Seppala Interview on Sky Sports News (4 Viewers)

Ccfc1979 · Jun 24, 2019

The recent press releases and now this interview have just made me wonder again that if they had just COMMUNICATED from the beginning - when Ranson left, the Sixfields debacle, administration...could they have saved themselves a little. They have made bad, misjudged decisions all the way along but if they had tried to speak about the reasons and the next steps more people may have been willing to not necessarily agree with them but at least listen. This is all very, very late in the offing.

mrtrench · Jun 24, 2019

SBAndy said:
I’m starting to come round to the idea that SISU may be picking up these bonds that are being traded because they sit at a 10% discount (or thereabouts). That way it gives them a direct channel to take on the lease if/when Wasps fail, and that will only be accelerated if any wrongdoing is found through this EC investigation. This would also give the ‘business’ an asset on the balance sheet at a lesser cost than construction and would make us eminently more saleable, which I believe is SISU’s objective now as they prepare their exit strategy. It’d be interesting to know whether AEG are still interested in taking on management of the arena operations (but also - I suppose - the cost involved in that). They have a track record of investment in sports teams so may be the option further down the road.

Which bonds are SISU buying? I assume from the context that these are Wasps' bonds? I've missed this story - do you have a link?

When you say that the bonds are trading at a discount I assume that you mean to par value? This is very normal in the bond markets: the strike price moves as forward interest rates move. So if a bond pays a 5% coupon but forward interest rates rise to 6%, the traded price of the bond will fall so that the effective interest rate is 6%. However the price of an individual bond can also fall if the credit rating of the issuer falls. The interest rate on a bond is made of two parts: Risk Free forward interest rates + Issuer Credit Spread. If I knew which bonds you were talking about I could calculate what is happening. Another possibility is that they were sold at a discount at the start!

I don't follow the logic that having bonds on the balance sheet makes us more saleable or better access to the Ricoh lease..

Nick · Jun 24, 2019

Ccfc1979 said:
The recent press releases and now this interview have just made me wonder again that if they had just COMMUNICATED from the beginning - when Ranson left, the Sixfields debacle, administration...could they have saved themselves a little. They have made bad, misjudged decisions all the way along but if they had tried to speak about the reasons and the next steps more people may have been willing to not necessarily agree with them but at least listen. This is all very, very late in the offing.

Their communication has always been shite. It made it easy for ACL to get a PR company to do a job.

mrtrench · Jun 24, 2019

Thinking a bit more about this - if SISU is buying Wasps' bonds it's almost certainly a hedge:

- If SISU wins the EU case they are quids in.
- But if they lose, the value of Wasps' bonds will rise - because all other things being equal, the Wasps credit risk will decrease.

SkyBlueCRJ · Jun 24, 2019

Ccfc1979 said:
The recent press releases and now this interview have just made me wonder again that if they had just COMMUNICATED from the beginning - when Ranson left, the Sixfields debacle, administration...could they have saved themselves a little. They have made bad, misjudged decisions all the way along but if they had tried to speak about the reasons and the next steps more people may have been willing to not necessarily agree with them but at least listen. This is all very, very late in the offing.

I think what you've touched on is pretty spot on. Through SISU's consistent radio silence, ACL, CCC, Wasps have been able to create their own image of SISU through the media, which in many ways has turned them into the pantomime villain that many consider them to be. If they'd simply communicated more frequently and provided an explanation to some of your stated actions then whilst the fans still may not have agreed with them, at least they would've had an understanding. Whether it would've managed the toxicity and division can only be speculated upon but I certainly think it would've helped.

CovUpNorth · Jun 24, 2019

skyblue1991 said:
I'd shag Seppela all day every day if it meant we stayed in Birmingham forever!

Sent from my G8441 using Tapatalk

Weirdo alert!!!!

SkyBlueDom26 · Jun 24, 2019

Surely this EU appeal decision is due soon?

Mr Panda · Jun 24, 2019

Individuals on the Facebook forum somehow justifying forced entry and burglary as a result of SISU robbing a city of its club. Some people are so backwards it's beyond comprehension.

rob9872 · Jun 24, 2019

Mr Panda said:
Individuals on the Facebook forum somehow justifying forced entry and burglary as a result of SISU robbing a city of its club. Some people are so backwards it's beyond comprehension.

If that's how it works then Eastwood must be shitting himself!

Philosoraptor · Jun 24, 2019

mrtrench said:
Which bonds are SISU buying? I assume from the context that these are Wasps' bonds? I've missed this story - do you have a link?

