Yep... At which point it's useful

to look at practicalities and reality.

Can't imagine that D&M are relinquishing overall control at this time, in this way. Whatever the algebra they'll still have the casting vote, unless their lawyers/advisors have f**ked up.

Anything else would be fiscal madness and pretty much devalue their holding.

However, such a mechanism would certainly be a way for MA to increase his fiscal stake in the club (reduce the eventual price he'd need to pay to buy them out) and have more leverage in decision making, if not the final say.

It all still points to a D&M exit strategy - but without knowing the relative value and use of ordinary shares vs other classes etc any speculation is pretty meaningless.

Ultimately, minority shareholdings are generally just a financial stake, not a controlling one.

Minor minority shareholdings are essentially voiceless, particularly in the current circs.

MA's initial stake would have been to really get a chance to see under the lid of the operation (see all the stuff that due diligence wouldn't have given him access to).

This would be a chance to invest further to protect that initial investment.

Potentially step two in a staged takeover, certainly a positive sign that he's not been scared off by the books, or how the place is being run.

Just my take, which is only worth what you paid for it.

Posted By: Cardiff Canary on January 28th 2023 at 09:50:17

Message Thread

Think the EDP have explained the share thingy quite straightforwardly (NCFC) - Augustus Pablo, Jan 28, 06:36:40
- On the dilution point….(sorry if this is really obvious) (NCFC) - SimonOTBC, Jan 28, 08:47:01
  - Yeah I see what you mean, hadn’t thought of it like that before. (NCFC) - Augustus Pablo, Jan 28, 09:10:00
    - No - because the new shareholder puts in cash (NCFC) - SimonOTBC, Jan 28, 09:26:47
      - Yeah I get you, but you can’t factor in the last paragraph. (NCFC) - Augustus Pablo, Jan 28, 09:48:13
        
        If liquidated on day 1 it’s worth £1.5m (NCFC) - SimonOTBC, Jan 28, 09:50:33
        
        That's true on 'day one' but one of many unknowns is what the cash will be used for. (NCFC) - The Gaffer, Jan 28, 10:26:36
        
        The new player will be an asset though and add to the value of the club (n/m) (NCFC) - Ken Dodds Dads Dog, Jan 28, 11:37:03
        
        Plenty of our signings have diminished our value (n/m) (NCFC) - CWC, Jan 28, 11:52:07
        
        Of course, hence the rashica / Buendia example (NCFC) - SimonOTBC, Jan 28, 14:52:05
        
        Mos assets depreciate but they don't lose their value the instant their photo is taken (NCFC) - Ken Dodds Dads Dog, Jan 28, 12:29:32
        
        Ok (n/m) (NCFC) - Augustus Pablo, Jan 28, 09:54:12
        
        All businesses are worth their intrinsic value (NCFC) - SimonOTBC, Jan 28, 09:58:09
        
        Agreed (n/m) (NCFC) - Augustus Pablo, Jan 28, 10:06:09
  - I'm afraid you've got that all the wrong way round (NCFC) - paulg, Jan 28, 09:02:19
    - ^^ Jimmy Carr's accountant (n/m) (NCFC) - Ken Dodds Dads Dog, Jan 28, 09:21:43
    - ? (NCFC) - SimonOTBC, Jan 28, 09:06:26
      - In my example they wouldn't (NCFC) - paulg, Jan 28, 09:33:07
        
        … (NCFC) - SimonOTBC, Jan 28, 09:38:47
        
        (1) is only correct until the cash is converted (NCFC) - CWC, Jan 28, 12:08:14
        
        I’ve never said anything to the contrary (n/m) (NCFC) - SimonOTBC, Jan 28, 14:48:35
        
        My example was a very basic one to help out those that are less familiar with these things (NCFC) - SimonOTBC, Jan 28, 14:51:04
        
        Eh, calm down, calm down! (n/m) (NCFC) - paulg, Jan 28, 16:11:53
        
        And is therefore not correct (NCFC) - paulg, Jan 28, 12:41:17
        
        No shit …. (n/m) (NCFC) - SimonOTBC, Jan 28, 14:49:15
        
        Depends how the company is valued (n/m) (NCFC) - paulg, Jan 28, 11:30:56
        
        🤪🤪🤪🤪 (n/m) (NCFC) - SimonOTBC, Jan 28, 14:48:56
- Also potentially the biggest injection of cash… (NCFC) - SimonOTBC, Jan 28, 08:24:10
- I was about to post does anyone understand the share thingy? (NCFC) - Kangol Canary, Jan 28, 08:20:19
  - What i would say about this article though…. (NCFC) - SimonOTBC, Jan 28, 08:39:52
  - We don’t know the current value as there is no readily available market value (NCFC) - SimonOTBC, Jan 28, 08:32:01
    - Yeah I like the sound of it. At least they’re not doing things like selling the tarmac (NCFC) - Augustus Pablo, Jan 28, 08:37:58
  - I think it’s misleading that they’re calling them unallocated shares, it’s seems to be (NCFC) - Augustus Pablo, Jan 28, 08:26:52
    - It’s the only way to get cash in which isn’t debt (NCFC) - SimonOTBC, Jan 28, 08:30:25
      - Ah I see, I couldn’t understand what they meant by it. (NCFC) - Augustus Pablo, Jan 28, 08:35:14
        
        Some people might have been…. (NCFC) - SimonOTBC, Jan 28, 08:37:34
        
        I see (n/m) (NCFC) - Augustus Pablo, Jan 28, 08:38:30
        
        As always with these things, people look to over complicate it (NCFC) - SimonOTBC, Jan 28, 08:42:24
        
        Yep... At which point it's useful (NCFC) - Cardiff Canary, Jan 28, 09:50:17
- Ye Har- can’t wait to get my hands on some more. (n/m) (NCFC) - Atta nassio here, Jan 28, 06:52:23

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