Higgs Share Update (6 Viewers)

[dongonzalos]

You will never know if they are happy or not will you?

The council have said they are happy with the deal with wasps
Wasps have said the same
When the Higgs deal concludes if they say they are happy then so be it.

 

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[dongonzalos]

Also it now seems to be ok for sisu to move the club out of coventry if makes good business sense.

Unfortunately some took that very line

'SISU's hard ball tactics will benefit CCFC. That's all that matters in the end so they should keep with their stance'

 

[Grendel]

The council have said they are happy with the deal with wasps
Wasps have said the same
When the Higgs deal concludes if they say they are happy then so be it.

When have they used the words happy? The original benefactor will be turning in his grave id imagine,

They don't strike me as being very happy at all.

 

[SkyblueBazza]

What I'm really struggling with is...
What has anything to do with Higgs or bids by SISU, Otium or CCFC actually got to do with the Liquidator of CCFC Ltd?
Has the tweeter got someone's roles mixed up? Or is the fact (I think I'm right here) that the Administrator in the sale of of CCFC to Otium & the Liquidator of CCFC Ltd are one in the same? I hope Mr Appleton isn't having some conflict of interest, or indeed himself confusing his roles.


PUSB

 

[dongonzalos]

When have they used the words happy? The original benefactor will be turning in his grave id imagine,

They don't strike me as being very happy at all.

I didn't say they have
I said if they do when the deal is concluded.
If they say they are not happy i will be annoyed

 

[Grendel]

I didn't say they have
I said if they do when the deal is concluded.
If they say they are not happy i will be annoyed

Given that they were not even supposed to declare wasps had nodded for the shares they will not be saying very much I guess.

 

[AFCCOVENTRY]

@Lesreidpolitics: @Scott_Lymath I believe yestday's interim deadline is being challenged. It appears 30 days still applies,but don't rule out legal challenges

 

[AFCCOVENTRY]

@Lesreidpolitics: @Scott_Lymath Yes, I believe request for JV documents would include terms of last year's £14m loan which partners would surely have to half

 

[AFCCOVENTRY]

@Lesreidpolitics: @quinney1971 Yes. Q'ns remain. Is Wasps/council deal complete yet? If not council still has veto on Higgs share? Does biz case need #CCFC?

 

[AFCCOVENTRY]

@Lesreidpolitics: @NickFessi ..2/2 me when I broke the terms of council Wasps deal was it was £2.77m for both council & Higgs shares plus £14m loan payback

 

[AFCCOVENTRY]

@Lesreidpolitics: @NickFessi 3/3 Correction,#CCFC letter to council says liquidatrs had till yday to confirm they want to make offer for 1,758,056 £1 shares..

 

[AFCCOVENTRY]

@Lesreidpolitics: @NickFessi 4/4 It may be #CCFC Ltd claims £1.75m is more in line with Higgs share option agreemt than £2.77m I revealed from council sources

 

[AFCCOVENTRY]

@Lesreidpolitics: @NickFessi ...crucial to remember the option for #CCFC over Higgs share was always based on an agreed formula to calculate a market price

 

[Paxman II]

I think I have mentioned this scenario many times over the least year or so....

EVERYONE! wants ccfc to own the arena, people however don't want sisu to own the arena.

you think that people don't want ccfc to have the ricoh but you are wrong. people don't want sisu to have the ricoh and screw ccfc over.

If CCFC (the exact company that holds the golden share) got the ricoh and the contract stipulated that the ricoh could only be owned by the company with ccfc in it (ie it couldn't be sold off) and should ccfc cease to exist the ricoh would return the people of coventry (to prevent sisu liquidating the football club to get the stadium) absolutely everyone of us would want that.

 

[skybluetony176]

So is Les Reid saying that SISU want to go back to the formula price? Is this the same formula that came to the £5.5M that SISU couldn't provide proof of funds for before deciding that Higgs share was worthless but still recognised that Higgs is a charity and offered £2M? Or am I getting this mixed up?

 

[Grendel]

So is Les Reid saying that SISU want to go back to the formula price? Is this the same formula that came to the £5.5M that SISU couldn't provide proof of funds for before deciding that Higgs share was worthless but still recognised that Higgs is a charity and offered £2M? Or am I getting this mixed up?

