Wasps downward spiral... (68 Viewers)

[Gynnsthetonic]

They keep mentioning selling the stadium for a knock down £28m, who though will pay that for it, its back to where we were before, its worthless!

 

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[Grendel]

The first target to meet direct with Trustee is believed to have been met

Check ADVFN

Yes I’ve seen the claim

 

[Gynnsthetonic]

What happens now then, they just keep hold of £35m and do nothing and it all gets brushed under the carpet

 

[Gynnsthetonic]

The bond announcement regarding the extension to the refinancing has also disappeared from the Wasp Fc main website

 

[MalcSB]

The bond announcement regarding the extension to the refinancing has also disappeared from the Wasp Fc main website

Which one? Tye one saying expect to refinance/ redeem by 12 August is still there,

 

[MalcSB]

All the statements are still available on various investor sites, perhaps they have removed it and from the offal so that lazy Wasps fans don’t stumble across it on their website by accident.

 

[Gynnsthetonic]

All the statements are still available on various investor sites, perhaps they have removed it and from the offal so that lazy Wasps fans don’t stumble across it on their website by accident.

Just going by Drunken Wasp site from Kentwasp1

 

[Philosoraptor]

What happens now then, they just keep hold of £35m and do nothing and it all gets brushed under the carpet

I don't think even a very plush carpet is going to hide that sort of huge bump.

 

[Philosoraptor]

I think the question a lot of bondholders should be asking is; when are they going to get their investment back, and not just the interest on their investment?

 

[oldfiver]

I think the question a lot of bondholders should be asking is; when are they going to get their investment back, and not just the interest on their investment?

The other question should be when will CCC/WMCA decide they are not a proper business to dish out grants to

 

[chiefdave]

Not illegal, but they clearly said that they would formalise a consent solicitation process in August, and they've evidently not done so.

Its good news apparently, talk about heads in the sand

There's no need to launch a consent solicitation process if the bond is simply going to be paid.

 

[oldfiver]

Its good news apparently, talk about heads in the sand

So why will they not communicate with the Bondholders?

 

[Liquid Gold]

So why will they not communicate with the Bondholders?

Nice surprise for them to get their money back?

I jest but there is probably some mad insect that thinks that is the case.

 

[MalcSB]

Its good news apparently, talk about heads in the sand

Dawkins must be right then.

 

[CCFC54321]

Dawkins must be right then.

That’s just him saying that a week or so ago they had good news. Nothings come out to substantiate that comment.

 

[oldfiver]

London Stock Exchange | London Stock Exchange

null

www.londonstockexchange.com

 

[CCFC54321]

London Stock Exchange | London Stock Exchange

null

www.londonstockexchange.com

As it’s says it’s in advanced discussions and nothing more than a holding statement to appease the bond holders.

No different from the last statement.

 

[oldfiver]

A it’s says it’s in advanced discussions and nothing more than a holding statement to appease the bond holders.

No different the last statement.

Quite!

 

[Gynnsthetonic]

Shugs says excellent news indeed. What's excellent about it, that guys on the wind up

 

[chiefdave]

Months ago they were releasing statements saying similar, what makes anyone owned money think things will be different this tie round? Reads to me as more stalling and hoping the bond holders will just sit on their hands and do nothing while not getting their money back on some vague promise better times lie ahead.

 

[Terry Gibson's perm]

You have to think that if they have got a loan to cover it the rates will be astronomical.

 

[Gynnsthetonic]

Months ago they were releasing statements saying similar, what makes anyone owned money think things will be different this tie round? Reads to me as more stalling and hoping the bond holders will just sit on their hands and do nothing while not getting their money back on some vague promise better times lie ahead.

I'd imagine they've come out with this statement because they know the bondholders are gathering force and want to halt their proceedings against Wasp to cash in on the bond at a reduced rate meaning bye bye Wasp

 

[jordan210]

I thought they where all ready at advance stages with HSBC about 6 months ago.....

I bet the 6.5% they have to pay bond holders is a damn site cheaper than what they have been offered elsewhere to cover the bond

 

[Gynnsthetonic]

I thought they where all ready at advance stages with HSBC about 6 months ago.....

I bet the 6.5% they have to pay bond holders is a damn site cheaper than what they have been offered elsewhere to cover the bond

All in place ready to go according to Shugs

 

[CCFC54321]

Despite what that Dawkins chappie is saying on Twitter he hasn’t or didn’t have anything new to unveil. The statement is re worded from the last and significantly doesn’t say any time frame for repayment.

It’s a reworded holding statement that’s meaningless in all entirely.

 

[Liquid Gold]

Come on bond holders. We’re all behind you.

 

[SBAndy]

I bet the 6.5% they have to pay bond holders is a damn site cheaper than what they have been offered elsewhere to cover the bond

Definitely. They were probably looking at realistic rates of 9-13% at the start of this year. Now probably getting to 15% with Base Rate and LIBOR changes.

 

[chiefdave]

given they have had years with essentially an interest only loan, and even to meet the payments on that they had to borrow enough to ring fence money for the interest payments, how on bath are they going to service a loan at a higher interest rate moving forward?

I don't see any business plan that is going to give them that kind of turn around, it will need millions a year and they need to generate millions more a year just to break even.

Am I missing something as their supporters seem to be in celebratory mode but is this not just delaying the inevitable?

 

[Grendel]

given they have had years with essentially an interest only loan, and even to meet the payments on that they had to borrow enough to ring fence money for the interest payments, how on bath are they going to service a loan at a higher interest rate moving forward?

I don't see any business plan that is going to give them that kind of turn around, it will need millions a year and they need to generate millions more a year just to break even.

Am I missing something as their supporters seem to be in celebratory mode but is this not just delaying the inevitable?

If they are really looking to borrow and have any chance of achieving it you’d assume it’s over much longer - 25 or even 40 years with the head lease signed over if it defaults

 

[Grendel]

40 years at 12% would be £4 million a year

 

[CCFC54321]

given they have had years with essentially an interest only loan, and even to meet the payments on that they had to borrow enough to ring fence money for the interest payments, how on bath are they going to service a loan at a higher interest rate moving forward?

I don't see any business plan that is going to give them that kind of turn around, it will need millions a year and they need to generate millions more a year just to break even.

Am I missing something as their supporters seem to be in celebratory mode but is this not just delaying the inevitable?

Reading the wasps bond site they don’t believe wasps and think there in worse position as they have no timeline of payment at all.

Nothing to see here as the situation is still the same prior to the ‘statement’. It’s like going to one of those loan sharks at unpayable interest rate.

It’ll catch up eventually even if they do refinance the loan.

 

[chiefdave]

40 years at 12% would be £4 million a year

but where does that £4m a year come from when they're losing millions a year already?

 

[Liquid Gold]

This has got to be the worst possible time to refinance with interest rates skyrocketing.

 

[chiefdave]

Storm clouds hang over Premiership with clubs facing uncertain future

The domestic season launch has been overshadowed by the impending financial peril highlighted by the plight of Worcester

www.theguardian.com

 

[Moff]

Storm clouds hang over Premiership with clubs facing uncertain future

The domestic season launch has been overshadowed by the impending financial peril highlighted by the plight of Worcester

www.theguardian.com

I just read that.

It makes me wonder if they were pointedly told or warned to keep Wasps out of that article, whilst focussing on the basket case that Worcester, and Rugby as a whole, is.