When you say that the bonds are trading at a discount I assume that you mean to par value? This is very normal in the bond markets: the strike price moves as forward interest rates move. So if a bond pays a 5% coupon but forward interest rates rise to 6%, the traded price of the bond will fall so that the effective interest rate is 6%. However the price of an individual bond can also fall if the credit rating of the issuer falls. The interest rate on a bond is made of two parts: Risk Free forward interest rates + Issuer Credit Spread. If I knew which bonds you were talking about I could calculate what is happening. Another possibility is that they were sold at a discount at the start!

I don't follow the logic that having bonds on the balance sheet makes us more saleable or better access to the Ricoh lease..

You seem like a person who can answer this.

Is this how it works?

You buy a bond for let's say £100. Each year out of the five years it makes compound interest of 6.5%

This would give you a total of around £137.

Then the bond matures and you get the return of original bond price at the market rate.

skybluebeduff · Jun 24, 2019

Skybluefaz said:
That is not explicitly said. However, I'd be surprised if city fans would go to that length to get to her.

Same here, it's criminals who broke in, regardless of what team they claim to support. Either way shocking if true, welcome to England Joy!

SkyBlueDom26 · Jun 24, 2019

DrunkenWasps.com - Joy Seppala sky sports news

SkyBlueCRJ · Jun 24, 2019

"Considering she rarely gives any tv interviews you'd have to think that its her wanting some TV exposure rather than SISU relenting and agreeing to an interview. The fact the platform is Sky Sports infers that she thinks that they will be more sympathetic to their plight as Sky Sports will only focus on the football and fans element, as opposed to a local or national news channel interviewing her.

I'm not quite sure what she's trying to achieve. All parties involved have stated their standpoint. I can't see the wider football community being that interested.

I actually think this is a very fair comment from this fan on the Wasps forum. What is she actually trying to achieve from doing this interview?

HuckerbyDublinWhelan · Jun 24, 2019

I’m more concerned that there didn’t seem to be any semblance of a plan going forward.

May come out more in snippets - but regardless of what’s gone on, they need to start acting now. Land needs to be bought if it’s gonna be a new stadium (I doubt this) but SISU just keep trotting out this concern (I agree with what the club needs) and have done for 5 years - now is the time to put up or shut up.

standupforcity · Jun 24, 2019

Yes I would!!

SBAndy · Jun 24, 2019

mrtrench said:
Which bonds are SISU buying? I assume from the context that these are Wasps' bonds? I've missed this story - do you have a link?

When you say that the bonds are trading at a discount I assume that you mean to par value? This is very normal in the bond markets: the strike price moves as forward interest rates move. So if a bond pays a 5% coupon but forward interest rates rise to 6%, the traded price of the bond will fall so that the effective interest rate is 6%. However the price of an individual bond can also fall if the credit rating of the issuer falls. The interest rate on a bond is made of two parts: Risk Free forward interest rates + Issuer Credit Spread. If I knew which bonds you were talking about I could calculate what is happening. Another possibility is that they were sold at a discount at the start!

I don't follow the logic that having bonds on the balance sheet makes us more saleable or better access to the Ricoh lease..

I’m referring to the retail bonds issued which are due to mature in 2022. No links/evidence, just a hunch. The long-lease acts as security over the bonds issued, meaning if they fail the asset that will be used to repay investors is the sale of the long-lease. If SISU have bought into these bonds (as they are now trading at c.10% down on issue) there is a chance they may be able to negotiate with the ‘fund manager’ to take on the lease for use rather than sale.

All depends on how much they invest down that route - or whether it’s something they’ve even explored. I may be completely wrong. The trades are there to see on the LSE website. With the negative publicity (i.e. state aid claims, auditor resigning, FCA investigation) I’d imagine a lot of serious investors will be spooked and may be after a sale.

olderskyblue · Jun 24, 2019

SkyBlueCRJ said:
I think what you've touched on is pretty spot on. Through SISU's consistent radio silence, ACL, CCC, Wasps have been able to create their own image of SISU through the media, which in many ways has turned them into the pantomime villain that many consider them to be. If they'd simply communicated more frequently and provided an explanation to some of your stated actions then whilst the fans still may not have agreed with them, at least they would've had an understanding. Whether it would've managed the toxicity and division can only be speculated upon but I certainly think it would've helped.

SISU do not do anything without a reason behind it, if it would have helped, they would have done it.

I'm not so easily bought by statements from her, or any of the other groups involved in this debacle.

