The firm announced that they are seeking clarification from Everton, with the assistance of the Shareholders Association, "on the exact details of the club's proposal to create and issue new shares."
“The last traded price we matched buyer and seller at is £3,500 per share," said Neil Blankstone, Director of Blankstone Sington. "With indications that the debt for equity may be priced at similar levels, we do not anticipate any material change.
“However, with in excess of 77% held by Farhad Moshiri's investment vehicle, if he reaches in excess of 90%, then he may be compelled to consider a full takeover.”
A statement read further: "Until further information has been attained about the deal, Blankstone Sington has suspended all attempts to match willing buyers and sellers for shares in the Company."
Reader Comments (16)
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1 Posted 24/12/2020 at 19:56:43
2 Posted 24/12/2020 at 20:43:01
I think once a majority shareholder exceeds a certain percentage, they can force the minority shareholders to sell to them and the proposed share issue may put this into play?
Maybe Paul the Esk can explain further?
3 Posted 24/12/2020 at 20:45:53
4 Posted 24/12/2020 at 21:24:26
5 Posted 24/12/2020 at 21:26:29
6 Posted 24/12/2020 at 21:52:00
I guess the purchase might be assumed, but I hope, at that share price, they can trace a few nice people who've inherited shares, and who've shoved them at the back of a drawer or something.
7 Posted 24/12/2020 at 22:22:18
8 Posted 25/12/2020 at 06:42:24
Merry Xmas mate and to all ToffeeWebbers. Which I also extend to Lyndon and Michael, and thanks them for providing the platform which we all enjoy throughout the season.
We all don't always agree, but as long as there are no verbal fisticuffs, that's good because at the end of the day we all share a mutual love of Everton Football Club.
9 Posted 25/12/2020 at 08:44:47
My guess is that there will be 100,000 shares at, at well, whatever price he thinks he can get away with, say £4,000 per share.
The new value of the Club will be then £400M... which makes a loan for Bramley-Moore Dock, covered by the new value of the Club... in theory.
10 Posted 25/12/2020 at 09:21:43
The club announced their intention to issue new shares to Farhad Moshiri through Blue Heaven Holdings Limited. The shares will represent up to £250 million reflecting his previous loans and his recent commitment to a further £50 million injection in November. As a result (including the November injection) at least £100 million will have been provided and up to £150 million of existing shareholder loans will be converted into shares. At a price of £3,000 a share Moshiri's shareholding in the club will increase to above 90% assuming he takes up the full placement offered. Moshiri continues to support the continued holdings of smaller shareholders and I am informed that intention will not change.
I would think that there is a legal technicality with the possibility of the 90% threshold being broken by Moshiri, therefore the Shareholder's Association is seeking clarification – that's my best guess at any rate.
11 Posted 25/12/2020 at 16:11:04
Like Andy @2 I own one solitary share bought about 4 years ago for £2,000 incl. commission to Blankstones. Also like Andy I don't want to sell even for £4,000. I never expected it to show a profit anyway!
Members of the Shareholders Association may know more about the likely change in value following the new share issue. I would have thought it more likely to decrease slightly, at least until Bramley-Moore Dock receives planning approval.
12 Posted 25/12/2020 at 17:52:28
13 Posted 26/12/2020 at 19:58:18
14 Posted 26/12/2020 at 23:14:11
Also, I think in meetings with the Shareholders Association, Farhad may have promised them that he would not threaten the position of the small shareholders (or given them some reassurance at least).
15 Posted 31/12/2020 at 12:47:58
16 Posted 04/01/2021 at 22:24:07
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