WASPS & Compass

Discussion in 'Wasps' started by oldfiver, Oct 8, 2016.

  1. oldfiver

    oldfiver Well-Known Member

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  2. Captain Dart

    Captain Dart Well-Known Member

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    Nothing terribly obvious, there is mention of a special resolution but what is was does not seem to be in the content.
     
  3. oldfiver

    oldfiver Well-Known Member

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    You need to read all the recent docs
    It looks like WASPS are buying out Compass but OSB better at this
     
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  4. Captain Dart

    Captain Dart Well-Known Member

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    Don't think that is likely, Compass is a huge company and Wasps rely on them to provide all the staff at the venue also it is a 10 year deal isn't it, I'd think it would cost money to buy out.

    It would be huge change and would mean everyone who worked there would have new contracts of employment, as there has not been a sniff of that I am sure it is steady as she goes.

    All I saw was reduction of share capital from £4K to £100 and 100 shares were issued in proportions 77/23 (as before) with some stipulations that representatives from both parties must be present to appoint or remove Directors. So they cashed in 4K..
     
  5. oldfiver

    oldfiver Well-Known Member

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    I thought they had called in the Share Premium Account as well

    Dont the employees work for IEC not Compass?
     
  6. Captain Dart

    Captain Dart Well-Known Member

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    I think I misread the number there, it must have been in £000's, £4M being cashed in but the document states that the premium was paid by Compass on B shares so it does not look like Wasps or ACL gets any of that money.
     
    Last edited: Oct 9, 2016
  7. oldfiver

    oldfiver Well-Known Member

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    I read the B shares and Share Premium have been"cancelled" which is a capital reduction - so has IEC bought the shares back off Compass?
     
  8. Captain Dart

    Captain Dart Well-Known Member

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    The penultimate document shows 100 shares 77 A & 23 B.
    I think Compass have taken their £4M premium back & 23 B shares not requiring a share premium have been issued to replace 23 shares with accompanying premium.
    At the same time the Directors have said the company is solvent, so I guess the £4M was there in case of emergency while things were being set up.
     
  9. oldfiver

    oldfiver Well-Known Member

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    The declaration of solvency is a legal requirement in these cases
    They are reducing the capital base of the Company so they have to show that by paying them back does not prejudice creditors who relied on that base
    I doubt they had £4m on deposit but it could have been refinanced

    It it means they have to pay less percentage off the F&B to Compass that may be the reason
    Probably helps prop up the Arena valuation as well
     
  10. trondegilsoltvedt97

    trondegilsoltvedt97 Active Member

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    From that link, I've learnt: Two days before it was announced that Phoenix Way would become Jimmy Hill Way, all of the Ricoh/Wasps companies changed their registered addresses ... from Phoenix Way to Judds Lane!
     
  11. dongonzalos

    dongonzalos Well-Known Member

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    I think the compas contract is until 2030 and was only just extended last year.
    So unlikely it has changed again this soon.
     
  12. Nick

    Nick Administrator

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    Another strange bump
     
  13. dongonzalos

    dongonzalos Well-Known Member

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    We never won or even played yesterday, so I thought I was allowed to post in here?

    You won't stop me posting what I like, where I like, when I like. With your weird obsessive conspiracies, sorry.
     
  14. Nick

    Nick Administrator

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    I have never said you can't post have I or tried to stop you?
     
  15. dongonzalos

    dongonzalos Well-Known Member

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    It's just your tiedius continuos 'conspiracy' crap.
    Strange time to bump a thread
    Strange time to post a thread about Wasps.

    Your childish conspiracy Shite is getting boring.

    The thread about Wasps loaning Cov players was of interest. I was posting about our good victory at the same time.
    The bump thread was the first time I read it that thread and I had information on it that was very relevant to the conversation. It only went back 4-5 days before so was high on the list of threads in that topic area.

    Yet to you in your warped mind that everything is a conspiracy. It was an attempt to bump a thread.
    Can you explain what would be the purpose of bumping thread? What is the agenda with that. Other than to actually answer some of the questions on it.

    Also with the other one why is it an issue that at the same time that I am discussing our good victory. I am not allowed to post something I just saw on the CET that is of interest? Some people can multitask. I was posting on a what's app group with my friends about fantasy football as well at the time.

    Your really need to sort out your conspiracy issues you are worse than Michael bloody Moore
     
  16. Nick

    Nick Administrator

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    Ah, the one about wasps helping crfc that had been discussed on another thread?

    Who mentioned conspiracy?

    Maybe your proud of the council thread set the tone :(
     
  17. dongonzalos

    dongonzalos Well-Known Member

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    No issues with what I posted on that.
    Happy that someone was stopping a charity getting rail roaded.
    Although you didn't seem to give a shit about charity back then,
    Good to see you seem a reformed man recently with the jimmy hill fund,
    Either that or a hypocrite.
    I'll go for reformed
     
  18. Nick

    Nick Administrator

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    Haven't seen you mention anything about wasps and the charity?

    You think the council were doing things to protect higgs? Ha ok!

    The moment anybody from sbitc starts behaving like pwkh and I won't be supporting them, I don't think it will happen though.
     
  19. dongonzalos

    dongonzalos Well-Known Member

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    Wasps paid the charity 770000 more than the SISU offer. Also the charity are still making money from the deal as we speak.
    You shouldn't ditch supporting a charity because you don't like one individual.
    Then again I guess that's up to you.
    (Apologies for posting in here whilst Scunthorpe hoof Into Burge's arms from their defence)
    I assure you there is no agenda to the timing of the post
     
    Last edited: Nov 12, 2016

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