Wasps 22 Discussion Threads

[brichi46] 09/5/2023 15:46

My guess would be that the 67.95 figure represents a first write-down of the 100 nominal value of the bonds to take account of the first interm payout. The fact that 38.3 plus 67.95 adds up to more than 100 just might be an indication that there could be a hope of some P share money to be paid into the pot?? All very opaque.

[fastcat99] 09/5/2023 13:58

Actually, I have had a second, very hopeful thought - if this applies to WASPS FINANCE, and not the two Arena Companies, could this new factor be applied specifically to the P share moneys (yet to be announced, but imminent... - see details in my earlier post last weekend)

Otherwise, I CANNOT understand how two brokers can refer to the 'same' announcement, and then quote a different number.

[fastcat99] 09/5/2023 13:54

Interesting indeed ! Are AJ Bell customers REALLY getting credited at a rate of 67.9585313p in the pound nominal of stock ?!

How to reconcile this with the figure announced by Interactive Investor?? (repeated again below) I made fun in #1477 of their use of language/shoddy logic, but at least that "quotient" corresponds to moneys actually received in my HL account, for instance.


"FRP Advisory, acting as Administrator for Wasps Holdings Limited, Arena Coventry Limited, and Arena Coventry (2006) Limited, has announced the partial redemption of approximately 38.34% of the Wasps Finance plc 6.5% 13 May 2022 bonds in issue, at a price of GBP0.383439548724 per bond. The redemption date is 2nd May 2023. Cash proceeds will be issued to entitled shareholders upon receipt from the Depository."

[brichi46] 09/5/2023 13:04

Interesting calculation. I guess the key word here is "maximum".

[a0002577] 09/5/2023 12:28

This was the note attached to the payment made on 4th May by A J bell

"Wasps Finance Plc has announced a partial redemption by pool factor of the Wasps Finance Plc 6.5% GTD 13/05/2022 GBP bond.

The pool factor is a measure of how much of the original loan principal remains and the distribution is to reflect this reduction to a principle of 0.679585313.

Your account will be credited with the cash from the redemption on or around 5 May 2023 and there will be no change to the number of shares held. "

So, maximum amount still to come is £0.2615 for each £1 held (arrived at by subtracting amount paid out from the reduced value).

[kb68] 09/5/2023 11:00

No monies yet just motivation from interactive investor. Is that the same with other brokers or just ii?

[fastcat99] 05/5/2023 10:03

Well, Interactive Investor have been a bit more transparent than HL - they are publishing news as a Corporate Action entitled 'Mandatory Redemption', but then qualified as 'Partial Redemption'. They helpfully do the arithmetic to produce the exact quotient - GBP0.383439548724 per redeemed bond - but then idiotically repeat that percentage, to suggest that 38.34% OF THE BONDS are being redeemed, which of course is nonsense !

Again in the interests of maximum transparency, here is their text (which might be useful to any Bondholder who needs to get a prompt response from another Broker or platform...)

Stock WASPS FINANCE PLC 6.5% GTD 13/05/2022 GBP
Event Type Mandatory Redemption
Description Partial Redemption

Percentage of bonds redeemed: approximately 38.34%
Redemption price: GBP0.383439548724 per redeemed bond
Redemption date: 2nd May 2023
Pay date: Upon receipt

FRP Advisory, acting as Administrator for Wasps Holdings Limited, Arena Coventry Limited, and Arena Coventry (2006) Limited, has announced the partial redemption of approximately 38.34% of the Wasps Finance plc 6.5% 13 May 2022 bonds in issue, at a price of GBP0.383439548724 per bond. The redemption date is 2nd May 2023. Cash proceeds will be issued to entitled shareholders upon receipt from the Depository.

This money is an initial payment relating to the sale of leasehold interests in the Coventry Arena related to Arena Coventry Limited, and Arena Coventry (2006) Limited. The Administrator has indicated that a further final distribution in relation to this is expected to be made in due course, although no rate or payment date has been announced. Any returns to bondholders in relation to Wasps Holdings Limited will also be announced and paid in due course although at present there are no further details available.

[fastcat99] 05/5/2023 01:26

PS @Ozzie_Dog & mashala1
I don't expect HL et al. will EVER be able to offer ANY explanation about payments received, or provide any further information whatsoever, for the simple reason that the Administrators and the Trustee (in interests of speed and economy) have chosen to use the existing Dividend payment mechanisms to make these distributions to us, leaving the investment platforms 'none the wiser'.
This may mean that they won't even get round to reconciling this sort of 'return of capital' against 'book cost' - as they really should.
So we really need to decypher the FRP documents for ourselves.

