Refreshment Barrier Posted September 17, 2014 Share Posted September 17, 2014 On the way soon according to the delightful Mrs Budge http://www.heartsfc.co.uk/articles/20140917/share-certificates-an-update-from-ann-budge_2241384_4151498 Link to comment Share on other sites More sharing options...
Footballfirst Posted September 17, 2014 Share Posted September 17, 2014 Share certificates: An update from Ann Budge 17.09.2014 To all subscribers in the 2012 share issue, As you all know, as part of the recent public share offer, although not obliged to do so, Bidco (I) offered to buy back shares from anyone who had subscribed for shares in the 2012 share issue and who wanted to sell them? at the public offer price. A number of you elected to do so and should by now have received your cheques. For those who opted to keep their shares, I committed to issuing them with share certificates. Not surprisingly, we are receiving a number of enquiries asking "Where is my certificate?" I hope the following explains why there has been a delay in getting these issued and to some extent reassures those concerned that they will get their certificates as promised. The delay has come about because of various factors, including: ? The need to negotiate with and appoint a Registrar to handle the transaction. ? The need to ascertain what parts of the legal process had been properly completed by the previous owners and what had not. ? Errors or omissions in completing the forms to be returned, which meant we had to revert to a number of individuals more than once to ascertain what action they wanted to take. ? Failure on my part to fully appreciate the timescales involved to resolve all of the above. Where we are now is as follows: ? We have obtained a certified copy of the resolutions passed at the last AGM which included authority to allot the shares. ? This certified copy resolution can now be signed by me and filed at Companies House. This will be done this week. ? At the next Board meeting, which is to be held on Friday of this week, the new Board will approve the issue of the relevant shares. The allotment of shares was never actually completed by the previous Board which is what has led to some of the difficulties. ? Following Board approval, the allotments can then be entered into the company's register and the register of members updated. This needs to be carefully co-ordinated, given that some of the original subscribers have sold their shares to Bidco (me). ? At that point the relevant form will be filed at Companies House. ? At that point the share certificates can be issued. In short, we have tidied up the legalities and are in the final stages of finalising the process to ensure this is all done properly. This aspect should be completed this week. Thereafter, it is an administrative task on behalf of the Registrar to get everything properly recorded and updated and the share certificates issued. I apologise most sincerely for the delay but do assure you that we are almost there. Please believe me when I say that it was no easy task to unravel everything. Thank you for your patience. Ann Budge (on behalf of Bidco 1874 Ltd) Link to comment Share on other sites More sharing options...
heartsfc_fan Posted September 17, 2014 Share Posted September 17, 2014 http://www.heartsfc.co.uk/articles/20140917/share-certificates-an-update-from-ann-budge_2241384_4151498 Nice and refreshing to have clear and honest statements from our owner. Link to comment Share on other sites More sharing options...
Heartsofgold Posted September 17, 2014 Share Posted September 17, 2014 Loved the line 'Failure on my part to understand the timescales'. Excellent communication and acceptance from Mrs Budge. Not may CEOs/owners would accept even a very small part of the blame. Link to comment Share on other sites More sharing options...
Back to 2005 Posted September 17, 2014 Share Posted September 17, 2014 It's like night and day compared to the previous owners. Link to comment Share on other sites More sharing options...
Refreshment Barrier Posted September 17, 2014 Author Share Posted September 17, 2014 Wonder if they'll arrive flash frozen or defrosted Link to comment Share on other sites More sharing options...
Tazio Posted September 17, 2014 Share Posted September 17, 2014 I'm going to start shopping for a frame! Link to comment Share on other sites More sharing options...
Footballfirst Posted September 17, 2014 Share Posted September 17, 2014 According to previously advised information, there should be 9,519,672 new shares issued. 9,848,745 had been purchased in 2012 but 329,073 were sold back to Bidco in the 2014 takeover share offer. The new shares will represent just over 6% of the enlarged share base, and will dilute all other shareholdings by that same 6%. Link to comment Share on other sites More sharing options...
