| New EGM announced 09:02 - Sep 21 with 8702 views | DaleiLama |
Some new shares to be issued if resolution passed
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| New EGM announced on 09:06 - Sep 21 with 6189 views | boromat |
Have I read it correctly that the shares will only be available for the directors to buy? |  |
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| New EGM announced on 09:08 - Sep 21 with 6179 views | js2006 |
| New EGM announced on 09:06 - Sep 21 by boromat |
Have I read it correctly that the shares will only be available for the directors to buy? |
Im no expert but I believe its just that the Directors have to authorise the share issue | | | |
| New EGM announced on 09:09 - Sep 21 with 6147 views | DaleiLama |
| New EGM announced on 09:08 - Sep 21 by js2006 |
Im no expert but I believe its just that the Directors have to authorise the share issue |
That was my take too. They are allotting them for sale and no doubt the detail of how and to whom will be in the letter to shareholders. | |
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| New EGM announced on 09:19 - Sep 21 with 6081 views | boromat |
Understood. I think this EGM may have a lot of attention! | |
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| New EGM announced on 09:33 - Sep 21 with 6020 views | DaleiLama |
| New EGM announced on 09:19 - Sep 21 by boromat |
Understood. I think this EGM may have a lot of attention! |
On the assumption that the board will have been very well advised (which fits with everything that has happened since it was restructured and strengthened) this can surely only make us less vulnerable to circling sharks in the longer term? As always, the devil will be in the detail. | |
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| New EGM announced on 09:54 - Sep 21 with 5918 views | tony_roch975 |
It's the same Resolution as No 3 at the June EGM (issuing to the current shares limit) but with the lower £2 sale price (& no Resolution 4 to remove the pre-emption rights | |
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| New EGM announced on 09:58 - Sep 21 with 5902 views | Stourdale |
I think this may be a very shrewd move by the board and a little bit of a race against time which has forced their hand.
If Morton House are trying to find buyers and they have the proxy vote it's highly unlikely that they are going to want to stump up any extra cash.
The share issue may also put off any potential buyers as now their is a risk that there investment needs to be increased in order to gain the same percentage of shares.
Worst cases, resolution isn't passed, there is a bigger uptake of any share issue by the mercenaries.
Best case, the good guys increase share percentage to stave off the hostile takeover. | | | |
| New EGM announced on 10:17 - Sep 21 with 5827 views | R17ALE |
| New EGM announced on 09:58 - Sep 21 by Stourdale |
I think this may be a very shrewd move by the board and a little bit of a race against time which has forced their hand.
If Morton House are trying to find buyers and they have the proxy vote it's highly unlikely that they are going to want to stump up any extra cash.
The share issue may also put off any potential buyers as now their is a risk that there investment needs to be increased in order to gain the same percentage of shares.
Worst cases, resolution isn't passed, there is a bigger uptake of any share issue by the mercenaries.
Best case, the good guys increase share percentage to stave off the hostile takeover. |
Correct. We need supporters to dig deep and buy shares now. |  |
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| New EGM announced on 10:27 - Sep 21 with 5787 views | wozzrafc |
This may be a stupid question and I won’t pretend to know the ins and outs but what would stop any of the parties currently wanting to take over the club just getting 50 of their mates buying a 0.5% chunk of shares?
I’m sure as lama said they club will have accounted for this, hopefully this will protect the club. | | | |
| New EGM announced on 10:30 - Sep 21 with 5772 views | judd |
| New EGM announced on 10:27 - Sep 21 by wozzrafc |
This may be a stupid question and I won’t pretend to know the ins and outs but what would stop any of the parties currently wanting to take over the club just getting 50 of their mates buying a 0.5% chunk of shares?
I’m sure as lama said they club will have accounted for this, hopefully this will protect the club. |
The purchase of shares issued by the club will.have to be authorised by the board, with 2 directors signing them new shares certificate.
If you're called Del Boy or Rodney you may meet with a refusal. |  |
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| New EGM announced on 10:40 - Sep 21 with 5746 views | DaleiLama |
| New EGM announced on 10:30 - Sep 21 by judd |
The purchase of shares issued by the club will.have to be authorised by the board, with 2 directors signing them new shares certificate.
