New Everton Owners: The Friedkin Group

[Billy Dean]

Simon Jordan knows and understands how Premiership clubs operate and moreso how major transfers and even the sale of a club comes about.

After all, he has experienced all of these things himself.

Very often we as fans disagree with any narrative that doesn't fit in with our wishes... which is very understandable.

A lot of the column inches we read from journalists is guesswork or maybe information leaked for a purpose.

The real negotiations in deals of this magnitude will be known to very few.

The main thing to be wary about with Jordan is that he was a good mate of Kenwright and has a certain agenda in that regard

 

[arch stanton]

As I’ve said above, I don’t think they’ll force purchase on the minority shareholders yet, but if and when they do want 100% ownership, there is now way they’re paying £3,500 ea for the outstanding 4.6% / 6219 shares (£22m) after what they’ve had to put in / take on when they a) don’t have to, and b) they simply aren’t worth that now.

begs the question, what will 100% ownership give them that 96% doesnt?

 

[Goat]

begs the question, what will 100% ownership give them that 96% doesnt?

4%, mate.

 

[Drico]

It would be a good lesson in minority shareholding, but these guys aren't idiots. They're not having supporters take a haircut like that for small money (for them).

Yup, the PR disaster wouldn't be worth the relative peanuts it would win them. Nobody needs "Blainzy" on the warpath. That said, they owe nothing to the minority shareholders. Like all investments, you win some, you lose some.

 

[Bedfordblue]

begs the question, what will 100% ownership give them that 96% doesnt?

Nothing in the grand scheme of things, but if they were going take the club public (nothing to suggest they would) if they can force the purchase of the outstanding 4% for £00’s rather than £000’s that 4% might end up being worth millions rather than the thousands they could buy them for.
Once they have 100% they can play with the shares again I guess and reduce them or change some of the diluted shares into another classification type, that might apply to these original ones, maybe they wouldn’t like to essentially gift minority shareholders a value bump.
All gets a JR Ewing / Cliff Barnes and beyond my narrow understanding

 

[allen]

Am I not right in thinking that the conversion of debt to equity that Moshiri had to perform before selling turned his 96% into 99% by the time the Friedkins bought it?

Pretty sure the shares were diluted, so small shareholders own less of the business than they did a week ago.

 

[Blue peter]

Jesus I can can’t keep up with this discourse. *Makes mental note to watch Bloomberg all day tomorrow

 

[pfim]

Am I not right in thinking that the conversion of debt to equity that Moshiri had to perform before selling turned his 96% into 99% by the time the Friedkins bought it?

Pretty sure the shares were diluted, so small shareholders own less of the business than they did a week ago.

It's more likely the debt was forgiven instead of converted to equity. Only issuing more shares will dilute the others' shares, as long as they are of the same class.

 

[Bedfordblue]

Am I not right in thinking that the conversion of debt to equity that Moshiri had to perform before selling turned his 96% into 99% by the time the Friedkins bought it?

Pretty sure the shares were diluted, so small shareholders own less of the business than they did a week ago.

All %’s though, so unless they reclassified the share types the 4.6% of outstanding small shareholding shares is still 4.6% of the new issue I think, also if they had done it or reclassified some of them, I would expect the small shareholders would know / said something, as their 1 share would have become multiple shares or even more of a (nice) wall dressing than they already are.
They ‘only’ took Mosh’s 94.x% and its suspected the Kenwright estates 1.3% (after the event) to seemingly put them over 95% which means they don’t have to hold AGMs / shareholders votes on club matters.
Don’t think they can do much to those shares without the same applying to the outstanding 4.6%

 

[Bedfordblue]

It's more likely the debt was forgiven instead of converted to equity. Only issuing more shares will dilute the others' shares, as long as they are of the same class.

Thought they had converted to equity to avoid the new PSR business on interest free owner loans?
(Albeit I’m assuming write offs are considered not permissible in the new rules)

 

[Mrk]

Am I not right in thinking that the conversion of debt to equity that Moshiri had to perform before selling turned his 96% into 99% by the time the Friedkins bought it?

Pretty sure the shares were diluted, so small shareholders own less of the business than they did a week ago.

They own a smaller part of a bigger pie. Although, the price the shares are traded at have no resemblance to the actual value, so I doubt anybody who owns shares actually cares about that.

 

[pfim]

Thought they had converted to equity to avoid the new PSR business on interest free owner loans?
(Albeit I’m assuming write offs are considered not permissible in the new rules)

No idea, but we have (had) a few more weeks to be in compliance.

 

[AsiaAsia82]

I just hope they don’t fall for any sentimental BK bullsh*t and realise that due to his poor governance they actually got a sleeping football giant ready to spring back for a snippet.

New blue dawn please

 

[Drico]

I just hope they don’t fall for any sentimental BK bullsh*t and realise that due to his poor governance they actually got a sleeping football giant ready to spring back for a snippet.

New blue dawn please

Unless he's communing with them via David Prentice, I don't think we need to worry about that malign influence holding sway any more.

 

[Bryan+]

Absolutely nobody associated with Everton at a strategic level for the past 30 years should have anything to do with our future.