Farhad Moshiri

[tommye]

I cannot stress enough the importance of these documents and the intent they show. As mentioned previously, they demonstrate that it is Moshiri's intention to take complete control of Everton FC. This can be nothing but positive for the club as no-one would take control without having the intention and resources to re-capitalise the club, meaning investment in the squad, sorting the stadium and sorting the commercial and sponsorship contracts.

hallelujah

 

[The Esk]

You asked before of you were being thick . I'le raise you double ....I'm sure I read in the case of Kroenke at Arsenal that once he acquired 66%
of the clubs shares he would be bound by law to make an offer for all the remaining shares .If Moshiri buys the said 75% would the same apply to him ?

If Moshiri has the agreement of 75% of shareholders he could by a "scheme of arrangement" ask the High Court to acquire the remaining shares. If he acquires 90% or the agreement of 90% he does not need the agreement of the High Court, he can force remaining shareholders to sell.

Once Kroenke acquired more than 30% of Arsenal (in 2011) he was obliged under the takeover code to offer to acquire all shares given Arsenal is a quoted company. Usmanov and Moshiri declined the offer resulting eventually in Kroenke owning 68%, Red and White Holdings (Umsanov and Moshiri) owning 30.04%. and a few smaller shareholders holding the remaining shares.

 

[blulouie]

Private company so the simple answer is no mate.
Arsenal is a listed public company (albeit on a lesser stock exchange), so different rules and thresholds apply. Up to 90%+1 share (from memory) he doesn't have to do anything.

Ah right , thanks for that.
Think 75% ish would be more than enough for him to implement his ideas.

 

[tommye]

https://www.scribd.com/collections/16619218/BHHL

@The Esk

Genuine format for a Companies Act Charge in IOM, the V at the end of a Co number means a 2006 Act Company (special purpose vehicle), can't be botheted getting up to check, bit the detail looks right.

Thanks - @hibbo'sclass at first glance looks pretty conclusive

Appreciate that mate - excellent work in bringing these very significant documents to the public attention.

All filed at IOM Companies Registry gentlemen.

I cannot stress enough the importance of these documents and the intent they show. As mentioned previously, they demonstrate that it is Moshiri's intention to take complete control of Everton FC. This can be nothing but positive for the club as no-one would take control without having the intention and resources to re-capitalise the club, meaning investment in the squad, sorting the stadium and sorting the commercial and sponsorship contracts.

@davek

 

[blulouie]

If Moshiri has the agreement of 75% of shareholders he could by a "scheme of arrangement" ask the High Court to acquire the remaining shares. If he acquires 90% or the agreement of 90% he does not need the agreement of the High Court, he can force remaining shareholders to sell.

Once Kroenke acquired more than 30% of Arsenal (in 2011) he was obliged under the takeover code to offer to acquire all shares given Arsenal is a quoted company. Usmanov and Moshiri declined the offer resulting eventually in Kroenke owning 68%, Red and White Holdings (Umsanov and Moshiri) owning 30.04%. and a few smaller shareholders holding the remaining shares.

Very differing rules , especially to a simple layman like meself .But thanks for the info , as usually its spot on.

 

[The Esk]

Are you sure.
For a scheme of arrangement to work I was under the impression that 75% of the shares to be acquired had to be in favour, not 75% of the shares including those already held by the entity doing the acquiring.
For this reason I was under the impression that if a 100% acquisition was to be made, the time to do it was when the only people to get on board were the triumverate, Abercromby, Estate of Sir Philip Carter and Grantchester so a maximum of 5 shareholders had to agree.(could be done without Grantchester)
I will of course stand corrected.

That's correct - so he'd need 75% of the remaining 50.1% not in his control to effect a scheme of arrangement - Bill with 4,256 , JW with 3,116 Granchester with 2,773 and Abercromby with 1,935 equals 12,080 of 17,500 which equals 69% - he'd need to find another 1,050 to reach that threshold. I'm not sure that would be a problem.

 

[hibbo'sclass]

That's correct - so he'd need 75% of the remaining 50.1% not in his control to effect a scheme of arrangement - Bill with 4,256 , JW with 3,116 Granchester with 2,773 and Abercromby with 1,935 equals 12,080 of 17,500 which equals 69% - he'd need to find another 2,100 to reach that threshold. I'm not sure that would be a problem.

The above is based on Grantchester being open to a sale though. Is there any corroboration for this?
Also the 2100 is an awful lot of trouble to get isn't it as other than Cliff Finch, ? Holland, Jimmy Mulville (if still involved) and a couple of others, the rest of the shares are spread amongst over 1000 small shareholders.
That's why I thought if he wanted 100% he'd have gone in for a scheme at the start. But I'm just lazy.

 

[tommye]

That's correct - so he'd need 75% of the remaining 50.1% not in his control to effect a scheme of arrangement - Bill with 4,256 , JW with 3,116 Granchester with 2,773 and Abercromby with 1,935 equals 12,080 of 17,500 which equals 69% - he'd need to find another 1,050 to reach that threshold. I'm not sure that would be a problem.

 

[The Esk]

That's why I thought if he wanted 100% he'd have gone in for a scheme at the start. But I'm just lazy.

I'm pretty certain he did not want to go for full control nor did BK and JW want him to do so until the stadium situation was resolved. I agree the best way would have been to have done it from the beginning but I suspect the current position was a way of both parties hedging their bets.

 

[hibbo'sclass]

@The Esk
I call shennanigans and abuse of power correcting the 2100 down to 1050.
Disappointed

 

[The Esk]

@The Esk
I call shennanigans and abuse of power correcting the 2100 down to 1050.
Disappointed

My compliance officer corrected me - sorry

 

[hibbo'sclass]

Next thing to watch for is the Pru Loan I reckon.
Think the Sports Media Funding thing will just run it's course.

 

[The Esk]

Next thing to watch for is the Pru Loan I reckon.
Think the Sports Media Funding thing will just run it's course.

Agree - The Pru loan settlement/continuation/re-negotiation will be dependent upon the final stadium decision - new build or refurbishment. The Rights and Media Funding loan (old Vibrac) is due for settlement in early summer anyway.

 

[hibbo'sclass]

Agree - The Pru loan settlement/continuation/re-negotiation will be dependent upon the final stadium decision - new build or refurbishment. The Rights and Media Funding loan (old Vibrac) is due for settlement in early summer anyway.

If it is the same guys as Vibrac, believe they caused all manner of grief by putting excessive legal fees on top when Reading wanted to vary the terms. I know that was for an extension, but the advantage in monetary terms would probably be marginal.
So, farewell EIL and GPSL in their current form, hopefully within a year or so.

 

[Zatara]

Wont hear anything from now until:

A -- We win the Semi
B -- We win the Final
C-- The season is over

Then we should start to hear things but other than that i think he will stay in the shadows not courting the media attention and leave Kenwright to the hyperbole.