chiefdave
Well-Known Member
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.
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.Could an foi be done to ask about council approaches?
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.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.
I see the humour bypass has been successful
SG18 in Appendix 5(b):
View attachment 6321
If the telegraph are reading maybe this should be their next approach for info through the council ?
2 things we learned about the new CCFC chairman.Personally looking forward to the back page spread of "New chairman spotted at the Ricoh"
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.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.
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?
They have raised money against it haven't they?
aren't they secured? Somebody who knows more will confirm but I'm sure they were.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.
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.
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.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?