Wasps 22 Discussion Threads

[dandigirl] 31/8/2022 22:56

fastcat - maybe someone should leak this to Mr Gilbert? Could be a way of giving Mr R a heads-up that things are happening behind the scenes and that he should speed up whatever it is he is doing?

[fastcat99] 31/8/2022 21:14

For general info, particularly for Bondholders here still hesitating whether to declare:
- the two groups mentioned above contain details of Bondholders with a total holding of AT LEAST £3.7m nominal (that's already 10.61%),
- a significant minority have not yet revealed their personal holding, so they are obviously not yet included
- and there is a further major, professionally managed holding (£2.5m in total) very likely to come on board by Monday at the latest.

The current philosophy is to develop critical mass, communicate that fact even more publicly than just here, and only THEN to have a policy debate,
- so the opportunity to participate and influence others offers real 'Membership benefits' even to those who have not yet joined

[fastcat99] 31/8/2022 19:12

Thanks Stevepituk, I personally agree with virtually every word you say (indeed, the Rugby News article has already been posted here, and I found it very convincing)
The real purpose of my #966 post was to opine that Gilbert has done some good journalism in the past, and has recently revealed clandestine activities by Wasps Board
He may well have a chequered past - locals will know far better than I, and I now regret entering a difficult minefield;
- my INTENT was to head off blanket nay-saying (cynics might call it deflection activity) and to keep bondholders' focus on what I think is our most constructive line to take, as I went on to say in the following post.

[stevepituk] 31/8/2022 18:03

I have been following the conversation with much interest. In response to comment 966 from fastcat99 regarding Simon Gilbert, I would suggest that a more objective assessment of the rugby clubs position in Coventry would be found by reading



Assuming I’ve managed to paste the link correctly, this article was written by Paul Smith who was their media manager for 3 years and previously worked for the CET. It was posted on 14th August. I think he summarises their tenuous hold on the stadium etc and the hearts and minds of most residents in Coventry quite accurately. So not much support going to be drummed up through local press in my opinion.

I sincerely hope that the bond holders do retrieve their investment and that you proceed with all speed to hasten the departure of This rugby club.

[barondene] 31/8/2022 16:28

And another!

[barondene] 31/8/2022 13:55

Another DAR offshoot

[barondene] 31/8/2022 13:36

hxxps://www.iasplus.com/en-gb/resources/other-regulatory/market-rules/disclosure-and-transparency-rules

[cc2014] 31/8/2022 12:27

Companies House shows today that Derek Richardson was appointed director of Arena Coventry Ltd on 25/08/22 and Arena Coventry (2006) Ltd on the same date.

Both have failed to file accounts and are overdue.

[fastcat99] 31/8/2022 12:16

In reply to barondene just above (and really just for the record)
- even more than 'hoping' to see relisting, I am trying to raise general awareness that this is a compulsory, intrinsic element of the Bonds (if in doubt, look at the Bonds page on wasps.co.uk website right NOW!), which any Consent Solicitation will have to address and implement
- barondene is quite right that other breaches of terms (eg publication of accounts) will need similar treatment at the same time, and that is why I personally do not expect formal launch of Consent Solicitation today:
= it seems to me pretty evident that Wasps are clawing their way towards launch of the PRL Season, and will take no risks until that milestone is passed

PPS Let's for general peace of mind, all hope that CCFC have a good match on the 'restored' pitch tonight !!

[barondene] 31/8/2022 08:13

RELISTING:

To those hoping to see this happening it should be noted that WF and WH must have audited accounts before applying

So far the December 2021 interim accounts for WH and WF not been produced ( as well as the Statutory Accounts for the 3 subsidiaries overdue since March )

Yet another breach of Stock Exchange Rules and the Bond Terms

[fastcat99] 30/8/2022 18:53

PS
(a bit like the dancing girls/boys before the SuperBowl) this current discussion could just be taken as diverting entertainment before the main (CS) event
- but I don't really expect that to kick off on time (ie tomorrow)
- I note 'our' Trustee has slipped from his self-appointed deadline for a quite simple task:
to reveal to (some of) us our own email addresses !!

[fastcat99] 30/8/2022 18:45

I haven't looked at "recent comments" (? ie on Coventry Live/Telegraph websites ?)

Here is my take on Gilbert and Wasps:
The last chapter (albeit entitled "Sting in the tail"!) in his book "Coventry City, a club without a home" is pretty fair and astute; the angry "comments" immediately above seem to refer to other issues.

Published in 2016, it was very critical of some Wasps/D.Richardson behaviours which still seem endemic (a preference for backdoor deals, pass-the-parcel financing, complicated interlocking business structures) but he was certainly not naively approving of the other actors
Gilbert also pointed how futile it would be if the compromise between Public Authorities + Charity, CCFC and the new-comer Wasps were to bust open again - as soon happened thereafter.
CCFC seem to have been treated pretty shabbily in 2016 (pitch dimensions, damage, and use of home changing room) even before Wasps arrived on the scene; yet again, these issues seem to remain endemic.

Gilbert (knows his readership) probably has bigger problems with the club's own owners, SISU, than with anyone else...

[ozzie_dog] 30/8/2022 18:03

Absolutely Dandigirl, he's a CC fan and you have to read any info from him with that in mind.

[dandigirl] 30/8/2022 17:38

Don't think Mr Gilbert likes WASPS very much.

[grahamg8] 30/8/2022 17:16

Comment by Lee Blackett, Coventry Telegraph article: "everyone has got a lot of trust in people here that they're going to do the right thing for this club." Player recruitment hints at improved finances, let's hope so. One day left, NOT a lot of trust on this board.

[barondene] 30/8/2022 16:17

Except when it is to brag !

[barondene] 30/8/2022 16:14

hxxps://www.coventrytelegraph.net/news/coventry-news/wasps-owners-unveil-plans-hotel-18210094

hxxps://www.whatsonlive.co.uk/warwickshire/news/new-hotel-in-talks-to-be-built-at-the-ricoh-arena/41608

Spot the differences!

Also hoped to built for CWG - instead they got a grant to work on the existing hotel ( which is unfinished )


The reason for the hotel was a lack of rooms etc

[pusb] 30/8/2022 16:11

hxxps://www.coventrytelegraph.net/sport/rugby/wasps-were-hit-recruitment-freeze-24889550

[pusb] 30/8/2022 15:29

The new kit was revealed and they are still signing players.

Car park C is still operational.

The application for the loan was made in Richardson’s name, albeit addressed at the Ricoh Arena. Wasps probably wouldn’t have made a penny directly from the new hotel - Richardson has four non Wasp companies based at the Ricoh - but lack of sufficient nearby hotel rooms has been given as a reason limiting conferencing/ convention opportunities so maybe some indirect income generation potential has been lost.

[fastcat99] 30/8/2022 15:17

More evidence of Wasps utterly overstretched finances
- (by the way, far from "siphoning off", I suspect DR's reported transfers on and around 13 May were to raise funds to help pay our last interest coupon);
- the article is a little bit vague about what other than credibility and opportunity WF have lost as a result of the hotel scheme evaporating
- the use of Car Park C ? and maybe some backdated rent payments will now be outstanding ?
- maybe a bondholder who goes regularly to the CBS Arena can explain if this has any immediate impact on earnings.

PS talking/thinking of squeaky bums, was the new team kit actually revealed last Thursday, as had been promised ?