Eviction notice (41 Viewers)

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rexo87

Well-Known Member
slowpoke said:
You do realise if we ‘don’t play’ in 9 days that will probably be the end of ccfc.
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That's not true and even if it was, we currently don't have a ground to play at in 9 days... that's the fact is it not?

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Samo

Samo

Well-Known Member
rexo87 said:
That's not true and even if it was, we currently don't have a ground to play at in 9 days... that's the fact is it not?

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Yes we do, I just drove past it.
 
jordan210

jordan210

Well-Known Member
As I have no clue where we put wasps things now.

One of the bond holders is saying there is a charge on WHL from Canmango aka Richardson that was not disclosed and pre dates the bond.

Does this mean to bond holders are going to be screwed on the sale of the arena or p share or both
 
O

oldfiver

Well-Known Member
viewFrasers Group PLC
(
LSE:FRAS
)

Frasers Group in confident mood as it delivers bumper half-year profits​




Frasers Group PLC -



Frasers Group PLC (LSE:FRAS) said it remains confident of delivering full-year pre-tax profits of between £450mln to £500mln as it posted bumper interim profits bucking the weak retail environment.
“Whilst the macroeconomic environment is clearly challenging and the backdrop for the coming year is hard to predict with any certainty, we have strong strategic and trading momentum behind us and we remain confident in our guidance,” David Daly, Frasers non-executive chairman said in the results statement.
The FTSE 100-listed retailer, owned by Mike Ashley, saw pre-tax profits rise by 38.8% to £267.1mln in the half-year to 23 October 2022 while group revenues advanced 12.7% to £2,638mln.
Analysts a City broker Liberum Capital described the numbers as "very impressive when set against the strong prior year period and tough trading backdrop."
The owner of Sports Direct said UK Sports Retail revenue increased by 11.6%, largely due to the acquisition of Studio Retail while Premium Lifestyle revenue rose 24.7%, largely due to new Flannels stores and continued growth online.
Margins did come under pressure, dropping to 42.0% from 44.7% reflecting mix effects, strong comparatives, cost of goods inflation, and a maintained inventory provision percentage.
Further expansion is likely in 2023 with the group planning growth “ both organically and through disciplined acquisitions” with “a number of opportunities currently being assessed” in Europe.
Frasers said it intends to invest around £600mln in a new distribution centre and offices in Coventry, with the acquisition of the CBS Arena in the city being part of this strategy.
No dividend was paid.
www.proactiveinvestors.co.uk

Frasers Group in confident mood as it delivers bumper half-year profits

Frasers Group PLC (LSE:FRAS) said it remains confident of delivering full-year pre-tax profits of between £450mln to £500mln as it posted bumper interim...
www.proactiveinvestors.co.uk
 
Nick

Nick

Administrator
jordan210 said:
As I have no clue where we put wasps things now.

One of the bond holders is saying there is a charge on WHL from Canmango aka Richardson that was not disclosed and pre dates the bond.

Does this mean to bond holders are going to be screwed on the sale of the arena or p share or both
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Surely they can't add a charge after administration
 
fernandopartridge

fernandopartridge

Well-Known Member
jordan210 said:
As I have no clue where we put wasps things now.

One of the bond holders is saying there is a charge on WHL from Canmango aka Richardson that was not disclosed and pre dates the bond.

Does this mean to bond holders are going to be screwed on the sale of the arena or p share or both
Click to expand...
The charge has been shown on Companies House for a few years so hard to understand how it isn't disclosed. In any event I thought it was subservient to the bond holders charge. Are the bondholders still hoping for a return from the sale of the P share?
 
jordan210

jordan210

Well-Known Member
fernandopartridge said:
The charge has been shown on Companies House for a few years so hard to understand how it isn't disclosed. In any event I thought it was subservient to the bond holders charge. Are the bondholders still hoping for a return from the sale of the P share?
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I think they are. Hard to work out what they are actually getting at..

