Senate hearing - Wednesday

[Bakkies]

I assume by transfer fee he means buying out the previous overseas contract?

He didn't exercise the second season option on his Toulon.

Cooper's new club can request a transfer from the Reds so the Reds have to pay for his employment as he has two seasons left on his deal. This happens in Football.

[Bakkies]

Sent out a line to TWAS

http://www.theroar.com.au/2017/12/03...ensland-plans/

[valzc]

The case is steadily growing I think to pressure ASIC into doing this investigation!

[GIGS20]

I assume by transfer fee he means buying out the previous overseas contract?

That makes more sense

[BLR]

Can we all agree now the Rebels/VRU are also the enemy?

[Bakkies]

That's been the case for a long time now

https://www.perthnow.com.au/sport/ru...-ng-b88678742z

[JSJ]

That's been the case for a long time now

https://www.perthnow.com.au/sport/ru...-ng-b88678742z

Details have surfaced in an email, obtained by The Sunday Times, that was sent from RA’s former legal counsel Richard Hawkins to VRU chairman Tim North.
It was sent on July 11, less than a month before RA closed the Force.

It was also addressed to RA chief executive Bill Pulver and head of professional rugby Anthony French.

Hawkins said a Deed of Amendment was needed for the put option for transferring ownership of the Rebels to the VRU because it “doesn’t quite work for what we are all contemplating here”.

http://www.abc.net.au/news/2017-08-0...to-vic/8779434
The ARU claimed to have been blindsided by the Rebels when news leaked of the ownership transfer on Friday night, however, Melbourne sources said the club tried twice that day to make contact.

[JSJ]

Documents lodged with ASIC by ISM on Friday reveal that Andrew Cox has relinquished control of the Melbourne Rebels, a development that blindsided the ARU.

The documents show ISM has transferred its shares for $1 to the Victorian Rugby Union, the same price he bought the franchise for in 2015, effectively giving the union a controlling stake in the franchise.

While it is believed the ARU would have had to approve a sale, Cox, Imperium Sports Management and the VRU appear to have found a loophole in that.

The ARU issued a statement on Friday night, confirming it had no knowledge of the documents or the decision until after the fact.

"The Australian Rugby Union (ARU) has tonight received confirmation from a third party that ownership of the Melbourne Rebels had transferred from Imperium Group to the Victorian Rugby Union (VRU)," it read.

"The Melbourne Rebels have an obligation under their Participation Deed to inform ARU of any change of ownership. To date, ARU has received no such communication from the Melbourne Rebels despite recent attempts to confirm their position.

"ARU is urgently seeking to confirm the terms on which this transfer occurred."


https://www.rugby.com.au/news/2017/0...ebels-vru-sale

[andrewM]

https://thewest.com.au/sport/rugby-u...-ng-b88679229z

Rugby Australia emails show Western Force didn’t stand a chance
Nick Taylor, Exclusive

Sunday, 3 December 2017 2:51PM
Australian Rugby Union CEO Bill Pulver appears before the Senate Inquiry into the future of rugby union in Australia in Perth.
Australian Rugby Union CEO Bill Pulver appears before the Senate Inquiry into the future of rugby union in Australia in Perth.Picture: Nic Ellis/The West Australian
Further evidence has emerged that Rugby Australia helped orchestrate the sale of the Melbourne Rebels to the Victorian Rugby Union, effectively signing the Western Force’s Super Rugby death warrant.
Details have surfaced in an email, obtained by The West Australian, that was sent from RA’s former legal counsel Richard Hawkins to VRU chairman Tim North.
It was sent on July 11, less than a month before RA closed the Force.
It was also addressed to RA chief executive Bill Pulver and head of professional rugby Anthony French.
Hawkins said a Deed of Amendment was needed for the put option for transferring ownership of the Rebels to the VRU because it “doesn’t quite work for what we are all contemplating here”.
The initial clause stated the date of completion must be no less than six months and no more than seven months after the date of the Exercise Notice.
But a letter to the VRU from Rebels owner, New Zealand businessman Andrew Cox’s Imperium Sports Management says: “We irrevocably exercise the put option granted to us under the Put Option Deed and require you to purchase the option shares from us on the terms and conditions set out in the Put Option Deed. In accordance with clause 2.3(a) of the Deed we specify (insert date) as the Completion Date.”
Cox used the put option and sold 11,625,000 Rebels shares to the VRU on August 4 for $1 – less than a month after the email was sent.

