Lies from the Hoboman

[Bounce Bouncer]

"THE size of the financial black hole into which Hearts are staring has been made plain by the club's auditors in their report on the annual accounts. Commenting on figures which saw Hearts' debt rise to £36.25million, Johnston Carmichael questioned the club's ability to keep going under its own steam.

Hearts are financed by their majority shareholder, Vladimir Romanov, through the Ukio Bankas group of which they are now part. However, looking purely at Heart of Midlothian plc rather than at the group as a whole, Johnston Carmichael highlighted the gulf between the company's record debt and its assets.

"The company incurred a net loss of £12.447m during the year ended 31 July 2007," the auditors wrote in their report to Hearts shareholders. "At that date, the company's liabilities exceeded its total assets by £24.891m.

"These conditions . . . indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern."

Given Romanov has an overwhelming majority of the shares, there is no doubt the accounts will be accepted at an agm on 18 April. The auditors' words, however, highlight the dangers to Hearts of being dependent on the fortunes of one man or company. Ukio may have wide-ranging interests in several countries, but it does not have a bottomless pit of cash. If its trading conditions become tougher, it may no longer be able to help Hearts out to the same extent – and the auditors' assessment is that Hearts are no longer able to help themselves"



Lies, lies and more damned lies from that Hobo infested newspaper at Holyrood. Vlad is indefatiguable

[Dr Shrink]

Originally Posted by Bounce Bouncer

"THE size of the financial black hole into which Hearts are staring has been made plain by the club's auditors in their report on the annual accounts. Commenting on figures which saw Hearts' debt rise to £36.25million, Johnston Carmichael questioned the club's ability to keep going under its own steam.

Hearts are financed by their majority shareholder, Vladimir Romanov, through the Ukio Bankas group of which they are now part. However, looking purely at Heart of Midlothian plc rather than at the group as a whole, Johnston Carmichael highlighted the gulf between the company's record debt and its assets.

"The company incurred a net loss of £12.447m during the year ended 31 July 2007," the auditors wrote in their report to Hearts shareholders. "At that date, the company's liabilities exceeded its total assets by £24.891m.

"These conditions . . . indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern."

Given Romanov has an overwhelming majority of the shares, there is no doubt the accounts will be accepted at an agm on 18 April. The auditors' words, however, highlight the dangers to Hearts of being dependent on the fortunes of one man or company. Ukio may have wide-ranging interests in several countries, but it does not have a bottomless pit of cash. If its trading conditions become tougher, it may no longer be able to help Hearts out to the same extent – and the auditors' assessment is that Hearts are no longer able to help themselves"



Lies, lies and more damned lies from that Hobo infested newspaper at Holyrood. Vlad is indefatiguable

Have you no sense of humour?
It's an April Fool obviously.

No problems with the big team.