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hogesar

New Board Director Confirmed - Mark Attanasio

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19 minutes ago, hogesar said:

 

Come on, you know these people. They'll either pretend they never said anything of the sort or make up some narrative so they can assure themselves they were right anyway. 😀

Well, we have already had what for my money is the unchallenged post of the year. From - I think - KennyFoggo, or perhaps it was KenFoggo. Either way, apologies to which ever one it wasn't.

When the news broke back in May there was this odd silence from quite a few usually very voluble posters. The kind of silence from certain posters when we win a game (as this week, as it happens), but much more pronounced.

You could almost hear brains whirring round trying to find something critical to say about S&J when the usual complaints about train sets and dolls' houses and nephews and never listening to offers and never selling seemed to have been quite exploded.

But finally something sparked with one of the Foggos, who posted: "This just shows there were buyers out there all the time."

Bravo!

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2 hours ago, Diane said:

Anyone joining me at this meeting, if so mines an orange & lemonade😀

See you there Diane.

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It's iffy at the moment if the Brewers even make the MLB playoffs, despite being pretty good, and even if they do I doubt they'll go all that far. So Attanasio should be "free" by early-to-mid October. Perhaps he's thinking of spending significant time in Norwich at that point to be more involved in his new project?

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5 minutes ago, NorthCarolinaYellow said:

It's iffy at the moment if the Brewers even make the MLB playoffs, despite being pretty good, and even if they do I doubt they'll go all that far. So Attanasio should be "free" by early-to-mid October. Perhaps he's thinking of spending significant time in Norwich at that point to be more involved in his new project?

Would make sense initially at least as his team back at the Brewers are experienced at running it well. I think he'll want to get to know the inner workings of the project as it is.

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10 hours ago, chicken said:

Someone will have to enlighten me with knowledge that I don't have here, but is it possible to send someone to board meetings in your stead? Or could he attend remotely? 

Yes you can attend a board meeting remotely, I'm sure that can be accommodated.

I'm not sure how common it is to send a representative on an ad hoc basis, but I think having somebody sit on a board as a proxy is pretty normal, e.g. him owning the shares but his son taking the place on the board, thing is he hasn't done that has he... he's become a director. 

Can't see why in this day and age with conferencing etc he can't do board meetings remotely, and this isn't uncommon.

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On 19/08/2022 at 18:27, NorthCarolinaYellow said:

Three thoughts:

 

1. The Milwaukee Brewers are one of the best run professional sports teams in the US.

2. Broadly, we have to embrace this. It's a good thing. It's our best possible chance of a transition away from Delia and Michael and a chance at upward mobility.

3. Soccer is truly taking off in the US. Numerous high schools around me have had to cancel American football seasons/teams in recent years as parents are rightfully terrified of the long-term head trauma. Overall, I believe there's huge potential for Norwich to attract a lot of interest Stateside—it's a very appealing club to an American as I can attest to!!

And if Sargent ends up scoring goals in the PL for us,  could definitely help that appeal of Norwich to U.S fans

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On 19/08/2022 at 16:35, TIL 1010 said:

Diane is a shareholder and the released statement says because the meeting will be short with only one resolution shareholders are encouraged to vote by proxy. Says nothing about shareholders not being able to attend. Actually i question that having called a GM of shareholders you can turn them away from the meeting legally.

That wasn't my point. I just meant that if it's current directors only then Attanasio won't be there. 

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On 19/08/2022 at 16:37, Diane said:

I am a shareholder ??

That wasn't my point. I just meant that if it's current directors only then Attanasio won't be there. 

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On 19/08/2022 at 18:44, WD40 said:

Welcome, welcome, welcome!

🎶 Attanasio, he’s magic, you knooooow! 🎶

Delia Out. 

Delia's the majority shareholder at present, so Attanasio's increased involvement/takeover is clearly her active wish for the betterment of the club, so no need for stupid spiteful comments from oiks like yourself. 

Edited by littleyellowbirdie
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Just got my shareholder letter. One thing we're voting for is creating shares to the value of 10m. Im guessing that's his investment. As well as buying the foulger shares. Obviously that's just my guess. I'm sure things will be confirmed soon 

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On 20/08/2022 at 16:35, PurpleCanary said:

Well, we have already had what for my money is the unchallenged post of the year. From - I think - KennyFoggo, or perhaps it was KenFoggo. Either way, apologies to which ever one it wasn't.

When the news broke back in May there was this odd silence from quite a few usually very voluble posters. The kind of silence from certain posters when we win a game (as this week, as it happens), but much more pronounced.

You could almost hear brains whirring round trying to find something critical to say about S&J when the usual complaints about train sets and dolls' houses and nephews and never listening to offers and never selling seemed to have been quite exploded.

But finally something sparked with one of the Foggos, who posted: "This just shows there were buyers out there all the time."

Bravo!

Maybe I'm missing something but I don't see how another shareholder selling his shares explodes the idea they don't listen to offers?

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Got my letter.

Anyone on here who can summarise it in layman's terms I am sure would be greatly appreciated.

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On 19/08/2022 at 17:36, A Load of Squit said:
If you're a shareholder, the plan will be to vote in advance and not turn up. MA won’t be there either!
 
Looks like no-one will be casting an eye over the new director.

I confidently predict that at some future point when things are not going well at the club (for instance, after taking 1 point from 3 games) there will be a number of unhappy posters who complain that Attanasio rarely shows up at games, unlike when Delia and Michael were in charge. 

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1 minute ago, ricardo said:

Got my letter.

Anyone on here who can summarise it in layman's terms I am sure would be greatly appreciated.

