Various: N-O has lost the plot over potential end of Mike Ashley's tenure

[Dr Jinx]

Was the article in the Times that Caulkin did with Staveley ever posted up in full here?

[PRL]

Hmmmm... When wire transfers are used hundreds of millions of dollars can be transferred in seconds between accounts. I’ve seen this with amounts of $100m+ on multiple occasions so I’m really unsure what the several days piece is all about. Maybe that it’s shariah to western bank causes a delay as they operate on different platforms, but certainly major US bank wires are pretty much instantaneous. Stating the obvious but commercial and retail banking are very different beasts.

[madras]

I work in a bank. hundreds of millions of pounds are transferred by Swift, not BACS or Faster payments. its not like sending £20 to your mate, hey its gone, yeah got it thanks!

 

If the Saudi tradition is not to announce something until its completed and paid for, then we have to wait the 2-5 working days a Swift payment can take to be made.

 

If the checks were only finished yesterday, and presuming payment was sent immedatiately, then 2-5 Working days is friday till Wednesday next week.

 

#chill

 

Aye, they also need to convert 80% of 300 million from Saudi currency to gbp. Possibly not available at the click of a finger. No concerns from me, the timeline seems to be moving along steadily and as expected.

Would the Saudis not hold that sort of cash in Dollars. Its how Oil is traded isn't it ?

[Infinitely Content]

Hmmmm... When wire transfers are used hundreds of millions of dollars can be transferred in seconds between accounts. I’ve seen this with amounts of $100m+ on multiple occasions so I’m really unsure what the several days piece is all about. Maybe that it’s shariah to western bank causes a delay as they operate on different platforms, but certainly major US bank wires are pretty much instantaneous. Stating the obvious but commercial and retail banking are very different beasts.

 

I heard swift is used for transactions of this size which takes no less than 2 days but often anywhere up to 5. And it might not be made instantly if they don’t have hundreds of millions of gdp on hand had need to convert currency first.

[Chris_R]

I work in a bank. hundreds of millions of pounds are transferred by Swift, not BACS or Faster payments. its not like sending £20 to your mate, hey its gone, yeah got it thanks!

 

If the Saudi tradition is not to announce something until its completed and paid for, then we have to wait the 2-5 working days a Swift payment can take to be made.

 

If the checks were only finished yesterday, and presuming payment was sent immedatiately, then 2-5 Working days is friday till Wednesday next week.

 

#chill

 

Whilst I know what you say is true, it's crazy that Swift is still used. I know some banks have switched to settling by new things like XRP which settle almost instantly and have done for the past couple of years, but I'm surprised these haven't taken off quicker.

[Infinitely Content]

I work in a bank. hundreds of millions of pounds are transferred by Swift, not BACS or Faster payments. its not like sending £20 to your mate, hey its gone, yeah got it thanks!

 

If the Saudi tradition is not to announce something until its completed and paid for, then we have to wait the 2-5 working days a Swift payment can take to be made.

 

If the checks were only finished yesterday, and presuming payment was sent immedatiately, then 2-5 Working days is friday till Wednesday next week.

 

#chill

 

Aye, they also need to convert 80% of 300 million from Saudi currency to gbp. Possibly not available at the click of a finger. No concerns from me, the timeline seems to be moving along steadily and as expected.

Would the Saudis not hold that sort of cash in Dollars. Its how Oil is traded isn't it ?

 

Perhaps, I’m not sure. I just figured if you’re transferring this amount of money, you’re going to want to convert it prior to avoid ridiculous charges? PIF owns Gulf International bank so presumably they would use whatever reserves of the currency the bank has or maybe look to Staveley? I don’t know tbh.

[PRL]

Hmmmm... When wire transfers are used hundreds of millions of dollars can be transferred in seconds between accounts. I’ve seen this with amounts of $100m+ on multiple occasions so I’m really unsure what the several days piece is all about. Maybe that it’s shariah to western bank causes a delay as they operate on different platforms, but certainly major US bank wires are pretty much instantaneous. Stating the obvious but commercial and retail banking are very different beasts.

 

I heard swift is used for transactions of this size which takes no less than 2 days but often anywhere up to 5. And it might not be made instantly if they don’t have hundreds of millions of gdp on hand had need to convert currency first.

 

I work in a firm where we take receipt of transfers as mentioned above. All use wire and all are done in minimal time with a wire reference issued from the sending bank allowing the receiving bank to locate immediately. I would also imagine the transaction will take place in USD, although if GBP then that again could possibly cause delay. I’d also think the funds would be lined up in escrow too. I just don’t see it being a multiple day job, but I may be wrong as I’m used to the US system and UK/international may be substantially different, it just feels unlikely that other developed banks would take so much longer.

[madras]

Hmmmm... When wire transfers are used hundreds of millions of dollars can be transferred in seconds between accounts. I’ve seen this with amounts of $100m+ on multiple occasions so I’m really unsure what the several days piece is all about. Maybe that it’s shariah to western bank causes a delay as they operate on different platforms, but certainly major US bank wires are pretty much instantaneous. Stating the obvious but commercial and retail banking are very different beasts.

