Wasps downward spiral... (54 Viewers)

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Covkid1968#

Covkid1968#

Well-Known Member
CrawleySkyBlue said:
Taken from Facebook bondholder group. FYI I’m not a bond holder, merely an interested party.

“Received this email this morning from Redmayne Bentley, who are my brokers in this matter.

Dear Mr XXX

Re: Wasps Finance Plc – Final Redemption (Update)

Further to our previous letter dated 5th July 2022 with regard to your holding of 6.5% bonds due 13th May 2022 (bonds) in Wasps Finance Plc (Wasps), we are writing to inform you of a further update to the refinancing and redemption of the bonds.

Wasps made an announcement on 2nd September 2022 confirming that it has received an offer which would see the bonds fully redeemed on completion of this refinancing. Discussions with this lender are at an advanced stage.

Wasps remains in discussions with the UK Listing Authority in relation to the re-listing and subsequent re-admission of the bonds to the London Stock Exchange however there is no guarantee that this process will be concluded before the completion of this proposed refinancing.

As you hold £***** nominal of bonds, we can confirm that you are due to receive £*****. The cash proceeds will be allocated to your account upon receipt. We will send a confirmation letter in due course once the cash proceeds have been credited to your account. If the redemption of the bonds is further delayed or any new information becomes available, then we will write to you to advise.

In parallel with these discussions, Wasps is proceeding with developing the proposed bond terms to be amended as part of any consent solicitation memorandum, should these refinancing discussions not complete.

If you require any further information, please contact the Dealing Room on ***********.

Yours sincerely,

Debbie Rimmer

Head of Asset Services & Settlements”
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That Debbie is pure filth
 
duffer

duffer

Well-Known Member
CrawleySkyBlue said:
Taken from Facebook bondholder group. FYI I’m not a bond holder, merely an interested party.

“Received this email this morning from Redmayne Bentley, who are my brokers in this matter.

Dear Mr XXX

Re: Wasps Finance Plc – Final Redemption (Update)

Further to our previous letter dated 5th July 2022 with regard to your holding of 6.5% bonds due 13th May 2022 (bonds) in Wasps Finance Plc (Wasps), we are writing to inform you of a further update to the refinancing and redemption of the bonds.

Wasps made an announcement on 2nd September 2022 confirming that it has received an offer which would see the bonds fully redeemed on completion of this refinancing. Discussions with this lender are at an advanced stage.

Wasps remains in discussions with the UK Listing Authority in relation to the re-listing and subsequent re-admission of the bonds to the London Stock Exchange however there is no guarantee that this process will be concluded before the completion of this proposed refinancing.

As you hold £***** nominal of bonds, we can confirm that you are due to receive £*****. The cash proceeds will be allocated to your account upon receipt. We will send a confirmation letter in due course once the cash proceeds have been credited to your account. If the redemption of the bonds is further delayed or any new information becomes available, then we will write to you to advise.

In parallel with these discussions, Wasps is proceeding with developing the proposed bond terms to be amended as part of any consent solicitation memorandum, should these refinancing discussions not complete.

If you require any further information, please contact the Dealing Room on ***********.

Yours sincerely,

Debbie Rimmer

Head of Asset Services & Settlements”
Click to expand...

Unless I've misread it, that's the broker basically saying that there's been nothing from Wasps since 2nd September. I could have told them that, and I bet I'd charge less than the broker too.

Wasps are desperate to stall any action from the bondholders because they know that would be the beginning of the end. They've been in "advanced discussions" before, as I recall...
 
MalcSB

MalcSB

Well-Known Member
duffer said:
Unless I've misread it, that's the broker basically saying that there's been nothing from Wasps since 2nd September. I could have told them that, and I bet I'd charge less than the broker too.

Wasps are desperate to stall any action from the bondholders because they know that would be the beginning of the end. They've been in "advanced discussions" before, as I recall...
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It’s the broker taking 2 weeks to inform their clients, which is pretty poor. No wonder many of them knew nothing about the consent solicitation from October 20
 
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MalcSB

MalcSB

Well-Known Member
From Drunken Wasps

“Bondholder meeting planned to vote on a resolution to appoint an administrator to recoup the money owed as far as possible. Meeting will be in a few weeks, in the meantime the security is being reviewed at Wasps expense. Wasps are aware of the intended meeting.”
 
Colin Steins Smile

Colin Steins Smile

Well-Known Member
Alongside the issues of repayment to the bondholders is also the reported outstanding tax bill due to HMRC. I don't understand how a business [Worcester] can have circa £6m of outstanding payments due within a short time.

Employer payments are due quartely and I accept corporation tax is paid annually, but that's only on profits and Worcester Warriors and Wasps Holdings doesn't make any!

So my question to those far more knowledgable than me is: Why have HMRC allowed the outstanding payments to build up without action earlier?
 
ccfc922

ccfc922

Well-Known Member
Am I right in thinking that if they finish last, they don't get relegated? Thought there was some form of vote in the Premiership Rugby format?
 
pusbccfc

pusbccfc

Well-Known Member
Moff

Moff

Well-Known Member
Frostie said:
Was this their season opener too?
i.e. when you would probably expect to see one of your biggest crowds of the season?
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I drove by the stadium yesterday when the game was on, not knowing a game was on, as it was nearly as empty as a normal non match day.
 
chiefdave

chiefdave

Well-Known Member
Peter Billing Eyes said:
A January bottom of the table clash would halve this number, I bet. They are now competing with Cov Rugby for attendances and I reckon there are still plenty of complementary Wasps tickets going around so Cov probably have more paying punters.
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There was a page on their website after the CWG where anyone could put their email address in and get free tickets. Literally no requirement other than having an email address.
 
Grendel

Grendel

Well-Known Member
Moving back to London makes zero economic sense - it’s never going to happen
 
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