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#Post#: 42475--------------------------------------------------
Re: Debt for Equity swap?
DIR By: Perdita
Date: April 30, 2020, 2:32 am
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28 April, 09.33, Subject: A message from Harlequins' CEO
#Post#: 42477--------------------------------------------------
Re: Debt for Equity swap?
DIR By: Monte
Date: April 30, 2020, 3:06 am
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I think the sound of silence from rugby is appalling.
Premiership Clubs, RFU and players both as a PR exercise for
rugby generally and to talk to those of us invested in rugby.
That is the big problem with BT being only place to see
Premiership that apart from their own channels they have no
outlets. Times podcast is about the only regular info I am
getting which is far from ideal.
#Post#: 42483--------------------------------------------------
Re: Debt for Equity swap?
DIR By: never sleep
Date: April 30, 2020, 5:01 am
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--- Quote from: Monte link ---
>
> Times podcast is about the only regular info I am getting
which is far from ideal.
>
--- End Quote ---
Rugby pass still has article, videos, etc
You don't need to pay or subscribe and it isn't region
dependant. It is only locked down for watching live or recorded
games.
HTML https://www.rugbypass.com/
#Post#: 42485--------------------------------------------------
Re: Debt for Equity swap?
DIR By: Quinky
Date: April 30, 2020, 5:40 am
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--- Quote from: Jus-Quin-Time link ---
>
> Hi Quinky, I agree the club is in a difficult financial
position. However that applies across the board and will have a
material effect upon membership renewals. People on furlough,
contractors with no income and those being made redundant will
all look to their more immediate priorities.
>
> At the moment the club has no product to sell. They are
asking everyone to shell out money for something that might not
begin until January 2021 (if todays DT is to be believed). That
makes the Jun 9th membership deadline totally arbitrary and
without reason.
>
> My understanding of your membership organisation is that the
board have sat down and conducted a review. The review has
concluded that events have prevented a resumption of normal
business and a contingency plan has been formulated. That is a
thoroughly logical approach delivering a timely adjustment. The
membership will appreciate what has been done. Quins now need
to do the same - conduct a review and let the members know what
is happening.
>
> I acknowledge the club may be waiting for a clearer picture to
emerge. Its a reasonable assumption, but still an assumption.
Some hard news out of the club would be very helpful.
>
--- End Quote ---
I guess the point I didn't make very clearly is that Quins may
feel it's best to wait until they have some semblance of a plan
in place, to then align with it financially. For example, they
could say that they'll suspend ST payments until June, refund
"x" months etc... then find that the extension continues until
August. They then need to review and amend the plan, only to
potentially have to change it again.
I have some flights booked for mid-June. BA emailed today to say
that the flights are cancelled. Going online today and rebooking
the flights to an earlier one on the same day, I did wonder if
it's a waste of time as I really think they'll cancel that
flight too. But that's no great worry as it takes me minutes.
Compare that to Quins notifying STHs of changes, refunding
money, amending DDs...
#Post#: 42502--------------------------------------------------
Re: Debt for Equity swap?
DIR By: Jus-Quin-Time
Date: April 30, 2020, 9:59 am
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So Quinky, you advocate patience and give the club some slack
whilst they work things through toward a solution. I understand
and can go along with that.
However there is a deadline just 4 weeks away and as it
approaches I sense frustration will begin to bubble up. A
simple note from the club that acknowledges members concern
would dissipate all the angst.
Enough from me on this now I think. If nothing is forthcoming
by the 9th May I will send a gentle letter into the club.
Hopefully it won't come to that though.
#Post#: 42507--------------------------------------------------
Re: Debt for Equity swap?
DIR By: Quinky
Date: April 30, 2020, 12:07 pm
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--- Quote from: Jus-Quin-Time link ---
>
> So Quinky, you advocate patience and give the club some slack
whilst they work things through toward a solution. I understand
and can go along with that.
>
> However there is a deadline just 4 weeks away and as it
approaches I sense frustration will begin to bubble up. A
simple note from the club that acknowledges members concern
would dissipate all the angst.