If you're called Del Boy or Rodney you may meet with a refusal. |
I would also imagine that if you have a SC or have had one in the past, are on the Dale's database and are "known" in a positive way to the club, there will be a seamless sale of new shares. Just common-sense really.
Edit: I have no idea what the rules are for such share issues, but existing shareholders and SC holders/friends of the club perhaps ought to have an exclusivity window before general sale ....... not trying to make this divisive, but it would ensure that a lot of shares are mopped up by those with the clubs interest foremost. [Post edited 21 Sep 2021 10:44]
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| New EGM announced on 10:42 - Sep 21 with 5726 views | Plattyswrinklynuts |
| New EGM announced on 10:30 - Sep 21 by judd |
The purchase of shares issued by the club will.have to be authorised by the board, with 2 directors signing them new shares certificate.
If you're called Del Boy or Rodney you may meet with a refusal. |
Bugger. That’s my three middle names… |  | | |
| New EGM announced on 11:07 - Sep 21 with 5607 views | tony_roch975 |
| New EGM announced on 10:27 - Sep 21 by wozzrafc |
This may be a stupid question and I won’t pretend to know the ins and outs but what would stop any of the parties currently wanting to take over the club just getting 50 of their mates buying a 0.5% chunk of shares?
I’m sure as lama said they club will have accounted for this, hopefully this will protect the club. |
As I understand it, with the pre-emption rights still in place, current shareholders will have first dibs to buy new shares at the same % as their current holding (with any not taken up going on 'open sale' or whatever the Board /EGM resolves). The elephant in the room is what constitutes 'current' ( Morton House? the Famous 5? Southall or anyone who's bought the 'rights'?) | |
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| New EGM announced on 11:39 - Sep 21 with 5497 views | 49thseason |
| New EGM announced on 11:07 - Sep 21 by tony_roch975 |
As I understand it, with the pre-emption rights still in place, current shareholders will have first dibs to buy new shares at the same % as their current holding (with any not taken up going on 'open sale' or whatever the Board /EGM resolves). The elephant in the room is what constitutes 'current' ( Morton House? the Famous 5? Southall or anyone who's bought the 'rights'?) |
I think It will depend who is on the shareholders register at the date of the EGM . The board can take up to a maximum of 2 months to transfer shares from one person to another so its possible to. get this done before any shares are transferred. It may be there is a request now in the works and they have used this to dilute those shares by roughly 40% before the request is activated. They do of course need to sell the new shares, but perhaps they have a cunning plan for that, i.e. an investor they like and trust who is happy with 40% ?? |  | | |
| New EGM announced on 11:58 - Sep 21 with 5425 views | tony_roch975 |
| New EGM announced on 11:39 - Sep 21 by 49thseason |
I think It will depend who is on the shareholders register at the date of the EGM . The board can take up to a maximum of 2 months to transfer shares from one person to another so its possible to. get this done before any shares are transferred. It may be there is a request now in the works and they have used this to dilute those shares by roughly 40% before the request is activated. They do of course need to sell the new shares, but perhaps they have a cunning plan for that, i.e. an investor they like and trust who is happy with 40% ?? |
that's too logical and positive an interpretation I fear - (a barrister friend said to me a couple of weeks ago, any 2 people can make any deal about anything and it's a contract - whether recorded [on Share Registers] or not). Whatever I suspect our Legal Fees will outrun our Players Wage Bill this season. | |
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| New EGM announced on 12:25 - Sep 21 with 5334 views | Newbury_Dale |
Club need to be really careful here. | | | |
| New EGM announced on 12:34 - Sep 21 with 5284 views | 100notout |
Not an expert in this by any means but as I see it this EGM isn't for a share issue as such - its to authorise the directors to do a share issue as and when they see fit - i.e when their legal advisers tell them it is safe to do so | |
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| New EGM announced on 12:39 - Sep 21 with 5245 views | tony_roch975 |
| New EGM announced on 12:34 - Sep 21 by 100notout |
Not an expert in this by any means but as I see it this EGM isn't for a share issue as such - its to authorise the directors to do a share issue as and when they see fit - i.e when their legal advisers tell them it is safe to do so |
agree, but the issue will be the voting and whether MH or their replacement/s turn up at the AGM which isn't open ended | |
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| New EGM announced on 12:43 - Sep 21 with 5220 views | D_Alien |
| New EGM announced on 12:34 - Sep 21 by 100notout |
Not an expert in this by any means but as I see it this EGM isn't for a share issue as such - its to authorise the directors to do a share issue as and when they see fit - i.e when their legal advisers tell them it is safe to do so |
I think that's right (with the 5 year expiry clause)
A case of being prepared for a 'snap' issue when the time is in the best interests of the club
Edit: just read tr's point. Perhaps, but it'd be a sure-fire way of flushing out who 'interested parties' might be (or 'still interested') without actual issuance of new shares [Post edited 21 Sep 2021 12:45]
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| New EGM announced on 15:06 - Sep 21 with 4938 views | jonahwhereru |
The new crop of directors e.g. Jamie Sarsfield lodgedmoney with the club in order o buy shares when they became available. From what has been said here someone like TP could transfer some of his shares to the likes of Jamie to ensure they are shareholders with existing purchase rights ahead of any share offering.
