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New Board Director Confirmed - Mark Attanasio

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12 minutes ago, hogesar said:

Bit harsh, Foulger was nothing but helpful for this club.

Really pleasing to see Attanasio is focussed initially on learning from two excellent football club owners.

I meant longer term when he gets their shares too. Agree Foulger was fine though. 

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1 hour ago, Midlands Yellow said:

I meant longer term when he gets their shares too. Agree Foulger was fine though. 

Foulger still will be fine as he is remaining on the board until May 2023.

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13 hours ago, Diane said:

I got lost with this thread after the shareholders meeting posts

So have the club actually confirmed which shareholdings Mark Attanasio  has bought in addition to the Foulgers family ones or if they haven't, will we find out at the AGM in Nov ?

No Diane as Purple has set out it is unlikely until the next Confirmation Statement return to Companies House is filed, unless they include it in the Post Balance Sheet events review within the Annual Financial Statements or report on it at the AGM. These transactions are "private" ones and in theory the club doesn't need to know about them unless they breach certain thresholds. The purchase of Foulger's shares breached 10%, but has if rather opaquely been reported on. However it only needs reporting in the Confirmation Statement, the other shareholding purchases are unlikely to have brought Attanasio's holding up to the next threshold of 30% so similarly no need for a public statement. 

In theory if all parties agree, the Club could report exactly what has happened, but I very much doubt they would see any benefit in disturbing the "quiet enjoyment" of those shareholders disposing of their shares. 

The next Confirmation Statement will probably be filed at the same time as the Annual Financial Starements are for administrative ease. This historically has been after the AGM they are laid before, so probably early December to meet Companies House deadline.

Even then in theory you can take advantage of filing delay exemptions, or just pay an administrative fine and delay for as long as you can keep the civil servants from phoning you up to find out what the filing delay is caused by (I have done this in the past due to confidential negotiations over takeovers etc., many companies quite happy to do this if they are under the radar of the media).

If you are a shareholder you can request a full statement now, but you probably need to employ a legal adviser to write that request to get the precise information you want as the club has many administrative get outs from having to provide a full statement.

But, bottom line, the information will be provided although you may never know how much has been paid to whom. 

On the latter I noted yesterday that The Athletic were still reporting Attanasio has only paid £2.5m for Foulger's shares. This makes no sense, as Attanasio's C Share conversion (as signed off at the recent GM), values the club at £100m (£10m of converted C shares will buy 10% of the club's ordinary shares - easy maths). So on that basis, Foulgers 15.6% shares was worth £15.6m. As said on here before, the £2.5m is probably the cost to Foulger of his shareholding, so I'll put this misreporting down to bad editing. Foulger is a businessman, there is no way he would accept such a short valuation.

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Shef's posting is probably all very accurate and true. What is dissapointing is that a Football Club that in the past has lived off its Community values at times of great strain and with a supporter base that did its utmost to help with the most extensive shareholder network in football seems to find it necessary and/or appropriate to behave in this very defensive and obstructive manner.

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1 hour ago, essex canary said:

Shef's posting is probably all very accurate and true. What is dissapointing is that a Football Club that in the past has lived off its Community values at times of great strain and with a supporter base that did its utmost to help with the most extensive shareholder network in football seems to find it necessary and/or appropriate to behave in this very defensive and obstructive manner.

You should have bought more shares Ethics , then someone might give a shoite about your opinion.....🤷‍♀️

Lets hear it from the Genius that is Ethics Canary, how does the Club keep you happy about its Values when your real agenda is not being respected......and be successful.  Or would you be happy being thanked for investing  in shares..that you can sell if you wish . Let someone else ' help' the club,not help themselves, like you do.

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1 hour ago, wcorkcanary said:

You should have bought more shares Ethics , then someone might give a shoite about your opinion.....🤷‍♀️

Lets hear it from the Genius that is Ethics Canary, how does the Club keep you happy about its Values when your real agenda is not being respected......and be successful.  Or would you be happy being thanked for investing  in shares..that you can sell if you wish . Let someone else ' help' the club,not help themselves, like you do.

Let's hope Mr. Attanasio and his colleagues do exactly that and have the good sense to remove themselves from the 7% gravy train that others have placed them on.

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1 minute ago, essex canary said:

Let's hope Mr. Attanasio and his colleagues do exactly that and have the good sense to remove themselves from the 7% gravy train that others have placed them on.