It may be that in the case of Worcester DCMS are a senior creditor​
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PUSB
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7 Dec '22 - 21:56 - 1403 of 1421
Ozzie dog - it was a Post Script (PS), then from the Telegraph article. Sorry to have confused.
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Bondholder
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7 Dec '22 - 23:02 - 1404 of 1421
Just checked and on p17 of the administrators proposal the Sport England loan of 14m is listed as an unsecured debt which ranks at the bottom of the priority ranking. No dividend expected.
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PUSB
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8 Dec '22 - 01:32 - 1405 of 1421
Bondholder - that the proposal for ACL. P share related to Wasps Holdings. Premier rugby may be trying to pull a fast one.
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Bondholder
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8 Dec '22 - 06:56 - 1406 of 1421
P17 of the WHL proposal. Checked it again. Definitely says the loan is non preferential alongside ordinary trade creditors Sport England 14.076 million
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PUSB
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8 Dec '22 - 08:02 - 1407 of 1421
Apologies, I haven’t seen WHL proposal. Still concerned though, Trustee needs to get involved. As I said, PRL could pull a fast one - I suppose depends on the mechanism for pulling P share back.
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Bondholder
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8 Dec '22 - 09:04 - 1408 of 1421
I share your caution on the other hand the administrators are very experienced and I think it unlikely that they would get a fundamental point like this wrong
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PUSB
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8 Dec '22 - 09:09 - 1409 of 1421
It all depends whether the proceeds actually end up in the administrators control and not sent direct from PRL to HMG. Administrators have said they have no power over the P share. It wouldn’t be the first time we have been stitched up!
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Bondholder
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8 Dec '22 - 10:37 - 1410 of 1421
I've realised that Canmango has a fixed charge on the assets of WHL prior to ours. Derek Richardson appears to have a charge over Canmango assets. This doesn't sound good.
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PUSB
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8 Dec '22 - 11:05 - 1411 of 142		0 0 0
This is where it needs to be argued that proceeds of the P share re not a WHL asset, they are to be paid directly into a bank account for distribution via the Trustee.
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Bondholder
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8 Dec '22 - 11:21 - 1412 of 1421
No mention of Canmango or the charge in the 2015 prospectus!!
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Bondholder
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8 Dec '22 - 11:48 - 1413 of 1421
In any case p13 seems to confirm subordination agreement to the government so we are stuffed
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PUSB
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8 Dec '22 - 12:03 - 1414 of 1421
I am sorry to be thick, but p13 of what? I haven’t seen and can’t find WHL administrators report.
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Ozzie_dog
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8 Dec '22 - 12:28 - 1415 of 1421		0 0
I am not sure if I am 'registered' with the trustee? I do appear on the spreadsheet of bondholders that lists names, email address and holding. But I do not receive any direct emails from the trustee, and I have never provided proof of my investment, could someone please advise me what (if anything) that I should do to ensure that I am 'registered'.
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Bondholder
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8 Dec '22 - 12:30 - 1416 of 1421
Don't apologise the whole thing is mind numbing.
I received the link from the Trustee yesterday. [email protected] or
[email protected]
Have you registered yet?
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JGH03
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8 Dec '22 - 14:51 - 1417 of 1421
Bondholder, re your 1413. Assuming you mean p13 of the prospectus, I couldn't spot a statement that seems to indicate that. Could you help to clarify ?

Edit. Just realised you mean p13 of the WHL proposals !
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JGH03
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8 Dec '22 - 15:16 - 1418 of 1421
My reading of the WHL proposals is that HMRC is a preferential creditor. Pages 37 and 38 of the prospectus indicates that fixed charge assets are for the benefit of the bondholders and rank ahead of preferential creditors; however, preferential creditors rank ahead of the floating charge assets. P33 of the prospectus says that proceeds from sale of the P Shares are secured by way of a fixed charge.

I have no expertise in any of this, and there may be other clauses that are relevant that I've missed. The WHL proposals, p13, say that the administrators have asked their solicitors to review and check the validity of all this, so presumably it isn't straightforward !
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Bondholder
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8 Dec '22 - 15:19 - 1419 of 1421
What I find astonishing about all this is that the p shares sale proceeds were explicitly promised in 2015 under the terms of the prospectus as security for the bond holders. The wording of the prospectus is not conditional it states that the sale proceeds WILL be paid into a trust account for the benefit of the bond holders. Nowhere in the prospectus is there any mention of a subsidiary having an existing superior claim(for the benefit of D Richardson). Yet in 2020 the board including DR have effectively pledged the P shares proceeds to the government without our consent or knowledge. I hope I'm wrong about this!!! :(

Bondholder
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8 Dec '22 - 15:19 - 1419 of 1421
What I find astonishing about all this is that the p shares sale proceeds were explicitly promised in 2015 under the terms of the prospectus as security for the bond holders. The wording of the prospectus is not conditional it states that the sale proceeds WILL be paid into a trust account for the benefit of the bond holders. Nowhere in the prospectus is there any mention of a subsidiary having an existing superior claim(for the benefit of D Richardson). Yet in 2020 the board including DR have effectively pledged the P shares proceeds to the government without our consent or knowledge. I hope I'm wrong about this!!! :(​
Bondholder
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8 Dec '22 - 15:26 - 1420 of 1421
Problem is Conmango was not disclosed in the prospectus and appears to have an existing fixed charge over all the assets of WHL pre dating the 2015 bond​
Bondholder
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8 Dec '22 - 15:27 - 1421 of 1421
Canmango​
 
O

oldfiver

Well-Known Member
rexo87 said:
Pretty sure the eviction notice is up the day before the Swansea game

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I have asked 3 lawyers and have 4 answers = it seems the tenant should be afforded a reasonable time to vacate
If the tenant does not feel they have not so been treated they can apply etc etc
 
fernandopartridge

fernandopartridge

Well-Known Member
Having a look now, he had two debentures that pre date the bond, but also issued a charge on the same day as the bond. Always had a feeling that he would ultimately be protected in this.
 
