Yes, I agree with your summary

However, if he subscribed for a lot more than £25 per share, it would be hard to ask minority shareholders to waive their rights under the takeover code.

I think that’s what the £25 per share is about really - it’s a simple number to get the shareholdings to parity.

I think this is better viewed as just another step (and a big one at that) towards a change in ownership rather than focusing on the economics.

Fundamentally, Attanasio will put funding into the club if he wants to, and if he doesn’t want to he won’t. That won’t come down to the subscription price for these shares, it’s more fundamental to his vision for club ownership, which is 2 / 3 years out. Could be less if D&M are satisfied and waive parts of this agreement.

Posted By: SimonOTBC on September 4th 2023 at 21:08:38

Message Thread

Share issue agreement to vote with D&M (NCFC) - Mr_Biff1961, Sep 4, 18:57:48
- Be nice if they provided some sort of plain English translation of the legal docs for info (NCFC) - Ruttles, Sep 4, 19:13:40
  - That’s what the pinkun video and article is for (NCFC) - SimonOTBC, Sep 4, 20:54:29
  - They cannot provide a simplified version. (NCFC) - Mr_Biff1961, Sep 4, 20:19:14
  - That’s why they say to seek independent advice (NCFC) - CWC, Sep 4, 19:15:30
    - There are always ways of getting that info out there without providing advice or guidance (NCFC) - Ruttles, Sep 4, 19:19:36
      - Why, if you don’t understand it pay for your own advice. (NCFC) - Mr_Biff1961, Sep 4, 20:21:00
        
        Because if you want someone to understand something complex and vote in favour (NCFC) - Ruttles, Sep 4, 20:41:38
        
        I (n/m) (NCFC) - Ruttles, Sep 4, 20:57:20
        
        In some circumstances it is better to pay for that independent review… (NCFC) - Ruttles, Sep 4, 21:03:13
        
        Apples & pears (NCFC) - CWC, Sep 4, 22:04:45
        
        And that last para is even more reason why the club can’t do what you suggest (NCFC) - CWC, Sep 4, 20:45:00
      - Maybe (NCFC) - CWC, Sep 4, 19:35:12
        
        Because the shareholders affected are mums and dads not corporate entities (NCFC) - Ruttles, Sep 4, 20:03:50
      - The oinkun idiots guide video is pretty good … (NCFC) - loz, Sep 4, 19:32:25
- Yea only actually 2 years 3 months remaining (n/m) (NCFC) - loz, Sep 4, 19:00:49
  - I may be completely misunderstanding it all but the document I read (NCFC) - Jim, Sep 4, 19:16:08
    - Yes, I agree with your summary (NCFC) - SimonOTBC, Sep 4, 21:08:38
    - The state of our finances is old news! (n/m) (NCFC) - JD3, Sep 4, 19:35:25
    - Hard to know until we see the next set of accounts … (NCFC) - loz, Sep 4, 19:31:38
      - Isn’t he lending to the club at 11% per annum?! (n/m) (NCFC) - SimonOTBC, Sep 4, 21:11:01
        
        That’s only if the loans aren’t capitalised (n/m) (NCFC) - loz, Sep 4, 21:43:37
        
        The others don’t have capitalisation in their terms (NCFC) - SimonOTBC, Sep 4, 21:47:33

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