Big News

[SBSam]

Isn’t to and fro what discussion is about? If everybody had the same view, there would be nothing to discuss. I accept that the bonds issue if a pretty big stick, but failure to redeem on time and to keep within self pronounced timescales is pretty big news too.

[baldpaul101]

With SBS on this.

Wasps have missed a self imposed time frame on the bond, without, as far as we know, any communication. I didn't know that till SBS pointed it out.
Its news, its important, although as other have said, not a lot we can do about it!

[bigad82]

Isn’t to and fro what discussion is about? If everybody had the same view, there would be nothing to discuss. I accept that the bonds issue if a pretty big stick, but failure to redeem on time and to keep within self pronounced timescales is pretty big news too.

Yes Sam we get it it's all you keep banging on about.
Any mention of anything else in this thread and you keep doing is 'what about the bonds'.
It's getting a bit tedious now.

[Bloke in North Dorset]

“A fanatic is one who can't change his mind and won't change the subject.”
― Winston S. Churchill

[Rifleman Harris]

Isn’t to and fro what discussion is about? If everybody had the same view, there would be nothing to discuss. I accept that the bonds issue if a pretty big stick, but failure to redeem on time and to keep within self pronounced timescales is pretty big news too.

Yes Sam we get it it's all you keep banging on about.
Any mention of anything else in this thread and you keep doing is 'what about the bonds'.
It's getting a bit tedious now.

To be fair, as far as I can see there are three sets of main creditors, the directors, the bond holders.  Two of those are likely to put the club out of business if not kept onside.  SBSam's news was new and significant and therefore relevant.  I would say the bond holders must be having their patience stretched massively now, let's hope the positive stuff is indicative of a package being pulled together to resolve the bond issue.  If not then I think 'what about the bonds' is a relevant thing to bring up.

[Shugs]

It is Rifleman but it’s pretty obvious Sam wants to just feed bad news in under a thinly veiled premise of discussion. It’s all just a bit of a wind up - in my opinion.

[Raggs]

"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."

Let's highlight the other bit. Perhaps the terms haven't been finalised. If the terms are being put together with the input of major bondholders (I'd presume this is allowed and indeed sensible), then it could be that things are still being hammered out.

It could even be signs of good news. There's no need to launch a consent solicitation process if the bond is simply going to be paid.

[bigad82]

Isn’t to and fro what discussion is about? If everybody had the same view, there would be nothing to discuss. I accept that the bonds issue if a pretty big stick, but failure to redeem on time and to keep within self pronounced timescales is pretty big news too.

Yes Sam we get it it's all you keep banging on about.
Any mention of anything else in this thread and you keep doing is 'what about the bonds'.
It's getting a bit tedious now.

To be fair, as far as I can see there are three sets of main creditors, the directors, the bond holders.  Two of those are likely to put the club out of business if not kept onside.  SBSam's news was new and significant and therefore relevant.  I would say the bond holders must be having their patience stretched massively now, let's hope the positive stuff is indicative of a package being pulled together to resolve the bond issue.  If not then I think 'what about the bonds' is a relevant thing to bring up.

There is already a thread about the bonds try finding it and give us all a bit of a break.

[Rifleman Harris]

I haven't exposed myself to SBT (  )..so maybe I have a higher tolerance of it.  If they are trying to wind people up, then they seem a bit too rational to me and miss a load of chances to twist the knife.

[Rifleman Harris]

Isn’t to and fro what discussion is about? If everybody had the same view, there would be nothing to discuss. I accept that the bonds issue if a pretty big stick, but failure to redeem on time and to keep within self pronounced timescales is pretty big news too.

Yes Sam we get it it's all you keep banging on about.
Any mention of anything else in this thread and you keep doing is 'what about the bonds'.
It's getting a bit tedious now.

To be fair, as far as I can see there are three sets of main creditors, the directors, the bond holders.  Two of those are likely to put the club out of business if not kept onside.  SBSam's news was new and significant and therefore relevant.  I would say the bond holders must be having their patience stretched massively now, let's hope the positive stuff is indicative of a package being pulled together to resolve the bond issue.  If not then I think 'what about the bonds' is a relevant thing to bring up.

There is already a thread about the bonds try finding it and give us all a bit of a break.

Good point. Thank you for your considered and thoughtful response. 

[bigad82]

Isn’t to and fro what discussion is about? If everybody had the same view, there would be nothing to discuss. I accept that the bonds issue if a pretty big stick, but failure to redeem on time and to keep within self pronounced timescales is pretty big news too.

Yes Sam we get it it's all you keep banging on about.
Any mention of anything else in this thread and you keep doing is 'what about the bonds'.
It's getting a bit tedious now.

To be fair, as far as I can see there are three sets of main creditors, the directors, the bond holders.  Two of those are likely to put the club out of business if not kept onside.  SBSam's news was new and significant and therefore relevant.  I would say the bond holders must be having their patience stretched massively now, let's hope the positive stuff is indicative of a package being pulled together to resolve the bond issue.  If not then I think 'what about the bonds' is a relevant thing to bring up.

There is already a thread about the bonds try finding it and give us all a bit of a break.

Good point. Thank you for your considered and thoughtful response.

Sorry RH it wasn't aimed at you.Only looking for news about Worcester.

[SBSam]

"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."

Let's highlight the other bit. Perhaps the terms haven't been finalised. If the terms are being put together with the input of major bondholders (I'd presume this is allowed and indeed sensible), then it could be that things are still being hammered out.

It could even be signs of good news. There's no need to launch a consent solicitation process if the bond is simply going to be paid.

There was clearly an expectation that the terms would have been finalised in sufficient time before the end of August in order that the revised terms could be offered for acceptance or rejection in August. This is similar to the statements that we have agreed terms with HSBC, we are finalising terms with HSBC, we are pursuing alternative financing - all at various points in this debacle as the end point has been kicked further and further down the road.

However, your point about the lack of need for a Solicitation if the bonds are simpler going to be repaid is a good one. However, if there was an expectation that this would be the case, why not update the bondholders?

[SBSam]

Isn’t to and fro what discussion is about? If everybody had the same view, there would be nothing to discuss. I accept that the bonds issue if a pretty big stick, but failure to redeem on time and to keep within self pronounced timescales is pretty big news too.

Yes Sam we get it it's all you keep banging on about.
Any mention of anything else in this thread and you keep doing is 'what about the bonds'.
It's getting a bit tedious now.

To be fair, as far as I can see there are three sets of main creditors, the directors, the bond holders.  Two of those are likely to put the club out of business if not kept onside.  SBSam's news was new and significant and therefore relevant.  I would say the bond holders must be having their patience stretched massively now, let's hope the positive stuff is indicative of a package being pulled together to resolve the bond issue.  If not then I think 'what about the bonds' is a relevant thing to bring up.

There is already a thread about the bonds try finding it and give us all a bit of a break.

Good point. Thank you for your considered and thoughtful response.

Sorry RH it wasn't aimed at you.Only looking for news about Worcester.

There is a post specifically about Worcester.

[RogerE]

Can I, as a bond holder, make an interjection?

Basically they missed the repayment termination date, but at least I am still getting a return at an interest rate  that many others can only dream about.

I don't need the capital amount for anything urgent, so am more than happy to let them take as long as they like to sort the fine details of the new arrangement out. Ok some others might be in a situation where they need the money, but as I was once told "don't invest in anything that is handled by the stock exchange unless you are prepared to lose the investment"

Yes it seems a bit of an awkward situation, but what with COVID etc. I am not surprised about the situation.

[bigad82]

SBsam this thread was started about another club being in trouble not about bonds.
The club in question is Worcester.