Lets not forget, in the high court, a judge all but said she lied, so lets not think she has started telling the truth out of court eh?
He said of her:-
"she has a distorted recollection of some events"
"has introduced a "spin" which suits the Applicants' case"
"She is also prone to exaggerate"
"She also recollects events which did not take place"
"when it came to producing her witness statement and giving her oral evidence, her recollection was not as accurate as she would like to make out."

Don't be fooled people

SkyBlueDom26 · Jun 24, 2019

SkyBlueCRJ said:
"Considering she rarely gives any tv interviews you'd have to think that its her wanting some TV exposure rather than SISU relenting and agreeing to an interview. The fact the platform is Sky Sports infers that she thinks that they will be more sympathetic to their plight as Sky Sports will only focus on the football and fans element, as opposed to a local or national news channel interviewing her.

I'm not quite sure what she's trying to achieve. All parties involved have stated their standpoint. I can't see the wider football community being that interested.

I actually think this is a very fair comment from this fan on the Wasps forum. What is she actually trying to achieve from doing this interview?

Very confusing to see mate, on one hand you've got this appeal that she seems confident of winning which will get us the ricoh for cheap however you've then got her saying 'im not going to be around forever' normally SISU say were not for sale......
Maybe a change in their stance

Grendel · Jun 24, 2019

SkyBlueDom26 said:
DrunkenWasps.com - Joy Seppala sky sports news

Some imbeciles think the twitter account in her name is real

mrtrench · Jun 24, 2019

Philosorapter said:
You seem like a person who can answer this.

Is this how it works?

You buy a bond for let's say £100. Each year out of the five years it makes compound interest of 6.5%

This would give you a total of around £137.

Then the bond matures and you get the return of original bond price at the market rate.

Not usually. There are different types of bond but the most common is fixed interest.

The issuer, with their advisers, decide what the interest rate will be (it's called the coupon). Let's say 6.5% as you say. It then gets sold into the Primary Market. Depending on demand, buyers may not pay 100 for each bond - but the par value is 100 and that's what you get back at the end.
Every six months (say - it can be more or less frequent), the coupon is paid. In our example £3.25 every six months. It's not compounded.

At the end (the redemption date) you get your £100 par value + a final £3.25 coupon. This is how government bonds (called gilts) work.

But there can also be floating coupons. So, for example, the bond pays a coupon of 6 months LIBOR + 3.35%, which is set by looking at the 6 month LIBOR rate every six months. Or zero coupon bonds (called bills usually) which pay no interest but are sold at a discount. These are usually shorter term (say 1 year). So you buy a bill for £97 and a year later you get £100 back.

All bonds are also traded in the secondary market too - so there is a market price and you can sell before the end.

It is possible to get compounded coupons - these are called step-up bonds. But they are much less common - this is because the money isn't paid out frequently and hence the buyer has an increasing amount of credit risk to the issuer - so usually they would expect a higher coupon to reflect this increased risk.

SkyBlueCRJ · Jun 24, 2019

SkyBlueDom26 said:
Very confusing to see mate, on one hand you've got this appeal that she seems confident of winning which will get us the ricoh for cheap however you've then got her saying 'im not going to be around forever' normally SISU say were not for sale......
Maybe a change in their stance

I did think that. Perhaps it could well be a 'call to action' tactic to draw in further investors or perhaps a buyer. That really would be a complete u-turn from her previous stance if that's the case though.

SkyBlueDom26 · Jun 24, 2019

SkyBlueCRJ said:
I did think that. Perhaps it could well be a 'call to action' tactic to draw in further investors or perhaps a buyer. That really would be a complete u-turn from her previous stance if that's the case though.

Exactly though, her previous stance has always been 'were not going anywhere and are not for sale'
Its a very strange interview which hasn't cleared much up apart from how she sounds and what she looks like

Cranfield Sky Blue · Jun 24, 2019

mrtrench said:
Not usually. There are different types of bond but the most common is fixed interest.

The issuer, with their advisers, decide what the interest rate will be (it's called the coupon). Let's say 6.5% as you say. It then gets sold into the Primary Market. Depending on demand, buyers may not pay 100 for each bond - but the par value is 100 and that's what you get back at the end.
Every six months (say - it can be more or less frequent), the coupon is paid. In our example £3.25 every six months. It's not compounded.

At the end (the redemption date) you get your £100 par value + a final £3.25 coupon. This is how government bonds (called gilts) work.

But there can also be floating coupons. So, for example, the bond pays a coupon of 6 months LIBOR + 3.35%, which is set by looking at the 6 month LIBOR rate every six months. Or zero coupon bonds (called bills usually) which pay no interest but are sold at a discount. These are usually shorter term (say 1 year). So you buy a bill for £97 and a year later you get £100 back.

