
Ukio Bankas Shares
Edit / Update
13 November 2008
Ukio Bankas shares continue to plummet like the proverbial lead balloon.
They are down another third this week as the lovely graph shows -

Ukio Bankas shares plummet
Is it bad for Hearts? Who knows? I doubt that it can be good.
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Original Post
I haven’t done a “demise of hearts” post for a while so it’s about time. Plenty has gone on since the last one. There were rumours this week that Hearts were to go into administration on Wednesday 8th October. These rumours have the same source as similar ones that have appeared every couple of months recently and there is some basis in fact. The club were never likely to go into administration this week though.
Basically what happens is when Hearts don’t pay their bill, the company who is owed money starts legal proceedings and gets a court order to wind up the club. The court sends notice to Hearts advising that if they don’t pay the bill by whatever date, the administrators will be sent in. Inevitably, Hearts pay the bill at the last minute. It happened the last few times and it’ll happen this time.
There have been other Romanov related rumblings this week, not least the fact that Ukio Bankas shares are in freefall. Here is the graph from this week…

Ukio Bankas shares in freefall this week
And from one year ago…..

Ukio Bankas shares over last 12 months
It would appear that all is not well. What effect this will have on Heart of Midlothian is difficult to say. There have been big problems in paying staff at the club and other parts of the Romanov empire appear to have been affected too. Ukio Bankas sold 5.12% of it’s shares to Medicinos Bankas UAB on the 2nd of October, presumably to raise some ready cash. It doesn’t look such a great deal for Medicinos and certainly hasn’t steadied the share price.
Aluminium companies have suffered greatly on the stock exchange recently and we’ve yet to see the full extent of the fallout from that. Romanov owns a big aluminium plant in Bosnia which has been the cash cow of the Ukio empire and there was a report online that it was struggling just now although I’ve lost the link for the time being.
Hearts have put out a statement to the effect that everything is okay, nothing to see here. Just a few more “technical glitches” - aye right.
I spotted a George Foulkes photo caption thread the other day, some of the replies are pretty amusing.

George Foulkes - "I'm sorry, my friend, but I have absolutely no recollection of having assaulted you."
Or, alternatively….
“Oi fatty……gonnae stay there for a minute so I’m not the stupidest looking erse in this photo”
“For the final time, I don’t have a hip flask and ye canny have a nip.”
“Champions of Europe within 5 years, Meester Foulkes - I promise.”
This little nugget was posted on HMFCkickback today:
“UBIG has invested quite a bit of cash in the Republika Srpska part of Bosnia Herzegovina in recent years.
It backed the huge Birac alumina plant at Banja Luka, which a couple of weeks ago gave up 98% of its capital to cover bad debts. Birac has also lost around 80% of its share value in the past year (from 30 to 6) and recently laid off 245 workers.
UBIG also founded the Balkan Investment Bank in Banja Luka, which manages the Balkan Investment Fund. This has poured cash into a number of major businesses in that area.
Its biggest fund placements have been in the aforementioned stricken Birac plant plus a bauxite firm, metals company and Srpska Telekoms. All have lost at least 50% of their value in the past 12 months.
The credit crunch means nobody is giving any more loans to UBIG or UKIO, which invested heavily in the property market in the Baltics and Russia - just before these markets crashed.
UBIG and UKIO have backed loser after loser. Now that the credit has dried up, they are having to account for their losses.
In recent days UKIO’s shares (which have nosedived over the past three months) have been among the highest-traded on the Baltic exchange — suggesting that the company is spending a LOT of cash trying to prop up its value. Yet the price of UKIO shares is still falling.”