Ownership Question

[Uncle Urchin]

Originally Posted By: Stu M

Originally Posted By: DA11

YES.....It's called Myfc.co.uk

But has Unc been quite so vociferous on there?

ha ha ha..I wouldn't dream of going on there stu.....moderator wanchai's brave new world of transparency and freedom of speech and information doesn't extend quite as far as you would perhaps think as far as troublesome folk like my goodself are concerned....

here of course I can go about my non abusive and vociferous business without fear of deletion or moderator editing...

[Uncle Urchin]

Originally Posted By: doheochai

Originally Posted By: Uncle Urchin

best to concentrate on the issues at hand FJ...I am unimportant but the truth to these decent fans is paramount....it is not the myfc concept per se that is the problem as I believe that it has many many plusses......it follows therefore that the blatant spin and half truths posted on here (supposedly in the name of myfc) do little to satisfy the inquisitive amongst many who in the face of numerous detractors stay away and accept their fate....bit like bullying really so I decided to take a few of them to task and boy did the masks unfold....

the concept has been sold on a falsehood derived from a lack of understanding related to the running of NL football clubs.....those that have instigated that without thinking it through are now hiding behind their forum pretorians...sooner or later it all has to be faced......the concept is flawed and unless changed will fail...there are too many people involved here with a development related profit agenda as the long term goal...

the search for profit/money is the root of all NL evil..there is no money outside of 6 clubs in the english premier league...

And not for the first time you chose not to answer the question but waffle on about how you know more about NL football than anyone else.

one can clearly see that my post does not contain one word about my knowledge of NL football or otherwise....do try and stick to facts wanchai if you can.....it will certainly save you from more embarrassment in the weeks ahead...

oh and talking of facts I am more than a little concerned that the bar taking receipts of a private company limited by shares were posted on a forum for the whole wide world to see......the publication of financial information without due recourse to the companies act could have serious consequences both for the club and indeed the shareholders....I am sure that HM inspector of revenues will be most interested in those figures along with comments made on here about the declared attendences and the so called extra 500 fans who seem to have got into the ground whilst avoiding the turnstyles...!!!

talking of public forums....have you posted saturdays line up on yours yet...

[FleetFanatic]

Originally Posted By: David Holden

My understanding is that the 51% will be acquired via the issue of new shares.

Ebbsfleet United Football Club Ltd has authorised share capital of £500,000 which equates, I believe, to 10,000,000 5p shares.

There are (about) 2,000,000 shares in issue so MyFC will therefore acquire (about) 2,081,600 shares for an as yet undisclosed price.

And this is where it really is unfair.

In doing that, surely it automatically devalues other persons' holdings?

As the club has only one valuation, to increase the number of shares in circulation must make the each share worth a smaller amount?

So the board don't actually lose any of their shares this way either.

[FleetFanatic]

Originally Posted By: Uncle Urchin

I am sure that HM inspector of revenues will be most interested in those figures along with comments made on here about the declared attendences and the so called extra 500 fans who seem to have got into the ground whilst avoiding the turnstyles...!!!

HM Inspector of Taxes isn't interested in attendance figures, only the cash receipts.

[Uncle Urchin]

Originally Posted By: FleetFanatic

Originally Posted By: Uncle Urchin

I am sure that HM inspector of revenues will be most interested in those figures along with comments made on here about the declared attendences and the so called extra 500 fans who seem to have got into the ground whilst avoiding the turnstyles...!!!

HM Inspector of Taxes isn't interested in attendance figures, only the cash receipts.

don't be to sure on that FF and I never mentioned taxes..I said revenues and all the publicity surrounding this fandango will have alerted them to your club....these guys scour these forums for information as do the leagues and the FA...

[Santa]

Originally Posted By: Uncle Urchin

oh and talking of facts I am more than a little concerned that the bar taking receipts of a private company limited by shares were posted on a forum for the whole wide world to see......

...were they ? Thought they were only quoted as being 50% up which says nothing.

[Glover]

wouldnt worry santa, its just UU blowing again, he has to twist anything he hears to try and make a case for him self, the varnish is warning thin unc. Tell me as a self pronounced expert on all matters non league, whot are you going to do if the Fleet get promoted to the league ? will you dissapear back where you came from and concentrate on upsetting the urchins again....

[Santa]

Originally Posted By: David Holden

My understanding is that the 51% will be acquired via the issue of new shares.

Ebbsfleet United Football Club Ltd has authorised share capital of £500,000 which equates, I believe, to 10,000,000 5p shares.

There are (about) 2,000,000 shares in issue so MyFC will therefore acquire (about) 2,081,600 shares for an as yet undisclosed price.

What is the reasoning do you think of aquiring the shareholding via the creation of new shares as opposed to buying the existing shares from the directors ?

It will be interesting to see if and at what price any shares beyond the initial 51% are purchased. Does it have to be the same as the initial aquisition price ?

[David Holden]

Two reasons spring to mind.

 

1. The directors didn't want to sell their shares

2. All of the money goes to the club.

 

With regard to your other question the answer is no, as a private company it can issue shares at any price the directors feel is appropriate.

[kmj]

I heard that MyFC say that they were misquoted or had been misunderstood. The 100% relates only to the current director's shares not 100% of all issued shares.

 

The Fleet Trust have a higher share percentage of the whole issued share capital than stated, but await these additional shares being issued by the Club.