Martin_T Posted September 17, 2014 Share Posted September 17, 2014 http://www.heartsfc.co.uk/articles/20140917/share-certificates-an-update-from-ann-budge_2241384_4151498 Nice and refreshing to have clear and honest statements from our owner. Killing the club every day. Link to comment Share on other sites More sharing options...
Francis Albert Posted September 17, 2014 Share Posted September 17, 2014 A good simple and honest statement. I thought the offer to buy shares was a legal requirement - presumably that only applied to "old" shares and not the 2012 shares whose legal status was and is somewhat unclear? Also slightly surprised anyone sold for the pittance offered. Link to comment Share on other sites More sharing options...
indianajones Posted September 17, 2014 Share Posted September 17, 2014 Out of interest, what was anns offer per share? Link to comment Share on other sites More sharing options...
ToadKiller Dog Posted September 17, 2014 Share Posted September 17, 2014 Dumb question I have moved address so need to change where the Share cert will go etc , Is it Bidco I have to inform , the club or somebody else ? Link to comment Share on other sites More sharing options...
Drumelzier Posted September 17, 2014 Share Posted September 17, 2014 Good comms from Ann. I bought shares in the names of two family members, filled in the 'offer' forms incorrrectly so they have two cheques for small amounts that will not be cashed (will be kept for posterity), would rather they each received a share certificate instead but hey-ho. Link to comment Share on other sites More sharing options...
Footballfirst Posted September 17, 2014 Share Posted September 17, 2014 A good simple and honest statement. I thought the offer to buy shares was a legal requirement - presumably that only applied to "old" shares and not the 2012 shares whose legal status was and is somewhat unclear? Also slightly surprised anyone sold for the pittance offered. Correct, Bidco was only obliged to to offer to buy "old" shares". However Ann decided to honour the previous board's promise (which was renaged on) to issue the shares following the last AGM (May 2013), and to make the same offer to buy back the sames as was open to the old shareholders. Incidentally, this explains part of the commitment made in the Bidco/FOH about the transfer of Ukio/UBIG holdings (or a minimum of 75.1% of the shares). The shares obtained from Ukio and UBIG represented 78.97% of the shares on issue at that point, however because of the dilution resulting from the issue of new shares, that batch of shares now represents 74.0%. Bidco will have to make up the 1% or so difference from the shares obtained from Quantum Holding and others during the share offer. By my reckoning Bidco will still hold 88.3% of the shares following the allotment of the new shares, so meeting the 75.1% target should not be an issue. As things stand Bidco will still own more than 13% of the shares after FOH take control. Link to comment Share on other sites More sharing options...
Jambof3tornado Posted September 17, 2014 Share Posted September 17, 2014 A good simple and honest statement. I thought the offer to buy shares was a legal requirement - presumably that only applied to "old" shares and not the 2012 shares whose legal status was and is somewhat unclear? Also slightly surprised anyone sold for the pittance offered. Perhaps Mrs Budge flogged hers? Link to comment Share on other sites More sharing options...
Refreshment Barrier Posted September 17, 2014 Author Share Posted September 17, 2014 A good simple and honest statement. I thought the offer to buy shares was a legal requirement - presumably that only applied to "old" shares and not the 2012 shares whose legal status was and is somewhat unclear? Also slightly surprised anyone sold for the pittance offered. maybe romanov, maybe needed 30p for a cup of tea Link to comment Share on other sites More sharing options...
Footballfirst Posted September 17, 2014 Share Posted September 17, 2014 Out of interest, what was anns offer per share? From the offer document: The Offer will be made on the following basis: for each Hearts Share 0.08619 pence in cash Link to comment Share on other sites More sharing options...
Jambos1983 Posted September 17, 2014 Share Posted September 17, 2014 May be a daft question but if you've moved address since purchasing shares do you let the club know or is there someone else who deals with the shares admin side of things? Link to comment Share on other sites More sharing options...
