Wasps 22 Discussion Threads

[l2s] 03/10/2023 18:44

To save anyone the bother of going through the complex arrangement to view items on the FRP Creditor Portal, the latest documents are just "Notice of extension of period of Administration" until 17 October 2024. So, nothing unexpected just disappointing.

[dandigirl] 02/10/2023 18:41

kb - just for you.

Wasps Holdings Limited – In Administration (“the Company”)
Thank you for your email.
Whilst full details are set out in our latest progress report (dated 16 May 2023) we’re happy to address your specific query on the recent communication to unsecured creditors, which includes season ticket holders.
As you rightly note, bondholders benefit from first ranking floating charge security, however, UK insolvency legislation provides that where there is to be a dividend distribution to qualifying floating charge holders (such as the bondholders), a portion of those funds must be set aside for the benefit of unsecured creditors. This is referred to as the ‘Prescribed Part’ and is discussed in our progress reports. Note also that preferential creditors, currently estimated at £5.7m (this includes certain HMRC and Employee liabilities), also rank ahead of floating charge secured creditors in accordance with insolvency legislation.
We are in the process of taking tax advice to identify any tax liability (along with any potential option to reduce such liability) that has arisen following the compulsory transfer of the p-shares (which realised £9.8m in the Administration) which must be settled as an expense of the Administration (i.e. in priority to any dividend to any class of creditor). Any tax liability will have a material impact on the funds available to bondholders and consequently the Prescribed Part available to unsecured creditors. Therefore, whilst we are unable to give any greater indication on likely values of distributions pending the outcome of the ongoing tax work, we have commenced the significant task of adjudicating the claims of unsecured creditors that will receive a dividend from the Prescribed Part. The letter recently issued is part of that adjudication process but was not a formal notice of an intended dividend – this will follow in due course once the aforementioned matters have been finalised. For the avoidance of doubt, there is no need for bondholders to submit details of their claim as we have been able to liaise with the Bond Trustee on this matter.
Future updates (which will be our next 6 monthly progress report) will continue to be posted to our creditor portal which can be accessed via: hxxps://creditors.frpadvisory.com using the case code: W1608BRI and Unique ID: Ai84gi6F (please note that these are both case sensitive).
Yours faithfully
For and on behalf of
Wasps Holdings Limited
A M Sheridan
Joint Administrator

[kb68] 02/8/2023 10:37

Still radio Silence I take it?

[kb68] 12/7/2023 11:32

Anything in the way of an update knocking around? Nothing my end from my platform provider.

[kb68] 22/6/2023 22:55

My guess just after the Oasis reunion….

[ozzie_dog] 22/6/2023 10:49

What is the latest estimate of when we will receive our next/final payment?

[mashala1] 28/5/2023 20:11

Page 7 of the FRP report on Wasps Holdings

[django68] 26/5/2023 16:31

What is the date of the FRP report which indicates we're only getting 2.3MM out of the 9.8MM P shares? I received the May 16 report and can't see it there - thanks

[brichi46] 21/5/2023 15:58

I don't have experience of dealing with the FCA butI wouldn't expect much to come from a complaint to them. The bond prospectus (quoted below) is clear that no official body is liable to pay compensation. So if no compensation is due, what's the objective in launching a legal action or a protest? A class action would be costly and would only be worth pursuing if brought against a defendant with sufficient seizable assets, in the event of success, to offer a reasonable prospect of recovery -- nd I don't know who that wold be.
Here's what the prospectus said: "Unlike a bank deposit, the Bonds are not
protected by the Financial Services
Compensation Scheme (the “FSCS”). As a
result, neither the FSCS nor anyone else will
pay compensation to you upon the failure of the
Issuer, the Guarantors or the Group as a whole.
Therefore (unlike in the case of a bank
deposit), if the Issuer or the Guarantors were to
become insolvent or go out of business, the
Bondholders could lose all or part of their
investment in the Bonds and no governmental
body would be required to compensate them
for such loss."
So, who could we usefully sue?

[fastcat99] 21/5/2023 13:29

Sorry if I was responsible for getting minds fixed on 47p, albeit as hypothesis only;
it was a near-best case scenario, now overtaken by the last Tuesday's announcement (see below)
- in exec summary, we are currently looking to get just 44.73p

The FRP 6-month progress report on Wasps Holdings – as opposed to the Arena companies, which will be reported next month - announces that ONLY £2.3m out of £9.8m in respect of P shares will be paid to Bondholders ☹; amazing, but apparently true, due to massive deductions in respect of Wasps' VAT bill, NI, etc

This, by coincidence or design, will eventually generate a dividend of almost exactly 1/6th of the main payment we have already received - which is how I personally have come up with 44.73p

But it's not clear (to me, anyway) whether this dividend is now really imminent, or whether we have to wait for FRP to receive full tax advice, as well as clearance from the other secured creditors.

Don't expect any substantive guidance from our beloved platforms and brokers: as we have seen in recent postings here, different companies are using different accountancy methodologies, but none of them have any bearing on the outcome.

Some bondholders who worked together at the end of last year to secure representation at the High Court hearing are now considering whether there are sufficient grounds for us to launch a full legal class action, a formal complaint to FCA, or some other protest.

If anyone reading this can offer detailed experiences of dealing with FCA on analogous issues, please make yourself known here or by email posting to the bondholders

[kb68] 21/5/2023 07:57

47 = “shafted by the Ashley & co creatures”
Hope Wasps disintegrate into the Abyss!

[a0002577] 19/5/2023 10:26

" The number 42 is, in The Hitchhiker's Guide to the Galaxy by Douglas Adams, the "Answer to the Ultimate Question of Life, the Universe, and Everything," ... "

as they give the answer as 47 then I can't answer

[kb68] 19/5/2023 09:30

Has anybody deciphered the last communication?

[fastcat99] 13/5/2023 17:05

47p (approximately) in the £ won’t create many “princes”; - if that’s how it comes out (at the moment, we have only 38.34p)

[kb68] 13/5/2023 12:35

I have had my head in the sand for ages, does that make me a prince or pauper?

[fastcat99] 09/5/2023 16:38

When everyone is blinding everyone with science, the man with fingers firmly placed in each ear is King ! 😂

[a0002577] 09/5/2023 16:17

You need to look up 'pool factor' on to see what it means.7

Also here :

And I am none the wiser (at working out what I will get back)