Wasps 22 Discussion Threads

[kb68] 09/1/2023 21:19

All quiet on the western front it seems?

[ozzie_dog] 29/12/2022 14:13

Has there been any news or discussions about the possible timing of our eventual payment or the possibility of an interim payment. You would think that the administrators would be giving periodic updates as to what is going on. Or has there been any updates that I am unaware of?

[bondholder] 19/12/2022 15:01

Nothing. Any repayment will be through your broker.

[bsharman3] 19/12/2022 14:18

I hold WAS01 through ii - I'm not sure what I need to do if anything? Thanks

[bondholder] 13/12/2022 15:57

Yes but does that trump a charge on WHL assets registered prior to 2015?

[pusb] 13/12/2022 12:20

Surely, the point is that the prospectus is absolutely clear and specific that the proceeds of sale of P shares goes directly into a bank account for distribution to bondholders.

[bondholder] 12/12/2022 16:28

I don't know what the law is around prospectus disclosure requirements in the UK. How could this information not be material?

[135791113] 12/12/2022 13:10

The Canmango charge benefits DR, not the government as far as I can tell. If the charge wasn't disclosed during in the prospectus is that not fraud? It seems that DR has such a complicated structure that he is protected/stands to benefit whereas bondholders and other creditors will lose.

[bondholder] 08/12/2022 21:29

Sold but there seems to be a conflict between what has been promised to bondholders in 2015 and the legal charge from 2013 potentially benefitting DR/Government.

[pusb] 08/12/2022 19:27

Are they going to be sold or seized? Proceeds available from the former, not necessarily so for the latter.

[bondholder] 08/12/2022 15:26

Problem is Conmango was not disclosed in the prospectus and appears to have an existing fixed charge over all the assets of WHL pre dating the 2015 bond

[bondholder] 08/12/2022 15:19

What I find astonishing about all this is that the p shares sale proceeds were explicitly promised in 2015 under the terms of the prospectus as security for the bond holders. The wording of the prospectus is not conditional it states that the sale proceeds WILL be paid into a trust account for the benefit of the bond holders. Nowhere in the prospectus is there any mention of a subsidiary having an existing superior claim(for the benefit of D Richardson). Yet in 2020 the board including DR have effectively pledged the P shares proceeds to the government without our consent or knowledge. I hope I'm wrong about this!!! :(

[jgh03] 08/12/2022 15:16

My reading of the WHL proposals is that HMRC is a preferential creditor. Pages 37 and 38 of the prospectus indicates that fixed charge assets are for the benefit of the bondholders and rank ahead of preferential creditors; however, preferential creditors rank ahead of the floating charge assets. P33 of the prospectus says that proceeds from sale of the P Shares are secured by way of a fixed charge.

I have no expertise in any of this, and there may be other clauses that are relevant that I've missed. The WHL proposals, p13, say that the administrators have asked their solicitors to review and check the validity of all this, so presumably it isn't straightforward !

[jgh03] 08/12/2022 14:51

Bondholder, re your 1413. Assuming you mean p13 of the prospectus, I couldn't spot a statement that seems to indicate that. Could you help to clarify ?

Edit. Just realised you mean p13 of the WHL proposals !

[bondholder] 08/12/2022 12:30

Don't apologise the whole thing is mind numbing.I received the link from the Trustee yesterday. [e-mail] [e-mail] you registered yet?

[ozzie_dog] 08/12/2022 12:28

I am not sure if I am 'registered' with the trustee? I do appear on the spreadsheet of bondholders that lists names, email address and holding. But I do not receive any direct emails from the trustee, and I have never provided proof of my investment, could someone please advise me what (if anything) that I should do to ensure that I am 'registered'.

[pusb] 08/12/2022 12:03

I am sorry to be thick, but p13 of what? I haven’t seen and can’t find WHL administrators report.

[bondholder] 08/12/2022 11:48

In any case p13 seems to confirm subordination agreement to the government so we are stuffed

[bondholder] 08/12/2022 11:21

No mention of Canmango or the charge in the 2015 prospectus!!

[pusb] 08/12/2022 11:05

This is where it needs to be argued that proceeds of the P share re not a WHL asset, they are to be paid directly into a bank account for distribution via the Trustee.

[bondholder] 08/12/2022 10:37

I've realised that Canmango has a fixed charge on the assets of WHL prior to ours. Derek Richardson appears to have a charge over Canmango assets. This doesn't sound good.

[pusb] 08/12/2022 09:09

It all depends whether the proceeds actually end up in the administrators control and not sent direct from PRL to HMG. Administrators have said they have no power over the P share. It wouldn’t be the first time we have been stitched up!

[bondholder] 08/12/2022 09:04

I share your caution on the other hand the administrators are very experienced and I think it unlikely that they would get a fundamental point like this wrong