 

I heard swift is used for transactions of this size which takes no less than 2 days but often anywhere up to 5. And it might not be made instantly if they don’t have hundreds of millions of gdp on hand had need to convert currency first.

 

I work in a firm where we take receipt of transfers as mentioned above. All use wire and all are done in minimal time with a wire reference issued from the sending bank allowing the receiving bank to locate immediately. I would also imagine the transaction will take place in USD, although if GBP then that again could possibly cause delay. I’d also think the funds would be lined up in escrow too. I just don’t see it being a multiple day job, but I may be wrong as I’m used to the US system and UK/international may be substantially different, it just feels unlikely that other developed banks would take so much longer.

Ive no idea how the system works but you'd think large internationtransfers of this kind would be subject to a few checks and I'd also doubt they are going to Ashley's current account so could be headed to more complicated accounts.

[bealios]

If they have signed a contract where completion is conditional on something happening (PL approval), then it is perfectly normal (in fact almost completely standard) to provide for 5-10 working days after getting notice that the condition has been satisfied to complete. I would guess it would be closer to 5 working days in this case to minimise the risk of leaks.

 

They will no doubt both have a confidentiality clause in the agreement which prevents any formal statement until after completion occurs.

 

Hopeful that the rumours are right that the condition was satisfied in the last few days, almost certain to be announced before next Wednesday if that's the case.

[Hudson]

Thought Ashley wanted Cash

[Infinitely Content]

Thought Ashley wanted Cash

 

A pretty water-tight statement if there ever was one.

[PRL]

Hmmmm... When wire transfers are used hundreds of millions of dollars can be transferred in seconds between accounts. I’ve seen this with amounts of $100m+ on multiple occasions so I’m really unsure what the several days piece is all about. Maybe that it’s shariah to western bank causes a delay as they operate on different platforms, but certainly major US bank wires are pretty much instantaneous. Stating the obvious but commercial and retail banking are very different beasts.

 

I heard swift is used for transactions of this size which takes no less than 2 days but often anywhere up to 5. And it might not be made instantly if they don’t have hundreds of millions of gdp on hand had need to convert currency first.

 

I work in a firm where we take receipt of transfers as mentioned above. All use wire and all are done in minimal time with a wire reference issued from the sending bank allowing the receiving bank to locate immediately. I would also imagine the transaction will take place in USD, although if GBP then that again could possibly cause delay. I’d also think the funds would be lined up in escrow too. I just don’t see it being a multiple day job, but I may be wrong as I’m used to the US system and UK/international may be substantially different, it just feels unlikely that other developed banks would take so much longer.

Ive no idea how the system works but you'd think large internationtransfers of this kind would be subject to a few checks and I'd also doubt they are going to Ashley's current account so could be headed to more complicated accounts.

 

Yup, you could be correct, and definitely won’t be going to a current account. There shouldn’t be a great deal of AML or KYC work to be done if it’s coming from a major bank though. This is all done when an account is open, they will use World Checker or something similar along with internal checks to set up the account, require copious amount of docs etc (not to say the system is infallible, it clearly isn’t), then when transfers are made there will be call backs between signatories and the bank, confirming instruction and dates etc. Once this is done the transfer should be possible in fairly short order. Again, this is a US-centric view, so maybe a more complex system insisting on using SWIFT internationally that I’m entirely unfamiliar with that RobS referenced.

[NG32]

Ashley wants cash, delivered in a denim briefcase.

 

 

 

 

Wants it placed by hand into those fuckin jeans bottomless pockets.

 

Brings a whole new meaning to "Trousering the money".

[SUPERTOON]

I can’t see there being no leaks of the prem checks being done though which is why I still don’t think they have passed them.

[bealios]

I can’t see there being no leaks of the prem checks being done though which is why I still don’t think they have passed them.

 

I did think that, but I wonder if the lockdown affects that? The only people who have been told will potentially be Ashley as seller and Staveley. Leaks tend to happen when people interact, and the more people that know something, the more chance of a leak. For example, the chances of Ashley being pissed up in the West End and telling someone over a pint must be reduced.

 

Also, it has kind of leaked, depending on how you look at the comments from people like Caulkin (who, based upon everything I know, doesn't seem to be the sort of journalist who would pretend to be certain on something to grab attention).

[SUPERTOON]

I can’t see there being no leaks of the prem checks being done though which is why I still don’t think they have passed them.

 

I did think that, but I wonder if the lockdown affects that? The only people who have been told will potentially be Ashley as seller and Staveley. Leaks tend to happen when people interact, and the more people that know something, the more chance of a leak. For example, the chances of Ashley being pissed up in the West End and telling someone over a pint must be reduced.

 

Also, it has kind of leaked, depending on how you look at the comments from people like Caulkin (who, based upon everything I know, doesn't seem to be the sort of journalist who would pretend to be certain on something to grab attention).

