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WAS1 GBP35,000,000 6.50%.BONDS 13/5/22

Gilts, bonds, and interest-bearing shares
littlemart
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WAS1 GBP35,000,000 6.50%.BONDS 13/5/22

#501366

Postby littlemart » May 18th, 2022, 5:30 pm

This RNS was posted on 13/5/22 - the date of maturity

Notice of Refinancing and Delay to Repayment
Wasps Finance plc (the "Issuer") provides an update regarding the refinancing of the Issuer's GBP35,000,000 6.50 per cent. Secured Bonds due 13 May 2022 (ISIN: XS1221940510, Common Code: 122194051) (the "Bonds").

Together with the support of Wasps Holdings Limited and Arena Coventry Limited (together, the "Guarantors"), the Issuer has agreed, subject to final due diligence and documentation, the terms for the refinancing of the Secured Bonds, with a lending group including HSBC UK Bank plc ("HSBC") as senior debt provider.
The Bonds' final Maturity Date is set to occur on 13 May 2022 and in connection with the proposed refinancing, the redemption of the Bonds at their nominal amount will be delayed pending completion of the refinancing. U.S. Bank Trustees Limited (the "Trustee") has also been notified of this delay and the Issuer expects to complete the refinancing on or before 30 June 2022.
Wasps Finance plc will continue to meet its obligations under the Bonds to pay interest as it falls due, including the upcoming payment on 13 May 2022, until the Bonds are redeemed on completion of the refinancing.

Stephen Vaughan, Chief Executive Officer of Wasps Holdings Limited, commented:
"We are pleased to have agreed the terms with HSBC UK. While we complete the final terms of the refinancing, the full redemption of the Bonds will be delayed. We thank bondholders for their continued support and look forward to updating them further in due course."
The Issuer will provide further updates as appropriate.


I might have been helpful if 'the issuer' had said something rather earlier rather than on the maturity date.
I look forward to the RNS telling me the CFO has been fired - I have never seen anything as inept as this.

88V8
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Re: WAS1 GBP35,000,000 6.50%.BONDS 13/5/22

#501498

Postby 88V8 » May 19th, 2022, 10:47 am

littlemart wrote:This RNS was posted on 13/5/22 - the date of maturity....- I have never seen anything as inept as this.

Well plus ca change...https://www.lemonfool.co.uk/viewtopic.php?t=6548 but at least repayment does look likely, for which holders should bee duly thankful.

V8

Gan020
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Re: WAS1 GBP35,000,000 6.50%.BONDS 13/5/22

#501505

Postby Gan020 » May 19th, 2022, 11:33 am

88V8 wrote:
littlemart wrote:This RNS was posted on 13/5/22 - the date of maturity....- I have never seen anything as inept as this.

Well plus ca change...https://www.lemonfool.co.uk/viewtopic.php?t=6548 but at least repayment does look likely, for which holders should bee duly thankful.

V8


I am unconvinced the repayment will go smoothly. Wasps have had a year to sort this out with the HSBC syndicate and there shouldn't be any outstanding due digilence or documentation issues. It raises the question of why the process was not completed on time.

The whole thing does look inept. The RNS was released very late on the day when the bonds should have been repaid and also as far as I can gather the bonds have been delisted. I'm sure something could have been done or should be being done to ensure their relisting.

I'm not a holder. The issues around the financial statements a couple of years back put them on my red flag list.

littlemart
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Re: WAS1 GBP35,000,000 6.50%.BONDS 13/5/22

#501534

Postby littlemart » May 19th, 2022, 1:15 pm

Fortunately I own only a small holding of this.
I went in with my eyes open - possibly blinded by the 30% p.a. IRR I could expect if it matured in full!
Given I had reached the morning of the maturity date without a peep from the company I thought I was home free - naively in retrospect!

I don't expect this to go smoothly at all and will be pleasantly shocked if I receive anything by year end.
I am sure that the management team should not be allowed near any listed offering.

littlemart
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Re: WAS1 GBP35,000,000 6.50%.BONDS 13/5/22

#513706

Postby littlemart » July 12th, 2022, 12:32 pm

There is a rather more fulsome thread on another bulletin board . See advfn bulletin board under EPIC WAS1
Suffice it to say - this is not going that well. I am pessimistic about getting my money back!

geoffp
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Re: WAS1 GBP35,000,000 6.50%.BONDS 13/5/22

#513720

Postby geoffp » July 12th, 2022, 1:50 pm

Littlemart, I've been a little surprised by the apparent lack of interest here about the WAS1 situation. I can't believe that we are the only holders on this board! I have been following the ADVFN postings with interest and am hopeful that the situation will clear within the next few weeks. Pessimists seem to outnumber optimists on the ADVFN site but I must admit that the calls for action NOW do leave me a little worried as, personally, I would prefer to give sufficient time to try and resolve the problem and, obviously, at present this is not a simple problem to solve as far as obtaining finance to repay the bonds is concerned.

GoSeigen
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Re: WAS1 GBP35,000,000 6.50%.BONDS 13/5/22

#513723

Postby GoSeigen » July 12th, 2022, 2:02 pm

geoffp wrote:Littlemart, I've been a little surprised by the apparent lack of interest here about the WAS1 situation. I can't believe that we are the only holders on this board! I have been following the ADVFN postings with interest and am hopeful that the situation will clear within the next few weeks. Pessimists seem to outnumber optimists on the ADVFN site but I must admit that the calls for action NOW do leave me a little worried as, personally, I would prefer to give sufficient time to try and resolve the problem and, obviously, at present this is not a simple problem to solve as far as obtaining finance to repay the bonds is concerned.


Holders reading these boards hopefully took note of early warnings and got out.

Obviously someone still has to be holding the bonds, sorry for you guys, hope you manage to salvage some sort of value but I think a large haircut will happen whatever the final outcome.

GS

Gan020
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Re: WAS1 GBP35,000,000 6.50%.BONDS 13/5/22

#513754

Postby Gan020 » July 12th, 2022, 3:50 pm

I do not hold these, but I follow the story.

I do not think Wasps really know what they are doing.

A poster on ADVFN suggests the bonds were delisted at Wasps request. This puzzles me.

I guess if the bonds were still trading the market would form an opinion of their worth and the situation would sort itself out. i.e. the bonds would fall to say 30p in the £ and Wasps could offer a haircut and roll the bond with a higher coupon.

As it is it's just a mess.

88V8
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Re: WAS1 GBP35,000,000 6.50%.BONDS 13/5/22

#531474

Postby 88V8 » September 22nd, 2022, 10:32 am

Now I hear on t'wireless they're appointing administrators.
O dear.

V8


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