Share Issue Notice

lancsdave · 07-07-2011, 11:53

Is now on the fishy site.

ASFC News Story > 4148

maccawozzagod · 07-07-2011, 11:57

Quote:

Originally Posted by fishysite

There will be no restrictions on the amount of shares or percentage of the club that can be owned through the shares, and all directors will be elected in accordance with the club’s constitution and with the transparency that our times both demand and dictate

not keen on that bit, any monkey can come in now and take us back to the "i own a majority and can do as I like" days.

lancsdave · 07-07-2011, 12:00

Quote:

Originally Posted by maccawozzagod

not keen on that bit, any monkey can come in now and take us back to the "i own a majority and can do as I like" days.

I was a bit suprised but when I read that because it's different to the original thoughts. I suspect though that to avoid your fears the following may have been changed to make sure that total ownership becomes extremely difficult.

Quote:

and following changes to the governance of the company, Accrington Stanley Football Club

Exile on Spencer St · 07-07-2011, 12:04

I agree, Macca.
What's to stop some 'fit and proper' person taking over and becoming the next bully.
If the idea is to spread ownership as widely as possible there shouldn't there be a cap on anyone person/organisation/company/group of related companies taking a majority control.
Unless, of course, 51% is vested in a Supporters Trust or such like.

Exile on Spencer St · 07-07-2011, 12:06

Quote:

Originally Posted by lancsdave

I suspect though that to avoid your fears the following may have been changed to make sure that total ownership becomes extremely difficult.

Does that mean changes to governance have already been agreed or will be agreed later by the Board?

cashman · 07-07-2011, 12:08

Thing is .........to wait whilst the Full Details are in the public domain, can't really comment until all is revealed.

lancsdave · 07-07-2011, 12:11

Quote:

Originally Posted by Exile on Spencer St

Does that mean changes to governance have already been agreed or will be agreed later by the Board?

No idea, depends if it's a decision the board can make or an AGM issue.

In reality it wouldn't make good business sense to stop somebody paying the right price to own the club, you never know when another Abramovitch comes along. You just got to make sure the price is right. I'm not convinced though given Ilyas and Peter's feelings for the club it's going to be as simple as the initial wording could be interpreted as

lancsdave · 07-07-2011, 12:13

Quote:

Originally Posted by cashman

Thing is .........to wait whilst the Full Details are in the public domain, can't really comment until all is revealed.

Doesn't usually stop ya, but it's a rare occasion I agree with you

Doug · 07-07-2011, 12:16

Quote:

Originally Posted by maccawozzagod

not keen on that bit, any monkey can come in now and take us back to the "i own a majority and can do as I like" days.

I don't think it will work like that Rob; I'm not sure what I reading to be honest but the earlier announcement in the press indicated that the issue would be 1 million. I think the club's value as been inflated in terms of the historical and passionate values applied by us the supporters; I can't see how the numbers would allow current share holders to retain their shares and anyone individual to come in and effectively buy a take over. These shares can only be a percentage of what value has been applied to the club.

That said I'm taking out of my box; I can't see that the whole area of interest would achieve the total value of the issues; what I mean by that is that in this current financial environment not many of us will be able take up much more than a token share; I do recall that Ilyas in a statement somewhere said he would underwrite the issue; so by taking up the unissued shares he would hold the majority share in the name of the community until the opportunity arises to reissue in the future.

This would give us a 9ct guarantee that the club remains in safe hands until the greater Accrington Stanley/Accrington Town is mature enough to take on full community ownership. I think.

cashman · 07-07-2011, 13:29

Quote:

Originally Posted by Doug

I don't think it will work like that Rob; I'm not sure what I reading to be honest but the earlier announcement in the press indicated that the issue would be 1 million. I think the club's value as been inflated in terms of the historical and passionate values applied by us the supporters; I can't see how the numbers would allow current share holders to retain their shares and anyone individual to come in and effectively buy a take over. These shares can only be a percentage of what value has been applied to the club.

That said I'm taking out of my box; I can't see that the whole area of interest would achieve the total value of the issues; what I mean by that is that in this current financial environment not many of us will be able take up much more than a token share; I do recall that Ilyas in a statement somewhere said he would underwrite the issue; so by taking up the unissued shares he would hold the majority share in the name of the community until the opportunity arises to reissue in the future.

This would give us a 9ct guarantee that the club remains in safe hands until the greater Accrington Stanley/Accrington Town is mature enough to take on full community ownership. I think.

similar to what i was thinking/hoping, but i know sweet F.A. about these things.

maccawozzagod · 07-07-2011, 14:10

well I hope that is the case Doug, because the way it appears in black and white would suggest that an individual could provide £501,000 and become the majority shareholder thus returning us back to six months previous. It might be more than what the company is actually worth but £501k isn't a lot of money to own a League 2 Football Club that is there or thereabouts solvent and profitable (possibly).

The sale of shares is going into the club rather than an individuals pocket and that coupled with the imminent influx of transfer money should provide a very healthy bank balance.

I too though would assume that some form of sub-text will be incorporated somewhere to disqualify profiteering.

As far as the ownership of current shares and transference is concerned, the current 'value' is 100k and the new value is 1m. Therefore divide your current % by 10 and you will have your new value in percentage should it be the case that transference is on the agenda.

JEFF · 07-07-2011, 14:34

Quote:

Originally Posted by maccawozzagod

As far as the ownership of current shares and transference is concerned, the current 'value' is 100k and the new value is 1m. Therefore divide your current % by 10 and you will have your new value in percentage should it be the case that transference is on the agenda.

2000 of the current shares are £1 shares and 9800 are £10 shares, this gives a share value of £100,000 representing 11800 shares. If another £900,000 worth of shares were issued, thus making the share value £1M they could be issued as 9000 x £100 shares. It states on the fishy site that after the new issue it will be one vote for one share. If this is the case then if anybody bought the whole 9000 shares (if they were £100 shares) they would only have 9000 votes which would not give them a majority vote.