O

oldfiver

Well-Known Member
Nick said:
Interesting if Richardson hangs onto the p share....
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I thing the RFU have various ways of removing the P Shares and they most certainly wont let him keep them

The one question that has not been resolved is - if the RFU take them back is that a sale?
They use the word "seized"
The Bondholders only get the "sale proceeds"
 
jordan210

jordan210

Well-Known Member
fernandopartridge said:
Having a look now, he had two debentures that pre date the bond, but also issued a charge on the same day as the bond. Always had a feeling that he would ultimately be protected in this.
Click to expand...

That one filed on the same day is suspicious as would not be in the bond documents as dint exist at that point.

this is wasps structure. I still think Richardson is gonna come away from this with some ££


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MalcSB

MalcSB

Well-Known Member
Bondholders do seem to feel they are going to be shafted again. Perhaps they will report Wasps directors.

jordan210 said:
That one filed on the same day is suspicious as would not be in the bond documents as dint exist at that point.

this is wasps structure. I still think Richardson is gonna come away from this with some ££


View attachment 27674
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Do you have a link that works to the WHL administrators proposals?
 
Calista

Calista

Well-Known Member
oldfiver said:
viewFrasers Group PLC
(
LSE:FRAS
)

Frasers Group in confident mood as it delivers bumper half-year profits​




Frasers Group PLC -



Frasers Group PLC (LSE:FRAS) said it remains confident of delivering full-year pre-tax profits of between £450mln to £500mln as it posted bumper interim profits bucking the weak retail environment.
“Whilst the macroeconomic environment is clearly challenging and the backdrop for the coming year is hard to predict with any certainty, we have strong strategic and trading momentum behind us and we remain confident in our guidance,” David Daly, Frasers non-executive chairman said in the results statement.
The FTSE 100-listed retailer, owned by Mike Ashley, saw pre-tax profits rise by 38.8% to £267.1mln in the half-year to 23 October 2022 while group revenues advanced 12.7% to £2,638mln.
Analysts a City broker Liberum Capital described the numbers as "very impressive when set against the strong prior year period and tough trading backdrop."
The owner of Sports Direct said UK Sports Retail revenue increased by 11.6%, largely due to the acquisition of Studio Retail while Premium Lifestyle revenue rose 24.7%, largely due to new Flannels stores and continued growth online.
Margins did come under pressure, dropping to 42.0% from 44.7% reflecting mix effects, strong comparatives, cost of goods inflation, and a maintained inventory provision percentage.
Further expansion is likely in 2023 with the group planning growth “ both organically and through disciplined acquisitions” with “a number of opportunities currently being assessed” in Europe.
Frasers said it intends to invest around £600mln in a new distribution centre and offices in Coventry, with the acquisition of the CBS Arena in the city being part of this strategy.
No dividend was paid.
www.proactiveinvestors.co.uk

Frasers Group in confident mood as it delivers bumper half-year profits

Frasers Group PLC (LSE:FRAS) said it remains confident of delivering full-year pre-tax profits of between £450mln to £500mln as it posted bumper interim...
www.proactiveinvestors.co.uk
Click to expand...
Seems a bit strange to me that Frasers are basing their strategy (including buying the CBS) on the idea that they'll be able to build a new HQ at Ansty, when they haven't even put in a proper application for it yet?
I'm sure people will respond that they must have been given a nod and a wink, but that's not how it works for such a huge development.
 
B

Broken Hearted Sky Blue

Well-Known Member
Calista said:
Seems a bit strange to me that Frasers are basing their strategy (including buying the CBS) on the idea that they'll be able to build a new HQ at Ansty, when they haven't even put in a proper application for it yet?
I'm sure people will respond that they must have been given a nod and a wink, but that's not how it works for such a huge development.
Click to expand...
It is round here
 
Nick

Nick

Administrator
Calista said:
Seems a bit strange to me that Frasers are basing their strategy (including buying the CBS) on the idea that they'll be able to build a new HQ at Ansty, when they haven't even put in a proper application for it yet?
I'm sure people will respond that they must have been given a nod and a wink, but that's not how it works for such a huge development.
Click to expand...

Even though it's not in their area, they have Cov Council onside because they helped fuck over SISU.
 
torchomatic

torchomatic

Well-Known Member
rexo87 said:
Not really the point is it? We don't have a ground for our game in 9 days time, no matter how much Pete thinks it'll all be fine and dandy

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20221207_104417.jpg
 
Nuskyblue

Nuskyblue

Well-Known Member
Calista said:
Seems a bit strange to me that Frasers are basing their strategy (including buying the CBS) on the idea that they'll be able to build a new HQ at Ansty, when they haven't even put in a proper application for it yet?
I'm sure people will respond that they must have been given a nod and a wink, but that's not how it works for such a huge development.
Click to expand...
Wouldn't the land where the CBS is be ideal for a HQ? The location is ideal logistically?
 
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