Can you just delay a payment that is due by weeks with no penalty?
Well you’d expect if they were going down the route of traditional finance there would be a charge logged over the Arena and/or a Debenture over Wasps Holdings Limited. Either a) there’s a hold-up with the charge registration at Companies House but the legal firm involved have given sign-off that it is in effect, or b) other funding means have been utilised.
Definitely too early to say one way or the other, and registration of charges at Companies House isn’t necessarily gospel in terms of immediacy, but you would naturally think that a charge would have been logged in time for maturity. Not like it’s come as a surprise.
I thought it probably just a delay with CH to be honest
the Issuer has agreed, subject to final due diligence and documentation, the terms for the refinancing of the Secured Bonds
Clearly not. It’s not been finalised. This clip of the notice has me…intrigued.
Of course, could be nothing, but the fact they’ve missed the deadline and there’s still seemingly DD and documentation to complete paints a picture of a pretty sloppy transaction.
They put out notices to the Investment Brokers a week a go that the refinace had ben agreed and repayment would be on time
Exactly. Something about this seems off. When bond holders are contacted saying they’ll get their money back on the maturity date, then that rolls around and they’re told it’s another 6 weeks…it doesn’t sit right.
They must have known at that point that any agreement was subject to due diligence.
In layman’s terms, does this mean the can has just been kicked down the road?
Probably more like a collection tin
That's the story I heard last week or along those lines and Richardson can't afford propping the business up anymoreI am more interested in "the lending group" have they had to go to a consortium of investors who are underwriting the primary lender. Does not sound like the loan is predicated on the super value stadium ?
That's the story I heard last week or along those lines and Richardson can't afford propping the business up anymore
Whoever his investors are will come up against the same problem, a business that loses 10m a year, year on year, its not a money making business and never will be.Almost feel sorry for him having wasted his fortune on a shit rugby club
Whoever his investors are will come up against the same problem, a business that loses 10m a year, year on year, its not a money making business and never will be.
So Wasp won't own it but a bank will or other investors, everything CCC said Sisu would do which is why they wouldn't sell to themIf they've got security on the ground that's something else mind
So Wasp won't own it but a bank will or other investors, everything CCC said Sisu would do which is why they wouldn't sell to them
Almost feel sorry for him having wasted his fortune on a shit rugby club
Our fate is tied to Wasps whether we want to admit it or not-if Richardson really has borrowed the cash for this then it just got a lot more precarious.
I'm not sure I quite see it that way. If Wasps should fail one day, there aren't many customers in this town for a 32,000 seater stadium.
Anyhow, I must admit that I'm pleasantly surprised to see them letting down the bond holders at such a late date - especially after stating earlier in the week that all was well.
I'm unconvinced that the refinancing is going smoothly if it's not been sorted by now. As long as the Council don't use any taxpayers money to prop them up I couldn't care less what happens to Wasps, frankly.
What would Moonstone do with it, its not like they can sell it for housing or anythingMoonstone have the ultimate rights if tenure to the stadium lease I would assume not wasps
What would Moonstone do with it, its not like they can sell it for housing or anything
The non Rugby side is not profit making either, thought it just about broke even.well it’s non rugby side is not loss making and there is a football club paying rent..
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