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Class A shares usually have voting rights.Remind me, are the Class A shares the ones they have sold before (and I think bought back again?) which are second class shares and have no voting rights or are they the real deal ones with voting rights?
The ones sold before and still on the market, which are 24% of the equity value but have 1/10 voting of the Class B shs (owned by the Glazers).Remind me, are the Class A shares the ones they have sold before (and I think bought back again?) which are second class shares and have no voting rights or are they the real deal ones with voting rights?
It doesn't work that way. The clubs share price already accounts for the debt that the company is holding.To knock off our debt of 200m? Would be nice to get completely rid, if that means they'll invest properly
Agree. That's a huge cash injection and they are selling Class A shares worth approx. $16 - $17 USD.Seems like they're slowly making an exit. It's only a matter of time before someone makes an offer for the club.
I can't imagine the club being traded solely as a plc for long if they give up their majority stake.
That would only be if this were a primary issuance, meaning the club issuing new shares, diluting the existing shareholders and taking in the $200m for the club. This is just the Glazers selling $200m of shares to other investors.To knock off our debt of 200m? Would be nice to get completely rid, if that means they'll invest properly
Nah I dont think so. This is either their methodology to increase capital, to invest back into the club (which I doubt), or invest in something else. Or pay for upgrades to the stadium.Seems like they're slowly making an exit. It's only a matter of time before someone makes an offer for the club.
I can't imagine the club being traded solely as a plc for long if they give up their majority stake.
Thanks. So what could be their reasoning behind this?That would only be if this were a primary issuance, meaning the club issuing new shares, diluting the existing shareholders and taking in the $200m for the club. This is just the Glazers selling $200m of shares to other investors.
Very easy to see how United would appeal to someone like Kroenke. Club that makes obscene amounts of money without being very good, that they could invest next to nothing in. There are much worse out there the Glazers.Nah I dont think so. This is either their methodology to increase capital, to invest back into the club (which I doubt), or invest in something else. Or pay for upgrades to the stadium.
Either way, I actually dont see the middle east buying Manchester United. I wouldn't be surprised if it was an american sports tycoon or multi billionaire.
The thing about United is that there is a tremendous amount of goodwill that comes with ownership of the club...
Somebody get Bezo's on the line!
People who own Class A shares are selling them off. They don't need or want all of their Class A shares and are going to make a lot of money. Whether or not it goes back towards the club or debt repayment, who knows. Either way, the shareholders are leveraging the club in an effort to make immediate capital for themselves. It's important to know who exactly are these selling shareholders of Class A shares and if they actually have any club ownership.Nah I dont think so. This is either their methodology to increase capital, to invest back into the club (which I doubt), or invest in something else. Or pay for upgrades to the stadium.
Im slightly confused by this as Id always assumed that Class A shares would be worth a lot more than Class B but the indicative price of this offering ($17) is basically today's price of the currently listed Class B shares (which are unsurprisingly falling in price on the back of this news):The ones sold before and still on the market, which are 24% of the equity value but have 1/10 voting of the Class B shs (owned by the Glazers).
If this is 100% from conversion of Class B shs (so a secondary transaction, not primary issuance) then the Class As will come to represent 39% of the equity (but again just 6% of voting power).
Its the opposite. Class As are listed, Class B (with the voting rights attached) are not, and would obviously be more valuable if they were listed.Im slightly confused by this as Id always assumed that Class A shares would be worth a lot more than Class B but the indicative price of this offering ($17) is basically today's price of the currently listed Class B shares (which are unsurprisingly falling in price on the back of this news):
https://www.google.com/search?client=firefox-b-d&q=Man Utd+STOCK+PRICE
Cant be arsed to wade through the actual listing particulars so will await the analysis in the coming days
ah yes right you are - so they are just selling more of the same non-voting shares which is why the price is the sameIts the opposite. Class As are listed, Class B (with the voting rights attached) are not, and would obviously be more valuable if they were listed.
I’m too lazy to look, but I assume these are treasury shares previously authorized and held by the corporation. If that is true, the Glazers are not personally involved.That would only be if this were a primary issuance, meaning the club issuing new shares, diluting the existing shareholders and taking in the $200m for the club. This is just the Glazers selling $200m of shares to other investors.