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It says: “In terms of other documents, our view is that we will need a Deed of Amendment for the put option as the mechanism it currently contains for transferring ownership of the Rebels to the VRU doesn’t work for what we are all contemplating here — see clause 2.3(a) of the put option for example.
“We can instruct (legal firm) Clayon Utz to draft the Deed of Amendment if you are happy with this?
“Otherwise, there is the Deed of Release between the Rebels, AC (Cox), PS (Peter Sidwell a member of Cox’s consortium) and the other unitholders which it looks like you have in hand.”
Pulver, Hawkins and North did not reply when asked for a comment.
The latest revelation comes after it was revealed last week that RA was brokering a deal to save the Rebels two months before the decision to axe the Force was announced.
Another email shows Pulver was discussing the deal to transfer the Rebels licence from Cox to the VRU in June this year. Pulver denied any involvement in the subsequent transfer of the Rebels licence.

[Moz]

Sent out a line to TWAS

http://www.theroar.com.au/2017/12/03...ensland-plans/

Bakkies, I admire your stamina...I don't know how you can do it! I really can't be bothered with The Roar comments any more. I like some of their articles, but the comments are too much!

[andrewM]

I do remember that Wayne Smith alleged the day after the announcement that Cox had transferred ownership of the Rebels that the ARU were involved but I cannot find the reference online. Wonder if it was pulled?

[lou]

I don't remember them saying that, my recollection was that they said they had not been advised of the deal, then they said they were waiting to hear of the details of the deal. All obviously lies since their lawyer (Hawkins of the ARU) had arranged for the Deed of Amendment so that the Put option could be exercised by Cox within a short time frame (before the Rebels became insolvent - imo)

[lou]

And of course, both Pulver and Clyne said in their statement to the Senate words to the effect that it could have been the Rebels or Force that would close , right up to the 11th hour - when in fact, the ARU was actively working to ensure the Rebels were saved - well that's how I read it. Contemptable in anyones language. I guess if the Senate does nothing, it's a clear message to corporate Australia to lie through your teeth, nothing will come of it. -and with the next banking inquiry coming up, that's good information to know

[JSJ]

I don't remember them saying that, my recollection was that they said they had not been advised of the deal, then they said they were waiting to hear of the details of the deal. All obviously lies since their lawyer (Hawkins of the ARU) had arranged for the Deed of Amendment so that the Put option could be exercised by Cox within a short time frame (before the Rebels became insolvent - imo)

Documents lodged with ASIC by ISM on Friday reveal that Andrew Cox has relinquished control of the Melbourne Rebels, a development that blindsided the ARU.

The documents show ISM has transferred its shares for $1 to the Victorian Rugby Union, the same price he bought the franchise for in 2015, effectively giving the union a controlling stake in the franchise.

While it is believed the ARU would have had to approve a sale, Cox, Imperium Sports Management and the VRU appear to have found a loophole in that.

The ARU issued a statement on Friday night, confirming it had no knowledge of the documents or the decision until after the fact.

"The Australian Rugby Union (ARU) has tonight received confirmation from a third party that ownership of the Melbourne Rebels had transferred from Imperium Group to the Victorian Rugby Union (VRU)," it read.

"The Melbourne Rebels have an obligation under their Participation Deed to inform ARU of any change of ownership. To date, ARU has received no such communication from the Melbourne Rebels despite recent attempts to confirm their position.

"ARU is urgently seeking to confirm the terms on which this transfer occurred."


https://www.rugby.com.au/news/2017/0...ebels-vru-sale

[mothy]

Just emailed Oliver Peterson he will be talking about it sometime tomorrow on his program possibly after 4pm he emailed me back.