fernandopartridge
Well-Known Member
Think it's steadied today
Wasps current finances & hope (8 Viewers)
- Thread starter oldskyblue58
- Start date
Again, never said that I said the accounts, keep up.
The accounts transaction which the independent accountants assess as falsified was known then.
Your source is ?
Please don't say Coventry Observer
You said it was a "technicality" a few days ago - but the misrepresentation goes back to last year?
Astute
Well-Known Member
Financial. My favourite subject
Yes bonds go up and down in value. Most things to do with financial services do. But normally with something like these bonds the movement is pennies. If something very good happens you might get a 5% rise in a day. A bit of bad news that won't make much difference in the long run might lose you 5% in a day.
For the bonds to lose 2 years worth of interest payments in a day you know there is a major problem. It isn't a problem that will quickly go away.
So you think that it is only something to do with what happened last December? If that is the case the bonds would have fell in value last December.
Wasps now have a major problem. The bond holders have been spooked. Suddenly it has gone from a decent investment to a dodgy investment. And someone from Wasps saying everything is OK won't help. There will need to be firm evidence that everything is OK before they recover. That is unless they went down for no apparent reason. And that certainly doesn't look the case.
Nick
Administrator
Ricoh isn't it?
Italia in being a hypocrite shocker? Never.
You have turned yourself into a parody. Stick to the Wasps forum where everybody will lap it up.
italiahorse
Well-Known Member
Exactly. An audit that took place last year and was discussed (and accepted) at the bondholders meeting as an 'accounting irregularity'.
It's all in the wording but both the 'irregularity/falsification' and the figures in the accounts were known in December.
italiahorse
Well-Known Member
Continues to be Ricoh until next year. Your point ?
Nick
Administrator
Can you point to where the auditors said in December that when the auditors were conducting enquiries Wasps presented them with false evidence?
Try and put it down as "irregularity" all day if you want, the same as it was a "technicality". The Auditors used the word "falsified".
Nick
Administrator
The point is there has been a different deal since you said it was going to be JLR (based on a domain name purchase)....
Unless of course other deals can keep being done and it still doesn't count as "Not JLR"....
fernandopartridge
Well-Known Member
Agree with that, the other thing worth mentioning is that the decrease in the bond price is lessened by the fact that a lot of bondholders are Wasps supporters. If the bondholders didn't have that loyalty I suspect the price would have dropped like a stone.
Financial. My favourite subject
Yes bonds go up and down in value. Most things to do with financial services do. But normally with something like these bonds the movement is pennies. If something very good happens you might get a 5% rise in a day. A bit of bad news that won't make much difference in the long run might lose you 5% in a day.
For the bonds to lose 2 years worth of interest payments in a day you know there is a major problem. It isn't a problem that will quickly go away.
So you think that it is only something to do with what happened last December? If that is the case the bonds would have fell in value last December.
Wasps now have a major problem. The bond holders have been spooked. Suddenly it has gone from a decent investment to a dodgy investment. And someone from Wasps saying everything is OK won't help. There will need to be firm evidence that everything is OK before they recover. That is unless they went down for no apparent reason. And that certainly doesn't look the case.
So why did they not publish the full accounts and Audit reports on time?
In the case of WASPs Finance that was December 31st
The Bond issue was in January and once that was resolved why were they not issued then?
The Group Accounts were due March 31st - another deadline missed
One wonders what stage the Registrar of Companies got to with his chasing to get these released
fernandopartridge
Well-Known Member
The statement from Nicky on the published accounts states it was only signed off by the board on 3rd May doesn't it? That means they were lying when they told italia and the CT the accounts had been filed and would be published shortly. Is there no end to the lying?
italiahorse
Well-Known Member
lordsummerisle
Well-Known Member
You've only just found out the Ricoh deal has continued ?
It's still on the roof
Well Wasps can't afford to take it down can they?
Nick
Administrator
You've only just found out the Ricoh deal has continued ?
It's still on the roof
Again, you can try and skip the point if you want.... For a change it was you being wrong.
Too expensive to replace isn't it?
italiahorse
Well-Known Member
No idea other than the technicalities of then having to be re-done , re-audited and re-submitted..
Tell me why you think ?
Nick
Administrator
lordsummerisle
Well-Known Member
Because the figures initially given to the auditors were a pack of lies?
Hang on - you said "
Exactly. An audit that took place last year and was discussed (and accepted) at the bondholders meeting as an 'accounting irregularity'.
It's all in the wording but both the 'irregularity/falsification' and the figures in the accounts were known in December."
Are you saying the Bond Holders passed a resolution based in information that was not complete and may have needed further amendment after the vote?
italiahorse
Well-Known Member
So they keep saying on here.
italiahorse
Well-Known Member
No' I'm saying it's the same information.
italiahorse
Well-Known Member
Read the second half of the sentence.
So why did they file late and only after being pursued by Companies House?
I will let you know that when I get more information on what has happened. I am not a speculator !
You've only just found out the Ricoh deal has continued ?
It's still on the roof
extended on lower terms?
so is a lot of bird s**t!
italiahorse
Well-Known Member
Who cares?
fernandopartridge
Well-Known Member
Well, sponsorship income dropped by £1.1m from 30/6/16 to 30/6/17. Are Ricoh even paying anything now?
I am no accountant but having looked at the accounts it seems clear to me that Wasps Holdings are relying on an overdraft for cashflow
I am no accountant but having looked at the accounts it seems clear to me that Wasps Holdings are relying on an overdraft for cashflow
chiefdave
Well-Known Member
Didn't they dismiss the issues at the Ricoh previously as just routine, now they have structural engineers in. That's not routine maintenance.
Nick
Administrator
He must have been listening to posters on here who follow Les Reid. Andy Goode and Italia will soon correct it while not actually mentioning any of the points raised.
skybluetony176
Well-Known Member
Do Wasps/ACL have a good or bad reputation for paying for local services or local suppliers does anyone know? Must be a few local contractors, service and goods suppliers I would think into the Ricoh. Do they pay 30,60,90,120days? When the solicitors letters arrive? Don’t know personally but must be people on here who work for service and goods suppliers into the Ricoh so was wondering what their experience is. Can be a good cash flow indicator.
lifeskyblue
Well-Known Member
Whilst I accept that this might not be as bad as many here hope/think/pray for, the almost dismissal of it as a non-story is extremely naive. I believe of the rugby premiership clubs only Exeter are in the black this year, Leicester are paying off a stand and look ok....as for the rest it’s a case of who will go under first. Rugby is in for a rough ride over the next couple seasons.
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Moff
Well-Known Member
That response to Nick doesn't even make sense in relation to what he posted. Its the worst deflection ever. Go and have a lie down and leave the keyboard for a few days.
Moff
Well-Known Member
No ones worried, only you. Were delighted at the news.
Oh and the Les Reid angle you keep going on about, I do believe the information on this story was based on an article way before Reids came out, so if you are going to ramble on about it, at least get your facts right.
Moff
Well-Known Member
Italias car park on wasps matchday.
lordsummerisle
Well-Known Member
I'm sure I saw a story or link a few years ago saying how Dereck Richardson had been sniffing around the Ricoh before he got involved with Wasps.
Does anybody else remember that and have a link to it if it isn't in fact my senility.
Does anybody else remember that and have a link to it if it isn't in fact my senility.