Wasps downward spiral... (35 Viewers)

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Kneeza

Kneeza

Well-Known Member
They probably haven't noticed the massive upturns in the housing lending market. Nationwide for instance:

"Numbers at a glance

Financial highlights
 Underlying profit increased to £1,604m (2021: £790m) and statutory profit increased to
£1,597m (2021: £853m) primarily due to:
o Higher net interest income of £3,562m (2021: £3,146m), as a result of stronger
margins on mortgages taken out early in the pandemic, as well as growth in core
products
o Net release of £27m of credit provisions (2021: charge of £190m), reflecting an
improved economic outlook in the year
o £166m increase in other income, in part reflecting higher income from banking
products, as volumes improved after the pandemic
 Net interest margin improved to 1.26% (2021: 1.21%)
 Strong leverage ratio of 5.4% (2021: 5.4%), comfortably higher than our 4.5% minimum
target
 CET 1 capital resources grew to £12.5bn (2021: £12.0bn), although our reported CET1
ratio was lower at 24.1% (2021: 36.4%) due to changes in industry-wide regulation"

Makes CBSs figures look chickenfeed by comparison.
 
chiefdave

chiefdave

Well-Known Member
Another article following on from The Times piece, this one just about Wasps being in a mess and defaulting. Maybe the media is starting to pick up on this.
www.thisismoney.co.uk

Wasps rugby union club defaults on repaying bond investors

Wasps Finance raised £35m from investors in 2015, partly to pay back a loan linked to the purchase of an arena in Coventry, and it was due to return capital to investors in mid-May.
www.thisismoney.co.uk www.thisismoney.co.uk
 
shepardo01

shepardo01

Well-Known Member
Grendel

Grendel

Well-Known Member
djr8369 said:
I think that guy previously said deferral was good as they’re still being paid interest and will still get all their investment back at the end. Good luck with that, fella.
Click to expand...

There is a likelihood some will there’s many who will think they have little choice
 
chiefdave

chiefdave

Well-Known Member
Think there could be more to the issues at Wasps than suspected. Not paying back the bond is obviously a huge red flag but now we’re seeing essential pitch maintenance not being carried out and they aren’t signing players.

Not to say they’re going bust tomorrow of course but potentially more to this than just HSBC getting cold feet.
 
Gynnsthetonic

Gynnsthetonic

Well-Known Member
Is the 12th August still being applied for the refinancing or has that been written off. Wasps releasing all their top players end of the season, no new signings and now no money being spent on the pitch and the total silence from them something definitely happening. Or with no relegation they could play every game with youth players and lose 60-0 and do the same next season.
 
MalcSB

MalcSB

Well-Known Member
Gynnsthetonic said:
Is the 12th August still being applied for the refinancing or has that been written off. Wasps releasing all their top players end of the season, no new signings and now no money being spent on the pitch and the total silence from them something definitely happening. Or with no relegation they could play every game with youth players and lose 60-0 and do the same next season.
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12th August written off. Wasps have said they are putting together a proposal to extend the terms of the bond (a consent solicitation) to give them more time to come up with a refinance package.
 
MalcSB

MalcSB

Well-Known Member
Their accounts (to end June 22) will be interesting given that last years cast doubt over whether they could be considered a going concern if bonds repayment not met, which they haven’t been within the 2022 accounting year.
 
Gynnsthetonic

Gynnsthetonic

Well-Known Member
MalcSB said:
Their accounts (to end June 22) will be interesting given that last years cast doubt over whether they could be considered a going concern if bonds repayment not met, which they haven’t been within the 2022 accounting year.
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They won't issue them though will they, they havnt done last years yet
 
MalcSB

MalcSB

Well-Known Member
Their accounting year runs to June, so The last accounting year is to June 2022 which statements are due, The June 2021 statements raise doubt about going concern if bonds not repaid May 2022. I think it’s on page 28.
 
O

oldfiver

Well-Known Member
MalcSB said:
Their accounting year runs to June, so The last accounting year is to June 2022 which statements are due, The June 2021 statements raise doubt about going concern if bonds not repaid May 2022. I think it’s on page 28.
Click to expand...

Strictly WH accounts do not need filing at Companies House until March 2023

However Wasps Finance due December 2022
 
MalcSB

MalcSB

Well-Known Member
The RFU require them for inspection on or before 31 December. That will be Holdings who operate the RFC. Not sure if they are “confidential” at that point but probably are. Bondholders and/ or bond trustees may want some detail as part of the consent solicitation.

if there is a doubt about going concern, does that raise the possibility of trading whilst insolvent?
 
H

HuckerbyDublinWhelan

Well-Known Member
Can we have a poll on here? Who the hell is “accepting SISU” - Shugs doesn’t get it does he. We want SISU out. But the only feasible way of ridding them is that the parasites go bump or go back to London or wherever they’re wanted.
 
H

HuckerbyDublinWhelan

Well-Known Member
Nick said:
Because since they have been here their PR has been "but SISU" which worked a treat.
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He’s a fucking nause. We’re aware SISU are shysters, but surely he’s not think enough to realise the club will never be bought unless they have any assets or a potential asset they can buy into.

the council shafted any chance we had of that in 2014 when they sold the Ricoh.

the council’s short sightedness lumbered us with SISU, for the foreseeable future
 
O

oldfiver

Well-Known Member
MalcSB said:
The RFU require them for inspection on or before 31 December. That will be Holdings who operate the RFC. Not sure if they are “confidential” at that point but probably are. Bondholders and/ or bond trustees may want some detail as part of the consent solicitation.

if there is a doubt about going concern, does that raise the possibility of trading whilst insolvent?
Click to expand...

For the Bondholders they need WF accounts

The WH accounts should also include cash flow projections and show they are solvent
 
Liquid Gold

Liquid Gold

Well-Known Member
CCFC54321 said:
www.rugbynetwork.net

DrunkenWasps.com - Sky BluesTalk in a forgiving mood!

DrunkenWasps.com : Unofficial Wasps news, views and message boards.
www.rugbynetwork.net

what a pair of self pompous pricks on here. Thank fuck no one’s interested in their little rugby club.
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Lists a bunch of forms of protest and then says

”Some views there which would get the support of certain Russian or Chinese government autocrats!”

I think they’ll never get more idiotic but they keep finding another level.
 
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