All bonds are also traded in the secondary market too - so there is a market price and you can sell before the end.

It is possible to get compounded coupons - these are called step-up bonds. But they are much less common - this is because the money isn't paid out frequently and hence the buyer has an increasing amount of credit risk to the issuer - so usually they would expect a higher coupon to reflect this increased risk.

See. Simple!

Magwitch · Jun 24, 2019

Drowning people will grab anything to try and survive,only a 1000 STs sold, we are just 6 weeks away from St Andrews which will cost the business shed loads. I still think we will kick -off at the Ricoh.

better days · Jun 24, 2019

I have no specific inside info but looking at things in the round there are grounds for hope
Mark Robins has been given a lot of authority to do things his way and seems to have been given backing to get players in early
He must have a good idea of the way forward
Expect more changes in the short term

cc84cov · Jun 24, 2019

She’s not fooling me anyway...

covcity4life · Jun 24, 2019

Need wasps to drop bushit demands to see us return to ricoh tho

clint van damme · Jun 24, 2019

Magwitch said:
Drowning people will grab anything to try and survive,only a 1000 STs sold, we are just 6 weeks away from St Andrews which will cost the business shed loads. I still think we will kick -off at the Ricoh.

only if wasps change their demands. No way sisu will give them the reassurances they need regarding future penalties.

SkyBlueDom26 · Jun 24, 2019

Magwitch said:
Drowning people will grab anything to try and survive,only a 1000 STs sold, we are just 6 weeks away from St Andrews which will cost the business shed loads. I still think we will kick -off at the Ricoh.

I still have hope we will be starting at the ricoh too! It makes perfect sense as all parties are going to lose out....However Sisu can't agree to wasps wanting us to cover all the legals as it could bankrupt us

mrtrench · Jun 24, 2019

SBAndy said:
I’m referring to the retail bonds issued which are due to mature in 2022. No links/evidence, just a hunch. The long-lease acts as security over the bonds issued, meaning if they fail the asset that will be used to repay investors is the sale of the long-lease. If SISU have bought into these bonds (as they are now trading at c.10% down on issue) there is a chance they may be able to negotiate with the ‘fund manager’ to take on the lease for use rather than sale.

All depends on how much they invest down that route - or whether it’s something they’ve even explored. I may be completely wrong. The trades are there to see on the LSE website. With the negative publicity (i.e. state aid claims, auditor resigning, FCA investigation) I’d imagine a lot of serious investors will be spooked and may be after a sale.

Can you tell me the ISIN and I'll take a look?

Nick · Jun 24, 2019

So CCFC should indemnify Wasps / CCC if any of them are forced to have to pay anything because of them doing something wrong?

Danceswithhorses · Jun 24, 2019

Is she implying that her house break in has something to do with the CCFC/Wasps/CCC situation...it certainly sounds like it ?
Chances are, the break in was just another bog standard burglary of a wealthy family, which has nothing to do with the current situation.
The fact she mentions her children makes the subject even more emotive, and garners her/SISU some sympathy.
I can't help feeling that she is trying to make out that she/SISU are the victims in this entire decade old saga

SkyBlueDom26 · Jun 24, 2019

Nick said:
So CCFC should indemnify Wasps / CCC if any of them are forced to have to pay anything because of them doing something wrong?

Of course not, thats what the sticking point will be though as wasps know they have the upper hand in the short term.... Only hope for us is that the complaint is in our favour and bankrupts wasps giving us the ricoh

junglej13 · Jun 24, 2019

Danceswithhorses said:
Is she implying that her house break in has something to do with the CCFC/Wasps/CCC situation...it certainly sounds like it ?
Chances are, the break in was just another bog standard burglary of a wealthy family, which has nothing to do with the current situation.
The fact she mentions her children makes the subject very emotive, and garners her/SISU some sympathy.
I can't help feeling that she is trying to make out that she/SISU are the victims in this entire decade old saga

I thought this as well. People houses are burgled all the time. Also just read the Sky Sports story and enjoyed the quote about how Mark Robins had said he wanted a nice pitch to play on, almost implies Robins supported the move to St Andrews.

oucho · Jun 24, 2019

I have been a huge critic of JS and one of those criticisms has been shying away from the media; a club owner should really have some kind of public profile in my view. So give her credit where it is due, I didn't think we'd see the day when she fronted up for the cameras and spoke like this. Fair play to her.

Seppala Interview on Sky Sports News (4 Viewers)

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