 

Like virtually everyone else, when first reported, I had thought that the directors would be selling 51% of their own controlling shares to MyFC in return for debts (which are still undefined and unknown to anyone outside the inner circle - which incidentally does not include the Fleet Trust who are also in the dark in case anyone might state otherwise) being paid by the purchasers.

 

It is now stated that the Club will issue new shares to enable the new owners to have a controlling 51% of the total shares. This is not particularly good news for existing shareholders who must now have their combined shares diluted into the remaining 49%. This must seem like a "double whammy" to such shareholders, as almost all would have bought their shares when they had a face value of 25 pence, but which were revalued at 5 pence each in 2006 when the share capital of the company was reduced. Does anyone know if there are any tax advantages in this approach for the buyers and/or the directors?

 

I think that the allegation that a new owner would be entitled to buy up every other share is a red herring. As EUFC is not a listed company on the stock exchange (unlike, say, Man Utd) but is a private limited company, different rules apply. Furthermore there would be no discernable financial advantage to MyFC in their buying these shares in any event.

 

 

[David Holden]

Quote:

The Fleet Trust have a higher share percentage of the whole issued share capital than stated, but await these additional shares being issued by the Club.

 

 

In which you don't have a higher percentage but you may do at some unspecified time in the future.

[Slartibartfast]

This can't be right at all.

 

If MyFC are going to buy their 51% share of the club via a new share issue so that the money is available to the club then all those posts about the directors running away with a fortune would be absolute blx.

 

If the shares are diluted in value following the new issue surely Brian and Jason are the biggest losers.....or maybe they are doing it for the good of the club?

 

 

[Santa]

Originally Posted By: Glover

wouldnt worry santa, its just UU blowing again, he has to twist anything he hears to try and make a case for him self, the varnish is warning thin unc. Tell me as a self pronounced expert on all matters non league, whot are you going to do if the Fleet get promoted to the league ? will you dissapear back where you came from and concentrate on upsetting the urchins again....

I am not worried, but he does have good reason to know the ins and outs of non-league footie. I don't agree necessarily with the way he goes about things but I am however prepared to believe, until proven otherwise, he has the best interest of the established fans of EUFC in mind.

I can forsee a scenario as I think he can where in a long game the shares in the club may have some real asset backed value hence the scrutiny of the motives of MyFC Ltd and the details of the deal.

[David Holden]

Originally Posted By: Slartibartfast

If the shares are diluted in value following the new issue surely Brian and Jason are the biggest losers.....or maybe they are doing it for the good of the club?

Well it does mean that they will still have a sizeable say in the long term future of the club.

For most major changes to the company of 75% majority would be required to vote for it rather than a straight majority.

With the current Directors still owning about 40% of the shares, they will hold the casting vote in such decisions.

[Santa]

Originally Posted By: David Holden

Well it does mean that they will still have a sizeable say in the long term future of the club.

For most major changes to the company of 75% majority would be required to vote for it rather than a straight majority.

With the current Directors still owning about 40% of the shares, they will hold the casting vote in such decisions.

It would be reassuring if that were the case but why then, would MyFC state they had an option on the remaining 49% even if that turns out to = the remaining shares of the directors

[kmj]

Yes and no.

 

These are shares which have already been paid for and should have been issued a long time ago but haven't, for reasons that I am unable to refer to at present.

 

 

[Uncle Urchin]

Originally Posted By: Santa

Originally Posted By: Glover

wouldnt worry santa, its just UU blowing again, he has to twist anything he hears to try and make a case for him self, the varnish is warning thin unc. Tell me as a self pronounced expert on all matters non league, whot are you going to do if the Fleet get promoted to the league ? will you dissapear back where you came from and concentrate on upsetting the urchins again....

I am not worried, but he does have good reason to know the ins and outs of non-league footie. I don't agree necessarily with the way he goes about things but I am however prepared to believe, until proven otherwise, he has the best interest of the established fans of EUFC in mind.

I can forsee a scenario as I think he can where in a long game the shares in the club may have some real asset backed value hence the scrutiny of the motives of MyFC Ltd and the details of the deal.

well done santa...you got there in the end.....

I have stated on many occasions that the general concept of myfc is a good one and could reap much benefit for the club....I have also stated that I doubt the intention and motives of those involved at the top level on both sides ....I also doubt the intentions of the moonies chosen spin doctors who have come onto your fair forum and basically treated you all like sheep....they probably believe in what they are doing...for the greater good of course......

glover is probably right as it is getting a little repetitive on here and wanchai is easy meat anyway so I shall sit back a little...continue to dig into the gateway planning applications and the raft of newly formed nominee companies that surround them and annoy the fck out of my own fans by completing their new ground for them and gaining a third promotion on the trot.......

I won't be far away...

[Santa]

....I and probably the vast majority of fans have no reason to doubt the integrity of those at the helm of EUFC UU. I said I could forsee a situation, I didnt say how likely I thought it and maybe I am a little more trusting than you (or maybe a little less paranoid ?) frankly I am not in any position to be otherwise but thats largely immaterial.

[Uncle Urchin]

Originally Posted By: Santa

....I and probably the vast majority of fans have no reason to doubt the integrity of those at the helm of EUFC UU. I said I could forsee a situation, I didnt say how likely I thought it and maybe I am a little more trusting than you (or maybe a little less paranoid ?) frankly I am not in any position to be otherwise but thats largely immaterial.

no problems santa..I also have made my position very clear and as stated above will continue to keep an eye on the situation along with monitoring my paranoia.........

as the old saying goes....

you can take a horse to water but you can't make him drink it...