Drumelzier Posted September 17, 2014 Share Posted September 17, 2014 A good simple and honest statement. I thought the offer to buy shares was a legal requirement - presumably that only applied to "old" shares and not the 2012 shares whose legal status was and is somewhat unclear? Also slightly surprised anyone sold for the pittance offered. Mea Culpa FA, went into it with eye's wide open though, well worth the money. Link to comment Share on other sites More sharing options...
Paolo Posted September 17, 2014 Share Posted September 17, 2014 Good explanation. Much appreciated. Link to comment Share on other sites More sharing options...
scotthmfc Posted September 17, 2014 Share Posted September 17, 2014 Wonder if they'll arrive flash frozen or defrosted They're absolutely fully frozen, we'll need a lot of articulated lorries to transport them. What supermarket can we fleece for them? Link to comment Share on other sites More sharing options...
Paolo Posted September 17, 2014 Share Posted September 17, 2014 They're absolutely fully frozen, we'll need a lot of articulated lorries to transport them. What supermarket can we fleece for them? That is the catch. We will get our certificates, but we will need to buy an ice pick, from the Hearts Shop, to retrieve them. Link to comment Share on other sites More sharing options...
I P Knightley Posted September 17, 2014 Share Posted September 17, 2014 I think she makes it perfectly clear that she's fed up to the back teeth with Hearts supporters bitching and whining about something as poxy and trivial as a piece of paper. Shame that it's come to this; it all seemed to be going so well. Link to comment Share on other sites More sharing options...
King Of The Cat Cafe Posted September 17, 2014 Share Posted September 17, 2014 May be a daft question but if you've moved address since purchasing shares do you let the club know or is there someone else who deals with the shares admin side of things? Not a daft question: same goes for me and I would like to know the answer also... Link to comment Share on other sites More sharing options...
Shanks Posted September 17, 2014 Share Posted September 17, 2014 I think she makes it perfectly clear that she's fed up to the back teeth with Hearts supporters bitching and whining about something as poxy and trivial as a piece of paper. Shame that it's come to this; it all seemed to be going so well. " we are receiving a number of enquiries asking "Where is my certificate?" " Can't believe folk have actually been pestering the club. Link to comment Share on other sites More sharing options...
Bugsy Posted September 17, 2014 Share Posted September 17, 2014 Cheers Mrs Budge Link to comment Share on other sites More sharing options...
Hungry hippo Posted September 17, 2014 Share Posted September 17, 2014 " we are receiving a number of enquiries asking "Where is my certificate?" " Can't believe folk have actually been pestering the club. I thought she was making a JKB joke. Link to comment Share on other sites More sharing options...
Footballfirst Posted September 17, 2014 Share Posted September 17, 2014 " we are receiving a number of enquiries asking "Where is my certificate?" " Can't believe folk have actually been pestering the club. Why not? A commitment was made three months ago and there has been not a peep thereafter, before today. If the club had given a provisional timescale three months ago, then there would be no need for anyone to question how long the process is taking. Link to comment Share on other sites More sharing options...
queensferryjambo Posted September 17, 2014 Share Posted September 17, 2014 Out of interest, what was anns offer per share? Link to comment Share on other sites More sharing options...
upgotheheads Posted September 17, 2014 Share Posted September 17, 2014 I Ann Budge. Link to comment Share on other sites More sharing options...
Don Dan Posted September 17, 2014 Share Posted September 17, 2014 The last regime were obviously a shambolic outfit. It comes of no surprise to me that the Romanov empire went belly up if they couldn't get a simple share issue correct. The new regime seem to be ploughing through a mine field which is all too apparent in the update. It would be interesting to find out what other disorders were stumbled upon as they started out rebuilding our club. I'm also surprised that some people have cashed in their shares but for some needs must. The issue of the share certificates will no doubt go down well over at heartsfinacialexperts.net. Link to comment Share on other sites More sharing options...
Le Chat Posted September 17, 2014 Share Posted September 17, 2014 It's like night and day compared to the previous owners. I kinda miss all that shite about monkeys and goats eating your cabbages. Link to comment Share on other sites More sharing options...
