Ryan_1 1,136 Posted April 7, 2014 Share Posted April 7, 2014 UBIG accept the transfer of shares to Ann Budge, just waiting on a yes from UKIO, looks as if Hearts will be alright after all. As I was told. Quote Link to post Share on other sites More sharing options...
kris1984 1,343 Posted April 7, 2014 Share Posted April 7, 2014 Saved by the looks of it Quote Link to post Share on other sites More sharing options...
Ryan_1 1,136 Posted April 7, 2014 Share Posted April 7, 2014 UBIG were the ones who owned Tynecastle, so they were the ones more likely to decline the offer as they could have made money from selling the stadium etc. UKIO own 50% of the shares I expect them to accept the offer. Quote Link to post Share on other sites More sharing options...
OlegKuznetsov 10,816 Posted April 7, 2014 Share Posted April 7, 2014 It's not just a matter of getting a yes. It's also a matter of getting a yes quick enough.Funds are running out. Quote Link to post Share on other sites More sharing options...
Dennis 1,011 Posted April 7, 2014 Share Posted April 7, 2014 Lol Quote Link to post Share on other sites More sharing options...
Gers1690 194 Posted April 7, 2014 Share Posted April 7, 2014 Knew they'd be okay. Quote Link to post Share on other sites More sharing options...
Blueshoff 12,047 Posted April 7, 2014 Share Posted April 7, 2014 UBIG accept the transfer of shares to Ann Budge, just waiting on a yes from UKIO, looks as if Hearts will be alright after all. As I was told.She better ask her old man to put the housekeeping up then. She is now going to have to pay the running costs and there are only a handful of games left before the summer and it wouldn't be clever to use ST money just to get to the start of next season. Quote Link to post Share on other sites More sharing options...
OlegKuznetsov 10,816 Posted April 7, 2014 Share Posted April 7, 2014 From Sky Sports:Hearts have received a boost in their fight to avoid liquidation after the creditors of the club's major shareholder UBIG agreed to transfer their 50% shareholding to Hearts' administrators.Bryan Jackson and Trevor Birch of BDO are in Lithuania meeting with the lawyers representing Ukio Bankas to try and push through a CVA.Completion of the deal requires the backing of creditors of Ukio Bankas, which would ultimately lead to the club exiting administration and being taken over by the fan-backed Foundation of Hearts.Ukio Bankas own around 29% of Hearts shares, but also retain a charge on Tynecastle Stadium.However, it is unclear when the Ukio creditors will meet. There are some suggestions from Lithuania that they will not convene for another two weeks despite expectations the process would be completed on the same day as UBIG.Failure to complete the deal would likely see Hearts' administrators begin liquidation proceedings, as there are currently only enough funds to keep the club operating until the end of April.The positive news from UBIG came after reports emerged of a rival 11th-hour bid from Edinburgh businessman Pat Munro who has failed in several previous attempts to buy the club in recent years.But a spokesman for the Ukio Bankas bankruptcy administrator, Gintaras Adomonis, said of the offer: "The form and content of it is beyond consideration - all financial proposals should be provided to BDO, the administrator of Heart of Midlothian."The Foundation of Hearts, which has the financial backing of about 8,000 supporters, plans a gradual takeover by fans after Edinburgh businesswoman Ann Budge initially put up the £2.5m needed to rescue the club.Hearts went into administration in June last year with debts of around £30m. They were deducted 15 points and hit with a transfer embargo and were relegated on Saturday despite a 4-2 win over Partick Thistle. Quote Link to post Share on other sites More sharing options...
wullyRFC 5,230 Posted April 7, 2014 Share Posted April 7, 2014 Are they pan breed yet? Quote Link to post Share on other sites More sharing options...
OlegKuznetsov 10,816 Posted April 7, 2014 Share Posted April 7, 2014 She better ask her old man to put the housekeeping up then. She is now going to have to pay the running costs and there are only a handful of games left before the summer and it wouldn't be clever to use ST money just to get to the start of next season.No TUPE if they get a successful CVA, meaning they have to keep all employees for at least the short term. Quote Link to post Share on other sites More sharing options...
Blueshoff 12,047 Posted April 7, 2014 Share Posted April 7, 2014 No TUPE if they get a successful CVA, meaning they have to keep all employees for at least the short term.or let them go if they can't afford top keep them Quote Link to post Share on other sites More sharing options...