The formula price is based off a valuation and the council assure everyone that a valuation was done prior to sale.

Not hard to figure out really.

 

[Nick]

@Lesreidpolitics: @Scott_Lymath Yes, I believe request for JV documents would include terms of last year's £14m loan which partners would surely have to half

And to be used for the JR?

 

[skybluetony176]

The formula price is based off a valuation and the council assure everyone that a valuation was done prior to sale.

Not hard to figure out really.

So is it the same formula that came to the £5.5M price for the failed Higgs purchase or not?

 

[skybluetony176]

And to be used for the JR?

Were the terms not already know then?

 

[RoboCCFC90]

The Club could do with releasing a statement here if it is there intentions to talk with the Higgs, it might give the whole Club a lift..


Sent from my iPhone using Tapatalk

 

[Grendel]

So is it the same formula that came to the £5.5M price for the failed Higgs purchase or not?

Oh I would think so don't you.

 

[oldskyblue58]

Taken from twitter

1/3 I can reveal a dispute with #CCFC accusing Higgs of delaying release of info needed for #CCFC to bid for 50% Ricoh at £1.75m

2/3 a leaked #ccfc letter to @coventrycc CEO Reeves accuses Higgs of failing to release key info to #ccfc Ltd liquidator including

3/3 updated info on JV agreement between council & Higgs, & Higgs' pre-emption rights over council share in Ricoh, ahead of 1 deadline yday

4/4 The letter states #ccfc Ltd liquidtr was given deadline by Higgs of yestdy to indicate an intention to bid for Higgs shares at £1.75m..

5/5 ..This figure differs from the £2.77m which council sources leaked was terms of the #5.5m+loan #Wasps Ricoh deal agreed by council

6/6Letter calls on @coventrycc to step in so liquidtr gets info needed for #CCFC to consider formal bid for Higgs share in Ricoh Arena

I find some of this confusing to be honest as with some of his other tweets. I am also reminded that some of his previous "exclusives" have been wholly inaccurate.

I would also suggest that the information such as he has it is not coming from ACL, Wasps, or Charity. It may be that he has sourced it from CCC but I think perhaps another source is more likely. But who knows.

At this stage what has it got to do with CCFC? At this stage under the terms of the option agreement between AEHC & CCFC Ltd the letters approaches etc should be from the liquidator only. No one else has right of challenge.

If the figure offered is 1.75m why would they think that would be successful? when apparently CCC received 2.77m. AEHC would expect the same surely? I do not buy in to it was 2.77m for both sets of shares (as per his later tweets )because then CCFC ltd would only need to offer £1.39m. In any case 2.77m for both is contradicted by his own post 5/5 above

Why write to CCC. The Council & Wasps have both said that 50% now belongs to Wasps. That deal is done. Wasps are making the decisions at ACL along with AEHC for now.

The current deadline is for expressions of interest/intention from CCFC Ltd to purchase 50% of ACL. As such the fine details are not fundamental to expressing such an interest. AS such any other parties Otium, Byng etc need to deal with the liquidator to get information etc.

Are AEHC able to disclose any details at the moment, I would think not because it is all wrapped up in NDA's and stakeholders agreement. CCC no longer has an interest in terms of shares or directors at ACL. So what influence can CCC have on ACL now or AEHC? Unless perhaps the loan was never repaid

Did the loan get bought out. That has not been confirmed by anyone who really knows. If it were bought out then that means ACL now owes Wasps 14.4m the loan hasnt gone away and is not split between any of the past or present stakeholders in terms of liability - limited liability of companies does not work that way. ACL owes it

Who was the letter from? solicitors or Otium, or TF or JS. Surely any expression of problems has to come from the liquidator as only he controls the option right

Of course SISU might claim that they have beneficial control of it through the Otium when they bought the other assets ...... except that the option can not be transferred without the agreement of AEHC, my understanding is that this has never happened.

