Jump to content

 

 

Stuart Gibson increases stake in club with £5m investment


Recommended Posts

If it was new cash would they not have had to offer to the other shareholders in order to dilute the shareholding ?  Either that o get shareholder approval to issue the new shares without offering to current shareholders ?  I suspect if it were new cash we would have found out about it through C1872 as one of the major shareholders.

 

I a obviously guessing too but I would suspect this is conversion of loans to equity.

Link to post
Share on other sites

4 minutes ago, craig said:

If it was new cash would they not have had to offer to the other shareholders in order to dilute the shareholding ?  Either that o get shareholder approval to issue the new shares without offering to current shareholders ?  I suspect if it were new cash we would have found out about it through C1872 as one of the major shareholders.

 

I a obviously guessing too but I would suspect this is conversion of loans to equity.

It looks like it. Does the waiver of pre-emption rights granted previously is still effective? Normally I would expect a special resolution like that to apply to a specific share issue.

Edited by Bill
Link to post
Share on other sites

1 minute ago, Bill said:

It looks like it. Does the waiver of pre-emption rights granted previously is still effective? Normally I would expect a special resolution like that to apply to a specific share issue.

They usually apply to a specific issue, as you say.  Otherwise it gives the board more flexibility than the shareholders would normally give.

Link to post
Share on other sites

1 minute ago, craig said:

They usually apply to a specific issue, as you say.  Otherwise it gives the board more flexibility than the shareholders would normally give.

It might have been a lasting resolution if it applied (say) until all director loans had been resolved. Otherwise there should have been a notice asking if we wanted to exercise our pre-emption rights.

Link to post
Share on other sites

I believe that the resolution was renewed at the last AGM.

 

Quote

 “THAT the Directors be and they are empowered pursuant to Section 570(1) of the Act to allot equity securities (as defined in Section 560(1) of the Act) of the Company wholly for cash pursuant to the authority of the Directors under Section 551 of the Act conferred by Resolution 7 above, as if Section 561(1) of the Act did not apply to such allotment provided that unless previously revoked, varied or extended, this power shall expire at the conclusion of the Company’s next Annual General Meeting in 2020, except that the Company may before the expiry of this power make an offer or agreement which would or might require equity securities to be allotted after such expiry and the Directors may allot equity securities in pursuance of such an offer or agreement as if this power had not expired.”


 

Link to post
Share on other sites

2 hours ago, craig said:

If it was new cash would they not have had to offer to the other shareholders in order to dilute the shareholding ?  Either that o get shareholder approval to issue the new shares without offering to current shareholders ?  I suspect if it were new cash we would have found out about it through C1872 as one of the major shareholders.

 

I a obviously guessing too but I would suspect this is conversion of loans to equity.

It's the usual mixture of loan repayments and some fresh capital. 

Link to post
Share on other sites

  • Frankie changed the title to Stuart Gibson increases stake in club with £5m investment

This is fresh cash from a new share issue, I’ve met the guy a couple of times at British Embassy events in Tokyo. He is the real deal and has built a business in Asia with a current market cap of circa 10bn USD, look it up HKEX 1821. Always came across as a great guy and mentioned that he plans to inject more as he gets to know the board and Managemnet better. We are lucky to have fans like this guy, hope he doesn’t work out who wrote this! 

Link to post
Share on other sites

  • 4 weeks later...

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Recently Browsing   0 members

    • No registered users viewing this page.


×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.