Farhad Moshiri

[AlexNyarkone]

Of course he can, hes worth 2billion.

Such a paltry sum?

 

[Neiler]

Not if he issues preference shares no, but as I've stated many times ultimately the stadium is going to carry debt, I cannot see it funded from equity.

Thanks mate! I've no problem with debt for a stadium, relatively speaking.

 

[bizzaro]

I suspect he's going to go down the preference share route, which will be convertible or repayable at a later date - get's around the control issue if the triggers for taking up the options are, as is suspected, linked to funding and stadium development progress.

Will that mean increasing the clubs baseline debt figure mate?

Not if he issues preference shares no, but as I've stated many times ultimately the stadium is going to carry debt, I cannot see it funded from equity.

Thanks mate! I've no problem with debt for a stadium, relatively speaking.

Me neither. Provided said debt is kept at reasonable levels and does not interfere with the running of the club and/or leaves Everton cash positive in a reasonable time frame.

I want him to get a more reasonable balance than "Randy Lerner's grave mistake" and to give a long term lasting legacy before even thinking about the football team.

By doing both he's making the club stronger and the strategy is less risky and win win.

 

[hibbo'sclass]

I suspect he's going to go down the preference share route, which will be convertible or repayable at a later date - get's around the control issue if the triggers for taking up the options are, as is suspected, linked to funding and stadium development progress.

Can preference shares can be issued without a special resolution - pretty sure the directors can only issue shares up to the same number and class/rights as currently in issue according to the articles and is it possible that the Pru restrictions are similar to EIL which do not allow the co to issue any shares.

Above is from memory!!!!!

 

[The Esk]

Can preference shares can be issued without a special resolution - pretty sure the directors can only issue shares up to the same number and class/rights as currently in issue according to the articles and is it possible that the Pru restrictions are similar to EIL which do not allow the co to issue any shares.

Above is from memory!!!!!

Articles allow issue of preference shares by ordinary resolution - no more than ordinary shares in issue by number, but no mention of value.

I don't recall the Pru having the ability to restrict issuance of shares in Everton Football Club Company, and it would seem counter productive for them to do so.

 

[Tramps_mate]

Of course he can, hes worth 2billion.

Moshiri won't fund us with his own money...

 

[hibbo'sclass]

Articles allo

Articles allow issue of preference shares by ordinary resolution - no more than ordinary shares in issue by number, but no mention of value.

I don't recall the Pru having the ability to restrict issuance of shares in Everton Football Club Company, and it would seem counter productive for them to do so.

Should have checked the articles shouldn't I.

The reason that value isn't mentioned is that any issue is restricted to £35k nominal, but these can be sold at a premium, say 6k each so a £5999 premium per share.
Not sure of they can be convertible though - could this be deemed prejudicial to the rights of the existing shareholders?

Pretty certain the Pru control ability to issue and transfer shares in EIL and GPSL, but to be honest can't be bothered looking at the charge docs again, the charge doc isn't available for EFC Ltd unfortunately, but is it unreasonable to assume that the terms will be the same?

 

[Goat]

Moshiri won't fund us with his own money...

Probably not no.

 

[The Esk]

the charge doc isn't available for EFC Ltd unfortunately, but is it unreasonable to assume that the terms will be the same?

There's something in the back of my mind that says it is unreasonable - will have to think harder..... May be the morning before I come up with the reason.

 

[hibbo'sclass]

There's something in the back of my mind that says it is unreasonable - will have to think harder..... May be the morning before I come up with the reason.

As you know I will hold my hands up if wrong, amd in this case, I am partially wrong

The Pru charge on EIL prohibits the issue of shares without the Pru's written approval.
Mortgage doc point 5 (f).Will hopefully save you time mate.

Perhaps I'm over-thinking this, but if the football club could issue shares without approval, then ownership could change via the back door, so if there is a clause in the loan doc excluding change of ownership, then the same restriction on share issue makes sense.

Does that make sense???

 

[The Esk]

Perhaps I'm over-thinking this, but if the football club could issue shares without approval, then ownership could change via the back door, so if there is a clause in the loan doc excluding change of ownership, then the same restriction on share issue makes sense.

It makes sense, but there's no prohibition of change of ownership just consequences - I'll look tomorrow, long day started with 4.30 am conference call

 

[Steve Wigan]

It makes sense, but there's no prohibition of change of ownership just consequences - I'll look tomorrow, long day started with 4.30 am conference call

4.30 a.m.? Ah...those were the days. A long time ago, but those were the days! Hope you're making loadsamoney!!

 

[Thomasc]

Going off the postings of mr Esk, by this time next year I expect the following to either be in place or have been in place for a while -

1. A new manager to come in and reunite the fan base, steady the team and improve results having had money to develop the squad over the summer of 2016 and the January 2017 transfer window.
2. Plans made public for a new stadium which will excite the fans and give us all a bright future to look forward to (hopefully somewhere with a great location close to the city centre).
3. New investors brought onto the board by Mr Moshri to make Everton a really competitive club in the English PL.
4. A change in mindset from "being happy to be here" at board level, to one of ambition with an effort to strive for the best we can.

Realistic? I feel this would be a great place to start for the new investors. we are a blank canvas, with some great assets and great tradition which needs to be built on.

 

[Toffeelover]

I have mentioned this before, but does Moshiri intend to bring other investors in? I think he will be great for Everton but at the moment I'm not sure exactly what his level of ambition is for us. If we are to compete with the elite clubs I would have thought he won't be able to finance that on his net wealth alone.

I think there is a good bit going on behind the scenes of which we are totally unaware and may tke a year or two to be fully revealed.

 

[The Esk]

As you know I will hold my hands up if wrong, amd in this case, I am partially wrong

The Pru charge on EIL prohibits the issue of shares without the Pru's written approval.
Mortgage doc point 5 (f).Will hopefully save you time mate.

Perhaps I'm over-thinking this, but if the football club could issue shares without approval, then ownership could change via the back door, so if there is a clause in the loan doc excluding change of ownership, then the same restriction on share issue makes sense.

Does that make sense???

I haven't looked myself but someone did on my behalf, apparently no restriction on top company issuing shares.