The 49%

[low_key]

Ok MyFC member with a valid question.

 

Can someone break down for me the ownership of the remaining 49% of the club (assuming MyFc buys 51%)

 

I'm assuming from other posts that these guys get , pardon my french, apparently, f**k all say in what happens with the club..

 

I for one certainly hope that changes and that you all get free access to MyFc etc etc.

 

I really hope you guys (you 49%) have a say.

[Alan ( GNFC )]

I think you'll find many of the supporters have acquired shares over the years.

For what it's worth, we only received our letters regarding MyFC from Botley in today's post.

 

[rsheard]

All we know from the press release is that MyFC have the option to buy the remainder of the club at a pre-set fixed price in two years (I think the time frame was). Details won't be available until the deal is complete.

[FleetFanatic]

Just how does MyFC buy the shares of those owned by supporters that don't want to sell?

 

Can it be forced?

[Stu M]

In a slight offshoot from my other question about shares, isn't there a very real likelihood that the 49% says no? So how can an option to buy (unless it's subject to this 49% approval) or a pre-fixed price be decided?

 

(I appreciate you don't know, rsheard, just airing the thought...)

[rsheard]

Stu M, I wondered that myself. Seems they'd have considered that, but the answer isn't available yet.

[doheochai]

I think the legalites are something on the lines of - if MyFC was able to purchase 80% of the shares then they could force a buy-out of everyone else's shares. MyFC has no interest in taking the shares of any existing fan or the supporters trust. Indeed MyFC would want to work as closely as possible with the ST.

[Ding]

Originally Posted By: doheochai

I think the legalites are something on the lines of - if MyFC was able to purchase 80% of the shares then they could force a buy-out of everyone else's shares. MyFC has no interest in taking the shares of any existing fan or the supporters trust. Indeed MyFC would want to work as closely as possible with the ST.

I think it's nearer 90%, Section 429 of the Companies Act (it may have changed). Then allows for the bidder to compusorily acquire oustanding shares with 6 weeks notice.

If a shareholder didn't accept then the proceeds (i.e. cash) would be held in trust until they write to the trustees to accept.

That's roughly how it works with a Plc. like Man U & Villa, so I'm guessing it would be the same.

[Santa]

Originally Posted By: low_key

Ok MyFC member with a valid question.

Can someone break down for me the ownership of the remaining 49% of the club (assuming MyFc buys 51%)

I'm assuming from other posts that these guys get , pardon my french, apparently, f**k all say in what happens with the club..

I for one certainly hope that changes and that you all get free access to MyFc etc etc.

I really hope you guys (you 49%) have a say.

I could but the list of shareholders (2006) runs to 17 pages with approx 25 names per page, so its pretty diverse with many individuals just holding a few shares.