Wasps 22 Discussion Threads

[bigfish1] 23/8/2022 09:51

I'm sure i'm being an idiot but what is an IP?

[barondene] 23/8/2022 09:39

I have suggested this before, in the absence of the Trustee being unable to give advice, there is nothing preventing any individual speaking to an IP and checking on their situation

[dandigirl] 23/8/2022 08:19

I think something like a copy of the holding with your broker or a screen shot.

[ozzie_dog] 23/8/2022 06:40

Thanks Dandigirl, does anyone know what constitutes satisfactory proof that we are bondholders? Is a contract note from HL sufficient?

[dandigirl] 22/8/2022 18:34

From the Trustee:

If you are in any doubt as to the action you should take, you are recommended to seek your own advice immediately from your stockbroker, bank manager, solicitor, accountant or other financial adviser authorised under the Financial Services and Markets Act 2000 (if you are in the United Kingdom), or from another appropriately authorised independent financial adviser.
WASPS HOLDING PLC (the “Issuer”) Notice to the holders of £35,000,000 6.50 PER CENT. SECURED BONDS due 13 May 2022 (the “Bonds”) of the Issuer (ISIN: XS1221940510; Common Code: 122194051)
THIS NOTICE IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION

We, U.S. Bank Trustees Limited, in our capacity as trustee in respect of the Bonds (the “Trustee”;) refer to our previous notices dated 17 May 2022, 1 June 2022, 1 July 2022 and 2 August 2022. We have been contacted by a number of Bondholders, who have expressed a desire to enter into correspondence with other Bondholders to discuss the matters raised in our previous notices. As is the case for all bonds of this type, the Trustee does not have access to and is unable to maintain a list of Bondholders or their contact details and in any event, is unable to share any details of any Bondholder without its express consent. If you would like to enter into correspondence with the other Bondholders and are happy for your contact details to be shared with the other Bondholders, please get in touch with us at the below email address by 5pm London time on 26 August 2022. In order for your details to be shared with such other Bondholders, you will be required to provide your express consent and satisfactory proof of holding to us. In facilitating the above, the Trustee assumes no responsibility to the Bondholders as to the accuracy of any details provided and the Trustee is not able to advise Bondholders as to what course of action (if any) they may wish to take. Capitalised terms used and not otherwise defined in this notice shall have meanings give to them in the prospectus dated 24 April 2015, which was issued by the Issuer in connection with the Bonds.
22 August 2022
U.S. BANK TRUSTEES LIMITED Email: CDRM@usban

[barondene] 22/8/2022 17:23

Or their own IP !

[cesareborgia] 22/8/2022 16:03

If that is true what the bondholders need now is Baldrick with a clever plan

[barondene] 21/8/2022 19:18

If the bondholders act they can determine the outcome

[bigfish1] 21/8/2022 17:14

I think what concerns me most is that Wasps come back with some awful deal, as dishonest as all their communication has been so far, and worse than getting whatever we can back from liquidation of whatever Derek Richardson hasn't managed to extract first, and bondholders will vote for it because they will feel they have no choice.

[barondene] 21/8/2022 16:48

I suspect they might not want it relisted

The worry could be trading price may drop to 35 and big investors hoover them up. They are more likely to take action, put in a Receiver and take control

[pusb] 21/8/2022 16:33

Could it be a case of Wasps saying - if you agree to the consent solicitation then we will be able to get the bonds re-listed. Which is a bit like holding a gun to our heads.

[bigfish1] 21/8/2022 16:26

I can't actually see that there is any mechanism to get a bond 'relisted' so I feel that Wasps are being rather disengenous to say that they are trying to do it. The FCA Listing Rules state, in section 5.4 that;
'If an issuer has the listing of its securities cancelled, it may only have them
readmitted to the official list by re-applying for their listing'. Re-applying means applying first of all to the FCA to have the prospectus for the bonds approved. I can't really imagine what the prospectus would look like considering the bond is already in default? The FCA website says this process can take several months and that's without all the complications. I also would have thought the FCA might not take kindly to whole scheme once it's drawn to their attention. Just my thoughts.

[pusb] 21/8/2022 16:08

Should have added. - they also need to repay the covid loans, so that’s £45 m they need to have a plan to repay, whilst losing millions per year.

[barondene] 21/8/2022 15:15

hxxps://www.rugbypass.com/news/english-clubs-to-get-cash-injection-at-time-of-crisis-for-worcester-and-wasps/

[ozzie_dog] 21/8/2022 15:05

Damn! I misread the article, well for a few hours I thought I could see a way of this mess, now its back behind the 8 ball again! I deleted my previous posts to avoid giving anyone false temporary hopes.

[pusb] 21/8/2022 14:54

Wasps have already had their share of the £124 m. Let’s estimate £10m from covid funds. They have also received c £20m for the CVC deal. The RFU have £20 m to share amongst the clubs, weighted according to how many England players each club has - but chicken feed compared to the money they already have had. Where has it all gone?

[ozzie_dog] 21/8/2022 13:54

Deleted (misread article)

[ozzie_dog] 21/8/2022 13:40

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[barondene] 21/8/2022 13:35

The RFU has a central funding pot. This is allocated to the various leagues.

The Premier then allocates to the clubs.

Within the allocated sum certain amounts are specifically set for such matters as Health + Safety, Player Development etc

This is paid in tranches and I have been told the first one is paid as soon as season starts

[ozzie_dog] 21/8/2022 12:40

Deleted (misread article)

[ozzie_dog] 21/8/2022 11:12

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[barondene] 21/8/2022 10:45

That's the PRL payment

[barondene] 21/8/2022 10:43

@ozzie dog

I understand they get their first tranche of c£1m on playing first game. Is that their first target date and hence the delays?

[ozzie_dog] 21/8/2022 10:27

Deleted (misread article)