Malaka investment

[chiefdave]

Could an foi be done to ask about council approaches?

Pretty easy one. Has the council had any discussion since the sale of ACL to Wasps regarding the Ricoh lease or freehold. They won't tell you who as they'll bat that back with the old commercially confidential.

 

[chiefdave]

The council could sell freehold with caveats in place to protect future use though.

There was a council document in the papers for the ethics hearing which stated if the lease was passed to SISU there would have to be caveats in place to prevent them using it as security against future borrowing. Same didn't seem to apply to Wasps for some reason.

In terms of knocking it down thats an easy one. You just put a restriction on the land so it can only be used for certain things.

 

[shmmeee]

There was a council document in the papers for the ethics hearing which stated if the lease was passed to SISU there would have to be caveats in place to prevent them using it as security against future borrowing. Same didn't seem to apply to Wasps for some reason.

In terms of knocking it down thats an easy one. You just put a restriction on the land so it can only be used for certain things.

You got a source for that? Looked through the decision notification but can't find anything, maybe I'm looking in the wrong place.

 

[shmmeee]

I see the humour bypass has been successful

In my defense, Poe's Law is in full force on this site. Sorry I didn't read it properly.

 

[chiefdave]

You got a source for that? Looked through the decision notification but can't find anything, maybe I'm looking in the wrong place.

SG18 in Appendix 5(b):

 

[shmmeee]

SG18 in Appendix 5(b):
View attachment 6321

Is that on the council site? I'm bored of clicking through random documents, that website is shit.

Sorry for all the questions, trying to catch up on the last year.

 

[clint van damme]

If the telegraph are reading maybe this should be their next approach for info through the council ?

if the telegraph are reading?? They get half of their fucking content of here!

 

[shmmeee]

Do you reckon we could sue for copyright infringement?

At least when they take it from Twitter they tell you who posted it.

 

[ricohroar]

Personally looking forward to the back page spread of "New chairman spotted at the Ricoh"

 

[skyblueinBaku]

Personally looking forward to the back page spread of "New chairman spotted at the Ricoh"

2 things we learned about the new CCFC chairman.
6 things we learned about the new CCFC board.

 

[chiefdave]

Is that on the council site? I'm bored of clicking through random documents, that website is shit.

Sorry for all the questions, trying to catch up on the last year.

Yep, they've not made it the easiest to find to be honest. Go to www.coventry.gov.uk/councilmeetings change the year to 2016 then click ethics committee. Its the February one, says something like reconvened from November. Then you see a list of documents but the ones with interesting stuff aren't there. Find the link to show all documents or something like that and its in there.

There's slides from a council meeting of which the one I posted is one. There's also one that says do the council want a viable football club or something like that.

 

[shmmeee]

There was a council document in the papers for the ethics hearing which stated if the lease was passed to SISU there would have to be caveats in place to prevent them using it as security against future borrowing. Same didn't seem to apply to Wasps for some reason.

In terms of knocking it down thats an easy one. You just put a restriction on the land so it can only be used for certain things.

Have we got a source for the Wasps deal? How do we know there's no restrictions?

 

[Nick]

Have we got a source for the Wasps deal? How do we know there's no restrictions?

They have raised money against it haven't they?

 

[skybluetony176]

They have raised money against it haven't they?

Is it the same as security though? If Wasps default can the bond holders take ACL, the fixtures and fittings etc.? Security to me means more like a loan or mortgage secured against an asset. Can the same be said about an investment bond? Isn't that the risk? Can't say I know as I don't have any bonds or shares myself but always sort of assumed that there was the risk them as they're unsecured. If they do well happy days, if they don't tough shit. Happy to be corrected though.

 

[Nick]

Is it the same as security though? If Wasps default can the bond holders take ACL, the fixtures and fittings etc.? Security to me means more like a loan or mortgage secured against an asset. Can the same be said about an investment bond? Isn't that the risk? Can't say I know as I don't have any bonds or shares myself but always sort of assumed that there was the risk them as they're unsecured. If they do well happy days, if they don't tough shit. Happy to be corrected though.

aren't they secured? Somebody who knows more will confirm but I'm sure they were.

 

[skybluetony176]

aren't they secured? Somebody who knows more will confirm but I'm sure they were.

Pretty sure the Wasps bond is a retail bond. Here's a brief description of what it is from google

" A retail bond is an IOU issued by a corporation to an investor. An investor lends the company money, and in return the company pays the debtor interest on that loan. Unlike cash bond deposits, retail bonds are not covered by the Financial Services Compensation Scheme"

Doesn't sound like it's secured against an asset to me but like I say I'm no expert in this field.

Here's some more from wikipedia that seems to indicate that bonds aren't secure.

"Bonds and stocks are both securities, but the major difference between the two is that (capital) stockholders have an equity stake in the company (i.e., they are owners), whereas bondholders have a creditor stake in the company (i.e., they are lenders). Being a creditor, bondholders have priority over stockholders. This means they will be repaid in advance of stockholders, but will rank behind secured creditors in the event of bankruptcy.[3] Another difference is that bonds usually have a defined term, or maturity, after which the bond is redeemed, whereas stocks are typically outstanding indefinitely. An exception is an irredeemable bond, such as a consol, which is a perpetuity, that is, a bond with no maturity."

 

[chiefdave]

Its a secured bond

The security includes a legal mortgage (explained in more detail below) granted by ACL and ACL2006 over their title to the Arena in Coventry, a mortgage over the whole share capital of ACL, a mortgage over the whole share capital of ACL2006, fixed charges over insurance policies held by ACL and ACL2006 in respect of the Arena, a fixed charge over a cash account (described in more detail below) (the “Interest Service Reserve Account”) to be opened by the Issuer on or prior to the Issue Date, and a floating charge over all of the other undertaking and assets, both present and future, of each of the Issuer, the Guarantors and ACL2006.

 

[chiefdave]

The security granted over the secured assets shall become enforceable, by the Trustee for and on behalf of itself, the paying agents under the Bonds, the Account Bank and the Bondholders, at the Trustee’s discretion upon an event of default occurring. As described above in the context of “mortgages”, “fixed charges” and “floating charges”, if the security becomes enforceable, the Trustee would typically be entitled to take (or else, appoint a receiver to take) possession of the relevant assets or interest and/or procure their sale.

 

[martcov]

The council owns the freehold. Maybe there are clauses in the freehold which stop the leaseholder doing anything crazy?

 

[shmmeee]

To be honest, I started reading through and it's all gobbeldygook. I can find things that look like it's saying is Wasps go bust then tough luck, things that talk about p-shares. I'm lost.

 

[sky blue john]

Wasps RFC has today announced the launch of its new bonds scheme, which can be bought by anyone for a a minimum of £2,000.

The news means that fans as well as city investors can benefit from the investment - which pays interest at 6.5 per cent semi-annually.

If you are thinking of investing, here is everything you need to know about the new bonds, which will be secured overWasps Holdings and Arena Coventry Limited, including the Ricoh Arena.

Wasps Finance plc, a special purpose vehicle set up for the purposes of issuing the bonds, is offering the 6.50% Secured Bonds due 2022 and they are available to buy until 5pm on May 6, 2015.

Got this off CT website