Takeover News/Rumours - Part 42

[Guinness Guzzler]

I have worked in a due diligence environment for 'Corporate' business for around 5 years. The EFL process might be entirely different however I know for a fact that we always require absolute clarity of percentage of ownership prior to the work being carried out.

Have a day off man.

Fair enough, it's just that looking at their website regarding the test there doesn't seem to be any difference between a director coming in with 5% shares or one with 90%. If they're wanting to approve at an earlier stage, and if something that would disqualify a 90% shareholder would also disqualify a 5% shareholder as seems to be the case, I wouldn't have thought they'd need cast iron guarantees over exact percentages because, by and large, it makes no difference. Could be wrong though.

 

[Arfa Sleep]

I know people that know people that know the right people. (Source ..fuck off)

Voices in your head then

 

[one armed boxer]

Soon we'll have a new owner

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He couldn’t get the keys to a 1990’s lada man.

 

[Howard the Duck]

no mate, It's only because he seemed to know about Sartori's "mates in the South of France" whilst the current shareholders weren't sharing any actual names to people. He's been wrong about players coming etc, but he seems pretty clued up on some of the takeover stuff. We should be hoping this means KLD is potentially taking over 50% of the club mind, that would be fantastic..

I still think there’s a good chance that he was alluding to Sartori’s links with Monaco and got lucky.

If he knew about KLD he’d have been reporting it.

 

[KittenMittens]

I believe its the case that any owner or director needs to pass the test. Therefore I'd imagine anyone with a shareholding would need to do so. As a result, it might not matter if the shareholding proposed changes from 30% to 60% or whatever, they'd all be held to the same standard.

Additionally I think I'm right in saying (and @Grumpy Old Man will probably know more on it) that the procedure recently changed so that the EFL have to approve at an earlier stage (I think because of people effectively taking over a club and then failing the test).

So it probably isn't beyond the realms of possibility that KLD might be going through the EFL process, especially as it might take a while with him not being based in Britain, but I'd assume that doesn't mean it can't fall through for an unrelated reason in the mean time

I think people are conflating two separate things here:

The EFL fit and proper test is where they filter out the likes of William Storey. Everyone who has voting shares in a football club has to pass this test. It's very easy to pass, just don't be a fraudster like William.

The other EFL part is that they have to approve the deal itself. This is where - for a completely random example - they might question the business plan of two people who wish to send vast quantities of the club's future income to a former owner. In this sense, it definitely matters if the majority shareholder would be person X or person Y, and that changed during the process, because that's a substantial change in the funding plan and who would ultimately be answerable if they fuck it up.

In essence: Good people sometimes do bad things, or at least things that the EFL would not wish to happen, so they vet the individuals, but they also vet their plans for ownership and can stop a deal going through if they have concerns. This is what they tried to do with Donald - he passed the fit and proper person test, but they had major concerns about how he proposed to fund his ownership.

 

[Guinness Guzzler]

I think people are conflating two separate things here:

The EFL fit and proper test is where they filter out the likes of William Storey. Everyone who has voting shares in a football club has to pass this test. It's very easy to pass, just don't be a fraudster like William.

The other EFL part is that they have to approve the deal itself. This is where - for a completely random example - they might question the business plan of two people who wish to send vast quantities of the club's future income to a former owner.

In essence: Good people sometimes do bad things, or at least things that the EFL would not wish to happen, so they vet the individuals, but they also vet their plans for ownership and can stop a deal going through if they have concerns. This is what they tried to do with Donald - he passed the fit and proper person test, but they had major concerns about how he proposed to fund his ownership.

Yeah, good point. When people say "I thought it was with the EFL" I just mean that it quite possibly is, in terms of KLD's details being with them for them to carry out the fit and proper persons test (which as you say he can't really fail). He'd need the box ticked regardless of shareholding percentage so it would make sense for it to be there now even if the actual % may alter. As you say that's different from them looking to fully rubber stamp the deal.

 

[Super Ted]

Fair enough, it's just that looking at their website regarding the test there doesn't seem to be any difference between a director coming in with 5% shares or one with 90%. If they're wanting to approve at an earlier stage, and if something that would disqualify a 90% shareholder would also disqualify a 5% shareholder as seems to be the case, I wouldn't have thought they'd need cast iron guarantees over exact percentages because, by and large, it makes no difference. Could be wrong though.

I guess it will depend on how the EFL operate. We operate differently to the scenario above whereby anyone with 25% or more ownership goes through Enhanced due diligence, any directors and/or any shareholder with under 25% go through standard due diligence.

I haven't personally came across a change in a percentage of ownership after submission, it would ring alarm bells to be honest.

 

[waddy999]

Seem to have cocked up yet another takeover. Greedy and totally incompetent.

They're certainly cocking a snook (?) at the fans.

 

[sir rowell cummins]

It will be lies anyway.

Or spin. There is definitely that. Trust levels are bad like with this gang. Worst it’s ever been.

 

[mymatethetaxidriver]

Why post made up shite?

I’m not arguing with anyone, I’m not arsed who believes me or not on here ,but it’s not made up shite . Methven, sartori and Donald are snakes .

 

[hodge1973]

Im over the full thing now, let them crack on.

 

[PTR]

It had clearly stalled - its been ages since they announced the potential deal.

 

[one armed boxer]

Or spin. There is definitely that. Trust levels are bad like with this gang. Worst it’s ever been.

I’ve never mistrusted an owner as much in my 47 years.

 

[Lord Potts]

Seem to have cocked up yet another takeover. Greedy and totally incompetent.

Impossible the Pop Man is still straining at the bit.

 

[Red and white TID]

aye, I’m sure you do

It’s ok everyone, you can post unsubstantiated negative bollocks as long as you add the caveat “I hope I’m wrong”.

Will you then apologise when it’s proven to
be right.

Also it’s not happening right now, if it changes and French lad gets a lot more shares and full control I will be delighted, so that’s why I put hope I am wrong.
Ps if you just want happy news stay off here or maybe stay off everything.

 

[Deleted member 31333]

Right on what? Hes so vague about anything to do with any club.

Said about sartori looking for help from pals in south of France

 

[magic snood]

It's month today since they cancelled the RAWA meeting, they're taking the piss a bit aren't they.

 

[Super Colin Todd]

Are people still getting their hopes up? Deluded!

 

[ANonnyMoose]

He said it was happening then all of a sudden when it wasn’t - he had heard that information also!!

And going by all the reports he was right - up until something dramatic changed. Thats how the real world works.....

Are people still getting their hopes up? Deluded!

I can't be the only one on here whos been through this merrygoround enough times to just sit back and laugh - and only really care when its signed sealed and delivered....

 

[OldNewtown]

I think people are conflating two separate things here:

The EFL fit and proper test is where they filter out the likes of William Storey. Everyone who has voting shares in a football club has to pass this test. It's very easy to pass, just don't be a fraudster like William.

The other EFL part is that they have to approve the deal itself. This is where - for a completely random example - they might question the business plan of two people who wish to send vast quantities of the club's future income to a former owner. In this sense, it definitely matters if the majority shareholder would be person X or person Y, and that changed during the process, because that's a substantial change in the funding plan and who would ultimately be answerable if they fuck it up.

In essence: Good people sometimes do bad things, or at least things that the EFL would not wish to happen, so they vet the individuals, but they also vet their plans for ownership and can stop a deal going through if they have concerns. This is what they tried to do with Donald - he passed the fit and proper person test, but they had major concerns about how he proposed to fund his ownership.

Haven't heard that before, where did that come from?