Facts:
The club is creating a new class of preference shares (the C shares) with a total nominal value of £10m and a 7 year term, which pay a 7% dividend and have no voting rights. Akin to a loan, really.
In the event of a change in majority ownership, the terms of the shares allow the holder to keep them, have them repaid, or convert them into ordinary shares.
Attanasio is joining the board.
Not facts but very probable:
Attansio is buying foulger out and that’s giving him a seat on the board
Attansio is subscribing for all the c shares and paying £10m for them.
There is a longer term plan that Attanasio will take over as majority owner at some point in the future if everyone is happy as this arrangement progresses.
Posted By: SimonOTBC, Aug 24, 12:54:08
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