I am a financial dullard and can't be arsed to read it up. Can anybody please explain why you would hypothetically spend a billion quid on a club that had yet to secure the .5 billion needed for the new stadium from sponsors?
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I am a financial dullard and can't be arsed to read it up. Can anybody please explain why you would hypothetically spend a billion quid on a club that had yet to secure the .5 billion needed for the new stadium from sponsors?
It wasnt £100m it was £78m, and probably cost us 4th place which means we missed out on a shit pile of cash.
We effectively sold him for less than chelsea sold Luiz.
Yeah I know I just got lazy so in the absence of a Euro sign button on my keyboard I just used a £.
This is the point though on what we would have achieved should we have held him to his contract, sure he would not have been happy for a while, but the knock on effect of having Bale at the club for another season would be the difference between progressing or rebuilding again. Unfortunately we are not rich enough to turn down an offer such as that, even factoring in what retaining Bale would have made for us.
There has been movement
Rule 2.10 Announcement 15 September 2014 - News - tottenhamhotspur.com
so what does this mean ?
have we been or are we subject to a take-over ?
Rule 2.10 Announcement 15 September 2014 - News - tottenhamhotspur.com
so what does this mean ?
have we been or are we subject to a take-over ?
"2.10 ANNOUNCEMENT OF NUMBERS OF RELEVANT
SECURITIES IN ISSUE
When an offer period begins, the offeree company must announce,
as soon as possible and in any case by 9.00 am on the next business
day, details of all classes of relevant securities issued by the company,
together with the numbers of such securities in issue. An offeror or
publicly identified potential offeror must also announce the same
details relating to its relevant securities by 9.00 am on the business
day following any announcement identifying it as an offeror or potential
offeror, unless it has stated that its offer is likely to be solely in cash.
Any such announcement should include, where relevant, the International
Securities Identification Number (‘‘ISIN’’) for each relevant security.
If the information included in an announcement made under this Rule
changes during the offer period, a revised announcement must be made
as soon as possible."
http://www.thetakeoverpanel.org.uk/wp-content/uploads/2008/11/code.pdf
IANAL but I think that this suggests that yes, we're the subject of a take-over offer.
I thought that THFC had been delisted from the stock exchange and taken private a year or 2 ago. In fact I am certain they were.
So I wonder how comes this is still neccessary?
So I wonder how comes this is still neccessary?
I am sure it doesnt mean we ARE being taken over ... it means that we are the subject of a bid. Does not mean that that bid will be accepted.
The same rules still apply for privately held companies.
/u/LamelasLeftFoot on /r/coys made a great find: Disclosure Table :: The Takeover Panel
Look about halfway down. There may not be a complete and formal offer on the table, but there's definitely been some sort of proposal. If I've understood the rules right, that means that Cain Hoy have until 10th October to either make a firm bid for the club or to decide against it.
Look about halfway down. There may not be a complete and formal offer on the table, but there's definitely been some sort of proposal. If I've understood the rules right, that means that Cain Hoy have until 10th October to either make a firm bid for the club or to decide against it.
OFFEREE: Tottenham Hotspur Limited
Offer period commenced: 12:54 12-Sep-2014
Rule 2.10 information to follow
OFFEROR: Cain Hoy Enterprises LLC
Offeror identified: 12:54 12-Sep-2014
Rule 2.6 deadline: 17:00 10-Oct-2014
Disclosure of dealings and positions in this offeror is not required
I've worked within finance and have a basic grasp things such as this which are written in a language that only lawyers use, so thought it might be useful to give a little summary on what these city rules mean in practice.
As with most things concerning money it used to be a massive old boys club and display a very uneven playing field for the small fry. The takeover and merger rules were brought in to make sure that every shareholder, be it Lord Sugar or an average fan who owned shares back in the day, received equal treatment in takeovers. Originally these were voluntary but became law over time.
As per usual this sort of regulation means that a truckload of red tape and many a hoop has to be jumped through. Therefore the announcements that are coming out now are merely formalities. We do know that Cain Hoy wants to try to buy the club, hence the statement, however we have no insight into ENICs view on the matter - the rule 2.10 announcement this morning is a legal requirement for them to announce the number and types of shares the club is broken down into.
Usually this matters because once you buy a certain number shares on the open market (30% of the whole company or 10% of a certain class of shares) you have to make an offer for the rest at a certain cash price - the same for every shareholder. However as ENIC own them all (as far as I know as a spurs fan?) it's basically irrelevant, though has meant that instead of this entire matter being played out in the back corridors of Spurs Lodge like the Stambouli transfer it's super public and allows us to go into a wonderful little meltdown a la Schneiderlin.
In Short: Cain Hoy and Joe Lewis have touched Gloves. The actual fight is about to begin, but for all we know it could just be a fuck off from ENIC and that's that.
My opinion is that this represents the perfect time to get out for ENIC. They've taken us as far as they can without net spending on transfers - i.e edge of CL - and league has started to toughen up massively. Also started exposure to foreign markets with UA and AIA deals, plus new training ground and ground plans in place are investments they've made to make us attractive / pump up the price. Imagine they'll sell if they get a decent offer. Could happen as the PL is blowing up worldwide and although we'd be expensive it's unlikely to lose value over the long term in a similar way to London property prices.
As with most things concerning money it used to be a massive old boys club and display a very uneven playing field for the small fry. The takeover and merger rules were brought in to make sure that every shareholder, be it Lord Sugar or an average fan who owned shares back in the day, received equal treatment in takeovers. Originally these were voluntary but became law over time.
As per usual this sort of regulation means that a truckload of red tape and many a hoop has to be jumped through. Therefore the announcements that are coming out now are merely formalities. We do know that Cain Hoy wants to try to buy the club, hence the statement, however we have no insight into ENICs view on the matter - the rule 2.10 announcement this morning is a legal requirement for them to announce the number and types of shares the club is broken down into.
Usually this matters because once you buy a certain number shares on the open market (30% of the whole company or 10% of a certain class of shares) you have to make an offer for the rest at a certain cash price - the same for every shareholder. However as ENIC own them all (as far as I know as a spurs fan?) it's basically irrelevant, though has meant that instead of this entire matter being played out in the back corridors of Spurs Lodge like the Stambouli transfer it's super public and allows us to go into a wonderful little meltdown a la Schneiderlin.
In Short: Cain Hoy and Joe Lewis have touched Gloves. The actual fight is about to begin, but for all we know it could just be a fuck off from ENIC and that's that.
My opinion is that this represents the perfect time to get out for ENIC. They've taken us as far as they can without net spending on transfers - i.e edge of CL - and league has started to toughen up massively. Also started exposure to foreign markets with UA and AIA deals, plus new training ground and ground plans in place are investments they've made to make us attractive / pump up the price. Imagine they'll sell if they get a decent offer. Could happen as the PL is blowing up worldwide and although we'd be expensive it's unlikely to lose value over the long term in a similar way to London property prices.
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ENIC officially owns 85.0% of shares in the club (Shareholder FAQs - tottenhamhotspur.com
It's only gay if you push back