Leicester Tigers up for sale for £60 Million

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G.K
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Re: Leicester Tigers up for sale for £60 Million

Post by G.K » Wed Jun 26, 2019 5:50 am

No 90% is voluntary, 50 % can be enough.

The minimum acceptance condition for a contractual offer is a simple majority of the voting rights of the target company (in that the Code does not permit an acceptance condition of 50% or less) (Rule 10, Code). This is also the maximum acceptance condition for mandatory offers (when taken together with shares acquired or agreed to be acquired before or during an offer) (Rule 9.3, Code). However, for voluntary offers, the acceptance condition is commonly set at 90%, subject to waiver, to meet the requirement for the statutory minority squeeze-out procedure (see Question 20) and is often waived down to the minimum acceptance condition to avoid the offer failing through non-satisfaction of the acceptance condition by Day 60.
Nowadays referees decide matches, players by how much.

sam16111986
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Re: Leicester Tigers up for sale for £60 Million

Post by sam16111986 » Wed Jun 26, 2019 7:17 am

Wayne Richardson Fan Club wrote:
Tue Jun 25, 2019 10:29 pm
Traveller wrote:
Tue Jun 25, 2019 9:36 pm
No doubt Messrs Scott and Toms will do conduct a world wide search to ensure we get a world class owner, and we will end up with a debt laden management buy-out, lead by Matt O'Connor and Phil Blake.
Those two would still be better than the Glazers or Ashley.

My preference would be for the Fenway Group (Liverpool owners)...
If we are having football owners my preference would be Top and King Power. They've been excellent at City in terms of on pitch, finances and community. That and it would make a lot of sense to add some rugby pitches to the monster training facility they're all ready building and move Tigers in alongside City so that both would have world class training facilities.

Ilsontiger1725
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Re: Leicester Tigers up for sale for £60 Million

Post by Ilsontiger1725 » Wed Jun 26, 2019 8:14 am

JWM wrote:
Tue Jun 25, 2019 11:25 pm
Peter Tom interview in The Daily Wail:

“It has been a pretty terrible two years on the pitch, we have not been disadvantaged by finances, but have made some mistakes and have deserved a kicking as a board at times.”

And how many people accused those of us who said it at the time of disloyalty and not knowing what we talking about...
Unbelievable comment from Peter Tom who put himself up for re-election in November and was voted back in with "over 99%" of the shareholders' vote. If he and Scott have 55% of the shares who are the other 44% who voted him back in - hang your heads in shame.
"Some mistakes" - give me an example of any good decisions that he and Cohen have made
Are those giving the Board a kicking the same he labelled as keyboard warriors earlier?
As an earlier post said, I have absolutely no confidence whatsoever in Tom getting the sale right either.

wormus
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Re: Leicester Tigers up for sale for £60 Million

Post by wormus » Wed Jun 26, 2019 9:10 am

Traveller wrote:
Tue Jun 25, 2019 9:36 pm
No doubt Messrs Scott and Toms will do conduct a world wide search to ensure we get a world class owner, and we will end up with a debt laden management buy-out, lead by Matt O'Connor and Phil Blake.
:smt023 :smt023 You beat me to this suggestion!

rdracup
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Re: Leicester Tigers up for sale for £60 Million

Post by rdracup » Wed Jun 26, 2019 9:42 am

There are I think 13.5 m ordinary 10p shares however there are outstanding loan notes that can be converted into ordinary shares, thereby increasing the number of shares issued and reducing the value of each share (obviously).

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Re: Leicester Tigers up for sale for £60 Million

Post by rdracup » Wed Jun 26, 2019 9:44 am

h's dad wrote:
Wed Jun 26, 2019 2:08 am
teds wrote:
Tue Jun 25, 2019 3:32 pm
RagingBull wrote:
Tue Jun 25, 2019 1:10 pm
I believe that the small shareholders don't have a say in if they want to sell their shares or not if someone wants to buy the whole thing.
Looking into this it depends upon whether an agreement is in place in form of a shareholders agreement, which usually either specifies a price for the forced buyout or a mechanism to determine a price. Perhaps someone who owns some Tigers shares can confirm if they have such an agreement. If there is no agreement in place, it can be much harder to force minority shareholders to sell.

