Wasps 22 Discussion Threads

[grahamg8] 30/6/2022 19:13

Pixxed off Bond holders can tackle hard. Contact Companies House and ask them to enquire why the various Wasp Companies are still trading while apparently insolvent. And certainly get the local and hopefully national press to stick their oar in. The Directors need to feel some heat.

[zzaxx99] 30/6/2022 18:33

Got a detailed response from the trustee. These are the germane bits:

- The Issuer has not requested a waiver or extension from the Trustee and nor has the Trustee agreed to one.

- As detailed in the Trustee’s notices, the non-payment at maturity constituted a Potential Event of Default immediately following the non-payment which became an Event of Default following the expiry of the applicable grace period.

- Whilst we received communication from the Issuer at the point of the scheduled Maturity Date (that the Issuer expects to complete the refinancing on or before 30 June 2022) the Trustee has not received any further update from them in relation to the refinancing.

- We have written to the Issuer to request that they reinstate the LSE listing and understand that they have requested that the LSE do that.

[barondene] 30/6/2022 18:06

While Vaughn may say terms agreed with HSBC - one of those terms maybe the WMCA funding

[cesareborgia] 30/6/2022 14:43

Is it even vaguely possible that we are all being given the run around ?

[fastcat99] 30/6/2022 14:14

When I called Tulchan about a month ago, they didn’t RECOGNISE Elizabeth Stone’s name!! - and when I reported THAT to [e-mail] (with various copiees), my email was ignored. But maybe the Press are giving her a hard time, on our behalf - which is all grist to the mill!

[jimpy6365] 30/6/2022 13:40

WASPS FINANCE PLC
£35,000,000 6.50 PER CENT. SECURED BONDS DUE 13 MAY 2022
(ISIN: XS1221940510, COMMON CODE: 122194051)
Updated refinancing timetable and delay to redemption
Wasps Finance plc (the "Issuer") today provides an update on the timetable of its refinancing and
redemption of the Issuer's £35,000,000 6.50 per cent. Secured Bonds due 13 May 2022 (ISIN:
XS1221940510, Common Code: 122194051) (the "Bonds").
Further to the announcement on 13th May 2022, which stated that the Issuer had agreed, subject to
final due diligence and documentation, the terms for the refinancing of the Bonds with a lending group
that includes HSBC UK Bank plc ("HSBC") as senior debt provider; the Issuer is working towards
completing this due diligence and documentation.
The Issuer now expects the refinancing to complete and redemption of the Bonds at their nominal
amount to take place on or before 12th August 2022.
Bondholders will receive interest accrued for the period from 13th May 2022 until the date of
redemption.
The Issuer will update on progress relating to the refinancing no later than 29th July 2022.
Media enquiries:
Elizabeth Snow
[e-mail]
[phone]

[fastcat99] 30/6/2022 13:12

Thanks and well done ! Sharing factual info not yet generally available is what this board SHOULD be all about.
I will definitely establish my credentials as suggested, and I recommend that to everyone else who has been simply IGNORED by the contacts quoted on the 13th May Notice

[zzaxx99] 30/6/2022 12:33

Got an initial reply from the trustees (nothing significant other than a request to prove my holding)

If anyone else wants to contact them, mail [e-mail] and cc: [e-mail] and [e-mail]

[dandigirl] 30/6/2022 12:17

With you L2S. Moreover, I think that HSBC would have asked that their name be excluded from any press release if their wasn't serious intent. Until 29/07 then.

[a0002577] 30/6/2022 12:04

Have updated the header to show the latest announcement

[11madmax] 30/6/2022 11:42

I'm guessing all this isn't 'normal' in the markets, but is this an unprecedented, rare, or a happens quite a bit situation?
How bad is this for the reputation of the company?
At what point can they stop kicking this down the road?

[barondene] 30/6/2022 10:54

The question that needs to be answered is how critical is the WMCA funding and the state of that application.

[zzaxx99] 30/6/2022 10:54

@JGH03

An alternate interpretation is that they're progressing 1 week for every 6 or 7 week delay - so another 36 weeks or so and they should be right on top of things

[l2s] 30/6/2022 10:45

Whilst I appreciate that many of the contributors to this board don't believe anything that the company says, it does seem to me that if the directors knew that the whole thing was going to go pear-shaped the issuing of another delaying message is pretty pointless. The original message said they expected [not guaranteed]to complete the refinancing by 30 June, the latest message expects [again, not guaranteed]to complete the refinancing AND redeem the bonds on or before 12 August. Interest will be paid in respect of the period up until the redemption of the bonds. I have no reason to believe that I am being lied to.

[barondene] 30/6/2022 10:45

@zzaxx99 Your best course of protection might be a Receiver. Suggestion not advice!

[jgh03] 30/6/2022 10:44

So on 13 May they announce a delay of 7 weeks; then 7 weeks later they announce that the delay is 6 weeks. So we're now one week closer to redemption ?

[pusb] 30/6/2022 10:43

Given that due diligence was originally thought to be completed within 6 weeks maximum, that has now doubled to 12 weeks, so some issues (? Dilapidations) must have been uncovered

[barondene] 30/6/2022 10:33

@Carmic - see post above it is on WASPS site - Corporate - Bonds

[135791113] 30/6/2022 10:33

Wasps Finance plc (the "Issuer") today provides an update on the timetable of its refinancing and
redemption of the Issuer's £35,000,000 6.50 per cent. Secured Bonds due 13 May 2022 (ISIN:
XS1221940510, Common Code: 122194051) (the "Bonds").
Further to the announcement on 13th May 2022, which stated that the Issuer had agreed, subject to
final due diligence and documentation, the terms for the refinancing of the Bonds with a lending group
that includes HSBC UK Bank plc ("HSBC") as senior debt provider; the Issuer is working towards
completing this due diligence and documentation.
The Issuer now expects the refinancing to complete and redemption of the Bonds at their nominal
amount to take place on or before 12th August 2022.
Bondholders will receive interest accrued for the period from 13th May 2022 until the date of
redemption.
The Issuer will update on progress relating to the refinancing no later than 29th July 2022.

[carmic] 30/6/2022 10:29

Can anybody advice where this latest information can be found please.
Is this accurate or speculation today?
Thank you
I’ve just seen the above link.
Thank you. barodene

[barondene] 30/6/2022 10:28

hxxps://www.wasps.co.uk/your-club/wasps-bonds/

RHS in Yellow

[pusb] 30/6/2022 10:19

Sounds like a delay whilst the £13 million grant application to WMCA goes through the process. Given what was previously said by Vaughan about agreements with HSBC, doesn’t augur well.

[barondene] 30/6/2022 10:10

Bond repayment extended to end of August with an update on July 31st!!

[bondholder] 30/6/2022 08:58

Expect the default announcement soon