Mercury today

[MBK]

We'll speed up Mandaric deal - new City chairman

Leicester City's new chairman Jim McCahill today said the depleted board would drive through Milan Mandaric's £25million takeover bid.

In fact McCahill believes the speed of negotiations will increase.

His comments come three days after the resignation of previous chairman Andrew Taylor and director Greg Clarke, the third largest shareholder who was an original member of the consortium which rescued City from administration in 2003.

McCahill, who was deputy chairman under Taylor, now leads a seven-man board which, I understand, will recommend Mandaric's terms to the shareholders.

McCahill said: "The proceedings will be accelerated and, hopefully, it will all go through.

"It is a shame about those who resigned. There was no fall-out, and we are all still friends.''

The departure of Taylor and Clarke was the latest twist to a saga which has dragged on for three months since the Serbian-American tycoon launched his takeover plans.

The delay has caused much frustration for both the fans and manager Robert Kelly, who was unable to use the tycoon's money during the January transfer window to bolster his squad.

The shock departures brought to three the number of resignations since Mandaric announced his bid for City on November 1.

James Johnson was the first to go at the end of December and it is believed he was against certain aspects of the deal.

All three - Taylor, Clarke and Johnson - were present at an extraordinary general meeting of City shareholders on November 18 when the green light was given to Mandaric's takeover.

That allowed Mandaric's advisors to look at the books during a process of due diligence and, after extra debt was revealed, he submitted revised terms which were also given the thumbs-up.

However, although agreement in principle was reached, the deal appears to have got bogged down and delayed by detail.

There is much speculation about the nature of these problems but it is unclear exactly what has happened because the negotiations have been conducted under a veil of secrecy.

The City board are, I understand, totally united in their efforts to land the deal.

Mandaric cannot comment on the details of what is an internal matter, but he will be encouraged by the positive noises emanating from the Walkers Stadium. His impatience matches that of the fans, and he has watched with dismay as date after date set for completion has come and gone.

But, with the seemingly interminable paperwork now being "accelerated", the way seems clear of any obstacles.

[MBK]

Let's clinch it!

A delighted Milan Mandaric has promised "a tremendously aggressive, positive approach" to the completion of his Leicester City takeover.

The City board, after the shock resignations of chairman Andrew Taylor and director Greg Clarke, are united in recommending the deal to the shareholders.

And Taylor today also offered his backing and hoped the deal would be completed soon.

The process is now expected to accelerate. Mandaric said: "It is going to be a tremendously aggressive, positive approach to try to get this done as quickly as possible.

"It has been very frustrating, especially to miss the transfer window, but it looks as if we are near the end of it now."

Mandaric said that it was the overwhelming support of the City faithful that had caused him to stick with the deal despite the delays.

He said: "If I didn't care for the club, or rate the support of the fans so highly, while it is not in my nature to quit, I might not have stuck with it. But it has given me a great feeling for the club.

"The support of the fans has been a great incentive for me. They have given me the energy to go forward."

Taylor, who quit as chairman on Wednesday, declined to comment on his resignation, the reasons why he quit, or the detail of Mandaric's bid.

Instead, in a short but measured statement, he said he wished the board well - and hoped that City would now be able to move forward and be successful.

"There is not, I am afraid, a great deal I can say," he said.

"It is time now to give the board the space and the opportunity to deliver this deal.

"The board has my support and I look forward to them getting back round the table with Mr Mandaric and finalising this deal.

"It has taken far too long. I hoped it would be finalised weeks ago. But, as you have seen with Liverpool, for example, these things are complicated and can take longer than planned.

"The sooner we can put this behind us, the better.

"I respect the fact that you may have questions to ask. Now is not the time, I'm afraid, for me to answer them."

Mandaric, like Taylor, was set to watch City in their big relegation clash with Luton at the Walkers Stadium today.

The Serbian was mindful that a defeat would give him, and City, a bigger mountain to climb than when he first made his approach on November 1.

Three loan signings, Geoff Horsfield, Mark Yeates and Luigi Glombard, arrived on the deadline, but there were no purchases because Mandaric's cash was not in place.

Mandaric said recently that the delay had cost him three transfer targets, but he is now looking forward rather than back.

He said: "I think the club needs a different direction, needs leadership, and I am very positive about the final deal being completed so that I can help the club as much as possible, as soon as possible."

[MBK]

What is needed to seal takeover

Milan Mandaric needs to acquire 90 per cent of Leicester City to gain absolute control of the club, a legal expert said today. by Ian Griffin Business Correspondent This would allow the business tycoon to compulsory purchase the remaining shares.

Owning 50.1 per cent of the shares would give Mandaric power to appoint and dismiss directors.

And 75 per cent would give him the ability to change the club's name and its constitution - the document which governs the way the club is run.

But a Leicester lawyer, who did not want to be named, said Mandaric would be looking to purchase at least 90 per cent of the club.

Anything less would leave him having to deal with other shareholders.

"That's the magic figure to force the shareholders who don't want to sell, to sell," he said.

If he owned less than 90 per cent of the shares, the remaining shareholders would need to be told of any changes he made at the club.

They would also be able to suggest changes which would need to be decided by a meeting of shareholders, even though they had no chance of winning a vote.

"The point is, they can make a nuisance of themselves," said the lawyer.

"On the whole I would advise anyone to buy the whole of a company.

"You wouldn't want packs of small shareholders around that can cause you grief."

[Ikon_Klow]

What is needed to seal takeover

Milan Mandaric needs to acquire 90 per cent of Leicester City to gain absolute control of the club, a legal expert said today. by Ian Griffin Business Correspondent This would allow the business tycoon to compulsory purchase the remaining shares.

Owning 50.1 per cent of the shares would give Mandaric power to appoint and dismiss directors.

And 75 per cent would give him the ability to change the club's name and its constitution - the document which governs the way the club is run.

But a Leicester lawyer, who did not want to be named, said Mandaric would be looking to purchase at least 90 per cent of the club.

Anything less would leave him having to deal with other shareholders.

"That's the magic figure to force the shareholders who don't want to sell, to sell," he said.

If he owned less than 90 per cent of the shares, the remaining shareholders would need to be told of any changes he made at the club.

They would also be able to suggest changes which would need to be decided by a meeting of shareholders, even though they had no chance of winning a vote.

"The point is, they can make a nuisance of themselves," said the lawyer.

"On the whole I would advise anyone to buy the whole of a company.

"You wouldn't want packs of small shareholders around that can cause you grief."

I'm a corporate finance lawyer as well and I back that advise.

[davieG]

I'm a corporate finance lawyer as well and I back that advise.

Well I'm not and I certainly wouldn't pay corporate finance lawyer for stating the obvious.

[Babylon]

I'm a corporate finance lawyer as well and I back that advise.

Well Mandaric is only after 75% currently and that comes from the Trust.

[Swedging]

I'm a corporate finance lawyer as well and I back that advise.

If I needed a coporate finance lawyer, I might prefer one that knew what advice was.