Apologies RB if this what you meant.
A buyer normally needs 90%+ of shares to be able to compulsorily purchase the remainder. As MikeR intimates, the class and rights of share types may have an effect.

edit: Just had a quick look, the shares seem to be all Ordinary 10p.

There are I think 13.5 m ordinary 10p shares however there are outstanding loan notes that can be converted into ordinary shares, thereby increasing the number of shares issued and reducing the value of each share (obviously).

JP14
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Re: Leicester Tigers up for sale for £60 Million

Post by JP14 » Wed Jun 26, 2019 9:45 am

Jimmy Skitz wrote:
Tue Jun 25, 2019 7:33 pm
JP14 wrote:
Tue Jun 25, 2019 7:25 pm
Jimmy Skitz wrote:
Tue Jun 25, 2019 6:28 pm


Rugby will never be popular or organised enough to do what the Premier League did, and if you want to talk the national team how many of them are actually English rather than imports?
I think you and I differ on the definition of English, for me the Vunipolas and Manu are English.
wasn't talking about them, I meant the South African's, Kiwi's etc who are here just long enough to qualify on residency that are immediately put into the side.

If you grow up here and want to play then for me they are as English as someone born here.

The Cricket team do the same the only one that doesn't is the football team
I understand, the likes of Rhodes, Solomona, Schonert. Schonert isn’t even capped and hopefully never will as their better tightheads in the prem (Cooper-Woolley) neither is Rhodes and despite Solomona playing out of his skin, he has not been selected for a while now.
"Our Greatest Glory Is Not In Never Failing, But In Rising Every Time We Fall" Confucius

h's dad
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Re: Leicester Tigers up for sale for £60 Million

Post by h's dad » Wed Jun 26, 2019 5:53 pm

G.K wrote:
Wed Jun 26, 2019 5:50 am
No 90% is voluntary, 50 % can be enough.

The minimum acceptance condition for a contractual offer is a simple majority of the voting rights of the target company (in that the Code does not permit an acceptance condition of 50% or less) (Rule 10, Code). This is also the maximum acceptance condition for mandatory offers (when taken together with shares acquired or agreed to be acquired before or during an offer) (Rule 9.3, Code). However, for voluntary offers, the acceptance condition is commonly set at 90%, subject to waiver, to meet the requirement for the statutory minority squeeze-out procedure (see Question 20) and is often waived down to the minimum acceptance condition to avoid the offer failing through non-satisfaction of the acceptance condition by Day 60.
Thank you. I was looking at the Companies Act. Does the City Code on Takeovers and Mergers apply to Leicester Tigers?
I am neither clever enough to understand nor stupid enough to play this game

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Re: Leicester Tigers up for sale for £60 Million

Post by PGD » Wed Jun 26, 2019 9:58 pm

Coops wrote:
Tue Jun 25, 2019 8:41 am
PGD wrote:
Tue Jun 25, 2019 8:17 am

I note this has been done after all the ST wheeling & dealing has been concluded. I renewed ours 2nd June but, if I'd known this, would not have.

This isn't investment; it's selling Tigers down the river to benefit the pockets of the current majority shareholders, and it STINKS. It signals Tigers joining the ranks of commodities to be bought & sold at will with the only concern the profit to be made from such for those holding the money.
What an absolute load of tosh! I've been a season ticket holder for over 15 years through thick and thin, I wouldn't let this little matter change that - I follow the team.

It's a business and they can do what they want. It was inevitable it would happen at some point, and in some shape or form. I suggest that if you don't agree then you write a strongly worded letter to Mr Cohen outlining the reasons why YOU think it's a bad idea!
Cohen has stated that the sale will help Tigers return to be one of the top teams. Yet in the same interview, he states that as Tigers have always spent up to the salary cap, the sale won't have any effect on the team on the pitch.