Is there a defined time limit at all in the agreement? I understand that expressions of interest were in 14 days yes but that a reasonable amount of time needs to be set aside for a deal - what is reasonable? I would suggest it is not 2 weeks but equally it is not 6 months either.

The value can not be defined by the option because whilst CCFC Ltd owe ACL the calculation can not be operated. The only part being activated is the right for CCFC Ltd to be notified of any bid received by AEHC and an opportunity for CCFC Ltd to make a counter offer

I would think that in the circumstances AEHC is doing everything by the letter of any agreement, be it options or NDA. Sorry to say but other than Wasps I do not think other than looking like doing something and causing obstruction there is much substance to any other "interest"/intention

 

[fernandopartridge]

I find some of this confusing to be honest as with some of his other tweets. I am also reminded that some of his previous "exclusives" have been wholly inaccurate.

I would also suggest that the information such as he has it is not coming from ACL, Wasps, or Charity. It may be that he has sourced it from CCC but I think perhaps another source is more likely. But who knows.

At this stage what has it got to do with CCFC? At this stage under the terms of the option agreement between AEHC & CCFC Ltd the letters approaches etc should be from the liquidator only. No one else has right of challenge.

If the figure offered is 1.75m why would they think that would be successful? when apparently CCC received 2.77m. AEHC would expect the same surely? I do not buy in to it was 2.77m for both sets of shares (as per his later tweets )because then CCFC ltd would only need to offer £1.39m. In any case 2.77m for both is contradicted by his own post 5/5 above

Why write to CCC. The Council & Wasps have both said that 50% now belongs to Wasps. That deal is done. Wasps are making the decisions at ACL along with AEHC for now.

The current deadline is for expressions of interest/intention from CCFC Ltd to purchase 50% of ACL. As such the fine details are not fundamental to expressing such an interest. AS such any other parties Otium, Byng etc need to deal with the liquidator to get information etc.

Are AEHC able to disclose any details at the moment, I would think not because it is all wrapped up in NDA's and stakeholders agreement. CCC no longer has an interest in terms of shares or directors at ACL. So what influence can CCC have on ACL now or AEHC? Unless perhaps the loan was never repaid

Did the loan get bought out. That has not been confirmed by anyone who really knows. If it were bought out then that means ACL now owes Wasps 14.4m the loan hasnt gone away and is not split between any of the past or present stakeholders in terms of liability - limited liability of companies does not work that way. ACL owes it

Who was the letter from? solicitors or Otium, or TF or JS. Surely any expression of problems has to come from the liquidator as only he controls the option right

Of course SISU might claim that they have beneficial control of it through the Otium when they bought the other assets ...... except that the option can not be transferred without the agreement of AEHC, my understanding is that this has never happened.

Is there a defined time limit at all in the agreement? I understand that expressions of time were in 14 days yes but that a reasonable amount of time needs to be set aside for a deal - what is reasonable? I would suggest it is not 2 weeks but equally it is not 6 months either.

The value can not be defined by the option because whilst CCFC Ltd owe ACL the calculation can not be operated. The only part being activated is the right for CCFC Ltd to be notified of any bid received by AEHC and an opportunity to make a counter offer

I would think that in the circumstances AEHC is doing everything by the letter of any agreement, be it options or NDA. Sorry to say I do not think other than looking like doing something and causing obstruction there is much substance to any interest other than Wasps

There was some mention of £1m of the Wasps deal being to extend the lease (payable to CCC). £1m + £1.75m wouldn't be far off but of course that's just wild guess work.

 

[James Smith]

Oh for fecks sake How long did we have to buy the Higgs and why didn't we. I'm completely lost as to what's going on and that was before Les twittered all this stuff. What info do the club need that they haven't already got and why hasn't Appleton if he has to be the one who requests the information as liquidator of CCFC ltd. requested it.

Why did Joy say she wouldn't interfere with the sale (http://www.coventrytelegraph.net/news/coventry-news/wasps-ricoh-arena-bid-joy-7879305) and now this? Why can't we have a normal football club.

 

[oldskyblue58]

There was some mention of £1m of the Wasps deal being to extend the lease (payable to CCC). £1m + £1.75m wouldn't be far off but of course that's just wild guess work.

