Grendel
Well-Known Member
No it’s not a deadline there isn’t technically a deadline
Hasn't another deadline just past with nothing happening. How many deadlines can they miss before there's some action taken?
I thought Wasps had said a consent solicitation process would be formalised in August, must have got my dates mixed up. When did they say they'd have that out by?No it’s not a deadline there isn’t technically a deadline
I thought Wasps had said a consent solicitation process would be formalised in August, must have got my dates mixed up. When did they say they'd have that out by?
It wasn't a deadline, it's just a date they gave out, nothing illegalI thought Wasps had said a consent solicitation process would be formalised in August, must have got my dates mixed up. When did they say they'd have that out by?
It's almost like they know how difficult it is for anything to be done and are happy to just keep trying to pull the wool over everybody's eyes...Hasn't another deadline just past with nothing happening. How many deadlines can they miss before there's some action taken?
They didn’t say they would aim to, they said they would - so it was a (self proposed/imposed) deadline.They said they’d aim to.
Not being illegal doesn’t make it not a deadline.It wasn't a deadline, it's just a date they gave out, nothing illegal
Probably waiting to get past the first match of the season.It's almost like they know how difficult it is for anything to be done and are happy to just keep trying to pull the wool over everybody's eyes...
But obviously that is not what they are doing as it is just "not very wasps like" to do that kind of thing!!!
It will be half that as it will be 6 months interest.When's the next interest payment due, is it October/November time, apparently its £2.8m, how the hell are they going to pay that
No it’s not a deadline there isn’t technically a deadline
It wasn't a deadline, it's just a date they gave out, nothing illegal
Why?Probably waiting to get past the first match of the season.
They didn’t say they would aim to, they said they would - so it was a (self proposed/imposed) deadline.
From Wasps update of 30 July
”The issuer is now working on the proposed bond terms to be amended and will formally launch a consent solicitation process in August once the proposed terms have been finalised.
They've said a lot of stuff regarding deadlines which havnt materized, this being another oneNot illegal, but they clearly said that they would formalise a consent solicitation process in August, and they've evidently not done so.
It's going to even further erode the trust between the bondholders and the club, which is already at rock bottom in any case. If or when a deal is offered, who will be willing to take them at their word?
I think this makes it far more likely that a large proportion of bondholders will push for settlement rather than continued extension, and that can't be good for Wasps, imho.
They've said a lot of stuff regarding deadlines which havnt materized, this being another one
The real deadline passed in May
They are now in a period where the Trustee (engaged by WASPS) considers it is worth extending delaying recovery action
Sure I read somewhere that the Rugby penalties aren't as severe... can't be expelled from league. Would need more clarification from someone who knows though....Why?
But how long can they go on paying the interest. Be interesting next due paymentYes it did but clearly they believe they can carry on with paying interest without sufficient numbers to object to what is happening
Can't see them being expelled, they could get deducted 10000 points and still wouldn't be relegated. Ealing would be more than willing though to take their place I'm sure.Sure I read somewhere that the Rugby penalties aren't as severe... can't be expelled from league. Would need more clarification from someone who knows though....
Wasps could merge with them, go back to their roots...Can't see them being expelled, they could get deducted 10000 points and still wouldn't be relegated. Ealing would be more than willing though to take their place I'm sure.
Because it will potentially limit the range of penalties from the RFU.Why?
According to RFU rules, they could potentially be relegated.Sure I read somewhere that the Rugby penalties aren't as severe... can't be expelled from league. Would need more clarification from someone who knows though....
Coach loads of Coventry based Wasp fans converge in London every fortnightWasps could merge with them, go back to their roots...
No relegation thoughAccording to RFU rules, they could potentially be relegated.
That’s an interesting one. There is no sporting performance based relegation according to PRL rules, but if Wasps went spectacularly bust- who knows. Which is why I said “potentially”.No relegation though
This is probably the thing to keep an eye on. I suspect they’ll keep scraping the money together to pay itBut how long can they go on paying the interest. Be interesting next due payment
Someone on the bond holders forum have suggested that extending the term at current interest rate could be preferable to Wasps as commercial rates are likely to be 10% or more.This is probably the thing to keep an eye on. I suspect they’ll keep scraping the money together to pay it
Might be their least bad optionSomeone on the bond holders forum have suggested that extending the term at current interest rate could be preferable to Wasps as commercial rates are likely to be 10% or more.
But they need the bondholders to agree. They seem to be prepared to give Wasps some time, but I’m not sure a continuation at 6.5% will be all that attractive to them.Might be their least bad option
The numbers are getting there, seems like they are up to over 10%, sufficient to call an EGM, already.Yes it did but clearly they believe they can carry on with paying interest without sufficient numbers to object to what is happening
Yes it did but clearly they believe they can carry on with paying interest without sufficient numbers to object to what is happening
I was about to raise the same point as G but see you’ve addressed it below.But they need the bondholders to agree. They seem to be prepared to give Wasps some time, but I’m not sure a continuation at 6.5% will be all that attractive to them.
Coach loads of Coventry based Wasp fans converge in London every fortnight
I was about to raise the same point as G but see you’ve addressed it below.
Is this via a Facebook group? If so, hopefully people will continue to update this thread with any developments.
On that note, thanks to everyone contributing. I’m enjoying catching up on this thread!
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