Latest Takeover Rumour. The Moores / Noell one

[mikewex]

I do concur, I did however say I work for, not negotiate, not tender and certainly not have the expertise to see an acquisition through from start to finish.
I am a senior partner who's talents lie elsewhere in the business but that said I do understand that whilst the points you noted above sound complicated they are common practise and have much similar factions to other deals.

Depends. For example in your Regenersis example a situation like the lien on property would be fairly easily dealt with by a warranty or similar by the selling company, in Evertons case, the board are going to want the transaction to be final with as few comebacks as possible.

 

[mikewex]

mikewex was you the slayer of Damo?

I believe he lives still...

 

[kithnou]

Let's not confuse the announcement of a deal and the actual closure of a deal, as they can certainly occur on two different dates. If a deal is struck, then perhaps an announcement comes soon, with actual closing of the deal not to occur until the end of the financial year, or the end of the current season, or after some other time period agreeable to both parties. This would not be surprising to me in the least.

So assuming a deal is struck, but not closed until the EOFY, as we open to superior offers from other suitors?

 

[neil999]

This guy has bought £90m companies, nailed on.

Deffo, he wrote 'debenture'!

 

[marnie]

Deffo, he wrote 'debenture'!

lol.... we thought they were falsies

 

[MrPerfectNot]

So assuming a deal is struck, but not closed until the EOFY, as we open to superior offers from other suitors?

Now you're making it more complicated that buying a burger & a beer....

I think (most definitely NOT a UK corporate law expert) that it all depends on the terms. Most likely, if a deal is struck, then there would be significant representations / commitments by both sides that are required to be able to close the deal. Some of these things might be
- putting large portions or all of the purchase funds into escrow so that there is no doubt of the buyers ability to fund the deal,
- agreement from any relevant governmental bodies to the sale,
- commitments to renew or terminate sponsorships for upcoming seasons,
- and many other things.

Realistically, I think if a deal is struck, then both sides would need to abide - there would probably be some fairly harsh financial penalties that would apply to the side that wouldn't go through on the deal.

But that's just my musings - others with more thoughts?

 

[The Esk]

So assuming a deal is struck, but not closed until the EOFY, as we open to superior offers from other suitors?

I'm always of the view that if a deal is struck you complete and buyer and seller move on. Assuming all the conditions of the sale and purchase are met, what's the benefit in delaying?

With regards to Everton though, there are significant complexities especially if we're talking of the purchase of a majority shareholding as against a complete sale. I don't believe for a moment all the major shareholders speak with a common voice, so if a deal is struck then it should be completed as quickly as possible otherwise as you say one or two or more shareholders may be tempted by alternative offers.

BTW for a complete sale to happen the buyers must have 75% or more in the bag (ie some form of irredeemable undertaking from existing shareholders) and be preparing for a deed of assignment to be placed before the High Court or 90% acceptance. The 90% acceptance I find difficult to believe as to get to that figure relatively large numbers of smaller shareholders would need contacting and reaching agreement. I doubt that could be achieved without information finding itself in the public domain.

Thus if a deal has been struck, it's likely to be for between 75 and 90% of the shares and will be concluded as soon as is possible after agreement.

 

[kithnou]

Thus if a deal has been struck, it's likely to be for between 75 and 90% of the shares and will be concluded as soon as is possible after agreement.

Have to agree with that. Especially with numerous parties circling Everton.

 

[chicoazul]

Ok good to see everyone calm.

 

[SpurtingLesbian]

Ok good to see everyone calm.

Said Chico never.
You feeling all right mate? or is a mod taking your account for a test drive to ruin your reputation?

 

[chicoazul]

Said Chico never.
You feeling all right mate? or is a mod taking your account for a test drive to ruin your reputation?

I see someone threaten to glass someone on here tonight. I think we've reached a tipping point on the internet.

It's not that important.

 

[Foot Long Hot Dog]

What did you think od The Wolf Of Wall Street mate?

That's me mate, I even look like him, only a bit fatter and without the beak habit

 

[USABlue]

That's me mate, I even look like him, only a bit fatter and without the beak habit

 

[hibbo'sclass]

Just a bit of a refresher here that may be useful if you've not read my diatribes before.
Ignore Everton Ladies Football Club on the basis that they aren't party to any shenanigans!
Goodison Park Stadium Limited (part of the group) owns the ground and operates it. This is where the matchday receipts (bums on seats only) starts off. The only charge registered against the ground and receipts is to another group company Everton Investments Limited.
Everton Investments Limited is the company that did the deal with AIB/Prudential and the only charge on it's books is the guarantee of payment to Prudential of the 2.7 mil per annum. The terms of this give an all monies debenture and effectively a lien on the stadium, giving rise to the clubs hands being tied regarding redevelopment or moving until Prudential are either onboard or paid off.
Both of the above charges give rise to a charge each in EFC accounts as well.
EFC have 5 charges - the 2 above, one to whatever JG Funding is called now (Sports Media Funding or something) and a couple to Barclays in respect of the overdraft facility.
So, Prudential are the boys you need to sort if you're going to develop/move, if you plan to do nothing, you don't.
JG or whatever is up in 6 months anyway so it"s a case of do you renew if available or is an equivalent amount to be made available as short term working capital by the new investors/owners.
Said months ago that the people to speak to were AIB/Prudential as they sort of have is over a barrel, and also LCC to see what their position is.
Other things to factor in is the availability of grants for proposed sites.
Of course I'm ignoring Kitbag and Sodexo, but made it clear in a post ages back that it might be more advantageous to run the contracts down depending on the release penalties.

I despair if this is only to be a 68% switch in shareholdings to be honest, and truly hope that any delay is being caused by negotiations to get over 75% then off to court for a scheme of arrangement.

If you've read this far, you are obviously more bored than me!

 

[Neiler]

Ha we wait a good 20 years for a takeover then when it comes along we pull the heads of each other over it.

Everton.

I don't think there was even an Internet when Bill took over, I remember the back page of the echo.

Thank god for these transfertotaliser days we live in!

* sponsored by sky bet.