Wasps 22 Discussion Threads

[kb68] 17/3/2023 17:31

NOTICE OF RESULT OF ELECTRONIC CONSENT WASPS FINANCE 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)
We refer to the Bonds presently outstanding and constituted by a trust deed dated 13 May 2015 as amended or supplemented from time to time, (the "Trust Deed") made between the Issuer, Wasps Holdings Limited (in administration) (“WHL”), ACL Astute 2006 Limited (in administration) (formerly known as Arena Coventry (2006) Limited) (“ACL2006̶1;) and ACL Astute 2022 Limited (in administration) (formerly known as Arena Coventry Limited) (“ACL”) and U.S. Bank Trustees Limited (the "Trustee") constituting the Bonds and the terms and conditions of the Bonds (the "Conditions").
Further to our Notice of Electronic Consent Request dated 2 February 2023 (the “Electronic Consent Request”), we hereby notify you that the consent of Bondholders holding not less than 90 per cent. of the nominal amount of the Bonds outstanding was not obtained for any of the Extraordinary Resolutions contained in the Electronic Consent Request and accordingly such Extraordinary Resolutions were not approved by way of Electronic Consent. The Trustee has informed the joint administrators of WHL, ACL and ACL2006 that none of the Extraordinary Resolutions have been approved by way of Electronic Consent and that it will not take any action in relation to the Decision Procedure Forms.
More generally, the Trustee understands that the administrators of each company continue to work through their proposals and any further update in this regard will be provided when available.
Capitalised terms used in this notice (the “Notice”) but not defined shall have the meaning given to them in the Trust Deed.
Notice is given by the Trustee dated 17 March 2023.

[kb68] 15/3/2023 14:53

I checked in with my broker again to see if they had any updates but unfortunately nothing to add….

[kb68] 06/3/2023 10:00

A timeline update would be nice…

[ozzie_dog] 06/3/2023 09:48

I would like 2 things to happen:

1. An interim payment being made to bondholders very soon, something like 12 to 15 pence in the pound, I can't see why this can't be done.

2. An estimate of when we might expect the final payment, they must have an idea if that would be about 6 months, 1 or 2 years, or whatever.

[kb68] 05/3/2023 08:14

Anyone have an idea when the next stages of this shafting is likely to take place?

[cc2014] 24/2/2023 09:13

Well, look I'm only trying to help. I don't have a holding here but take an interest.

The crowdfunding was used to get legal advice. My memory of the last 500 odd posts on here is that legal advice was presented to a court and the judge ruled against.

But maybe my memory has rewritten itself in which case my apologies if I misled you.

[trader444] 23/2/2023 17:15

What court case. I understood there was
no legal challenge when the security was set aside and the stadium sold to Ashley.

[peakyblinderssss] 23/2/2023 14:59

What do you think of cmg cleantech as a company to buy? I feel they have strong projects but not convincing financials

[cc2014] 23/2/2023 13:22

I suggest you read the last 200 odd posts for more details. The funds were used for legal counsel on a court case over the security.

[tarrier76] 23/2/2023 13:18

Thank you, I missed that when it happened. I’ll check it out and see if I can still contribute

[trader444] 23/2/2023 11:03

Bondholders raised £23k on Crowdjustice.
I haven’t read if that money has been used
for any legal challenge.

[tarrier76] 23/2/2023 08:34

I’m probably incredibly naive but I bought this bond with the confidence that it was secured against Coventry Arena. It even says in the 2017 consent solicitation that the bonds are “unconditionally and irrevocably guaranteed by the Guarantors”. See below.

Are any of you interested in crowdfunding some initial legal advice / someone professional to advocate on this group’s behalf? I suspect we’d need a good few thousand to get started - perhaps around a few hundred pounds per bondholder.

“21 December 2017
Wasps Finance plc (the "Issuer") today announces that it, together with Wasps Holdings Limited and Arena Coventry Limited (together, the "Guarantors"), is inviting holders ("Bondholders") of its outstanding £35,000,000 6.50 per cent. Secured Bonds due 13 May 2022 (the "Bonds") (ISIN: XS1221940510, Common Code: 122194051), unconditionally and irrevocably guaranteed by the Guarantors, to authorise certain waivers in respect of the terms and conditions of the Bonds (the "Conditions") and provisions of the trust deed dated 13 May 2015 (the "Trust Deed") between the Issuer, the Guarantors, Arena Coventry (2006) Limited ("ACL2006") and U.S. Bank Trustees Limited (the "Trustee") constituting the Bonds and consent to certain modifications to the Conditions (such invitation, the "Consent Solicitation"), as summarised below and in more detail in a consent solicitation memorandum (the "Consent Solicitation Memorandum") to be made available to Bondholders shortly after the date hereof.”

[pusb] 21/2/2023 16:22

What has happened to the P shares, worth £9.8m.

[barondene] 09/2/2023 21:32

Perhaps a BH could get legal advice on the negligence point

I am not a lawyer but thought any supposed waiver for negligence cannot be enforced?

[kb68] 08/2/2023 07:16

I have found the notice,
I can cut and paste here or send direct to an email?

[kb68] 07/2/2023 11:26

Trying to find it at the moment but struggling. I will poss asap.

[anonbondtrader] 06/2/2023 07:58

Do you have a link of the Notice of Electronic Consent Request please kb68?

[kb68] 03/2/2023 19:26

Would be nice if we could take control of the stadium and sell it direct to Coventry fc if they get back in the premier league and tell MA to go back to picking on north east football clubs.

[dandigirl] 03/2/2023 15:44

Being stitched up by the courts, the trustee and the administrators, after the event.

Did anyone ask us if we wanted our security taken away?

Now our approval is being sought to pillage what might be paid to us sometime, whenever.

The judge who decided this should be certified. Surely he could have conditioned his judgement with a deadline. These people are just taking the mickey.

Hate them all.

[l2s] 03/2/2023 10:43

In fact the resolution that the Trustee will be asking the bondholders to agree to goes even further than just approving the receivers fees. We are also being asked to agree that we will waive any claim we may have against the Trustee and indemnify the Trustee against any claims, etc., etc. I was going to say more but I think I have reached the stage of genuinely being lost for words!

[1bolivar] 03/2/2023 10:04

My understanding is that the receivers are looking for approval to charge more fees as part of the winding up process. If they don't get that approval then they will go to court to seek approval (this will undoubtably be granted). If they need to go to court then they will take the fees out of the eventual settlement.
Unfortunately they require 90% approval. Given that we couldn't even manage to get 25% approval to give us some kind of control over who/when we sold the assets to the chances of reaching 90% are zero.
Personally I'm not even going to waste my time voting as it won't make any difference. The hourly rates we are being charged are pretty crazy. Hopefully they'll just get it wrapped up ASAP and distribute what little remains. Certainly the last retail bond I'm ever touching!

[kb68] 02/2/2023 22:51

Anyone understand the
NOTICE OF ELECTRONIC CONSENT REQUEST WASPS FINANCE PLC (the “Issuer”)
that came today.
Granted I stopped reading after page 5 of the 66 and I am hoping one of you more learned people would be able to summarise please?

[1bondinvestor] 01/2/2023 11:33

Response on 1st February from Laurence at US Bank Trustees in response to my enquiry:
"We do not have any specific updates at the moment on the timing for a distribution and understand the administrators are working through the required processes on their end. As soon as we have anything to share we will issue a notice through the usual channels".

[1bolivar] 31/1/2023 10:08

Is there any time frame for the return of the small amount of money we are actually due to receive? It appears than Ashley is able to make decisions without even parting with any money. I hope the administrators aren't dragging this out eating into our funds with unnecessary fees.