[fastcat99] 05/5/2023 00:37

The 2 May Notice to Bondholders (cited by brichi #1469 above) forwards to us the Administrators' letter of 26 April plus interim accounts for Admin of two companies (former Arena Coventry 2006 and former Arena Coventry Ltd). These really ARE worth studying closely, as they seem to offer rather more good news than I personally was expecting.

My key takeaways:
1. the 38.34p/£1 MUST correspond to first interim distributions ONLY, as
2. the High Court has not yet approved further/final distribution (and anyway 'at this juncture the quantum and timing is not known')
3. the sums retained by the Administrators for estimated costs, plus provision for prudence are 'only' £884,000 (not £1m)
4. there is SOME prospect of significant funds arising from the admin of Wasps Holdings Ltd, depending upon realisations in respect of the P-Share
5. further details will be provided in Progress reports on 16 May (Wasps) and 16 June (the Arena Companies) - They will provide further details of the first 6 months work, work remaining, AND THE DIVIDEND PROSPECTS from each estate
6. bondholders can access these reports by following the instructions in the closing paragraphs of the letter below


ACL Astute 2022 Limited (Formerly Arena Coventry Limited) (In Administration) (“ACL”)
ACL Astute 2006 Limited (Formerly Arena Coventry (2006) Limited) (In Administration)
(“AC06”)
Wasps Holdings Limited (In Administration) (“Wasps”)
Registered Numbers: 04440684, 05675263 and 04187289 respectively
We write further to our appointment as Joint Administrators of ACL and AC06 on 17 November 2022 and as Joint Administrators of Wasps on 17 October 2022.
We are now in a position to pay an interim dividend to the bondholders in respect of fixed charge realisations in ACL and AC06, relating primarily to the sale of leasehold interest in the Coventry Arena.
We have today declared and paid interim distributions to the Bond Trustee (pursuant to the respective guarantee and security given by ACL and AC06) for onward distribution to bondholders as detailed below:
• In relation to ACL, we enclose a cheque in the sum of £7.3m being a first interim distribution; and
• In relation to AC06, we enclose a cheque in the sum of £6.5m being a first interim distribution.
The total amount that we are distributing from the Administrations of ACL and AC06 at this stage is therefore £13.8m. We understand that upon receipt of such amount, the Bond Trustee will distribute amounts to bondholders in accordance with the terms of Clause 6 of the trust deed as soon as practicable.
We also enclose summaries of our receipts and payments accounts for ACL and AC06, which provide details of the following in relation to each:
1. The amounts realised from the sale of the assets; and
2. Payments made by us in the administration of the estate to date.
We have retained funds of £476k and £408k from the fixed charge realisations of ACL and AC06 respectively, being a provision for the estimated costs of the Administrations to be drawn from the fixed charge realisations, plus a general provision for prudence. Note that these costs include the remuneration of the Joint Administrators, approval for the basis of which was sought from secured creditors earlier this year in accordance with insolvency legislation.
In order to provide the requested approval on behalf of bondholders the Bond Trustee required consent and directions from bondholders, which the Trustee sought via an electronic consent procedure. Regrettably, we were advised that such consent was not obtained by the Bond Trustee with only 0.19% of bondholders voting (where the required threshold was 90%) leaving the Bond Trustee unable to respond to our request. As a result, the Joint Administrators are now in the process of submitting an application to the Court for the requisite approvals.
It is anticipated that, subject to the outcome of the Court application, a further final distribution will be paid from both AC06 and ACL in due course once all costs have been approved and drawn. At this juncture, the quantum and timing of the further final distributions is not known.
Please note that in relation to Wasps any return to bondholders will depend upon the receipt of realisations in respect of the P-Share, further details of which shall be provided in our six-month progress report as discussed below and which will be shared via our online portal.
We would recommend that, if you have not done so already, you sign up for automatic notifications from our portals. Our portals can be accessed via our website hxxps://creditors.frpadvisory.com/ and the login credentials are as follows:
• Wasps Holdings Limited – Case code W1608BRI, Unique ID Ai84gi6F;
• ACL Astute 2022 Limited (Formerly Arena Coventry Limited) – Case code A2570BRI, Unique ID IfhJ7apT; and
• ACL Astute 2006 Limited (Formerly Arena Coventry (2006) Limited) – Case code A2568BRI, Unique ID p6puJBkA.
Please note that the above case codes and IDs are case sensitive.
The next substantive report we will upload to each of our portals will be our statutory progress report for the first six months of each of the Administrations, as follows:
• Wasps Holdings Limited – before 16 May 2023;
• ACL Astute 2022 Limited – before 16 June 2023; and
• ACL Astute 2006 Limited – before 16 June 2023.
These reports will provide further details in relation to the work that we have completed in the first six months, the work remaining to be completed and the dividend prospects for creditors from each estate.

