The Mail Bag
Do WE have to sell?
Comments (26)
As a very `small shareholder`, tonight`s news that Kenwright is on the verge of selling out to a `Middle East Consortium` has come as a bit of a shock. My humble holding has been in our family for nearly a century and is of particular sentimental value. Do I HAVE to sell?
As I understand it, Kenwright and his henchmen hold something over 50% of the equity and I assume that the reported £180M valuation covers only these shares and the debts the directors have accumulated whilst the club has been in their charge.
However, when Doug Ellis sold the Villa, ALL the shareholders were obliged to sell to Randy Lerner and I wonder if the same will apply here. Can someone provide some guidance, please?
Norman Willetts, Posted 10/10/2008 at 19:28:54
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When the company is a plc (i.e. listed) once the purchaser has reached a certain amount of shares he can compel the remaining shareholders to sell. The ownership needs to be around 90% of the shares available I believe.
I?m not sure if this is the case for private limited companies, I suspect not.
I?m not sure if this is the case for private limited companies, I suspect not.
I think Joel is right... Compulsary Purchase Order or something?
So this is the blog that everyone got excited about, even the local news North West tonight made it an ?exclusive? in tonight?s sports bulletin.
No wonder the stock markets are in a mess reacting to rumours and counter rumours. Lazy journalism as its best, damned deceitful lies at the worst. No sources, no details, no FACTS.
It is this type of journalism that creates much of the cynicism that is rife in society as a whole and not just on ToffeeWeb.
Everton ?seem? poised to be sold. Bill Kenwright, the Everton chairman, is flying off to meet an overseas buyer today which ?could? see the Merseyside club sold for a total value of about £180M. The deal is ?said? to be at an advanced stage. This would include taking over Everton?s debt of about £65M (£25M securitised debt and a £40M overdraft).
If the remaining £115M is paid for the club?s shares that would represent quite a premium on the club. When Robert Earle paid about £8M for 23% of the club more than two years ago, the shares were valued at about £40M. Since then, the club has selected a site for its new home although the public inquiry means no progress can be made until March 2009.
No wonder the stock markets are in a mess reacting to rumours and counter rumours. Lazy journalism as its best, damned deceitful lies at the worst. No sources, no details, no FACTS.
It is this type of journalism that creates much of the cynicism that is rife in society as a whole and not just on ToffeeWeb.
Everton ?seem? poised to be sold. Bill Kenwright, the Everton chairman, is flying off to meet an overseas buyer today which ?could? see the Merseyside club sold for a total value of about £180M. The deal is ?said? to be at an advanced stage. This would include taking over Everton?s debt of about £65M (£25M securitised debt and a £40M overdraft).
If the remaining £115M is paid for the club?s shares that would represent quite a premium on the club. When Robert Earle paid about £8M for 23% of the club more than two years ago, the shares were valued at about £40M. Since then, the club has selected a site for its new home although the public inquiry means no progress can be made until March 2009.
I am ??told? the buyer wanted assurances that there are good prospects of the new home being realised. He also wanted to be assured all the directors wanted to sell. Kenwright, who has been looking for a buyer for the club for sometime, was able to give that.
Although there has been speculation that the Indian billionaire Anil Ambani was interested, the buyer is not Ambani or any other Indian. This offer represents the first genuine bid for the club and if the talks progress well the club ?could? change hands quite soon. Indeed the Everton sale may go through earlier than Newcastle?s.
Oh Dear... some of our lot still going along on the BK Bullshit Express. Don't worry, Norm, this will be another smoke-and-mirrors ruse by Bill to get the Kirkby shambles up and running.
Oh, by the way... when was the exclusivity agreement with Tesco lifted???
Sky Sports have reported that Everton is not on the brink of sale. A spokesman for the club made the statement in the shape of a certain Ian Ross.... not known to tell the complete truth in the past. Watch this space.
John Mcmullan,
An Everton spokesman not being 100% straight with us???
Say it ain't so!!!
An Everton spokesman not being 100% straight with us???
Say it ain't so!!!
Dave Wilson
What ever was I thinking... sorry about that.
Must admit I was hoping that there was some truth in the rumour as we badly need a shot of feel good after what has been going on with our club lately. Even if only gave us something to talk about briefly from a positive point of view.
We cannot be any worse off than only having Kirkby to look forward to.
What ever was I thinking... sorry about that.
Must admit I was hoping that there was some truth in the rumour as we badly need a shot of feel good after what has been going on with our club lately. Even if only gave us something to talk about briefly from a positive point of view.
We cannot be any worse off than only having Kirkby to look forward to.
Within the next fortnight you will be reading about the takeover of BOTH clubs in the city.
It will also come to light that the reason that Mr Moyes hasn’t signed his contract is that our new potential owners don’t want him as manager. Davey boy is trying to get a clause written into the contract that will give him a substantial payout if he is dismissed. No wonder his contract is "still with the lawyers", they better be bloody good ones too Davey!
It will also come to light that the reason that Mr Moyes hasn’t signed his contract is that our new potential owners don’t want him as manager. Davey boy is trying to get a clause written into the contract that will give him a substantial payout if he is dismissed. No wonder his contract is "still with the lawyers", they better be bloody good ones too Davey!
Fans will be forced to sell their shares because it states that ’The working classes can fuck off’ in all contracts involving the mega rich and football.
Rob Hollis, good to see that an everyday Joe understands the complexities of legal language..... lol
There is no possible way Kenwright could give assurances about Kirkby while it remains in the hands of the government.
Eddie Cleary
What a load of bollocks about Moyes not signing because he wants a pay-out clause if he is dismissed. Anyone on a fixed-term contract who is dismissed without being in breach of contract (ie the new owners just don?t want him) will get their contract paid-up - ie receive the value of the term outstanding.
