Mark Attanasio

[GMF 757]

2 minutes ago, Soldier on said:

I know was in jest. Just a bit befuddled that he out of the blue answered all his own questions with authority but has then disappeared 

Maybe he’s currently traveling, with dodgy wifi (thank goodness there’s no bond issue in the offing!) 

[BigFish 1,988]

2 hours ago, GMF said:

This may be true @BigFish, but the relevant point is that the proposal is to offer UP TO 194,512 ordinary shares. They do not have to allot them all, and probably wouldn’t (presuming minorities were given the first option to sell). 
 

Remember, there’s more than one route to achieve parity, if, indeed, that’s the intention.

True, which is why I wonder, like you it seems, why they seem to have chosen the waiver route rather than a more general offer?

[Parma Ham's gone mouldy 2,243]

35 minutes ago, GMF said:

@Parma Ham's gone mouldy for me, personally, I’ve always been comfortable with the principle of MA becoming more involved, via an increased shareholding. Nor has this ever been about the prospect of being offered £x here and now.

However, that doesn’t mean that gives him / the club a free pass to achieve the ultimate objective. There’s a standard procedure for this situation and, on the face of it, it would seem that they are trying to circumvent a route around that.

It’s that element that troubles me. 

 I can only speculate that this is because the need for cash is far greater than the need for parity, if, indeed, that’s the intention, at least in the short term.

I think you can be - somewhat - comforted by developments ensuring that early wide-eyed bonhomie and field-of-dreams love-ins have been replaced by somewhat colder-eyed pragmatism. 

Some elements willingly, some less so.

Fine intentions rarely survive corporate finance contact intact .

Parma

Edited August 10, 2023 by Parma Ham's gone mouldy

[PurpleCanary 5,587]

1 hour ago, Soldier on said:

I know was in jest. Just a bit befuddled that he out of the blue answered all his own questions with authority but has then disappeared 

I wasn't going to answer my own questions so quickly, if at all. But changed circumstances made it the sensible thing to do. Now back to my poker game on the TransSiberian Express.

 

[Soldier on 168]

26 minutes ago, PurpleCanary said:

I wasn't going to answer my own questions so quickly, if at all. But changed circumstances made it the sensible thing to do. Now back to my poker game on the TransSiberian Express.

 

Dare I ask what the changed circumstances were ? OTBC

[essex canary 508]

6 hours ago, Parma Ham's gone mouldy said:

Accountants often get obsessed with the delivery method and forget to think about what’s in the package….

The waiver is a case in point.

Why would Mark Attanasio - keen and willing to eventually take over a football club, one that he has said is about far more than U$DOllars and cents, rooted in community, mirroring the kindly family ethos of Milwaukee, Norwich, Delia ….etc, etc - then open his corporate account here by stiffing minority shareholders who are his customers?

Equally why would ‘we’ll never take a penny out’  Custodian Delia - facing the biggest issue of her Norwich life,  not have the protection of fans ( also of course minority shareholders) at the top of her corporate red line wishlist?

Any ‘discounting’ would surely come from the major transactions with large shareholders - particularly if their legacy ranks above or at least alongside their equity gain - likely linked with C-Preference cash generation deals, all formally-informally-ratcheted with if-this-then-that commercial clauses and caveats.

The road to democracy is punctuated by many flagstones and first-and-then hurdles, all of which must be jumped-crossed in order. 

The PR and optics here are sooo important to each side that dramatic corporate tricks - unless very carefully offset or amortized - are highly, highly unlikely. 

Any waiver for example might be for technical-timing-conditional process reasons, it will almost certainly not be to see minority shareholders offered less in the pound than Michael Foulger or Delia. 

Indeed you would be better to assume the opposite to be true. Mechanisms for this are where it’s at.

Parma 

Seems a logical assessment to me and exactly how I would hope they do see it. If so though some of their actions and communications at times could certainly have been improved.

[essex canary 508]

37 minutes ago, PurpleCanary said:

I wasn't going to answer my own questions so quickly, if at all. But changed circumstances made it the sensible thing to do. Now back to my poker game on the TransSiberian Express.

 

What time zone are you currently in?

[Soldier on 168]

Attanassio’s at the game surely means announcement this week ?

[PurpleCanary 5,587]

8 minutes ago, Soldier on said:

Attanassio’s at the game surely means announcement this week ?

Yes. He's buying Southampton instead...😍

[GMF 757]

4 hours ago, Soldier on said:

Attanassio’s at the game surely means announcement this week ?

Something’s a brewing… 😉

[Midlands Yellow 4,107]

I’m not religious but hands together on Sunday there’s some takeover news soon . 

[essex canary 508]

11 hours ago, GMF said:

Something’s a brewing… 😉

A craft ale delivery for the Lion and Castle.

[GMF 757]

1 hour ago, essex canary said:

A craft ale delivery for the Lion and Castle.

If it is that, it probably isn’t expected to arrive until the end of the month, or early September… (winks) 

[yellowrider120 793]

This extract from recent minutes of the Canaries Trust taken from meeting with Z Webber..................

The Trust, quite understandably, is often asked about the recent share issue and we learned that the Club is hoping to be able to update shareholders by the end of August or early September.

Now one will note that there is no clarification as to which year said August / September is being referred to!

[GMF 757]

1 hour ago, yellowrider120 said:

This extract from recent minutes of the Canaries Trust taken from meeting with Z Webber..................

The Trust, quite understandably, is often asked about the recent share issue and we learned that the Club is hoping to be able to update shareholders by the end of August or early September.

Now one will note that there is no clarification as to which year said August / September is being referred to!

Love the cynicism (winks) but it’s definitely 2023! 

[PurpleCanary 5,587]

On 10/08/2023 at 20:08, Soldier on said:

Dare I ask what the changed circumstances were ? OTBC

I heard that the club had started some private briefings on the plan and its next stage, so I thought it best to provide the answers to my own questions before something half-baked leaked out. As it happens I don’t think anything of substance has.

There are various ways in which the announcement (which I expect early in September) of the next stage will come. It could be a formal document sent to shareholders, or a non-legalese statement from the club, or more probably both.

But leaving those options aside, what really is going to be needed is a plain-spoken explanatory statement from Attanasio, aimed directly at the shareholders but also at the non-shareholding fans.

[Soldier on 168]

38 minutes ago, PurpleCanary said:

I heard that the club had started some private briefings on the plan and its next stage, so I thought it best to provide the answers to my own questions before something half-baked leaked out. As it happens I don’t think anything of substance has.

There are various ways in which the announcement (which I expect early in September) of the next stage will come. It could be a formal document sent to shareholders, or a non-legalese statement from the club, or more probably both.

But leaving those options aside, what really is going to be needed is a plain-spoken explanatory statement from Attanasio, aimed directly at the shareholders but also at the non-shareholding fans.

Would imagine it will be both but first we will hear about it will be when letters land. Apparently Attanasio did some internal press during his recent visit.

[essex canary 508]

4 hours ago, PurpleCanary said:

I heard that the club had started some private briefings on the plan and its next stage, so I thought it best to provide the answers to my own questions before something half-baked leaked out. As it happens I don’t think anything of substance has.

There are various ways in which the announcement (which I expect early in September) of the next stage will come. It could be a formal document sent to shareholders, or a non-legalese statement from the club, or more probably both.

But leaving those options aside, what really is going to be needed is a plain-spoken explanatory statement from Attanasio, aimed directly at the shareholders but also at the non-shareholding fans.

Seems reasonable. Pity there weren't non-legalese statements throughout the whole process to keep the Chinese Whispers at bay. 

[GMF 757]

13 hours ago, essex canary said:

Seems reasonable. Pity there weren't non-legalese statements throughout the whole process to keep the Chinese Whispers at bay. 

Realistically, what would have been the most likely scenario if they had?

Maybe, something like, “based upon the legal advice already received, together with the initial feedback from from the regulatory authorities, we originally anticipated being able to allot these shares within two weeks…” (winks) 

[PurpleCanary 5,587]

44 minutes ago, GMF said:

Realistically, what would have been the most likely scenario if they had?

Maybe, something like, “based upon the legal advice already received, together with the initial feedback from from the regulatory authorities, we originally anticipated being able to allot these shares within two weeks…” (winks) 

Come on, GMF. It is not like you to make up such an obviously fake statement!  I have been critical of the club over aspects of this, but it is inconceivable that with its high-powered executives and its experienced outside advisers, and Attanasio with his ditto advisers, it would have said on February 13 that what they were proposing would sail through scrutiny by the Takeover Panel in a fortnght...🤩

Edited August 23, 2023 by PurpleCanary

[GMF 757]

11 minutes ago, PurpleCanary said:

Come on, GMF. It is not like you to make up such an obviously fake statement!  I have been critical of the club over aspects of this, but it is inconceivable that with its high-powered executives and its experienced outside advisers, and Attanasio with his ditto advisers, it would have said on February 13 that what they were proposing would sail through scrutiny by the Takeover Panel in a fortnght...🤩

Two observations.

