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, Sep 4, 21:08:38