But not what he is saying though is it ....... he is saying it was 5.5m or 2.77m for all the shares (contradicts himself even then)...... payment for the lease is seperate to payment or value of the shares i would think ....... looks to me that he like the rest of us doesnt actually know

 

[Grendel]

But not what he is saying though is it ....... he is saying it was 5.5m or 2.77m for all the shares (contradicts himself even then)...... payment for the lease is seperate to payment or value of the shares i would think ....... looks to me that he like the rest of us doesnt actually know

Well that's it isn't it. No one knows and the whole thing is shrouded in a cloak of secrecy

 

[fernandopartridge]

But not what he is saying though is it ....... he is saying it was 5.5m or 2.77m for all the shares (contradicts himself even then)...... payment for the lease is seperate to payment or value of the shares i would think ....... looks to me that he like the rest of us doesnt actually know

As I said wild guess work either way.

 

[RegTheDonk]

I read it as CCFC want to bid, asked higgs for info and not heard anything, higgs set a deadline but ccfc not heard anything so grassed them up to council?

When Appleton was the administrator, weren't there similar moans that he wasn't very forthcoming with info for non Avro bidders?

 

[christonabike]

Evening Reg!:wave:

 

[DaleM]

Don't know why everyones getting their knickers in a twist for. CCFC Ltd is in admin . Apparently waiting liquidation , for which we received a 10 point deduction. We are now owned by a totally different company . Does anyone seriously think Otium/Sisu will go to Appleton and bring CCFC Ltd out of Liquidation and pay all the people owed money . No fucking chance IMO .
The question is , why has smug face sat on the liquidated company so long .
Don't get me wrong , we should own , and get revenue from the Ricoh , but there seems to be some shady stuff going on .

 

[Kingokings204]

Don't know why everyones getting their knickers in a twist for. CCFC Ltd is in admin . Apparently waiting liquidation , for which we received a 10 point deduction. We are now owned by a totally different company . Does anyone seriously think Otium/Sisu will go to Appleton and bring CCFC Ltd out of Liquidation and pay all the people owed money . No fucking chance IMO .
The question is , why has smug face sat on the liquidated company so long .
Don't get me wrong , we should own , and get revenue from the Ricoh , but there seems to be some shady stuff going on .

You have only just worked that last sentence out? The whole admin process was bent as an iPhone 6.

We are the only company I know goes into admin and the administrator give the business back to the fuckers who fucked it up in the first place. You couldn't make it up. Never gotten over this by the way. It still bugs me.

 

[DaleM]

You have only just worked that last sentence out? The whole admin process was bent as an iPhone 6.

We are the only company I know goes into admin and the administrator give the business back to the fuckers who fucked it up in the first place. You couldn't make it up. Never gotten over this by the way. It still bugs me.

Worked it out a long time ago. Just pointing it out , yet again .

Edit.
Just a question , which I don't know the answer to, if Sisu/A N other bought CCFC Ltd out of admin/liquidation , would all bets be off, so to speak and everything revert back to Ccfc Ltd ? .

 

[skybluetony176]

You have only just worked that last sentence out? The whole admin process was bent as an iPhone 6.

We are the only company I know goes into admin and the administrator give the business back to the fuckers who fucked it up in the first place. You couldn't make it up. Never gotten over this by the way. It still bugs me.

Still, it's a small price to pay for coming out of the process debt free. Oh wait, that didn't happen either.

 

[fernandopartridge]

You have only just worked that last sentence out? The whole admin process was bent as an iPhone 6.

We are the only company I know goes into admin and the administrator give the business back to the fuckers who fucked it up in the first place. You couldn't make it up. Never gotten over this by the way. It still bugs me.

Christ. It isn't unusual for the original owners to buy a company that's been in administration.

 

[italiahorse]

They haven't committed tens of millions - stop lying.

And its creditors not debtors - idiot

Can't you discuss without being an obnoxious knob?

Wasps deal was for £20M+ because it includes the loan etc
The point I'm making is that CCFC Ltd can't surely have half of ACL without taking on some of these liabilities.

But then you wouldn't understand this whilst always going for the jugular :slap: