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Feedthewolf

Club announce General Meeting for February 13

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18 minutes ago, Feedthewolf said:

I'm sure the GFPA will be along to dissect this shortly, but I'm guessing this is to enable the Attanasios to take a larger share in the club?

https://www.canaries.co.uk/content/club-issue-notice-of-general-meeting

 

No much detail to dissect! This is just to agree to make available extra shares. It doesn't specify whether these will be the controlling Ordinary shares or preference shares, or both. But it is a fair assumption some will be Ordinaries and that Attanasio is the intended purchaser of some. But I suspect it is also intended that fans will have a chance to buy. Another chance to help out financially. 

To add, I doubt this is how and when Attanasio takes over. The key to that would almost certainly be achieved by acquiring some or all of S&J's majority holding.

Edited by PurpleCanary
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17 minutes ago, PurpleCanary said:

No much detail to dissect! This is just to agree to make available extra shares. It doesn't specify whether these will be the controlling Ordinary shares or preference shares, or both. But it is a fair assumption some will be Ordinaries and that Attanasio is the intended purchaser of some. But I suspect it is also intended that fans will have a chance to buy. Another chance to help out financially. 

To add, I doubt this is how and when Attanasio takes over. The key to that would almost certainly be achieved by acquiring some or all of S&J's majority holding.

Thanks, Purple. I really need to educate myself better around share issues, and finances in general! You (and the other fiscally minded posters on here) are a great help in that regard.

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15 minutes ago, PurpleCanary said:

No much detail to dissect! This is just to agree to make available extra shares. It doesn't specify whether these will be the controlling Ordinary shares or preference shares, or both. But it is a fair assumption some will be Ordinaries and that Attanasio is the intended purchaser of some. But I suspect it is also intended that fans will have a chance to buy. Another chance to help out financially. 

To add, I doubt this is how and when Attanasio takes over. The key to that would almost certainly be achieved by acquiring some or all of S&J's majority holding.

A further add. There had for a couple of decades been a provision granting the directors to create (allot) up to one million new ordinary shares, but as I read it that provision was annulled by the creation of the C Preference shares for Attanasio. This may be in effect replacing that old provision.

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4 minutes ago, PurpleCanary said:

A further add. There had for a couple of decades been a provision granting the directors to create (allot) up to one million new ordinary shares, but as I read it that provision was annulled by the creation of the C Preference shares for Attanasio. This may be in effect replacing that old provision.

This was one of the unanswered questions that I asked the Club before the last general meeting and they declined to answer on the grounds of confidentiality 🤷‍♂️

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Meeting to approve 194,512 ordinary shares per the notice of meeting. Strange number but I don’t understand the legal language in the letter. Be nice if they explained rather than asking us to vote on something we don’t understand

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Short meeting and voting by proxy but I bet there will still be some d1xk heads wanting to turn up f2f 

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5 minutes ago, Bert said:

Short meeting and voting by proxy but I bet there will still be some d1xk heads wanting to turn up f2f 

Such a charming turn of phrase. Perhaps if it was explained properly & shareholders understood what they were voting on & the reasons for it, said d1xk heads would not feel the need to attend 

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14 minutes ago, Year of the tiger said:

Meeting to approve 194,512 ordinary shares per the notice of meeting. Strange number but I don’t understand the legal language in the letter. Be nice if they explained rather than asking us to vote on something we don’t understand

If they are all going to Attanasio it would put him around the same percentage as D&M at just over 40% each with the balance being held by the fan smallholdings. Not sure what it means for the 30% threshold for offers to the latter?

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28 minutes ago, Year of the tiger said:

Meeting to approve 194,512 ordinary shares per the notice of meeting. Strange number but I don’t understand the legal language in the letter. Be nice if they explained rather than asking us to vote on something we don’t understand

I haven't seen that figure, and it is an odd one, but there is a possible - only a possible - explanation. Which is that if Attanasio bought all of them then it might push his Ordinary shareholding to 30 per cent. Bearing in mind that he has or may acquire some sizeable minority holdings. At which point he would in effect have to make an offer for everyone else's shares.

In fact it would push his holding beyond 30 per cent without adding to those he already has. It would also mean S&J were no longer majority owners.

Edited by PurpleCanary

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From memory are there not around 616,000 shares in circulation which if another 194,000 are added to that number would mean a pretty significant dilution in percentage terms for everybody ?

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2 minutes ago, TIL 1010 said:

From memory are there not around 616,000 shares in circulation which if another 194,000 are added to that number would mean a pretty significant dilution in percentage terms for everybody ?

Correct, and, by implication, if the number of shares increases, assuming all other assets and liabilities remain the same, then the share value would decrease 

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3 minutes ago, TIL 1010 said:

From memory are there not around 616,000 shares in circulation which if another 194,000 are added to that number would mean a pretty significant dilution in percentage terms for everybody ?

They have to be bought to count, but if they were all bought, with none by S&J, it would as Essex said reduce their holding from around 52 per cent to just over 40 per cent.

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So, there’s 616,913 ordinary shares, with Attanasio having at least 98,000 (probably more).

Assuming that he acquires all 194,512, his share holding would increase to 292,512 ordinary shares, or 36.05% of the increased share capital. D&M’s holding would be just over 40%.

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Not had anything confirmed but I did a bit more digging and seems if it’s share related there’s two options, Attanasio is either purchasing more of the club directly from Michael and Delia or they are restructuring the clubs shares to preference shares to enable the Attanasios to purchase more % while Delia and Michael maintain voting power. 

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Just now, By Hook or Ian crook said:

Not had anything confirmed but I did a bit more digging and seems if it’s share related there’s two options, Attanasio is either purchasing more of the club directly from Michael and Delia or they are restructuring the clubs shares to preference shares to enable the Attanasios to purchase more % while Delia and Michael maintain voting power. 

That is not feasible. These new shares will be sold by the club, to produce money for the club. They are not S&J's to sell. Attanasio may buy more of S&J's shares, but that would be separate from the allocation of new shares.

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1 minute ago, PurpleCanary said:

They have to be bought to count, but if they were all bought, with none by S&J, it would as Essex said reduce their holding from around 52 per cent to just over 40 per cent.

Such an odd amount of 194,512 suggests to me that the club have a purchaser lined up to fit in with a master plan of a gradual takeover by MA otherwise surely it would be rounded up into the thousands ?

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5 minutes ago, GMF said:

So, there’s 616,913 ordinary shares, with Attanasio having at least 98,000 (probably more).

Assuming that he acquires all 194,512, his share holding would increase to 292,512 ordinary shares, or 36.05% of the increased share capital. D&M’s holding would be just over 40%.

The 'probably more' given the discussions we have had about him hoovering up other shares I would suggest is or around 132,797.  Being D&Ms holding of 327,309 minus the new share issue of 194,512. Maybe not absolutely precise but seems like it fits. 

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16 minutes ago, PurpleCanary said:

That is not feasible. These new shares will be sold by the club, to produce money for the club. They are not S&J's to sell. Attanasio may buy more of S&J's shares, but that would be separate from the allocation of new shares.

Is this the usual procedure for someone trying to attain a bigger holding in an institution? I am assuming the shares are earmarked already. So they do not go on public sale as such? If as you say they are not S&Js to sell.

Edited by keelansgrandad

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1 hour ago, PurpleCanary said:

 Bearing in mind that he has or may acquire some sizeable minority holdings.

Somebody late last year hoovered up 350 shares from The Florida Group Ltd ( Florida Shoe Factory as was ) that went into liquidation.

Edited by TIL 1010

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Sorry i have no idea what this means but if the club want to raise money 

why is it  Delia and MWJ will not sell their shares to a New owner with more money ?

why do they have to offer new shares instead of selling ? 

like i said i have no idea about these shares but if the club needs more money it seems to me the people who own it should just admit they can not afford a football club ? 

 

Edited by norfolkngood

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3 minutes ago, keelansgrandad said:

Is this the usual procedure for someone trying to attain a bigger holding in an institution? I am assuming the shares are earmarked already. So they do not go on public sale as such? If as you say they are not S&Js to sell.

They may or may not be earmarked, and, yes, this is one way of allowing an insitution or an individual to acquire a bigger stake in a company.. But in this case that will not be the only consideration. It brings in cash, as the notice says:

"The general meeting has been called to allot a number of shares, as the club seeks to strengthen its financial sustainability by reducing the need for borrowings."

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1 minute ago, norfolkngood said:

Sorry i have no idea what this means but if the club want to raise money 

why is it  Delia and MWJ will not sell their shares to a New owner with more money ?

why do they have to offer new shares instead of selling ? 

like i said i have no idea about these shares but if the club needs more money it seems to me the people who own it can not afford a football club ? 

 

That only puts money into S&J's pockets!

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Just now, PurpleCanary said:

That only puts money into S&J's pockets!

well yes it does but then the new owner can inject his money into the club ?

like i said i have no idea is this a good way of reducing S&J hold on the club and the club gets the money instead of them ? 

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1 hour ago, Mello Yello said:

I'm sure our local meeja are in the know....

Don’t forget the Illuminati lizards. They’re pulling the strings behind the curtain.

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21 minutes ago, nutty nigel said:

The day is fast approaching when the FPAs will need to hang up their pencils...

At least unlike Deano and his crew we won't get a fat pay-off. Hope you have enjoyed the discussions.

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