Yaaaaaawnio !!! So he shouldnt get any advantage, but with far less input, you should..ie season ticket in perpetuity. 

HYPOCRITE!!! 

 

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As a distraction from the on pitch issues...

The confirmation statement has been filed at Companies House.

It shows that Norfolk FB Holdings LLC is now the holder of 10m shiny new C Preference Shares. As I suspected way back, Mr Attanasio has used a coporate vehicle for the shareholding. Also as I suspected, Norfolk FB Holdings is a Delaware company.

Unfortunately, the question of who's and how many shares Mr Attanasio has aquired is still unanswered.

Boring, more technical stuff:

The Foulger/Attanasio shares can be considered "Schrödinger's shares" as the annual report says as at 29 September 2022, Mr Attanasio had bought them, but the confirmation statement as at 11 October 2022 says they haven't been transferred yet. The last transfer shown in the confirmation statement is on 8 September 2022, when Archant transferred 3,500 shares to (it appears) the Norwich City Supporters Society.

The allotment of shares form is still not filed.  The annual report says the C Shares were allotted prior to the accounts (29 September) and are included in the confirmation statement, the form is possibly overdue (you have one month to file it). Those eagle-eyed may spot an inconsistency: the C Shares are shown on the confirmation statement, but Mr Attanasio's ordinary shares are not. I can only conclude the club have deliberately not registered the transfer of the ordinary shares. Aside from secrecy (or incompetence), I have no idea why they would do this.

Finally, to show I'm still down with the meta - Smith and Jones probably transferred Zoe Webber 100 shares so she could be appointed to the board in March. Cue the outrage!

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There was a board meeting scheduled for the 29 September. In previous years the September transfers made the subsequent Confirmation Statement, which is always dated 11 October each year.

Odd, indeed!

 

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Of course the paperwork could all have been filed (why in separate missives though?) but Companies House is being slow to upload the documents and / or there was a query in the documentation?

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12 minutes ago, shefcanary said:

Of course the paperwork could all have been filed (why in separate missives though?) but Companies House is being slow to upload the documents

The civil service being slow and inefficient? Surely that would never be the case...

 

Hopefully things will be made a bit clearer at the AGM. Having said that I don't 100% understand it anyway and never will. The only thing I'm certain of is that I want to keep my shares as long as possible but that's mainly because I think it's cool owning a small part of something Ive supported all these years!

 

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7 minutes ago, The Raptor said:

The civil service being slow and inefficient? Surely that would never be the case...

 

Hopefully things will be made a bit clearer at the AGM. Having said that I don't 100% understand it anyway and never will. The only thing I'm certain of is that I want to keep my shares as long as possible but that's mainly because I think it's cool owning a small part of something Ive supported all these years!

 

My bad, apologies to the Civil Servants. I've looked at the filed documents and can see now that everything should have been included in that Confirmation Statement if the transfer of shares had been legally completed by 11 October.

If there was a delay it is firmly at the door of Attanasio's team and / or Foulger's. One suspects even in these modern times getting paperwork properly completed on share transfers is not as simple as applying some kind of electronic signature to an electronic document?

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One question finally resolved, Mr Attanasio paid £10m for the C Preference Shares i.e. the nominal amount. This is set out in the allotment of shares form filed at Companies House and made public today. The shares were allotted on 27 September.

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1 hour ago, MrBunce said:

One question finally resolved, Mr Attanasio paid £10m for the C Preference Shares i.e. the nominal amount. This is set out in the allotment of shares form filed at Companies House and made public today. The shares were allotted on 27 September.

Interesting that the shares were allocated on the 27 September, the same day as the last board meeting, yet the subsequent confirmation statement, produced on the 11 October, did not detail any other completed transfers at that meeting. Maybe there weren’t any, although that would seem highly unlikely… 

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26 minutes ago, GMF said:

Interesting that the shares were allocated on the 27 September, the same day as the last board meeting, yet the subsequent confirmation statement, produced on the 11 October, did not detail any other completed transfers at that meeting. Maybe there weren’t any, although that would seem highly unlikely… 

Hey @GMF, are you Trust guys the Norwich City Supporters Society Ltd? Does that mean you picked up 3500s share for £11,250?

Edited by BigFish
Ordinairies or A Shares

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2 hours ago, BigFish said:

Hey @GMF, are you Trust guys the Norwich City Supporters Society Ltd? Does that mean you picked up 3500s share for £11,250?

