Mark Attanasio

[essex canary 522]

4 hours ago, NewNestCarrow said:

Do you mean that Phillips never paid the AD joining fee (£25k) or that, literally, he never purchased any NCFC shares?

See answer to @GMF. I am unaware of any other joining fee though an Annual Report suggested he subsequently invested £25k in Bonds. It isn't clear whether that included the partner who is quoted alongside on the Colney listing board.

[essex canary 522]

5 hours ago, NewNestCarrow said:

The Annual Report says (p72):  "During September 2022 MA ...purchased a minority interest in the club. The transaction included the purchase of all shares held by MF along with some other minority holdings... MA was appointed as a Director ...effective from 12 September 2022"

So around end of August 2023 seems logical (transfer window closes on Sept 1st)

Taken literally "all shares held by MF" could be those held in his name only, while "other minority holdings" could be shares held by member of the Foulger family who are not called Michael!

Equally though could 'other minority holdings' refer to those outside the Foluger family with or without the 80,000 wider Foulger holding.

[Soldier on 173]

23 minutes ago, essex canary said:

Equally though could 'other minority holdings' refer to those outside the Foluger family with or without the 80,000 wider Foulger holding.

Think around the time of the acquisition John Tilsib identified several pockets of shares outside of Foulger that MA was likely to have targeted.

[CANARYKING 646]

Looking into a crystal ball I reckon in a years time this thread will still be ongoing and we’ll still have no clue what’s happening 

[essex canary 522]

On 07/06/2023 at 13:56, PurpleCanary said:

You may be referring to this post:

“I really am not an expert but I get the impression you may be ascribing to the Takeover Code/Panel more influence over the treatment of minority shareholders than is justified. The Code/Panel does insist that  if someone gets to 30 per cent then the subsequent manadatory offer to the minorities has to be at the highest price paid by the potential owner in the last 12 months.

“And the Code/Panel does have the power to approve or not approve any application by the potential owner to waive that otherwise mandatory offer.

"So the Code/Panel does get involved in the fairness or otherwise of the parts of the current offer within itself. But what you seem to want/expect is for the Code/Panel also to take into account historical factors and supposed inequalities and injustices that are not directly relevant to the current offer, and I doubt that is the case.”

To repeat, I am no expert, but to be clear I am not saying the Takeover Panel prioritises sentiment over its rules. It has a remit to protect minority shareholders in a takeover – hence the 30 per cent proviso - but it uses its rules to try to achieve that, based on the facts of the deal. And you still seem oblivious to what I believe is the truth of my last paragraph.

You have a valid point about what kind of deal minority shareholders will get, but then a poster here has been warning about that for a decade or more, ever since Delia said she would give the club away for nothing to the right person.

Every so often someone would demand that she did just that, only for this spoilsport poster to point out that it would sell minority shareholders right down the river. It happened so often I imagine they had the reply all ready on a save-string.

Finally it has turned into a real as opposed to a theoretical problem. Can’t for the life of me though remember who this Cassandra was…🤩

Perhaps the Club"s own Equality, Diversity and Inclusion Policy with it's clause that 

'The Board will take overall accountability for ensuring that the EDI policy is observed'

should ensure equality of treatment of minority shareholders? 

Then again the lack of updating of the Associate Directors Board at Carrow Road to include inheritor members and ensuring their integration on equal terms and conditions isn’t a good sign.

[rock bus 878]

Must admit, it is getting a bit concerning that we have heard nothing new on this for some time now. I'm surprised Webber didnt provide some sort of update in his end of season interviews.

Might be all about keeping cards close to chest as we enter negotiations on players but at moment doesnt seem like any significant investment (if there ever is one) is going to support a push for promotion this year.

[Soldier on 173]

46 minutes ago, rock bus said:

Must admit, it is getting a bit concerning that we have heard nothing new on this for some time now. I'm surprised Webber didnt provide some sort of update in his end of season interviews.