Francis Albert Posted September 18, 2014 Share Posted September 18, 2014 Mea Culpa FA, went into it with eye's wide open though, well worth the money. Not sure what your point is. I did too and have no regrets about buying shares in the 2012 offering - I think it helped save the club. Link to comment Share on other sites More sharing options...
Francis Albert Posted September 18, 2014 Share Posted September 18, 2014 The last regime were obviously a shambolic outfit. It comes of no surprise to me that the Romanov empire went belly up if they couldn't get a simple share issue correct. The new regime seem to be ploughing through a mine field which is all too apparent in the update. It would be interesting to find out what other disorders were stumbled upon as they started out rebuilding our club. I'm also surprised that some people have cashed in their shares but for some needs must. The issue of the share certificates will no doubt go down well over at heartsfinacialexperts.net. Isn't Ann saying she underestimated the complexity of a "simple share issue"? Link to comment Share on other sites More sharing options...
Don Dan Posted September 18, 2014 Share Posted September 18, 2014 Isn't Ann saying she underestimated the complexity of a "simple share issue"? ? The need to ascertain what parts of the legal process had been properly completed by the previous owners and what had not. Link to comment Share on other sites More sharing options...
The Treasurer Posted September 18, 2014 Share Posted September 18, 2014 Isn't Ann saying she underestimated the complexity of a "simple share issue"? I think it's more she underestimated the shambles she was taking over rather than just the share issue Link to comment Share on other sites More sharing options...
The Treasurer Posted September 18, 2014 Share Posted September 18, 2014 Why not? A commitment was made three months ago and there has been not a peep thereafter, before today. If the club had given a provisional timescale three months ago, then there would be no need for anyone to question how long the process is taking. Fair enough point FF, but I think perhaps people are suggesting that there was more important and pressing matters to be dealt with ahead of sending out a piece of paper. Link to comment Share on other sites More sharing options...
Jammy T Posted September 18, 2014 Share Posted September 18, 2014 Hopefully that will be the ghost of Romanov fully exorcised now. Shame Ann is stil sweeping up his shit at our cost but there you go.... Link to comment Share on other sites More sharing options...
Tiberius Stinkfinger Posted September 18, 2014 Share Posted September 18, 2014 Won't be happy until my seat gets Gold plated. Link to comment Share on other sites More sharing options...
clanmac Posted September 18, 2014 Share Posted September 18, 2014 Not a daft question: same goes for me and I would like to know the answer also... Me too!! Link to comment Share on other sites More sharing options...
Francis Albert Posted September 18, 2014 Share Posted September 18, 2014 You of course conveniently select one of the reasons she cited for the delay (for which she creditably admitted her part responsibility) while ignoring the others. I don't think it does much credit to Ann to continually measure her performance against those of her immediate predecessors. And to be fair to her there has been more made of the mess she inherited on here than we've heard from her. Her inheritance is a mixed bag but overall (no debt, substantial extra income over normal revenue, very good squad of youngsters, enthused support) it beats what most of Hearts previous owners inherited. ? The need to ascertain what parts of the legal process had been properly completed by the previous owners and what had not. Link to comment Share on other sites More sharing options...
The Treasurer Posted September 19, 2014 Share Posted September 19, 2014 You of course conveniently select one of the reasons she cited for the delay (for which she creditably admitted her part responsibility) while ignoring the others. I don't think it does much credit to Ann to continually measure her performance against those of her immediate predecessors. And to be fair to her there has been more made of the mess she inherited on here than we've heard from her. Her inheritance is a mixed bag but overall (no debt, substantial extra income over normal revenue, very good squad of youngsters, enthused support) it beats what most of Hearts previous owners inherited. I think one important fact being overlooked (if you want to look at the whole picture not just parts) is that AB, for all she is a successful businesswoman, has never been involved in the running of a football club, regardless of the state it's in, so it's a very steep learning curve for her, so I think she deserves a bit of leeway. Link to comment Share on other sites More sharing options...
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