>
> Enough from me on this now I think. If nothing is forthcoming
by the 9th May I will send a gentle letter into the club.
Hopefully it won't come to that though.
>
>
>
--- End Quote ---
I do. I would add that I think the club should send something
out to defer that date - simply extending deadlines by, say 4
weeks, would ease a lot of angst for people and would cost
nothing.
#Post#: 42527--------------------------------------------------
Re: Debt for Equity swap?
DIR By: deadlyfrom5yardsout
Date: May 1, 2020, 3:24 am
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--- Quote from: Jus-Quin-Time link ---
>
> So Quinky, you advocate patience and give the club some slack
whilst they work things through toward a solution. I understand
and can go along with that.
>
> However there is a deadline just 4 weeks away and as it
approaches I sense frustration will begin to bubble up. A
simple note from the club that acknowledges members concern
would dissipate all the angst.
>
> Enough from me on this now I think. If nothing is forthcoming
by the 9th May I will send a gentle letter into the club.
Hopefully it won't come to that though.
>
>
>
--- End Quote ---
"P" for pianissimo?
#Post#: 42574--------------------------------------------------
Re: Debt for Equity swap?
DIR By: AlbyS
Date: May 1, 2020, 3:42 pm
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The point from my previous past is not about when rugby will
recommence, I agree that the risk of infection whilst playing
(especially in the scrum) will mean that local clubs will be
restricted from playing in the same way as the professional
clubs.
The difference is that the local clubs do not rely on TV
revenues, and to a lesser extent food and drink sales. It is far
easier to socially distance when the crowd is <100 and there is
not the financial outlay for a season ticket.
I think that adds up to a lower uptake in season tickets until
we get some clarity from the club
#Post#: 42601--------------------------------------------------
Re: Debt for Equity swap?
DIR By: Yareet
Date: May 2, 2020, 7:05 am
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--- Quote from: AlbyS link ---
>
>
> The difference is that the local clubs do not rely on TV
revenues, and to a lesser extent food and drink sales. It is far
easier to socially distance when the crowd is <100 and there is
not the financial outlay for a season ticket.
>
>
--- End Quote ---
Small point but there is financial outlay for membership
fees/annual subs.
#Post#: 42620--------------------------------------------------
Re: Debt for Equity swap?
DIR By: Perdita
Date: May 3, 2020, 2:18 am
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One of my group contacted the club to say "Unusual times, might
be worth considering the idea just posted on the Comeallwithin
board:
HTML https://comeallwithin.createaforum.com/general-discussion/debt-for-equity-swap/
10 of us are sat on the fence at the moment re next year, if
Quins took this idea seriously we'd sign up for next season
immediately!
We've been season ticket holders for 22 years, but feel less and
less valued by many actions that alienate the majority from the
debenture set."
The response below sadly rejects the idea of a debt for equity
swap for the time being. Very shortsighted as the NPV of 30
years g'teed season tickets (should fans be converted to
shareholders) must be massive!! Anyway, good to see the Head of
Supporter and Club Engagement reading Comeallwithin!
RESPOSE
"Thank you for your email which I have made Laurie aware of.
I have taken a read through the Come All Within Forum and the
suggestion made. This is not something we as a Club are
currently considering, however I did pick up a couple of other
important points being made regarding communication, which is
something I will be taking on board.
The Club has issued some emails already to our Members about the
latest situation, and the need for our Members to support the
Club at this critical time as we face some very difficult
financial challenges. However I will be discussing with my
colleagues about another update being sent out soon. As a couple
of Members mentioned in the thread, there is not much clarity
across the country, let alone in the sporting world, however
this may of course change as we get closer to the 9th June
renewal deadline.
Regarding refunds for the 2019/20 season. At this stage, the
Gallagher Premiership has seen the postponement of matches only.
Tickets and therefore Memberships for these matches will still
be valid for the re-arranged matches.
Should the matches be cancelled (or played behind closed doors),
the Club will contact all Members and ticket buyers to give the
option of a refund for the relevant events depending on the
number of rearranged matches they are unable to attend. Members
will also have to option to sell using the free ticket resale
website."
Come on Quins, make us all owners!!
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