Ric Flair Posted 12 February 2007 Share Posted 12 February 2007 So it appears that Mandaric has received in writing over 75% of the shares and that will now enable him to complete the takeover and take control of the club. I just wonder who it will be who hasn't sold their shares? Is it a shareholder that's refused to sell of a shareholder who's been allowed to still have a stake in LCFC. With reports that Andrew Taylor and Greg Clarke both agreeing to Mandaric's offer, I wonder who it will be who stays on as a shareholder. The Trust are selling up aswell. (Sorry to start another thread, but I think this raises some questions that might get lost in another thread). Link to comment Share on other sites More sharing options...
dandannieldanok Posted 12 February 2007 Share Posted 12 February 2007 I presume it just stays with the shareholders that don't want to sell and the FT may retain some. Doesn't matter too much as 75% is enough for control. Link to comment Share on other sites More sharing options...
Ric Flair Posted 12 February 2007 Author Share Posted 12 February 2007 I presume it just stays with the shareholders that don't want to sell and the FT may retain some. Doesn't matter too much as 75% is enough for control. I know it doesn't matter as such, but I am just curious as to who still stays on as a shareholder. It might well have been agreed that certain shareholders stay on and others don't, not necessarily anything to do with who is willing to sell or not. Link to comment Share on other sites More sharing options...
lookwhaticando Posted 12 February 2007 Share Posted 12 February 2007 The other 25% will surely just be holding essentially worthless shares in a company over which they have absolutely no control. Some of them will probably just decide to hand them over under those conditions anyway - might as well cash in if you're going to have no say at all. If he secures 90%, can't he just issue a compulsory purchase? Or is that for public companies only? Link to comment Share on other sites More sharing options...
The People's Hero Posted 12 February 2007 Share Posted 12 February 2007 Once a certain amount is sold, aren't the rest forced to sell theirs? Or is it the other way round? Once someone has a certain %age, they have to offer the real value to buy ALL the shares? There are plenty on here who know their stuff on this and I wouldn't imagine it will be long before someone clarifies this. I was wondering the same thing myself. Link to comment Share on other sites More sharing options...
dandannieldanok Posted 12 February 2007 Share Posted 12 February 2007 I know it doesn't matter as such, but I am just curious as to who still stays on as a shareholder. It might well have been agreed that certain shareholders stay on and others don't, not necessarily anything to do with who is willing to sell or not. It does matter slightly because there 25% of other shareholders are enough to kick up a fuss if MM wants to imply something they disagree with, 90% is the target so he can force the sale of other shares. Link to comment Share on other sites More sharing options...
Simon Posted 12 February 2007 Share Posted 12 February 2007 Eventually (you would think) Mandaric will probably buy the other 25%. In the interim this means he can take control of the club; the fannying around involved in getting 100% agreement might take months and Mandy doesn't want to risk us going down in the meantime. Link to comment Share on other sites More sharing options...
dandannieldanok Posted 12 February 2007 Share Posted 12 February 2007 Eventually (you would think) Mandaric will probably buy the other 25%. In the interim this means he can take control of the club; the fannying around involved in getting 100% agreement might take months and Mandy doesn't want to risk us going down in the meantime. Hopefully but if he owns 75% and the other shareholders don't want to sell then he cannot do anything, like people have mentioned until he reaches the magic percentage of 90, MM won't be gettin full control. Link to comment Share on other sites More sharing options...
Ric Flair Posted 12 February 2007 Author Share Posted 12 February 2007 Once a certain amount is sold, aren't the rest forced to sell theirs? Or is it the other way round? Once someone has a certain %age, they have to offer the real value to buy ALL the shares? There are plenty on here who know their stuff on this and I wouldn't imagine it will be long before someone clarifies this. I was wondering the same thing myself. Once he get's 90% then the remaining 10% have to sell up at the price paid for the other 90%. If he has 75% it means he is the majority shareholder and can make most if not all of the decisions anyway. It does matter slightly because there 25% of other shareholders are enough to kick up a fuss if MM wants to imply something they disagree with, 90% is the target so he can force the sale of other shares. They wouldn't be able to kick up that much of a fuss. Mandaric could make life very hard for the remaining 25% if he chose to do so. It all depends on whether the remaining shareholders have any say in the club, such as being a director, etc. If they don't then they couldn't make or oppose day to day decisions anyway. Link to comment Share on other sites More sharing options...