[mashala1] 04/5/2023 21:39

I also received 38.34p/£1 from HL today as return of capital, with no further explanation.
I had asked them last night for news on a Wasps payout but as yet have received no reply

[kb68] 04/5/2023 21:17

Did it state that as a final or part settlement?

[ozzie_dog] 04/5/2023 20:46

I received payment from HL at close of play today, it was just over 38.35p in the £1

[kb68] 02/5/2023 17:56

Did see this today.
Looks like £13.8m to be shared out as first payment (39%) of investment to me but would be happy for one of the learned investors on this chat to clarify.
Also looks like £1m being held back for cost (doh!)
KB

[brichi46] 02/5/2023 17:11

Finally some news:This just in from the trustee
Wasps Finance PLC - Notice of Interim Distribution
Inbox
Griffiths, Laurence

Attachments4:23̷9;PM (39 minutes ago)

to CDRM

Dear all,



Please see attached a notice the Trustee has sent via the clearing systems today. As you are aware, we have agreed to send out copies of the Trustee’s notices to bondholders that have confirmed their proof of holding as well as via the clearing systems. However, as previously highlighted, you are recommended to confirm arrangements with any broker or custodian (or similar) to ensure that you have taken any required steps to ensure you will receive notices and (should you wish to do so) be able to respond to any corporate action event.



As an administrative matter, please keep the group email address [e-mail] in copy on all correspondence addressed to the Trustee to ensure coverage on our side.



Kind regards



On behalf of U.S. Bank Trustees Limited

[kb68] 25/4/2023 08:52

Anything new from the administrators?
I am receiving radio silence from my broker!

[kb68] 13/4/2023 10:12

I am yet to hear any information from the administrators so me thinks May payments are very unlikely

[kb68] 06/4/2023 19:01

I would assume the payments would be done without having to make any contact.
I would not start spending any payments as a born skeptic I am just waiting for the delayed announcement.

[ozzie_dog] 06/4/2023 06:38

Hopefully the payment to bondholders will go ahead in early May as indicated, am I correct thinking that those making the payment have access to the previous system that was used to make payments to bondholders? Which means that bondholders do not need to do anything in order to receive the payment?

[kb68] 24/3/2023 13:27

Ahh I see, yes hopefully we can put this one down to experience and move on.

[ozzie_dog] 24/3/2023 12:06

At last we are probably close to the end of this nightmare, @ kb68 by the way I am from the UK, Ozzie is the name of my dog.

[kb68] 24/3/2023 08:17

Thank you my Colonial K9 friend.

[ozzie_dog] 23/3/2023 09:17

GOOD NEWS:

I was copied into an email from the administrators which says that they expect bondholders to receive a payment in early May:

Thank you for your email and we understand your frustrations. We have also this morning directly responded under separate cover to an email that we received from one of the bondholders that is copied into this email.

It is the Joint Administrators intention to pay across the majority of funds that we have been holding in high-interest bearing accounts to the Bond Trustee to distribute onto bondholders. We anticipate this will be in early May 2023 as there are a number of statutory steps that an insolvency practitioner is required to take before making distributions. These distributions will be in relation to both ACL Astute 2022 Limited (Formerly Arena Coventry Limited) and ACL Astute 2006 Limited (Formerly Arena Coventry (2006) Limited).

[mashala1] 20/3/2023 10:02

My understanding is as follows. Because the bond is no longer listed on the London Stock Exchange, bondholders were unable to vote through CREST. So it was not possible to reach the level of approval needed to agree the administrators proposal. I think I have read that in these circumstances the administrators would seek court approval, which presumably adds costs and delays any payout until approval is gained.

[kb68] 18/3/2023 08:51

I would explain what the result of the statement was but as you might of gathered I am at a loss.
Happy for a more learned member to add any thoughts .