Dave King Bid Not Dead

[Frankie 8,151]

Unless I am mistaken, the board was not allowed to issue new shares, as the last AGM said no. Hence they only had the option to "sell" these 43m shares to exisiting shareholders. Only the AGM can agree on the issue of new/fresh shares (as I intimated above) and it will probably only then that King invests ... unless he's bought the odd share by now and changes his tactics.

 

BTW, all my uneducated opinion.

 

I'm not more educated than anyone else but I suspect Ashley will be keen to limit any offer if he does indeed achieve the 75% required to issue new shares.

 

Of course it may be he prefers debt for future equity but we'll see.

[jhunter 0]

Unless I am mistaken, the board was not allowed to issue new shares, as the last AGM said no. Hence they only had the option to "sell" these 43m shares to exisiting shareholders. Only the AGM can agree on the issue of new/fresh shares (as I intimated above) and it will probably only then that King invests ... unless he's bought the odd share by now and changes his tactics.

 

BTW, all my uneducated opinion.

 

is all of this not a huge worry?

 

we can't hold the AGM until the accounts are signed off.

 

the accounts can't be signed off unless the accountants can see we are a going concern.

 

Ashley can't underwrite any expected share issue as he can't own any more than 10%.

 

So what happens next?