowd, as usual!

[Weststandwanab]

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I don't see why.

21k for a 15% shareholding means an evaluation of only 140k for the whole club. If Hearts actually get through the CVA, the club/company must be worth much more than that, considering they will additionally own the stadium and the land it sits on outright.

All they'd need to do is hold out for a while and make a killing selling the shares for their actual value.

I am with you - I would hold the shares and hope they rise in value.

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But the memorandum of misunderstanding seems to have been around for ages assume that's what they are all trying to firm up on now Unless there are other issues that come out of this I don't think we will hear a lot until there is an announcement that's it done and we will have another fanfare ,media frenzy and more backslapping all round ,or it will be negotiations are going on longer than anticipated with one or two hurdles still to overcome but we are still confident it will be done before the start of next season and we don't anticipate having to go into the Championship starting with minus 15 points I think the big L is now a long shot unless the Liths are game playing .

My first wife and I have had a memorandum of understanding for the last 20 years now - it is called a divorce settlement.

[Caversham Green]

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I don't see why.

21k for a 15% shareholding means an evaluation of only 140k for the whole club. If Hearts actually get through the CVA, the club/company must be worth much more than that, considering they will additionally own the stadium and the land it sits on outright.

All they'd need to do is hold out for a while and make a killing selling the shares for their actual value.

The shares are only worth what someone would pay for them and there's no investment value in them. No dividend yield and there's still the risk of liquidation or the club going bust again. The capital value is only worth something if it's likely to be realised at some time and that's unlikely to happen. Of course you might get some daftie that was prepared to give you more money for them - they did part with more than a million for shares (which they still haven't got) in an openly insolvent company, but surely they wouldn't get stitched up like that again.

Would they?

[Ronniekirk]

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I am with you - I would hold the shares and hope they rise in value.

My first wife and I have had a memorandum of understanding for the last 20 years now - it is called a divorce settlement.

You should have gone for a Pre Nuptial

[Keith_M]

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The shares are only worth what someone would pay for them and there's no investment value in them. No dividend yield and there's still the risk of liquidation or the club going bust again. The capital value is only worth something if it's likely to be realised at some time and that's unlikely to happen. Of course you might get some daftie that was prepared to give you more money for them - they did part with more than a million for shares (which they still haven't got) in an openly insolvent company, but surely they wouldn't get stitched up like that again.

Would they?

I'd imagine if they waited long enough, there will be individual Hearts supporters that would like to hold shares in their club. We have people on hibs.net regularly asking how they go about buying shares in Hibs, they would be no different. I think it's more of an emotional attachment; even for the 'ego value', as in a small businessman happy for people to know he owns 5% (or whatever) of Hearts.

I realise that it wouldn't be considered a great investment for a real businessman/woman but I'd be willing to bet on gaining more than 21k for selling them off in small purchases.

[Famous Fiver]

It's all gone quiet over there I think that getting out of administration is going to be a bumpy, lengthy and expensive process.

[southsider]

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It's all gone quiet over there I think that getting out of administration is going to be a bumpy, lengthy and expensive process.

How ? They do not pay anyone as it is. Did we get paid for the recent derby tickets ?

[HUTCHYHIBBY]

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My first wife and I have had a memorandum of understanding for the last 20 years now - it is called a divorce settlement.

Did she file for divorce because you used to quote back to her everything she ever said to you?

[Weststandwanab]

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You should have gone for a Pre Nuptial

They are now,and were then, not legal in this country.

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I'd imagine if they waited long enough, there will be individual Hearts supporters that would like to hold shares in their club. We have people on hibs.net regularly asking how they go about buying shares in Hibs, they would be no different. I think it's more of an emotional attachment; even for the 'ego value', as in a small businessman happy for people to know he owns 5% (or whatever) of Hearts.

I realise that it wouldn't be considered a great investment for a real businessman/woman but I'd be willing to bet on gaining more than 21k for selling them off in small purchases.

I would take 15 per cent at the going rate and throw them away for ten years in my safe and then smile.

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Did she file for divorce because you used to quote back to her everything she ever said to you?

Now it is funny you should say that..... it deserves a post on its own.

[Www1875hfc]

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Did she file for divorce because you used to quote back to her everything she ever said to you?

[Weststandwanab]

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As you are doubly keen to know.....

It was 1994 a hot July afternoon and the world cup was on.

We were having a BBQ and friends over.

The drink was flowing.

Brazil were playing U.S.A..

Halfway through the second half I went from the garden in the house to see the score and my first wife followed me proclaiming "you do not pay me enough attention".

Without thinking too much I replied "yes but can I see the football score first" !

The rest they say was history.

[HUTCHYHIBBY]

Bebeto scored that day! Sounds like you didn't! :-)

[Weststandwanab]

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Bebeto scored that day! Sounds like you didn't! :-)

We both did he a goal and me my freedom.

Every Independence Day I lift a wee dram to that match.

[grunt]

FOH update 6 May

Foundation of Hearts ‏@The_FOH 4m UPDATE: Sale & Purchase Agreement (SPA) not yet done. Given it's already 2nd week of May selling out Tynecastle on Wed would really help.

[Haymaker]

Still on!

[AinsterHibs]

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Still on!

Yup.....and the yak are doing what they do best, beg, plead, steal, deceive and deny.

[greenginger]

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FOH update 6 May

Foundation of Hearts ‏@The_FOH 4m UPDATE: Sale & Purchase Agreement (SPA) not yet done. Given it's already 2nd week of May selling out Tynecastle on Wed would really help.

Any ideas what their attendance on Sunday actually was. Not the 13,500 or whatever crap they publish and our media dutifully print without question ?

[Ozyhibby]

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Any ideas what their attendance on Sunday actually was. Not the 13,500 or whatever crap they publish and our media dutifully print without question ?

It was not as high as that but it was a not bad crowd. Maybe 12,000.

[Weststandwanab]

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FOH update 6 May

Foundation of Hearts ‏@The_FOH 4m UPDATE: Sale & Purchase Agreement (SPA) not yet done. Given it's already 2nd week of May selling out Tynecastle on Wed would really help.

Looks like the begging bowl is out.

What makes me suspicious is that a Sale and Purchase Agreement is between BDO and Budgie/F.O.H.

So a willing buyer cannot agree with a willing seller – I wonder why that is ?

Could it be the non delivery of the shares ?

Keep the faith the big L is still possibility and as days go by more of probability

[Waxy]

They are probably waiting till after wednesdays match to announce they've done it. Just to bring in maximum takings. It's what they do.