PB Posted August 17, 2006 Share Posted August 17, 2006 he could run it as a PLC with his 58ish%? I dont think he could in the manner in which he intends I am sure there are rules about investing in PLCs that would restrict his plans Link to comment Share on other sites More sharing options...
kkr Posted August 17, 2006 Share Posted August 17, 2006 he could run it as a PLC with his 58ish%? I think thats right, he would be the majority shareholder and he will negociate with the shareholders in order to buy their shares if he doesnt reach the 75% by the deadline right? Link to comment Share on other sites More sharing options...
dhatfield Posted August 17, 2006 Share Posted August 17, 2006 Ok so I understood all of that Richard.......can you or anyone answer me this..... I own 100 shares and am fully behind the Randy Lerner bid..... 1) Can I sell him 99 of my 100 shares. 2) If he gets more than 75% but less than 90% and the club delists then does that 1 share give me the right to attend shareholder meetings? As it happens when my offer docs arrive I'll probably sell the 100 anyhow, but I'd still like to know if anyone can help......hope that all makes sense!! I think once the club goes private again there will be no more shareholders meetings so to speak Actually I know the answer thinking about it........they held shareholder meetings prior to becoming a PLC and all Ltd Co's have shareholders meetings, so I have to disagree Totti, unless they get to the 90% plus Link to comment Share on other sites More sharing options...
TOTTI-THE-GOD Posted August 17, 2006 Share Posted August 17, 2006 I'll be honest Hatfield this thread went over my head about 2 pages ago :oops: Link to comment Share on other sites More sharing options...
ianrobo1 Posted August 17, 2006 Share Posted August 17, 2006 he could run it as a PLC with his 58ish%? Ellis did with 33% .... But like any owner he does not want the hassle of any other shareholders. He is used to being his own man so the only thing you have to ask is whether you trust him Link to comment Share on other sites More sharing options...
ianrobo1 Posted August 17, 2006 Share Posted August 17, 2006 Ok so I understood all of that Richard.......can you or anyone answer me this..... I own 100 shares and am fully behind the Randy Lerner bid..... 1) Can I sell him 99 of my 100 shares. 2) If he gets more than 75% but less than 90% and the club delists then does that 1 share give me the right to attend shareholder meetings? As it happens when my offer docs arrive I'll probably sell the 100 anyhow, but I'd still like to know if anyone can help......hope that all makes sense!! No.1 - yes there is a box at the top asking how many you would like to sell, I am selling 321 of my 322 No.2 as a delisted company you have less rules on wwhen an AGM is needed butt yes you could attend However wiith the consulations and plans I think Lerner has the need for AGM may be irrelevant. Link to comment Share on other sites More sharing options...
dhatfield Posted August 17, 2006 Share Posted August 17, 2006 thanks Ian Link to comment Share on other sites More sharing options...
Denis_B Posted August 17, 2006 Share Posted August 17, 2006 If Lerner is investing £100m+ he wants to make sure he gets the profits and does not have to pay money out in dividends to shareholders. Thats as I understand it, if we are still a PLC he is restricted and won't put HIS money in to divide up with shareholders. Link to comment Share on other sites More sharing options...
villafan306 Posted August 17, 2006 Share Posted August 17, 2006 Ok simple question , what if Randy doesnt get the 75% required to make the club a PLC no more ?? He will. Whether or not he gets them in the next 21 days is a possible question mark but rest assured he will get the required 17% of shares to make up 75%. Once he has bought out Ellis and Petchey all those waiting for a bigger offer from AV06 will sell as one is not forthcoming. A number of fans will sell the majority of their shares (all but one in most cases) anyway and so he may even have the extra 17% by next Wednesday! Link to comment Share on other sites More sharing options...
sm Posted August 17, 2006 Share Posted August 17, 2006 Is there anyway of knowing how many he has got? Basically, does he have to declare it? I have no shares but am very interested. Link to comment Share on other sites More sharing options...
trigger Posted August 17, 2006 Share Posted August 17, 2006 Just a quick question, say there are no more bids and on wednesday he picks up the 58% and after the 21 days is up he hasn't got the full 75% then what surely if he hasn't had the answers back from some he can re offer? i'm not sure he's gonna just walk away is he? Link to comment Share on other sites More sharing options...