These are tricky waters we are navigating and the EGM will be fascinating to so who on behalf of whom votes on the resolution.
I said early doors I hoped any offering would be conducted in a way that those wishing to buy the smallest amount of shares are fully accommodated, which could result in those requesting larger amounts having their allocation request chopped back. I think the widest possible shareholder base is in the club’s best interests. This strategy combined with SC and Supports Trust members getting priority to buy would help grow the safety net around the club. Legalities allowing of course. | | | |
| New EGM announced on 17:37 - Sep 21 with 4620 views | electricblue |
If the shares are to be sold at £2ea what is to stop some of the existing shareholders in buying the new ones and them selling them on for a profit to the interested parties like curran n rose etc..... [Post edited 21 Sep 2021 19:11]
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| My all time favourite Dale player Mr Lyndon Symmonds |
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| New EGM announced on 18:09 - Sep 21 with 4531 views | Dalenet |
| New EGM announced on 17:37 - Sep 21 by electricblue |
If the shares are to be sold at £2ea what is to stop some of the existing shareholders in buying the new ones and them selling them on for a profit to the interested parties like curran n rose etc..... [Post edited 21 Sep 2021 19:11]
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Legally nothing - beyond the restriction on an unapproved controlling interest. But the Board can restrict the sale to fans and existing shareholders. It raises £800k of new capital and potentially could dilute the ownership of the club by the larger shareholders.
But 397,000 shares isn't that many. If we have a few dozen fans prepared to chuck £10k at it, the new Board buying an allocation, and other fans putting say £500 down, it should be an oversubscribed issue. Will be interesting to see how many shareholders vote against and what Morton et al do to take up their options (if anything) | | | |
| New EGM announced on 05:13 - Sep 22 with 4185 views | pioneer |
| New EGM announced on 12:25 - Sep 21 by Newbury_Dale |
Club need to be really careful here. |
I agree - lots of potential banana skins.
One thing that worries me - the chairman's letter its sloppy and I doubt the writer would pass a high school english exam.
Also I am not impressed that something as important as this has gone out with a "pp" signature. And the 'writer' of the letter is identified only by a first name.
It all gives the impression that this has been done in a rush, or maybe those responsible are 'learning on the job' or worse still, remain sympathetic to departed former employees. Its a poor first draft and should never have seen the light of day. Did 'Simon' check it? And what about 'GD"?
I believe the chairman and his board colleagues have their hearts in the right place . . I hope they have the best professional (financial/legal) advice and a clear strategy for achieving their goals.
If the scoundrels are more inclined to take up their allotments of additional shares than the rest, for whatever reason, the balance of shares would further tip towards the scoundrels.
If there is not full uptake of additional shares by current shareholders and shares are put on open sale, anyone can buy them - its out of the board's control.
A nervous few weeks (and months) ahead. | | | |
| New EGM announced on 08:52 - Sep 22 with 4015 views | James1980 |
What is the significance of 397,043 shares being issued for simplicity why not round it up to 400,000? | |
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| New EGM announced on 09:28 - Sep 22 with 3945 views | judd |
| New EGM announced on 08:52 - Sep 22 by James1980 |
What is the significance of 397,043 shares being issued for simplicity why not round it up to 400,000? |
There are 900,000 authorised shares of which the 397,043 remain unsold. | |
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