Might be all about keeping cards close to chest as we enter negotiations on players but at moment doesnt seem like any significant investment (if there ever is one) is going to support a push for promotion this year.

Would imagine Webber may have had to sign a non disclosure agreement. The most recent update we have is at point 11 on this:-

https://www.canaries.co.uk/club/supporters-panel-meeting-09-05-2023

[PurpleCanary 5,635]

1 hour ago, rock bus said:

Must admit, it is getting a bit concerning that we have heard nothing new on this for some time now. I'm surprised Webber didnt provide some sort of update in his end of season interviews.

Might be all about keeping cards close to chest as we enter negotiations on players but at moment doesnt seem like any significant investment (if there ever is one) is going to support a push for promotion this year.

The lack of news is increasingly interesting, but I do not believe it means any difference in how much money is available for this transfer window. 

[Soldier on 173]

23 hours ago, PurpleCanary said:

The lack of news is increasingly interesting, but I do not believe it means any difference in how much money is available for this transfer window. 

Presumably it has already been “cautiously” pencilled in. Apart from running costs there was no real clarification from Webber on how Atannasio’s original 10 million has been used .

[essex canary 522]

35 minutes ago, Soldier on said:

Presumably it has already been “cautiously” pencilled in. Apart from running costs there was no real clarification from Webber on how Atannasio’s original 10 million has been used .

Page 72 Note 30 of the Annual Report mentions both the £10 million and the Club Commitments regarding the Sara and Nunez transfers. Admittedly as separate paragraphs but maybe still reasonable to infer a link between these events.

[essex canary 522]

23 hours ago, PurpleCanary said:

The lack of news is increasingly interesting, but I do not believe it means any difference in how much money is available for this transfer window. 

If and when the new shares are issued what would they be earmarked for? Ground Development?

[Soldier on 173]

5 minutes ago, essex canary said:

If and when the new shares are issued what would they be earmarked for? Ground Development?

Didn’t the original press release say something along the lines of improving cash flow / financial resilience ?

[essex canary 522]

24 minutes ago, Soldier on said:

Didn’t the original press release say something along the lines of improving cash flow / financial resilience ?

More non- informative information. If Cash in the door immediately goes out the door it doesn't improve Cash flow.

Perhaps it will go to pay off the debt but then other claims have been made as the basis for doing that hence why none of us are any the wiser.

It all works a bit like the Government's accounting - now you see it, now you don't, let's account for the whole thing multiple times or not at all etc.

 

[essex canary 522]

On 08/06/2023 at 16:09, GMF said:

Is that correct for Stephan Phillips, or are you making it up?

Phillips archive entry attached including reference to Associate Directors Group.

[Soldier on 173]

Would have been an opportune time for Delia and Michael to read the room and say they are leaving too.

wonder how much of a day the Americans get over Webber’s replacement ?

[Captain Holt 522]

Given how crucial it seems SW was in getting Attanasio’s on board, do you think today’s development could have played a part in any delay/decision making on their behalf? 

[BroadstairsR 2,257]

5 minutes ago, Captain Holt said:

Given how crucial it seems SW was in getting Attanasio’s on board, do you think today’s development could have played a part in any delay/decision making on their behalf? 

Hasn't Attanasio previously said that he had spent some time looking for the "right" English "soccer" club to be involved with?

[PurpleCanary 5,635]

3 hours ago, Captain Holt said:

Given how crucial it seems SW was in getting Attanasio’s on board, do you think today’s development could have played a part in any delay/decision making on their behalf? 

Webber may well have played a part but he was hardly crucial, and him leaving is definitely not the reason for what does very much look like a delay in Attanasio buying the new shares that are available

[Indy 3,362]

11 minutes ago, PurpleCanary said:

Webber may well have played a part but he was hardly crucial, and him leaving is definitely not the reason for what does very much look like a delay in Attanasio buying the new shares that are available

Just asking, but could that delay be about gauging this coming season? I mean if he doesn't buy and the club fails in promotion won't the asset be again devalued if a debt builds up as we have already borrowed on the parachute money.......

