Wasps 22 Discussion Threads

[cc2014] 03/7/2020 10:07

Not one figure in the trading update to give bond holders any insight into either current cash or profitability.

I'm sorry to say some of the retail bonds are like playing with fire as the only reason they are on ORB is because they can't get funding elsewhere or the coupon demanded due to the risk is too high.

[tarrier76] 03/7/2020 08:53

Covenants refer to debt ratios, cash holdings, new loans etc. Not necessarily interest payments.

[jaf111] 02/7/2020 18:34

surely cant be a surprise to anyone?

[135791113] 02/7/2020 18:05

Suspending interest payments I guess?

Seems sensible tbh, paying out interest when income is ~£0 does nothing for the company and nothing to help return the capital at the end of the term. I was amazed they paid the previous payment.

[a0002577] 02/7/2020 17:56

Announcement today

The Issuer today gives holders of the Bonds notice that, as a result of the significant impact on the Group from COVID-19, it now anticipates that certain financial covenants under the Bonds relating to the financial year ended 30 June 2020 will not be satisfied when Wasps Holdings Limited's audited annual consolidated financial statements for the period are published.

Make of it what you will

[ditchsid] 14/5/2020 15:16

Now showing as received.

[dandigirl] 14/5/2020 13:42

As of just now, my provider says payment not received.

[jumpman1] 14/5/2020 12:53

Been a long time follower of this bond. Did the interest get paid ?

[135791113] 13/5/2020 16:05

Its obviously not great for them, but most staff will have their wages paid by the government and they got a cash injection from the Premiership when it was taken over. I'd be happy for them to keep the cash in the business and be able to repay later on, rather than continue to pay investors now when income is £0.

[a0002577] 12/5/2020 09:25

So today's the day we should be paid - if not...

[bondman18674] 04/5/2020 14:25

Payments due mid-May I believe? Are we expecting this to be paid, I have no idea how a sports club like this are going to make it through Covid. Read a lot of articles documenting the struggles of rugby clubs in general. Be good to hear people’s thoughts...

[finkie] 09/4/2020 02:16

I can’t believe there are still people pontificating about a myriad of things here, my posts above are clear enough, watch this go to dust if you want. It was never going to work for bond holders covid or not....

[finkie] 09/4/2020 02:13

finkie24 Oct '19 - 14:50 - 23 of 61 Edit
0 0 1
Forget the running yield it’s a dog bond where holders are going to get royally stuffed. What’s the point in getting x% for 5 years if the bond turns out to be worthless and your 100p doesn’t return to you as promised by the nice men in the suits...
finkie25 Oct '19 - 08:20 - 24 of 61 Edit
0 0 1
£56m debt against ‘valuationR17; of £60m, probably way over valued so really bust already. 70p is a bargain (to get out at)

[watching2017] 20/3/2020 22:05

The market spread seems to have improved

The value of the stadium has been disclosed as based on future incomes - they skipped a valuation by a year when 2 teams where there and the Value went up

There should be a downward valuation again - if the football club and sponsors do not reappear

There seems no sign of any improvement in comes to justify the current valuation - there is also no mention of dilaps which could be substantial

[135791113] 20/3/2020 12:38

There was a stadium sponsor when there was only 1 team there before - ie CCFC (Rioch).

IMO it comes down to a basic calculation - is the stadium worth more or less than the value of the bonds? If the bonds are worth less than the building then worse case scenario the stadium gets sold and that money is used to repay the bondholders, at least in part. At £28 or whatever they are now that values the stadium at about £9.8m.

[watching2017] 20/3/2020 12:04

The accounts fail to mention their biggest income earner - the football club has left the building!

Not only does this affect basic sales - it is understood no stadium sponsor is interested with only the one sports club there - ie under performing WASPs

The attendance at WASPs games are mainly fiction in terms of income - they give tickets away all over the place or they offer 4 for 1 deals. Terrible situation

Also very few events to generate income

[tightfist] 20/3/2020 08:13

Interesting. Maturity date is 13 May 2022 (over 2 years time) - hopefully this CV situation will be behind us by then...... How may the situation play out? .Never held a bond in this situation - IMO they may default on the coupon payment (eg for 12 months?) but surely the bond holders will still hold security over the stadium? - I suppose one then can speculate how it may be re-financed in 2022?.Astonishing times, tightfist

[jaf111] 17/3/2020 08:34

insurance????

[a0002577] 17/3/2020 08:24

No matches & no hospitality = no income, Watching2017. So likely to go bust along with other clubs. And who wants to buy a stadium in these conditions?

[watching2017] 16/3/2020 17:22

What has happened to the Bond Price this afternoon?

Since 15.40


Bid Price Offer Price
46.80 51.60

[watching2017] 07/3/2020 21:05

Thank you for your valuable contribution

[ditchsid] 07/3/2020 18:43

FFS
Have you not worked it out yet?

[a0002577] 07/3/2020 11:37

thanks, watching2017 the link doesn't work but this does

www.wasps.co.uk/media/7048/wasps-holdings-ltd-31-12-2019.pdf

Comforting to see that they have insurance if the venue has to be closed. Otherwise results (both financial & on the field) not good enough but hope still there for the rest of the season.

[watching2017] 06/3/2020 13:59

Interim Accounts - another loss

hxxps://www.wasps.co.uk/media/7048/wasps-holdings-ltd-31-12-2019.pdf