I've read mine but as I don't really speak the weird language that these documents are written in can I add to this;

What is the difference between A,B & C preference shares?

Why are the £10m new shares C preference (if this is answered in my first question then TIA)?

 

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4 minutes ago, king canary said:

Maybe I'm missing something but I don't see how another shareholder selling his shares explodes the idea they don't listen to offers?

Probably the fact they've clearly spoken with them, invited them all to attend a match at Carrow Road, eaten a meal with them, are now going to offer them a seat on the board and on top of that, create new shares to enable him to invest further.

And on top of that, a lot of work identifying Attanasio as a potential investor as well as a purchaser of Foulgers shares has been done by employees of the club, which only further reinforces that...

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8 minutes ago, hogesar said:

Probably the fact they've clearly spoken with them, invited them all to attend a match at Carrow Road, eaten a meal with them, are now going to offer them a seat on the board and on top of that, create new shares to enable him to invest further.

And on top of that, a lot of work identifying Attanasio as a potential investor as well as a purchaser of Foulgers shares has been done by employees of the club, which only further reinforces that...

Sorry, been ill this weekend and not paying so much attention, where has the news that he's buying new shares also coming from?

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6 minutes ago, king canary said:

Sorry, been ill this weekend and not paying so much attention, where has the news that he's buying new shares also coming from?

From the announcement of a General Meeting where the proposal to issue  ten million C preference shares is to be discussed. I expect he is the prospective buyer.

Edited by ricardo
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1 hour ago, The Raptor said:

Just got my shareholder letter. One thing we're voting for is creating shares to the value of 10m. Im guessing that's his investment. As well as buying the foulger shares. Obviously that's just my guess. I'm sure things will be confirmed soon 

Will be interesting to see if this means D&M are accepting their share dipping below the 50% mark or whether they somehow fiddle it so they still retain just over 50%.

By my calculations if Attanasio buys Foulger's shares and another £10m of newly issued shares at £100 a share then his holding will be somewhere in the region of 26% and it would take D&M down to circa 46%.

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Well to me personally, when Mark Attansio is awarded the privilege to sit alongside our current Majority Shareholding Duo at a home game. I'll then be confident that things are looking up.... 

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38 minutes ago, king canary said:

Maybe I'm missing something but I don't see how another shareholder selling his shares explodes the idea they don't listen to offers?

I suppose if they are facilitating the issue of the new shares then it does show they are not blocking this offer/opportunity although the devil is in the detail.

It's also of course only the case that this is happening because Foulger said he was selling up and not because they have listened to/accepted an outside offer. 

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Very interesting about the C preference shares.

I stand to be corrected but I think they give you preferential rights to dividends but not voting rights?

 

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1 minute ago, Jim Smith said:

Very interesting about the C preference shares.

I stand to be corrected but I think they give you preferential rights to dividends but not voting rights?

 

Which, a cynic might point out, would fit with the current owners not being prepared to surrender or allow dilution of their control!

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5 minutes ago, Jim Smith said:

Very interesting about the C preference shares.

I stand to be corrected but I think they give you preferential rights to dividends but not voting rights?

 

I think this is correct. Only Ordinary shares have voting rights.

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Looks like the C preference shares bring a right to 7% interest payable as dividends in certain circumstances but as speculated above no voting rights. So this appears to be a way of getting "investment" into the club without D&M giving up any control (indeed the % shareholdings of ordinary shares stay the same MA just replaces Foulger) which is no doubt why its all taken such a long time to settle on a mechanism that would get past the owners of the train set. 

Still at least he has a foot in the door if he also buys Foulger's holdings, a vested interest in us doing well, it brings a bit of money into the club and its new expertise on the board. 

Edited by Jim Smith

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19 minutes ago, Jim Smith said:

Very interesting about the C preference shares.

I stand to be corrected but I think they give you preferential rights to dividends but not voting rights?

 

That is correct Jim. It says so on page 5 of the booklet "Company limited by shares". These C shares attract a 7% dividend. More than A Preference shares.

Edit. Snap. Posted at same time. Conclusion also the same. 

Edited by sonyc

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1 minute ago, sonyc said:

That is correct Jim. It says so on page 5 of the booklet "Company limited by shares". These C shares attract a 7% dividend. More than A Preference shares.

So if he takes it does that mean he's entitled to a £700K dividend per annum (although presumably only where we are in profit)?

 

 

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12 minutes ago, Jim Smith said:

So if he takes it does that mean he's entitled to a £700K dividend per annum (although presumably only where we are in profit)?

 

 

That's my reading of it yes. A nice sweetener that makes it worth the effort but also the C status (to me) feels still a little cautious (but nevertheless also an elegant) way of inviting a newcomer in, see how they and everyone else feels about working together. It provides for inward investment and a return (esp as you say if Foulger's shares are also bought). For all that, it's more than a "foot in the door" I think.

Edited by sonyc
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£10m loosely ties in with the purchase of Sara and Nunez so has been on the cards for a few weeks?

He may not have voting rights but has a place on the board, so a good trade off.

Heading in the right direction, just needs to be faster now please!

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1 hour ago, ricardo said:

From the announcement of a General Meeting where the proposal to issue  ten million C preference shares is to be discussed. I expect he is the prospective buyer.

I haven't seen the wording of this and stand to be corrected, but the resolution may be to create 10m C preference shares with a nominal value of £1 per share. If that is right it doesn't mean all 10m will be bought and it certainly doesn't mean they will be bought at £1 a share.

There are already 1m ordinary shares that can be issued and they have a nominal value of £1 but it is unlikely they would be sold at as low a price as £1.

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