Hearts Stadium Development

[topcat(The most tip top)]

Once Mrs Budge has been weighed in with her dosh, doesn't she retain about 13% of the club? She has been fantastic for Hearts, but lets not kid-on, she is going to be getting a tidy return on her dough.

 

 

As far as I can see UBIG had 50.1%

Ukios Bankas has 29.9%

That 80% share holding was diluted to 75.1% by the share issue

 

and it’s that 75.1% that Budge currently owns through “BIDCO” and which is contracted to be sold to FoH (FANCO) once the working capital, and now extra stadium contributions, have been met first

 

 

I can’t see where the 13% comes from

 

But I may have missed something

[topcat(The most tip top)]

Grangemouth.

I was being charitable

[paranoid android]

1 hour ago, topcat(The most tip top) said:

Yes but the FoH should have “her wad back” by 2019

Of course That might not be soon enough for some people’s liking

On the other hand giving a coaching appointment more than a few months before giving up might, conceivably, be a good idea.

I suspect that fundamentally the lack of depth in the squad is more of an issue and that’s got more to do with the long term investment in steel, concrete and glass.

An inability to strengthen the squad may also be at the root of Levein’s failure to recruit anyone else to serve as head coach.

“if you don’t catch Aberdeen they’ll fly planes with banners calling for your head, and by the way we’re a couple of injuries away from having to field Under 18s” isn’t a great sales pitch.

 

 

I'm not saying Levein should be sacked at the moment - he does seem more bulletproof than most coaches, though - if it's not working out, it's more likely that he'll go back upstairs than be forced out altogether.

The cost of the stadium is obviously impacting on what we can spend on recruitment - there's no doubt that recruitment in previous windows hasn't helped our current situation - Levein, in his DoF role, has overseen that.

I'm not saying Budge should go at the moment either - but if there is pressure to remove her, it won't be straightforward - 2019 is two years away.

[LincolnHearts]

57 minutes ago, topcat(The most tip top) said:

 

As far as I can see UBIG had 50.1%

Ukios Bankas has 29.9%

That 80% share holding was diluted to 75.1% by the share issue

 

and it’s that 75.1% that Budge currently owns through “BIDCO” and which is contracted to be sold to FoH (FANCO) once the working capital, and now extra stadium contributions, have been met first

 

 

I can’t see where the 13% comes from

 

But I may have missed something

I might be picking up the wrong end of the stick, but I'm 100% certain that Mrs Budge and her family retain a not insignificant interest/holding in Hearts once all dues have been repaid. The 13% may not be accurate but it is not more than a couple of % out either way.

[topcat(The most tip top)]

I might be picking up the wrong end of the stick, but I'm 100% certain that Mrs Budge and her family retain a not insignificant interest/holding in Hearts once all dues have been repaid. The 13% may not be accurate but it is not more than a couple of % out either way.

 

It's conceivable that she personally acquired some other shares separately from the Shares that UBIG & UKIO owned and that these aren't covered by the FoH agreement to sell.

 

I'd expect to have heard about that before now though

 

It's actually more relevant than it might first appear because the 75.1% gets transferred to The Foundation as follows

 

"As and when the Foundation has provided £1.5m of stadium funding, Bidco will transfer a 20 per cent shareholding in the club to the Foundation. When the full £3m has been paid, Bidco will transfer a further 15 per cent shareholding. The remaining 40.1 per cent (bringing the total shareholding to 75.1 per cent) will be transferred when the Bidco loan payments are completed."

 

If Budge is privately sitting on another 10% that lies outside of the UBIG/Ukios/BIDCO/FANCO/FoH arrangement then she remains majority shareholder until the very end of the process

 

 

So if you have a source for this 13% I'd be interested in reading it

[topcat(The most tip top)]

I'm not saying Levein should be sacked at the moment - he does seem more bulletproof than most coaches, though - if it's not working out, it's more likely that he'll go back upstairs than be forced out altogether.

The cost of the stadium is obviously impacting on what we can spend on recruitment - there's no doubt that recruitment in previous windows hasn't helped our current situation - Levein, in his DoF role, has overseen that.

I'm not saying Budge should go at the moment either - but if there is pressure to remove her, it won't be straightforward - 2019 is two years away.

 

At some point or another supporters of most clubs have wanted to remove an unpopular owner and it has seldom been as straightforward as it would be for us. We’ve got the process rolling and she’s not even passed everybody off yet

 

 

[LincolnHearts]

12 minutes ago, topcat(The most tip top) said:

 

It's conceivable that she personally acquired some other shares separately from the Shares that UBIG & UKIO owned and that these aren't covered by the FoH agreement to sell.

 

I'd expect to have heard about that before now though

 

It's actually more relevant than it might first appear because the 75.1% gets transferred to The Foundation as follows

 

"As and when the Foundation has provided £1.5m of stadium funding, Bidco will transfer a 20 per cent shareholding in the club to the Foundation. When the full £3m has been paid, Bidco will transfer a further 15 per cent shareholding. The remaining 40.1 per cent (bringing the total shareholding to 75.1 per cent) will be transferred when the Bidco loan payments are completed."

 

If Budge is privately sitting on another 10% that lies outside of the UBIG/Ukios/BIDCO/FANCO/FoH arrangement then she remains majority shareholder until the very end of the process

 

 

So if you have a source for this 13% I'd be interested in reading it

Will try and come across it TC. 