I did not read the prospectus yet, but it seems to be a new issue of shares which would dilute the Glazers holdings (not voting rights) even further. Not going to say for sure, but the Class As are already publically traded, if one wants to sell their holdings you can just do so on the NYSE.ah yes right you are - so they are just selling more of the same non-voting shares which is why the price is the same
interesting timing though and will no doubt lead to all sorts of rumours about them wanting to exit -
He already is set up with Nice on the Riviera....Come on, Jim Ratcliffe. Have a go.
only a small amount of the shares were previously listed - it was around $300m at the time and sold at $14 per share IIRC.I did not read the prospectus yet, but it seems to be a new issue of shares which would dilute the Glazers holdings (not voting rights) even further. Not going to say for sure, but the Class As are already publically traded, if one wants to sell their holdings you can just do so on the NYSE.
Yes, Glexit.Is this the beginning of their exit?
THIS IS NOT TRUE, OUR CFO CLIFF BATTY EVEN SAID NOT TO INTERPRET IT THIS WAY IN TODAY’S EARNINGS CALL. HE CONFIRMED THEY WON’T BE SELLING THEM. MODS PLEASE CHANGE THE TITLE.Hadn't seen a thread on this. It's a long document but expecting an article or two covering the basics shortly:
https://www.sec.gov/Archives/edgar/...239741zposam.htm#dg48002_selling_shareholders
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Of course fecking castles didn’t do any research before posting this shite.Tweet
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Not really, it was 12-15 percent of the club actually to begin with and its like 20 percent now. Baron Capital owns like 30 percent of those 20something percent. I dont think this is the Glazers selling their Class As, I dont think they ever had any to begin with. It seems to be a new issue of shares. Interesting though.only a small amount of the shares were previously listed - it was around $300m at the time and sold at $14 per share IIRC.
They are just selling more of their personal holding into the market.
I assume they will be disappointed that the price isnt higher after all these years, my guess is that one or two of the Glazer sibilings wants out.
How to interpret it?THIS IS NOT TRUE, OUR CFO CLIFF BATTY EVEN SAID NOT TO INTERPRET IT THIS WAY IN TODAY’S EARNINGS CALL. HE CONFIRMED THEY WON’T BE SELLING THEM. MODS PLEASE CHANGE THE TITLE.
I've suspected it for a while now.Is this the beginning of their exit?
And how’s he gonna pay for it? His net worth is 11 billion. Which obviously doesn’t mean he has 11 billion worth of cash sitting somewhere. Probably half of that, so you think he’s going to use all his cash to buy us? He couldn’t even afford Chelsea, so I doubt he could buy us unless he has three or four billionaires contributing. His brother also said a few weeks ago prem clubs are too expensive.Come on, Jim Ratcliffe. Have a go.
We’d obviously been looking at Premiership clubs as well. We spent quite a lot of time looking at Premier League clubs,” Bob Ratcliffe said.
“We looked at the valuation of Premiership clubs and £5billion in revenues for the Premier League and the top six clubs are being valued at £2billion and upwards, and £450million of net profit before tax.
“It’s pretty difficult to rationalise purchases in the Premier League at this time for us and then, if you look below the top six, they’re all £150million and above and you’re going to write a cheque for £50million and get in the ‘Everton Cup’.”
I really hope so.I've suspected it for a while now.
He just bought Nice for 95m, that was probably his level. Its funny that people think that because someone has an appreciated level of 11bn or whatever that they could actually cash out for a Manchester United at 6-7bn (which it would take for the Glazers to sell).And how’s he gonna pay for it? His net worth is 11 billion. Which obviously doesn’t mean he has 11 billion worth of cash sitting somewhere. Probably half of that, so you think he’s going to use all his cash to buy us? He couldn’t even afford Chelsea, so I doubt he could buy us unless he has three or four billionaires contributing. His brother also said a few weeks ago prem clubs are too expensive.
They've neglected the team to such a degree that our midfield resembles a Championship midfield without Pogba, which is criminal. They've neglected our attack to the same degree. And the only possible conclusion I can come to after weighing up their negligence, is that that they're getting ready to jump ship.I really hope so.
Haven’t read the original filing but 400m USD represents 16% of the total market cap of the club. That to me is pretty clearly a sign to invite bids for the club.Is this the beginning of their exit?
