Big News

[bigad82]

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

I know, but the thread was titled Big News and the bind default is pretty big news for Wasps, potentially existential. There weren’t any posts on this thread for 3 days as I think the majority were posting about Worcester on the newer Worcester thread.

Or maybe there has been no news on the bonds for weeks so you post about them in threads where it certainly isn't relevant.
Start a thread about bonds and fill your boots.

Are you in a position to tell me what to do?

Unfortunately not I would of binned you weeks ago.

Have

Oh dear is that the best you've got.

[Rossm]

Give it a rest, Ad. If you want a fight, go to DW.

[bigad82]

Give it a rest, Ad. If you want a fight, go to DW.

I'm cool thanks.

[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.

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?

I suspect you've seen the latest update, looks like I may well have been correct.

[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?

I suspect you've seen the latest update, looks like I may well have been correct.

Yes you may well have been, but as I said on the good news thread Wasps said they were in a similar position with HSBC in May. As I also said on the other thread, if they manage to pull this off it will be good news for all Wasps supporters.

[Shugs]

No lender would have let a statement like this go if it weren’t virtually done. It is also good news for you Sam as it means you get to carry on playing at the CBS.

[SBSam]

No lender would have let a statement like this go if it weren’t virtually done. It is also good news for you Sam as it means you get to carry on playing at the CBS.

We would have any way, we have a 10 year lease agreement.

HSBC let the statement go out in May and then in June.

[Shugs]

Stadium upkeep costs paid by who? Not SISU. Not CCC. I think you’ll find it’s redeemed Sam - not the news you wanted I know.

[Neils]

Stadium upkeep costs paid by who? Not SISU. Not CCC. I think you’ll find it’s redeemed Sam - not the news you wanted I know.

But he has to keep poking!

[SBSam]

Stadium upkeep costs paid by who? Not SISU. Not CCC. I think you’ll find it’s redeemed Sam - not the news you wanted I know.

But he has to keep poking!

I’m not poking, it’s a fact that the bonds haven’t actually been redeemed yet. It’s bondholders who are saying that they are in a worse position than before - now no timetable and just a repeat of what was said about HSBC three months ago. If it comes to pass then great, but just don’t count chickens etc. on the other hand, someone called John Dawkins who seems to claim to be itk on all sorts of matters (and Shuggs would otherwise call a hack) suggested a few days ago that Wasps had got a deal. So may be it’s true, and if so good luck to you.

[Shugs]

Indeed. And will carry on doing so.

[Shugs]

Stadium upkeep costs paid by who? Not SISU. Not CCC. I think you’ll find it’s redeemed Sam - not the news you wanted I know.

But he has to keep poking!

I’m not poking, it’s a fact that the bonds haven’t actually been redeemed yet. It’s bondholders who are saying that they are in a worse position than before - now no timetable and just a repeat of what was said about HSBC three months ago. If it comes to pass then great, but just don’t count chickens etc. on the other hand, someone called John Dawkins who seems to claim to be itk on all sorts of matters (and Shuggs would otherwise call a hack) suggested a few days ago that Wasps had got a deal. So may be it’s true, and if so good luck to you.

One bondholder I think. Not that you’d care to relay it but one other is cautiously optimistic. Time to get Wasps and CCFC winning now - then everyone benefits (especially Wasps 😉)

[SBSam]

Shugs, you forgot to mention the reported “barrage of cynical catcalls”. Let’s see what develops over the next week.

In the meantime, some wins would be good.

[Shugs]

Agreed. I fear your owners have dropped you in it somewhat with the Hyam sale but you’re still good enough for mid table - which is an achievement given the circumstances. I don’t follow closely but I’m confused as to why holding on to your three best assets has been so badly received in terms of the transfer window?

[SBSam]

Agreed. I fear your owners have dropped you in it somewhat with the Hyam sale but you’re still good enough for mid table - which is an achievement given the circumstances. I don’t follow closely but I’m confused as to why holding on to your three best assets has been so badly received in terms of the transfer window?

People simply expected more than keeping them, a view that a bit of investment would make us promotion prospects - especially given the record st sales. However, it doesn’t sound as if we have got the proverbial pot to pee in, the Hyam sale was a huge surprise yet didn’t give enough cash to reinvest. Not having a poke, but the postponed three games will have created a cash flow problem which the Hyam sale will probably have merely plugged.

But that’s just my take on it - as usual.