Demitri_C Posted August 17, 2006 Share Posted August 17, 2006 the same questions are getting asked and answered. maybe we should do a sticky to answer them questions? Link to comment Share on other sites More sharing options...
sm Posted August 17, 2006 Share Posted August 17, 2006 the same questions are getting asked and answered. maybe we should do a sticky to answer them questions? Good idea - I haven't got time to skim 400 pages. No broadband here in Norfolk you know, well at least in my village. :cry: Link to comment Share on other sites More sharing options...
Morley_crosses_to_Withe Posted August 17, 2006 Share Posted August 17, 2006 I wrote about this in another thread (it's also on the front page), but, reading it back, I realise it may have sounded slightly alarming. :oops: So, to clarify... When Randy gets over 50% of the club, control could effectively pass to him. At this point, he could make his offer unconditional. At this moment in time, a shareholder can... Accept his offer now and receive a lovely £5.47 per share; or they can hold on to the shares and potentially succumb to reduced liquidity (due to delisting at the 75% level); OR face a compulsory purchase (at the 90% level). If he makes his offer unconditional, you accept it, or risk the a delisting/compulsory purchase. Also, up to a certain amount of time, the club can release revised information about it's financial state - and with which, the bidder can revise it's terms. Because of this, shareholders still have a certain amount of time to withdraw their acceptances until the offer becomes unconditional as to acceptances. When it becomes undconditional to acceptances, the takeover WILL go through. It must be delared UtoA by the 60th day of the bid document being received. After this time, his offer to YOU will lapse, this is one of the reasons why it is important to accept NOW. Lerner seems to be seeking 90% acceptances before making the offer unconditional to acceptances OR (and this is important) he must have acquired or agreed to acquire 50% of the company. Now remember, Ellis and Co count as acceptances. Also, due to their irrevocable undertaking, Ellis and Co have basically ALREADY accepted - all we need now is for them to sell. Randy gets >50% and BINGO! We can all get Randy. Link to comment Share on other sites More sharing options...
Morley_crosses_to_Withe Posted August 17, 2006 Share Posted August 17, 2006 Just a quick question, say there are no more bids and on wednesday he picks up the 58% and after the 21 days is up he hasn't got the full 75% then what surely if he hasn't had the answers back from some he can re offer? i'm not sure he's gonna just walk away is he? No mate. Read above. :winkold: Link to comment Share on other sites More sharing options...
sm Posted August 17, 2006 Share Posted August 17, 2006 Thanks for the explanation. Come on Randy!!! Link to comment Share on other sites More sharing options...
holtey Posted August 17, 2006 Share Posted August 17, 2006 the same questions are getting asked and answered. maybe we should do a sticky to answer them questions? Good idea - I haven't got time to skim 400 pages. No broadband here in Norfolk you know, well at least in my village. :cry: surprised they`ve got time to go online in you`re neck of the woods with all the inbreeding going on my dear boy Link to comment Share on other sites More sharing options...
Hughes Posted August 17, 2006 Share Posted August 17, 2006 Now remember, Ellis and Co count as acceptances. Also, due to their irrevocable undertaking, Ellis and Co have basically ALREADY accepted - all we need now is for them to sell. Not quite right as Ellis and co's undertakings will be null and void if a bid or more than 5% more than Lerner is recommended by the board, cf. offer item 2 second last para. I think that we could see a bid which fulfils the former, but which will be rejected by the board because the bid in totality in not better. Link to comment Share on other sites More sharing options...
Grogan_Avfc Posted August 17, 2006 Share Posted August 17, 2006 I can't believe this thread has grown nearly 100 pages in a week! Link to comment Share on other sites More sharing options...
jimmygreaves Posted August 17, 2006 Share Posted August 17, 2006 I can't believe this thread has grown nearly 100 pages in a week! It's been a pretty big week! Link to comment Share on other sites More sharing options...
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