 

I thought from the caulkin comment the other day that it was done, but I just think we would have heard more by now if that was the case.

 

Just need an announcement because this is so frustrating and boring waiting for it.

[STM]

Fuck knows man. 

 

I'm hopeful that Caulkin will hint to the PL checks being completed and I'm also hopeful that both parties might release a statement once the red button has been pressed.

 

When buying a house, doesnt the solicitor hold the funds and transfer to the vendor? So in affect, once the contract is signed and the middle party gets the nod from the buyer. It's no longer in the buyers hands.

 

I'm sure if I was selling, my solicitor would tell me, "its sold, you will receive your money in 2-5 days." Not, "you will receive your money in 2-5 days, then its sold."

 

Basically, what I'm saying is, just because the money hasnt reached his account yet, doesnt mean it hasnt been sold.

 

Does that make sense?

[bealios]

Fuck knows man. 

 

I'm hopeful that Caulkin will hint to the PL checks being completed and I'm also hopeful that both parties might release a statement once the red button has been pressed.

 

When buying a house, doesnt the solicitor hold the funds and transfer to the vendor? So in affect, once the contract is signed and the middle party gets the nod from the buyer. It's no longer in the buyers hands.

 

I'm sure if I was selling, my solicitor would tell me, "its sold, you will receive your money in 2-5 days." Not, "you will receive your money in 2-5 days, then its sold."

 

Basically, what I'm saying is, just because the money hasnt reached his account yet, doesnt mean it hasnt been sold.

 

Does that make sense?

 

It does make sense, but the right answer is the second one, it will only be sold and transferred to the new owner after you get your money. If you were selling your house, you wouldn't transfer ownership until you know you definitely had the cash in your (solicitor's) account.

 

If it has been approved by PL, the delay is probably just draw down arrangements on the buy side, not the banking system (which as said above, can deal with same day transfers). If the majority of the funds are coming from PIF, there is probably a mechanism where to draw down they need to give a certain period of notice. Most funds work this way. I won't pretend to know the Saudi workings, but where you have a condition that might not be satisfied (PL approval) you wouldn't draw down the funds until you know it had been.

Also, remember the completion money is probably coming from three separate parties, so will involve a little extra admin.

[manorpark]

 

Also, remember the completion money is probably coming from three separate parties, so will involve a little extra admin.

 

I would have thought that Amanda ("PCP Capital Partners") will have this sorted.

 

The money would be passed to her (and she would run off with it . . . joke) and would then be paid over in one fat lump to the other fat lump.

[Carlito]

 

Also, remember the completion money is probably coming from three separate parties, so will involve a little extra admin.

 

I would have thought that Amanda ("PCP Capital Partners") will have this sorted.

 

The money would be passed to her (and she would run off with it . . . joke) and would then be paid over in one fat lump to the other fat lump.

 

Pretty much. Wouldn't the funds come from that JV company they set up to purchase the shares from?

[Armchair Pundit]

Christ on a bike, isn't this sorted yet?! Last day before the Saudi weekend isn't it? 

[STM]

Fuck knows man. 

 

I'm hopeful that Caulkin will hint to the PL checks being completed and I'm also hopeful that both parties might release a statement once the red button has been pressed.

 

When buying a house, doesnt the solicitor hold the funds and transfer to the vendor? So in affect, once the contract is signed and the middle party gets the nod from the buyer. It's no longer in the buyers hands.

 

I'm sure if I was selling, my solicitor would tell me, "its sold, you will receive your money in 2-5 days." Not, "you will receive your money in 2-5 days, then its sold."

 

Basically, what I'm saying is, just because the money hasnt reached his account yet, doesnt mean it hasnt been sold.

 

Does that make sense?

 

It does make sense, but the right answer is the second one, it will only be sold and transferred to the new owner after you get your money. If you were selling your house, you wouldn't transfer ownership until you know you definitely had the cash in your (solicitor's) account.

 

If it has been approved by PL, the delay is probably just draw down arrangements on the buy side, not the banking system (which as said above, can deal with same day transfers). If the majority of the funds are coming from PIF, there is probably a mechanism where to draw down they need to give a certain period of notice. Most funds work this way. I won't pretend to know the Saudi workings, but where you have a condition that might not be satisfied (PL approval) you wouldn't draw down the funds until you know it had been.

Also, remember the completion money is probably coming from three separate parties, so will involve a little extra admin.

 

Ah, it was the second solicitor, which I hadnt taken into account.

 

Still doesnt explain why when I bought my house the solicitors rang me in the morning to say that the deal would be complete on that day. It wasnt as though the money had been transferred specifically for it to happen that day, or that the money had reached the vendors that day.

 

Complicated business.

[gasman]

This should be done by now.

[AyeDubbleYoo]

This should be done by now.

 

Sorry.

[STM]

Christ on a bike, isn't this sorted yet?! Last day before the Saudi weekend isn't it? 

 

As said above. Its Staveley who is doing the business on behalf of the Saudis. Theres no way that their holidays or workdays will have any impact.