Broken Hearted Sky Blue
Well-Known Member
What it shows is that we would embrace a new investor should they INVEST. Oh and who are you to question anybody about their passion for the club Mr Faceless.
Buy the club (2 Viewers)
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What it shows is that we would embrace a new investor should they INVEST. Oh and who are you to question anybody about their passion for the club Mr Faceless.
Sick Boy
Super Moderator
How does it show that??
Broken Hearted Sky Blue
Well-Known Member
olderskyblue
Well-Known Member
Now that I agree with, if what's in bold happened.
Ian1779
Well-Known Member
The SISU investors have paid for a 50% stake in the bonds for the Ricoh
Could the bonds be sold on later on to another party?
Astute
Well-Known Member
They normally can be. The value can go up or down. If it looks a safe investment the price can go up. If it looks dodgy the price can fall.
Ian1779
Well-Known Member
So.. hypothetically, say 2/3 years in if the return on them looks dodgy, another party could come along and buy them off bond holders at a negotiated price in which would give them at least something back on them.
After all the ability to deliver on the deal will ultimately come down to success on the pitch.
Astute
Well-Known Member
Without reading the prospectus I would say yes. Not a gamble I would like to take, although I did consider it as it gave a good return but if it fails we would have a decent chance of getting the arena. It looks like the bonds are secured on the lease. So the bonds will always have a value as long as someone wants the lease.
singers_pore
Well-Known Member
Yes, but the lease was valued at 48.5m which is pure fantasy. Personally I wouldn't touch those bonds with a barge pole.
skyblueinBaku
Well-Known Member
I got rid of my mad Russian
So did I. Later, I married another one!
letsallsingtogether
Well-Known Member
Now they can pay CCC the 14m plus and give Richardson his 10m plus back. So this leaves about 10m. Richardson said they were taking a bit extra so they had the first few interest payments already. But they are paying interest on this :thinking about: So does this mean that about another 4m is spoken for?
So they now have to pay over 2m a year in interest and then find 35m in 7 years. So in the next 7 years they have to pay back over 50m
If being in debt makes you rich I will cheer the wife up. She wants a big seafront house around the corner from us that has just come up for sale. We have no debt at all other than a credit card I pay off each month. So we are poor. But if we buy the house she wants we will need a mortgage of about 100k. By the sound of it that will make us rich
Not bad really Sisu say they have spent that in their time here and what do we have to show for it?
A training ground half a squad and a demise in the supporter base.
So have the wasps just spent more wisely?
They now own their own ground are after a world class player or two and have more then doubled their fan base all in one season.
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The effect of forfeiture would be that the 250 year HeadLease would fall away and that ACL would then become the tenant
of CCC at the Arena for the remaining 38 years of its existing lease
http://www.londonstockexchange.com/prices-and-markets/retail-bonds/newrecent/was1-2022.htm Page 17
Now that's a worry?
letsallsingtogether
Well-Known Member
You don't need too they are sold out.
Astute
Well-Known Member
How could that happen? The CCC share is paid for. The Higgs share is paid for. The outstanding loan will be paid for.
Grendel
Well-Known Member
That's the terms that were agreed at the time of purchase.
Grendel
Well-Known Member
Now they can pay CCC the 14m plus and give Richardson his 10m plus back. So this leaves about 10m. Richardson said they were taking a bit extra so they had the first few interest payments already. But they are paying interest on this :thinking about: So does this mean that about another 4m is spoken for?
So they now have to pay over 2m a year in interest and then find 35m in 7 years. So in the next 7 years they have to pay back over 50m
If being in debt makes you rich I will cheer the wife up. She wants a big seafront house around the corner from us that has just come up for sale. We have no debt at all other than a credit card I pay off each month. So we are poor. But if we buy the house she wants we will need a mortgage of about 100k. By the sound of it that will make us rich
They are also paying back the £4 million owed to the other creditor.
The rest will support cash flow.
Astute
Well-Known Member
The terms of what purchase?
Grendel
Well-Known Member
The purchase by wasps. If the company becomes liquidated the original lease is re-in acted. It's s bizarre arrangement really.
Astute
Well-Known Member
That is a strange one.
If legally binding they will either make sure they don't get liquidated or would sell the lease if in trouble.
Bantam48
New Member
Oooh, those crazy Russians......
But wasn't that because the Football Club said REPEATEDLY they didn't want it? I don't know which party is in power over there, but I believe it was unanimous across the spectrum that the only suitor in town was the new Coventry Wasps. Pretty easy decision in my book. Can't understand why you can't seem to grasp that!
Nick
Administrator
What about all of the statements the council were making about it being wrong to move teams and how teams belong in their home cities etc about a month before it came out it had been sold?
4waspsting
Active Member
Who would buy a club that has nothing just a name
chiefdave
Well-Known Member
It was the owners saying that. Pretty much no one believed them of course. And while we were constantly being told by CCC and Higgs that ACL was doing perfectly well without the club the expectation was it would remain owned by CCC and Higgs until the club had new owners.
As for Wasps being the only suitor that's impossible to know thanks to the way the deal was done in secret. I've said many times if ACL needed to be sold it should have been an open processes with all interested parties bidding based on the same terms of purchase. Maybe if they'd done that the amount they received would have been nearer the £45m Wasps now claim it is worth as opposed to the £6m they actually recieved.
That's why they'll be known as the COVENTRY WASPS soon enough. Coventry the only City with 3 professional Rugby teams......soon, right? (For those who don't get the 60's style sarcasm.....that's 2 Rugger teams and 1 in Rugby).
Nick
Administrator
So people won't mind if CCFC just changes it's name then. Panic over!
Not so great a deal for me, as I have lived with franchising for 34 years. I can see how that might be an issue for some of you over there though.
letsallsingtogether
Well-Known Member
Funny how posters are still moaning about the council yet they are voted back in to power so most residents must be happy with them.
Covstu
Well-Known Member
clearly we are the minority then....
"as opposed to the £6m they actually received" .....£6 mill + £14 mill mortgage = £ 20 mill in my math Dave.
chiefdave
Well-Known Member
the mortgage is not part of the purchase cost.
shmmeee
Well-Known Member
Eh? I've not been following, but surely if you take £14m worth of debt off someone you've paid £14m. What am I missing?
Grendel
Well-Known Member
The valuation of the business for sharehder value would be the price at purchase.
Astute
Well-Known Member
They paid the 6m approx to take on 13.4m debt. So yes the long term cost was 20m but they paid the 6m.
Or would you like to say that it was even more as the bond issue has a high interest rate payable considering the rate of inflation so the 13.4m plus 6m...which has been financed on the bond issue....is all interest payable? 20m a [email protected]% is 1.3m off the top of my head.
How much did CCC pay Yorkshire Bank for the mortgage?