First, when the resolutions relating to the proposed C-preference shares were circulated last September, the long stop date for allotting them was the 31 December (with a similar caveat to now of being able to extend the time period, if necessary) some three months later. That proposal wouldn’t have needed regulatory approval, so these resolutions, containing a two week deadline, made me think it was a done deal - I said so at the time.

Second, without any insight into the legal advice given prior to commencing down this route, it’s impossible to say anything with certainty. It’s highly likely that the advice received would have highlighted and predicted the challenges ahead. Whether this advice was heeded, or ignored, is a matter for conjecture. I have my own personal views on this and the subsequent delays reinforces them.

[essex canary 508]

Maybe a post event survey will be designed to enable us to give our rankings from 1 to 10 on each and every aspect? A good idea to improve the Supporter Engagement ratings.

[GMF 757]

1 hour ago, essex canary said:

Maybe a post event survey will be designed to enable us to give our rankings from 1 to 10 on each and every aspect? A good idea to improve the Supporter Engagement ratings.

Is this so you can dish out a liberal sprinkling of 1’s and 2’s ratings? 

[shefcanary 2,468]

1 hour ago, GMF said:

Two observations.

First, when the resolutions relating to the proposed C-preference shares were circulated last September, the long stop date for allotting them was the 31 December (with a similar caveat to now of being able to extend the time period, if necessary) some three months later. That proposal wouldn’t have needed regulatory approval, so these resolutions, containing a two week deadline, made me think it was a done deal - I said so at the time.

Second, without any insight into the legal advice given prior to commencing down this route, it’s impossible to say anything with certainty. It’s highly likely that the advice received would have highlighted and predicted the challenges ahead. Whether this advice was heeded, or ignored, is a matter for conjecture. I have my own personal views on this and the subsequent delays reinforces them.

Does Sam Hall's sudden departure feature in any of your views in the second observation?

[essex canary 508]

5 minutes ago, GMF said:

Is this so you can dish out a liberal sprinkling of 1’s and 2’s ratings? 

I ranged between 2 and 10 on the latest survey. It was a little better than the previous one in that there was some space for supporting explanation. Nonetheless engagement by spreadsheet in typical BT, British Gas or Sky style can hardly be the best.

[essex canary 508]

4 minutes ago, shefcanary said:

Does Sam Hall's sudden departure feature in any of your views in the second observation?

He had a line manager who could support or challenge as required (or maybe not).

[GMF 757]

9 minutes ago, shefcanary said:

Does Sam Hall's sudden departure feature in any of your views in the second observation?

No substance to this suggestion.

[Nuff Said 5,179]

17 hours ago, essex canary said:

Seems reasonable. Pity there weren't non-legalese statements throughout the whole process to keep the Chinese Whispers at bay. 

Not sure the whispers came from China, more like a county just south of Suffolk.

[essex canary 508]

1 hour ago, Nuff Said said:

Not sure the whispers came from China, more like a county just south of Suffolk.

Really? I think I was the first to speculate that the odd number of new shares to be issued was to level up MA with S&J. Still speculation of course but seemingly now widely accepted speculation.

My other query is how come certain other Clubs have been valued at close to £200 million when Companies House records show they have never come close to the £118 million NCFC wage bill of last season? Not too many have offered a sensible stab at that one aside from some who like me have queried the underlying Corporate Governance logic.

[GMF 757]

5 hours ago, essex canary said:

Really? I think I was the first to speculate that the odd number of new shares to be issued was to level up MA with S&J. Still speculation of course but seemingly now widely accepted speculation.

My other query is how come certain other Clubs have been valued at close to £200 million when Companies House records show they have never come close to the £118 million NCFC wage bill of last season? Not too many have offered a sensible stab at that one aside from some who like me have queried the underlying Corporate Governance logic.

Speculation is guesswork without any substance, being accused of knowing the real plan is akin to insider trading…  #Something’sABrewing 

Edited August 23, 2023 by GMF
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