Ric Flair Posted 12 February 2007 Author Share Posted 12 February 2007 Eventually (you would think) Mandaric will probably buy the other 25%. In the interim this means he can take control of the club; the fannying around involved in getting 100% agreement might take months and Mandy doesn't want to risk us going down in the meantime. You've hit the nail on the head there. I have been told that Mandaric was willing to wait until he got 100% shares and control but in doing so it was likely that the club would fall in to Administration due to the time constraints of getting such an agreement and Milan just couldn't go through with it. He does have a heart as some might contest he hasn't. Link to comment Share on other sites More sharing options...
DB11 Posted 12 February 2007 Share Posted 12 February 2007 Maybe it is Walkers? (if they own shares that is... what with stadium name etc.) Link to comment Share on other sites More sharing options...
Ultra Posted 12 February 2007 Share Posted 12 February 2007 One of the larger shareholders (Trevor Bennett) has recently died. So his shares are likely to be in legal limbo for some time. And given that Mandy's offer is not exactly on the generous side I can understand why some of the others may not be willing to give their holding away unless they were legally obliged to. As he'll probably be the only person on the board anyway there's no point in him haggling for months on end over the remaining 10-15% stake. It would only distract him from more pressing business, such as attracting a new manager and coaching team. Link to comment Share on other sites More sharing options...
FrankieWorthoYaggedMyWife Posted 12 February 2007 Share Posted 12 February 2007 Didn't I read in an interview with Lineker that although he was in agreement with the takeover he would like to retain a small share in the club? It could be that certain current shareholders retain smaller stakes in the club rather than it being a case of a couple who refused to sell there origianl shares? Just a thought! Link to comment Share on other sites More sharing options...
Ultra Posted 12 February 2007 Share Posted 12 February 2007 You've hit the nail on the head there. I have been told that Mandaric was willing to wait until he got 100% shares and control but in doing so it was likely that the club would fall in to Administration Source? The deal is done, there's no more need for any of this scaremongering crap. Link to comment Share on other sites More sharing options...
Manwell Pablo Posted 12 February 2007 Share Posted 12 February 2007 Source? The deal is done, there's no more need for any of this scaremongering crap. John Barber has said it numerous times, this clubs is heading for admin unless there is a takeover. Of course anything he says could be incorrect. I think it's clear to see we would of eventully gone into admin running as we are, MM's due dillagence has shown this. Link to comment Share on other sites More sharing options...
lookwhaticando Posted 12 February 2007 Share Posted 12 February 2007 John Barber has said it numerous times, this clubs is heading for admin unless there is a takeover. Of course anything he says could be incorrect. I think it's clear to see we would of eventully gone into admin running as we are, MM's due dillagence has shown this. He'd love that. Link to comment Share on other sites More sharing options...
teblin Posted 12 February 2007 Share Posted 12 February 2007 if he has over 75% he can do what he likes as no one can stop it as he will alway get majority!! Link to comment Share on other sites More sharing options...
Surreal Madrid Posted 12 February 2007 Share Posted 12 February 2007 John Barber has said it numerous times, this clubs is heading for admin unless there is a takeover. Of course anything he says could be incorrect. I think you have answered your own question there. Barber is not, shall we say, always accurate, he's just a lazy journo. Link to comment Share on other sites More sharing options...
Surreal Madrid Posted 12 February 2007 Share Posted 12 February 2007 if he has over 75% he can do what he likes as no one can stop it as he will alway get majority!! You are basically correct, but there are provisions in law to protect the minority shareholders if he were to run the club in a manner that was very much to their disadvantage. Link to comment Share on other sites More sharing options...
Manwell Pablo Posted 12 February 2007 Share Posted 12 February 2007 I think you have answered your own question there. Barber is not, shall we say, always accurate, he's just a lazy journo. No, he's a stuid, lazy, ugly, sheep shagging journo. Link to comment Share on other sites More sharing options...
Fox in a Box Posted 12 February 2007 Share Posted 12 February 2007 No, he's a stuid, lazy, ugly, sheep shagging journo. Are you barber then? JOKE! Link to comment Share on other sites More sharing options...
Manwell Pablo Posted 12 February 2007 Share Posted 12 February 2007 Are you barber then? JOKE! They should get that fat bold basterd who's always going on about the French off ITV on a Saturday night and get you on instead. Hilarious. Link to comment Share on other sites More sharing options...
FNQ Posted 12 February 2007 Share Posted 12 February 2007 I haven't sold my shares. Wasn't asked. Link to comment Share on other sites More sharing options...
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