| BREAKING NEWS: No selling shareholder has yet received ANY cash from Alexander J 20:40 - Jul 14 with 16939 views | RAFCBLUE |
It appears the proposed takeover committee of Alexander Jarvis, Andy Curran and Darrell Rose have hit a bit of a problem.
Money.
When you offer to buy something, we all know you must pay for it to get it and so far, not one of the selling shareholders has received a penny of the proposed funds that they have been offered by Jarvis, Curran and Rose for a private and quick sale of their shares.
There are “agreements in principle” for several significant shareholders with Alexander Jarvis to sell but only IF Alexander Jarvis can secure a controlling shareholding. No shares have been transferred to Andy Curran or Darrell Rose and therefore no money has been received by selling shareholders.
The deal is being managed personally by Alexander Jarvis of Blackridge Sports and law firm Gateley. Gateley describe themselves as “passionate problem solvers, we get our kicks from finding the right answers and getting our clients where they need to be.”
That’s lawyer speaks for saying we do as we are told.
To be clear, Gateley are not writing the cheques here, they are a middleman handling client funds for Alexander Jarvis, Andy Curran and Darrell Rose and can only pay for the shares when they say so.
This has come to light following the EFL statement yesterday, that has put a huge spanner in the works for the deal.
https://www.efl.com/news/2021/july/efl-statement-rochdale-afc/
Without getting to 50% there is no deal and Alexander Jarvis, Andy Curran and Darrell Rose are not going to put money into having only a very small shareholding in a League 2 football club as there is nothing in it for them.
The EFL statements reads like truly little is known about these people and a full investigation will be done [i[IF they present the required information to the EFL.
The other concern is the source and use of the funds. The EFL have already raised this via their statement but both them and the lawyers acting for Gateley and for the selling shareholders both have to comply with two bits of law:
1. Proceeds of Crime Act 2002 and
2. The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
The requirements on solicitors are onerous and found here:
https://www.sra.org.uk/risk/outlook/risk-outlook-2020-21/anti-money-laundering/
Any selling shareholder is going to want to make sure that they have carefully checked the source of their windfall; because the authorities can and will seize anything they believe is caught by either legislation.
Even Rochdale Online has some good examples of the authorities seizing dirty money and shows how easy it is to fall four of the law in this area:
https://www.rochdaleonline.co.uk/news-features/2/news-headlines/141906/criminals
If I had agreed to sell to Alexander Jarvis and that wasn’t binding I’d want to make sure that I wasn’t being duped and that somewhere down the line there would be a knock on my door by a Police Officer!
A conditional offer refers to a takeover offer which is expressed to be subject to certain conditions being fulfilled. This means that the buyer will only become obligated to purchase the shares in the target company (i.e. Rochdale) which have been validly tendered in acceptance of the offer after the conditions have been fulfilled.
The EFL signoff is itself conditional on the proposed buyers complying with all EFL regulations.
And before that can happen though, Alexander Jarvis, Andy Curran and Darrell Rose have some cash transfers to get done.
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| BREAKING NEWS: No selling shareholder has yet received ANY cash from Alexander J on 12:40 - Aug 21 with 975 views | nordenblue |
| BREAKING NEWS: No selling shareholder has yet received ANY cash from Alexander J on 12:26 - Aug 21 by BlueMessiah |
I'll now take full credit for this morning's statement - just like when Joey T came on against Charlton and I bellowed " For fcuk's sakes! What's Thompson going to do??"
Brilliant work from all involved!! ðŸ‘👠|
Superb work everyone, looks like they're in deeper water than they would have liked, Mr Bottomley could yet need to spill a few answers..... along with more tears no doubt
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