When they were formed back in 2002 by Roger Durrant and Mike Reynolds that was the name in the constitution. Using the term Society ( i stand to be corrected ) has something to do with being a non profit making organisation.

If you are correct @BigFishthat it relates to the Archant shares my maths work that out at around £3.20p a share.

Shouldn't be too long before essex turns up 😜

.

Edited by TIL 1010

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22 minutes ago, TIL 1010 said:

When they were formed back in 2002 by Roger Durrant and Mike Reynolds that was the name in the constitution. Using the term Society ( i stand to be corrected ) has something to do with being a non profit making organisation.

If you are correct @BigFishthat it relates to the Archant shares my maths work that out at around £3.20p a share.

Shouldn't be too long before essex turns up 😜

.

I can't comment on the transaction with Archant but the Canaries Trust is the Norwich City Supporters Society. It's called that because it's a mutual society (i.e. run for community benefit). Lots of clubs have similar such societies. You can find the details of the Canaries Trust on the FCA mutuals register. 

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35 minutes ago, TIL 1010 said:

When they were formed back in 2002 by Roger Durrant and Mike Reynolds that was the name in the constitution. Using the term Society ( i stand to be corrected ) has something to do with being a non profit making organisation.

If you are correct @BigFishthat it relates to the Archant shares my maths work that out at around £3.20p a share.

Shouldn't be too long before essex turns up 😜

.

On that basis then Attanasio can pick up the Club for around £2 million. No wonder he is interested. The way the Balance Sheet is going it could be a good idea.

 

On 02/11/2022 at 22:07, SwearyCanary said:

 

 

Edited by essex canary

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5 minutes ago, essex canary said:

On that basis then Attanasio can pick up the Club for around £2 million. No wonder he is interested. The way the Balance Sheet is going it could be a good idea.

 

 

Looking at it another way your 1000 shares are worth less than four grand.

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2 minutes ago, TIL 1010 said:

Looking at it another way your 1000 shares are worth less than four grand.

Excellent maths.

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31 minutes ago, TIL 1010 said:

Looking at it another way your 1000 shares are worth less than four grand.

On that basis I will have effectively paid for my tickets down the years with no interest element. Even worse for those who didn't make it that far in life.

If that is the case I wish I had left them in their ITV digital pickle. All the more so given the recent share dealings and Annual Report revelations.

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4 minutes ago, essex canary said:

On that basis I will have effectively paid for my tickets down the years with no interest element. Even worse for those who didn't make it that far in life.

If that is the case I wish I had left them in their ITV digital pickle. All the more so given the recent share dealings and Annual Report revelations.

You are very very sour.

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1 hour ago, essex canary said:

If that is the case I wish I had left them in their ITV digital pickle. All the more so given the recent share dealings and Annual Report revelations.

Further evidence, as if it were needed, that Delia didn’t “save the club”. 
 

Essex Canary did. And I for one am and will continue to be grateful. For life. 

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55 minutes ago, wcorkcanary said:

You are very very sour.

Difficult to know what contribution you make to Club funds?

If the Attanassio deal fails, the bail out would be equivalent to current paying season ticket holders - the highest in the Championship doubling their money for one season. Good luck with that. Perhaps even I will be persuaded in the end then again once bitten twice shy so will be happy for others to lead in that event.

 

 

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1 hour ago, essex canary said:

On that basis I will have effectively paid for my tickets down the years with no interest element. Even worse for those who didn't make it that far in life.

If that is the case I wish I had left them in their ITV digital pickle. All the more so given the recent share dealings and Annual Report revelations.

Oh, apologies. I've been reading your posts in the wrong this entire time.

I made the mistake of thinking you were a Norwich fan.

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8 hours ago, BigFish said:

Hey @GMF, are you Trust guys the Norwich City Supporters Society Ltd? Does that mean you picked up 3500s share for £11,250?

You dont need to answer now @GMF as looks like everyone has worked it out &  answered for you 🤣

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Does one share transaction affect all the share transactions? If so the trust were ripped off because I gave 60% of mine away....

 

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21 minutes ago, nutty nigel said:

Does one share transaction affect all the share transactions? If so the trust were ripped off because I gave 60% of mine away....

 

Nutty, if you mean does one transaction like this set a price for others it doesn’t, especially as this was a private deal not involving the club. And in this case I think the sellers were duty-bound to get as good a price as possible.

One possible oddity about the Attanasio purchase is that it may be the first time that Norwich City has sold shares with a nominal value of £1 at £1…🤓

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