[Dominique Malonga]

 As far as I can see UBIG had 50.1%
Ukios Bankas has 29.9%
That 80% share holding was diluted to 75.1% by the share issue
 
and it’s that 75.1% that Budge currently owns through “BIDCO” and which is contracted to be sold to FoH (FANCO) once the working capital, and now extra stadium contributions, have been met first
 
 
I can’t see where the 13% comes from
 
But I may have missed something

YAMONOMICS

[Mr. X]

49 minutes ago, LincolnHearts said:

Will try and come across it TC. 

It may have come from an e'mailed question to the AGM back in December 2014

 

Q7. Ann advised in a Q&A session with Jambos Kickback that following the transfer of 75.1% of shares to FOH, she would retain the remaining shares obtained through the share offer for "sentimental" reasons, just like any other shareholder. Does Ann consider that retaining a personal shareholding 22M shares (or 13% of the club), obtained for an outlay of approx. £20,000 to be in keeping with the aims of FOH, given her personal involvement and support of the cause.

A7. Ann believes it is perfectly reasonable that, should she wish to do so, for sentimental reasons – not for reasons of personal gain – there is absolutely no reason why she should not retain a minority shareholding.  This will in no way impact supporters ownership.

For the avoidance of doubt, at the time of doing the deal, there was no clarity over what shareholding BIDCO would end up with, pending the Open Offer and further dilution following the 2012 share issue.  BIDCO could not legally undertake to pass over what she might not have.

Ann has bought the shareholding at 0.08p per share – the same price as the supporters will pay for their 75.1%

[LincolnHearts]

55 minutes ago, Dominique Malonga said:

YAMONOMICS

Better than Tesconomics. Now f*** off back to Kerrydale St and your pish sodden mattress 

[LincolnHearts]

14 minutes ago, Mr. X said:

It may have come from an e'mailed question to the AGM back in December 2014

 

Q7. Ann advised in a Q&A session with Jambos Kickback that following the transfer of 75.1% of shares to FOH, she would retain the remaining shares obtained through the share offer for "sentimental" reasons, just like any other shareholder. Does Ann consider that retaining a personal shareholding 22M shares (or 13% of the club), obtained for an outlay of approx. £20,000 to be in keeping with the aims of FOH, given her personal involvement and support of the cause.

A7. Ann believes it is perfectly reasonable that, should she wish to do so, for sentimental reasons – not for reasons of personal gain – there is absolutely no reason why she should not retain a minority shareholding.  This will in no way impact supporters ownership.

For the avoidance of doubt, at the time of doing the deal, there was no clarity over what shareholding BIDCO would end up with, pending the Open Offer and further dilution following the 2012 share issue.  BIDCO could not legally undertake to pass over what she might not have.

Ann has bought the shareholding at 0.08p per share – the same price as the supporters will pay for their 75.1%

Think that's where I got the 13% thing from Mr X. 

Cheers.

[paranoid android]

1 hour ago, topcat(The most tip top) said:

 

At some point or another supporters of most clubs have wanted to remove an unpopular owner and it has seldom been as straightforward as it would be for us. We’ve got the process rolling and she’s not even passed everybody off yet

 

 

Aye - I was responding to this though, mind:

"If Levein fails he will be replaced. If Budge fails she will be replaced. "

What I'm saying is, it's more like, if Levein fails, he goes back up the stair (i.e., he's safe), and if Budgie fails, she goes when she's ready.

I had hoped Budge had put Levein in to fix it or else, but I don't think that's the case. 

[Dominique Malonga]

Tesconomics.

Could have fooled me.

[LincolnHearts]

1 minute ago, Dominique Malonga said:

Could have fooled me.








 

Step up from an office block imo

[naegoodinthedark]

Grangemouth.

Not in Falkirk or Grangemouth.

It’s in the Bog

[naegoodinthedark]

Could have fooled me.

That’s a nice looking Tesco Extra.
I would consider shopping there.

[Arnold Layne]

1 hour ago, naegoodinthedark said:

That’s a nice looking Tesco Extra.
I would consider shopping there.

Looks a bit like the one in Slough. Horrible, horrible town. Tesco is a highlight.

Sir John Betjeman wrote;

"Come friendly bombs and fall on Slough!

It isn't fit for humans now,

There isn't grass to graze a cow.

Swarm over, Death!"

Worth noting that he penned those words before the Tesco's was built.

 

edited with corrected quote. Apologies to the estate of Sir J Betjeman.

 

[Mr. X]

13 hours ago, Dominique Malonga said:

Could have fooled me.








 

We just need a roller coaster in the plaza to finish the look.

 

[Dominique Malonga]

We just need a roller coaster in the plaza to finish the look.[emoji33]
 

[naegoodinthedark]

Looks a bit like the one in Slough. Horrible, horrible town. Tesco is a highlight.
Sir John Betjeman wrote;

"Come friendly bombs and fall on Slough!

It isn't fit for humans now,

There isn't grass to graze a cow.

Swarm over, Death!"

Worth noting that he penned those words before the Tesco's was built.
 
edited with corrected quote. Apologies to the estate of Sir J Betjeman.
 

Doesn’t sound nice at all mate. The multibuy deals would need to pretty good to get me to go now.