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Sale of Tigers
Discussion started by Tom Paine , 03 December, 2019 09:55
Sale of Tigers
Tom Paine 03 December, 2019 09:55
Could some one with a lot more business knowledge than me explain the intricacies of the proposed sale. Like who holds what in terms of number of shares - I know that Tom and Scott held a majority of shares, but I thought Scott had taken his profit and gone. What would a buyer need to pay to get a majority of shares - less I imagine than the total value of the club which I've heard is around £60 million. Does Tom now hold a majority of shares or would the buyer need to buy shares from others as well? I be very grateful if someone could clarify the issues.

Re: Sale of Tigers
SK 88 03 December, 2019 12:30
Tom Scott owns more than 30% but less than half the shares.

I understand Peter Tom owns enough so that between them they own half the shares, certainly between them and the other board members they own half the shares.

Any purchaser of more than 30% of the shares is required to make an offer for all the other shares that people are able to accept or refuse as they wish. Only once someone has a very large percentage (I think it is something like 90%) they can force the smaller shareholders to sell.

So I would imagine that should a sale go through it may "value" the club at £60m or whatever but the price the new owners will pay is more like £35m as I doubt any genuine purchaser is that bothered about the small holders, some will redeem as they want the cash but a lot will just ignore it. Unless you wanted to do something nefarious 40% being owned by small holders has no practical effects. There are protections for small shareholders rights that would stop someone buldozing the ground but as no one takes a dividend it is not like a normal company where people want to get rid of small shareholders.

Re: Sale of Tigers
Tom Paine 03 December, 2019 14:26
Many Thanks SK. Your post clears up a lot of my questions. I hadn't realised that when Scott's loan ended, he still retained his shareholding. So the search is on for a person/persons to purchase Tom's and Scott's shares for around £35m, though they might take out a loan for that sum and then further loans to improve the ground etc. Is there a danger that we might end up loaded with a lot more debt than before?

Re: Sale of Tigers
SK 88 03 December, 2019 15:13
That is a possibility, though whether it is a positive or negative depends entirely on the terms of such a loan, the purpose of the loan and the success of whatever it is used for.

Scott's loan was not "repaid" as such, the loan notes he held were converted into shares rather than repaid.

Re: Sale of Tigers
SK 88 03 December, 2019 20:42
Thought I'd follow this up here.

List of shareholders disclosed in the summer.
Name	Shares	Note	
Tom Scott	6,214,694	Director	45.73%
Peter Tom	1,208,246	Director	8.89%
John Wallace	1,020,000		7.50%
Charles Street Buildings	350,000		2.58%
John Abell	337,322	Director	2.48%
David Wilson	232,000		1.71%
John Bloor	81,667		0.60%
David Warr	67,000		0.49%
Digby Jones	29,000	Director	0.21%
Terrence Gately	24,440	Director	0.18%
Yasawa Holdings	22,222		0.16%
Heartwood Wealth Mangement	11,111		0.08%
Rosemary Sargent	11,111		0.08%
Rory Underwood	4,732	Director	0.03%
Ben Kay	1,000	Director	0.01%
Peter Aldis	600	Director	0.00%
Francis Walker	600	Director	0.00%
Simon Cohen	500	Director	0.00%
Andrea Pinchin	500	Director	0.00%


Re: Sale of Tigers
Tom Paine 03 December, 2019 20:51
Total 13,591, 061 as of June 2019. The list given then differs slightly from the one above. On the other thread I note that Cohen is to be vested in 10,000 shares in 2021 . I t also states that Francis Walker is to be vested in 20,000 shares at the same date. What does he do to merit such a bonanza?

Re: Sale of Tigers
SK 88 03 December, 2019 20:55
As per the other thread, that will almost surely be as a bonus designed for them to get the sale done.

That is the total amount of shares I am working the % out on so I think it is the same btw. Its the one following the AGM link on the website at least.

Re: Sale of Tigers
SK 88 03 December, 2019 21:13
The difference will be the loan notes finishing.

Just realised before I shut the computer off for the night! 1 big person got their cash returned, others took the shares I think. Not 100% but that's where any difference will be.

Re: Sale of Tigers
Yorkie 04 December, 2019 08:22
Posted on the other thread before I saw this one:


I've always said that Scott considered the cash he used to buy shares was an "investment".

Look here for Director shareholdings andother financial interests in the club.

Click here for details of all folk who own more than 1% of club. Click on their link for more details.

Interesting that the Mr. Wallace to whom SK refers holds his shareholding in Guernsey with the same folk as PT I believe.


One thing I meant to say is that Ian Walkers' vesting date for his 20,000 shares was 1st July 2012 according to documentation.



http://www.jakehowlett.com/tuckshop/wrappers/chocolate/plain/yorkie-nutter.jpg

Re: Sale of Tigers
SK 88 04 December, 2019 11:09
Good spot on the date Yorkie. With them both being the first of July I wonder if that is a possible typo? Alternatively it is also the first day of a new accounting year so could easily be the correct date from when he joined the board roughly.

Taking share options in a company that doesn't openly trade shares, doesn't pay a dividend and in 2012 had no prospects of being sold is rather odd though, at that point you'd have thought he'd have preferred the cash?

Re: Sale of Tigers
Yorkie 04 December, 2019 19:34
Quote:
SK 88
Good spot on the date Yorkie. With them both being the first of July I wonder if that is a possible typo? Alternatively it is also the first day of a new accounting year so could easily be the correct date from when he joined the board roughly.
Taking share options in a company that doesn't openly trade shares, doesn't pay a dividend and in 2012 had no prospects of being sold is rather odd though, at that point you'd have thought he'd have preferred the cash?

You're probably right re typo.

Agree that incentivising (sp?) someone with the prospect of receiving "worthless" shares is a little strange.



http://www.jakehowlett.com/tuckshop/wrappers/chocolate/plain/yorkie-nutter.jpg


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