Could be that the current set up is now finding MA is a fixed member of the board holding four kings and the current owners hoping t turn over that fourth ace (promotion) on the last chance saloon.

[Soldier on 173]

34 minutes ago, Indy said:

Just asking, but could that delay be about gauging this coming season? I mean if he doesn't buy and the club fails in promotion won't the asset be again devalued if a debt builds up as we have already borrowed on the parachute money.......

Could be that the current set up is now finding MA is a fixed member of the board holding four kings and the current owners hoping t turn over that fourth ace (promotion) on the last chance saloon.

The recent fans consultation meeting notes reiterated the line all progressing as expected but legally complex. Are we now thinking this is an untruth ?

[Graham Paddons Beard 2,499]

1 hour ago, PurpleCanary said:

Webber may well have played a part but he was hardly crucial, and him leaving is definitely not the reason for what does very much look like a delay in Attanasio buying the new shares that are available

You have touched on the reasons for the delay before Purple. The takeover rules. 

[canarydan23 4,169]

On 08/06/2023 at 16:09, GMF said:

Is that correct for Stephan Phillips, or are you making it up?

Paul Rudd?!

Ant Man?!

That's way better than Deadpool, where is our Netflix series?

[essex canary 522]

40 minutes ago, Graham Paddons Beard said:

You have touched on the reasons for the delay before Purple. The takeover rules. 

Maybe but they were in place before 13 February so why is that a reason.

[shefcanary 2,530]

1 hour ago, Soldier on said:

The recent fans consultation meeting notes reiterated the line all progressing as expected but legally complex. Are we now thinking this is an untruth ?

Well one could argue the whole of those interviews were based on a "lie" of Webber being firmly in post, so what other "lies" were shared by him.

And just when is he going to climb Everest?

[Indy 3,362]

8 hours ago, Soldier on said:

The recent fans consultation meeting notes reiterated the line all progressing as expected but legally complex. Are we now thinking this is an untruth ?

But this is the question, legally complex, why? It’s not like this the first time additional shares have been made available in a company to generate additional funding! Yes it might be a complex process but probably due to two parties disagreeing about something.

Edited June 14, 2023 by Indy

[Soldier on 173]

Yea you have to start to wonder whether Delia and Michael simply don’t / won’t ever let go??

[Graham Paddons Beard 2,499]

7 hours ago, essex canary said:

Maybe but they were in place before 13 February so why is that a reason.

Wait and see Essex. It’s very complicated. 

[Indy 3,362]

44 minutes ago, Soldier on said:

Yea you have to start to wonder whether Delia and Michael simply don’t / won’t ever let go??

I’m not sure that’s the answer, but I’m more of the thinking that MA team have been involved and advised him of all the potential opportunities and challenges. I’m sure that the value of the club has significantly reduced since his first and initial investment. Since then he’s bought on a 7% return car C shares and maybe the initial purchase price of these new additional share issued to be purchased by MA is still to be set based on when they will be purchased. As I’ve asked Purple how and who sets the price of these new shares?

Edited June 14, 2023 by Indy

[essex canary 522]

38 minutes ago, Graham Paddons Beard said:

Wait and see Essex. It’s very complicated. 

Maybe. Hope they have remembered that ignorance of the rules is no excuse.

[essex canary 522]

5 minutes ago, Indy said:

I’m not sure that’s the answer, but I’m more of the thinking that MA team have been involved and advised him of all the potential opportunities and challenges. I’m sure that the value of the club has significantly reduced since his first and initial investment. Since then he’s bought on a 7% return car C shares and maybe the initial purchase price of these new additional share issued to be purchased by MA is still to be set based on when they will be purchased. As I’ve asked Purple how and who sets the price of these new shares?

And perhaps MF got oùt when the going was Good to Firm as distinct from Heavy?