I suspect your assertion that both clubs will be sold this fortnight is of equal veracity.
What a load of bollocks about Moyes not signing because he wants a pay-out clause if he is dismissed. Anyone on a fixed-term contract who is dismissed without being in breach of contract (ie the new owners just don?t want him) will get their contract paid-up - ie receive the value of the term outstanding.
I suspect your assertion that both clubs will be sold this fortnight is of equal veracity.
Daft question, really. We didn?t have to sell when Johnson bought out the Moores family nor when Kenwright and Gregg took over. So why should we have to now? I?ve only got three shares but they would have to pay off my mortgage before I?ll let them go.
But it?s all bullshit, anyway!
But it?s all bullshit, anyway!
The credibility of this club must be at an all time low. Yet another, Kenwright?? inspired piece of crap? Ian Ross is a twonk! Who exactly is informing Bose about this? Who stands to gain? Why would anyone want to buy this club?
This is the first step in the move to a shared stadium. It WILL happen (and makes perfect sense to all but the fans).
In 20 years time, we?ll all wonder what the fuss was all about.
In 20 years time, we?ll all wonder what the fuss was all about.
I can tell you that Mihir Bose is incandescent with rage about this matter. He is adament that the information came from someone at the club over lunch yesterday!
Congratulation to those who have shown resilience beyond the call of duty.
Anyone who can actually finish reading an article by Mihir Bose deserves commendation.
I heard once that there was a bloke someplace who managed to listen to an entire report of his on Radio or TV without turning the sound off. I suspect however that he was deaf.
Anyone who can actually finish reading an article by Mihir Bose deserves commendation.
I heard once that there was a bloke someplace who managed to listen to an entire report of his on Radio or TV without turning the sound off. I suspect however that he was deaf.
Peter - Daft Question???? - Of course you didn't need to sell your shares when Johnson bought out the Moores family because he did precisely that. He bought the shares that the Moores family owned. These shares then were sold to BK and Gregg.
To assume ownership of a company (or football club in this case), you need to own a certain percentage ? majority of shares. You do not need to own 100% of the shares.
To assume ownership of a company (or football club in this case), you need to own a certain percentage ? majority of shares. You do not need to own 100% of the shares.
Mitchell Pariish,
Do you mean to say that on the day it was revealed that EFC had taken out a further £30m loan, somebody within the club planted a headline grabbing story with the BBC then denied it just hours later?
I just don?t see what the motivation for that could possibly be.
I would certainly never expect the custodians of our great club to use takeover/investment rumours as a "means to an end". They are far too honest and noble try to deflect attention from mismanagement or unpopular actions elsewhere by any such tawdry machinations.
Puzzled!
Do you mean to say that on the day it was revealed that EFC had taken out a further £30m loan, somebody within the club planted a headline grabbing story with the BBC then denied it just hours later?
I just don?t see what the motivation for that could possibly be.
I would certainly never expect the custodians of our great club to use takeover/investment rumours as a "means to an end". They are far too honest and noble try to deflect attention from mismanagement or unpopular actions elsewhere by any such tawdry machinations.
Puzzled!
The buyer usually allows small shareholders to keep the certificate to frame if they wish but don't hold your breath waiting for a buyer...
Norman, your shares are your property. A private company can?t put a compulsary purchase order on your shares. They can bully you but it?s a "FREE MARKET" (not that it exists), it?s your choice. If they bully you then you could end up with alot more cash than the shares are worth.
Anyway, I?m finished with football. I?m going to support HSBC instead. It?s all about money and finance. And they should get rid of their chairman so they can move up to the next level.
We don?t care what the Barclays say...
Anyway, I?m finished with football. I?m going to support HSBC instead. It?s all about money and finance. And they should get rid of their chairman so they can move up to the next level.
We don?t care what the Barclays say...
I?m sure once Glazier recieved a number of Man Utd shares, around 87% or thereabouts if I recall correctly, he then assumed total control of the company and could force the minority shareholders to sell to him.
I think there?s a little confusion. In the takeover of a plc there?s a compulsion for an offer to be made to buy all the shares after a certain point but there?s no obligation to sell anything. It?s to prevent small shareholders being left with worthless shares if the bidder has 99.999% of the holdings and complete control. If you want to keep it for sentimental reasons, you can.
I’ve got four bricks in the front wall of my house which came from the old Goodison Rd stand and a little pot of grass (the legal type) which came from the pitch at the same time. Will they make me sell them back?
Micky Norman wrote, "I?ve got four bricks in the front wall of my house which came from the old Goodison Rd stand and a little pot of grass (the legal type) which came from the pitch at the same time. Will they make me sell them back?"
I?m sure that many of the "Goodison is doomed and is falling down" brigade would buy back the bricks so the structural integrity can be maintained until the glorious move to Kirkby. Or perhaps you could donate the four bricks so that they can be incorporated into the Kirkbydome so that Bill Kenwright can show people pieces of our history. As opposed to 30 pieces of silver :0)
I?m sure that many of the "Goodison is doomed and is falling down" brigade would buy back the bricks so the structural integrity can be maintained until the glorious move to Kirkby. Or perhaps you could donate the four bricks so that they can be incorporated into the Kirkbydome so that Bill Kenwright can show people pieces of our history. As opposed to 30 pieces of silver :0)
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Perhaps that's a condition that could be set by the buyer(s). Will (he/she/they be happy with a controlling interest (>50%), leaving the myriad of troublesome minor shareholders in place... or will they demand total control?
Can they demand total control???
Interesting times we are living in right now.