AlexNyarkone
Player Valuation: £225k
Such a paltry sum?Of course he can, hes worth 2billion.
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Such a paltry sum?Of course he can, hes worth 2billion.
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.
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.
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.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!!!!!
Moshiri won't fund us with his own money...Of course he can, hes worth 2billion.
Articles allo
Should have checked the articles shouldn't I.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.
Moshiri won't fund us with his own money...
the charge doc isn't available for EFC Ltd unfortunately, but is it unreasonable to assume that the terms will be the same?
As you know I will hold my hands up if wrong, amd in this case, I am partially wrongThere'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.
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
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.
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???