Things don't add up here... are you familiar with the term: "non sequitur"? You're familiar with 'tosh', which is what Cohen was talking. You too, not me.

chewbacca
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Re: Leicester Tigers up for sale for £60 Million

Post by chewbacca » Thu Jun 27, 2019 6:48 am

Tigers is now, since CVC deal debt free, still has loyal support and is a respected brand. A good time for any investor to sale before another miserable season starts to add debt and decrease brand status and value. Clearly the investors have little faith in the prospects for the team and hence the business in the immediate future. An admission of failure I think which will now be rewarded. All we can hope is that whoever buys it has the acumen and passion for winning.
I'm not cynical just experienced

BigDan50
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Re: Leicester Tigers up for sale for £60 Million

Post by BigDan50 » Thu Jun 27, 2019 7:17 am

I can see problems in the future if we get a new owner who doesn't like the coaching set up as it is now.
Our coaches have been hired by the BOD
in place now, the new owners may not like or get on with some of the coaches and decide they want a set of coaches of their own choice.
This would cause another disruptive time within the club.

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Re: Leicester Tigers up for sale for £60 Million

Post by Cagey Tiger » Thu Jun 27, 2019 11:02 am

PGD wrote:
Wed Jun 26, 2019 9:58 pm
Cohen has stated that the sale will help Tigers return to be one of the top teams. Yet in the same interview, he states that as Tigers have always spent up to the salary cap, the sale won't have any effect on the team on the pitch.

Things don't add up here... are you familiar with the term: "non sequitur"? You're familiar with 'tosh', which is what Cohen was talking. You too, not me.
What if the salary cap goes up as it may well do to allow more English clubs to compete against French and Irish teams? With all the fairly new moneyed owners at Wuss, Bristol, Bath and Sale, there's a lot of clubs that could afford more. Tigers are about breaking even at the moment and need the extra income that the car park and hotel would bring in the long term. Medium term they will be a drain which the sale would offset and give Tigers more flexibility about how they progress these projects.

That adds up for me, not saying I like it, but it adds up.

Cagey Tiger
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Re: Leicester Tigers up for sale for £60 Million

Post by Cagey Tiger » Thu Jun 27, 2019 11:11 am

chewbacca wrote:
Thu Jun 27, 2019 6:48 am
Tigers is now, since CVC deal debt free, still has loyal support and is a respected brand. A good time for any investor to sale before another miserable season starts to add debt and decrease brand status and value. Clearly the investors have little faith in the prospects for the team and hence the business in the immediate future. An admission of failure I think which will now be rewarded. All we can hope is that whoever buys it has the acumen and passion for winning.
A very cynical view IMHO. And saying things like

"Clearly the investors have little faith in the prospects for the team"

when I doubt that you have been told this by them in person, is an attempt to portray speculation as fact. You may be right in some or all cases, but I very much doubt that they are as cynical as you seem to be or as you are positing that they are. I think that we will have to agree to disagree on this matter of opinion.

Scott1
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Re: Leicester Tigers up for sale for £60 Million

Post by Scott1 » Thu Jun 27, 2019 12:40 pm

The salary cap will go up,in fact it will go one day. Good point cagey.

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Re: Leicester Tigers up for sale for £60 Million

Post by ourla » Thu Jun 27, 2019 2:05 pm

BengalTiger wrote:
Tue Jun 25, 2019 5:19 pm
Will the money buy better training facilities? when we allegedly have the best in the league already!
I'm not sure where you read we have the best in the league already? And certainly there were plans to move which didn't come off and then other opportunities/priorities killed the idea in the short term. It's not that the facilities are poor but "state of the art" training facilities is part of the jigsaw for long term sucess.
BengalTiger wrote:
Tue Jun 25, 2019 5:19 pm
Will it buy a better pitch?
Nope, I believe the pitch is all good.
BengalTiger wrote:
Tue Jun 25, 2019 5:19 pm
A better ground?
As much as some die hards will hate to see it go the Crumbie stand definitely needs replacing.
BengalTiger wrote:
Tue Jun 25, 2019 5:19 pm
Or a larger playing budget?
The cap may rise plus there are marquee players. Also there is a lot more than you can do for the players in general.
BengalTiger wrote:
Tue Jun 25, 2019 5:19 pm
A better coach, or even a capable coach should not entail selling the whole club to buy them.
The right backroom staff is critical to both on and off the field success.

I am not defending/supporting the sale just giving what I think are potentially benefits from increased investment in the club.
You're either in or you're out

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