Shuggy 1,308 Posted April 7, 2014 Share Posted April 7, 2014 The Jambo Kickback Forum looks like it is members only now, can't get in? Expecting bad news? Quote Link to post Share on other sites More sharing options...
corkinator 611 Posted April 7, 2014 Share Posted April 7, 2014 Ahh bugger, hopefully the second half is rejected. Quote Link to post Share on other sites More sharing options...
Rickshaw77 287 Posted April 7, 2014 Author Share Posted April 7, 2014 No date for any Ukio creditors meeting set despite BDO telling everyone that it was today?They really are circling the drain now. Quote Link to post Share on other sites More sharing options...
Antwilhar 4 Posted April 7, 2014 Share Posted April 7, 2014 LPL. Quote Link to post Share on other sites More sharing options...
Captain Hilts 12,819 Posted April 7, 2014 Share Posted April 7, 2014 . Quote Link to post Share on other sites More sharing options...
The Godfather 72,864 Posted April 7, 2014 Share Posted April 7, 2014 they lived then? Quote Link to post Share on other sites More sharing options...
OlegKuznetsov 10,816 Posted April 7, 2014 Share Posted April 7, 2014 they lived then?They live today, but no decision from UKIO means that the Sword of Damocles still dangles over their very existence.They now say that a meeting will be in the next few days but Hearts may struggle to survive if it's not resolved soon.The administrator said that if there was no positive outcome today, he would be forced to commence liquidation proceedings. Maybe that was brinkmanship. Quote Link to post Share on other sites More sharing options...
OlegKuznetsov 10,816 Posted April 7, 2014 Share Posted April 7, 2014 Will they only get their quarter and half shares of the £2.5m after the administrator gets his, the lawyers and accountant's fees?Apparently not. HEARTS face an anxious wait over their future after meetings in Lithuania today failed to end in a deal to take the club out of administration.Bryan Jackson and Trevor Birch, the BDO administrators in charge at Tynecastle, are in Lithuania and will hold further talks with Ukio lawyers in the coming days in the hope of reaching an agreement. The bank conditionally approved a £2.5million Company Voluntary Arrangement (CVA) for the share transfer last November but it has not yet been made clear why the deal has not been finalised.UBIG have agreed to be paid a token amount of almost £100,000 for their 50 per cent shareholding. Ukio’s creditors stand to benefit from all of the CVA pot as they are Hearts’ only secured creditor. Both companies are being run by administrators themselves as a result of Vladimir Romanov’s financial collapse last year.BDO cannot afford any lengthy delay given they only have enough money to run Hearts until the end of April or early May at the latest. They want a quick resolution to complete the CVA, take Hearts out of administration and hand the shares over to prospective owner Ann Budge.So where are BDO being paid from, given their several months in administration?UKIO own Tynecastle. Quote Link to post Share on other sites More sharing options...
Right_To_Censor 1,951 Posted April 7, 2014 Share Posted April 7, 2014 . Quote Link to post Share on other sites More sharing options...
stampyurie 203 Posted April 7, 2014 Share Posted April 7, 2014 Whats jappenin now Quote Link to post Share on other sites More sharing options...
Rickshaw77 287 Posted April 7, 2014 Author Share Posted April 7, 2014 No official statement from BDO/FOH today either (strange?)Meeting at the end of next week (maybe?) this was the meeting that was to take place today and two weeks ago!!!Ann budge said she would walk if no deal done today as well.No wonder keechback broke down today. Quote Link to post Share on other sites More sharing options...
CoatbridgeBear 7,113 Posted April 7, 2014 Share Posted April 7, 2014 . Quote Link to post Share on other sites More sharing options...
johnw 22 Posted April 7, 2014 Share Posted April 7, 2014 . Quote Link to post Share on other sites More sharing options...
Ryan_1 1,136 Posted April 7, 2014 Share Posted April 7, 2014 Will they only get their quarter and half shares of the £2.5m after the administrator gets his, the lawyers and accountant's fees?Apparently not. So where are BDO being paid from, given their several months in administration?UKIO own Tynecastle.UBIG own Tynecastle. Quote Link to post Share on other sites More sharing options...
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