Sky Blues owners to bid for Higgs' shares in ACL (1 Viewer)

RoboCCFC90

Well-Known Member
I undersand that the option is sat in ltd but does that mean that Otium can only bid through PA? Can they just not bid directly like i assume Wasps have? Or is there a different angle for using the option to make the bid?

There is nothing to say that Wasps or the Football Club couldn't bid directly to Higgs, but what's to say that the Club would do that if they feel by going through PA they could get those shares cheaper?


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olderskyblue

Well-Known Member
Simon - has the wasps deal for the other 50% been completed yet? If not, do you know whether it is subject to getting Higgs share?

I suspect it may be dependant on getting the other 50%, hence SISU wanting to bid for it. They want to screw this Wasps deal up anyway they can....
 

skybluetony176

Well-Known Member
Otium or anyone could have made an offer to Higgs, but as no offers were seemingly made except the Wasps one, then Higgs accepted their offer. Now as part of a previous deal Higgs have to let CCFC Ltd know that they have agreed to sell, it does not appear that Higgs have any intention of accepting any offer other than the one from Wasps.

I get ya.

You know what they say "if you haven't got a ticket you can't win the lottery". I guess the question is, is Otium/SISU ticket going to be genuine attempt to purchase the Higgs share or is it just a paperwork exersize for their lawyers? :thinking about:
 

wingy

Well-Known Member
Does going through the option mean they have to at least match their £5.5M. Previous offer or the £8-£10M reportedly required originally In the option
Is this what they're trying to clarify

If they are serious, which I doubt it will take serious money to turn around the HIGGS element

Where Is the Land and New Ground Fisher you redundant Lump of Lard?
 

skybluetony176

Well-Known Member
There is nothing to say that Wasps or the Football Club couldn't bid directly to Higgs, but what's to say that the Club would do that if they feel by going through PA they could get those shares cheaper?


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They may well get the shares cheaper but wouldn't they have to purchase the option first from PA meaning overall it could be the expensive route? Surely it's the only thing in Ltd with any value.
 

RoboCCFC90

Well-Known Member
They may well get the shares cheaper but wouldn't they have to purchase the option first from PA meaning overall it could be the expensive route? Surely it's the only thing in Ltd with any value.

Unfortunately no one has any idea what value is in Ltd if any.

We also don't know the figure that Otium will attempt to purchase the shares at, meaning its pre-judgemental to state this move might not benefit the Club in the short term.


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skybluetony176

Well-Known Member
Unfortunately no one has any idea what value is in Ltd if any.

We also don't know the figure that Otium will attempt to purchase the shares at, meaning its pre-judgemental to state this move might not benefit the Club in the short term.


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Wasn't it reported the other week that PA had recieved 3 bids for the option? There must be some value to it.
 

The Lurker

Well-Known Member
Isn't that the same as saying "Who cares that Coventry City FC made the move to Northampton albeit temporarily?" I care..


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Does it affect Cov fans?

The petition for Cov back to the Ricoh got just over 11,000 signatures which says to me other then hardcore Cov fans were people bothered? No
 

Rusty Trombone

Well-Known Member
I get ya.

You know what they say "if you haven't got a ticket you can't win the lottery". I guess the question is, is Otium/SISU ticket going to be genuine attempt to purchase the Higgs share or is it just a paperwork exersize for their lawyers? :thinking about:

OSB58 has written a few detailed reasons why it would appear very unlikely anyone would risk trying to buy a share of ACL through CCFC Ltd, basically it would cost a lot of money to settle CCFC Ltd debts, and then the offer can be turned down by Higgs and could be vetoed by Wasps.
 

RoboCCFC90

Well-Known Member
Wasn't it reported the other week that PA had recieved 3 bids for the option? There must be some value to it.

Indeed it would, but you'd think that one of those bids would be Wasps, so why would they also bid directly to Higgs if that's the case?


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RoboCCFC90

Well-Known Member
Does it affect Cov fans?

The petition for Cov back to the Ricoh got just over 11,000 signatures which says to me other then hardcore Cov fans were people bothered? No

No one knows in the short term, long term that's a different matter.

I think that's a misconception, what about the Fans that supported our attempts throughout from various other Clubs, Arsenal, Wimbledon, etc?


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rupert_bear

Well-Known Member
lol rupert so scared ccfc might get a piece of the pie
No you are a million miles away with that assumption I would love the owner of my club to own as much of our ground as possible and that ownership benefits my club, but I am scared of our present owner, sisu based on their record getting their hands on anything to do with the Ricoh. Should they I don't believe a penny piece will find it's way to the team on the pitch or do you think it would ?
 
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lordsummerisle

Well-Known Member
OSB58 has written a few detailed reasons why it would appear very unlikely anyone would risk trying to buy a share of ACL through CCFC Ltd, basically it would cost a lot of money to settle CCFC Ltd debts, and then the offer can be turned down by Higgs and could be vetoed by Wasps.

Pretty much, the "come and make us an offer" call is a farce really if can only be done through Ltd.

Surely Higgs should be able to accept an offer outside the scop of the Ltd Option?

If better than the Wasps offer, then they would surely be duty bound to accept it on behalf of the poor little kiddies of Coventry?
 

RoboCCFC90

Well-Known Member
Why? He said they'll get 745 which is much more of a "giraffe"

If I was you stick to crying about sisu out chants and how a horrible bald man almost made you cry

Funny fucker..

I just think it's inappropriate for someone to use the line "Because I am from the Trust" to justify a request..

Also I reckon ccfc4l is probably closer to his assumption than you are with respect to attendances, but that's my opinion.


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skybluetony176

Well-Known Member
OSB58 has written a few detailed reasons why it would appear very unlikely anyone would risk trying to buy a share of ACL through CCFC Ltd, basically it would cost a lot of money to settle CCFC Ltd debts, and then the offer can be turned down by Higgs and could be vetoed by Wasps.

Which brings me back to my original question. Why would Otium bid through PA? Surely it makes more sense to bid directly? So the suspicious mind I've adopted where all things SISU are concerned tells me that they have another angle.
 

MusicDating

Euro 2016 Prediction League Champion!!
Pretty much, the "come and make us an offer" call is a farce really if can only be done through Ltd.

Surely Higgs should be able to accept an offer outside the scop of the Ltd Option?

If better than the Wasps offer, then they would surely be duty bound to accept it on behalf of the poor little kiddies of Coventry?

Perhaps the latest batch of Higgs orphans just prefer rugby, in which case they're just looking after their client's interests.
 

The Lurker

Well-Known Member
No one knows in the short term, long term that's a different matter.

I think that's a misconception, what about the Fans that supported our attempts throughout from various other Clubs, Arsenal, Wimbledon, etc?


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lets be honest other then cov fans no-one really cared about our position. contrary to whats been said on here, the uptake for tickets for the first game has been high. who knows what the long term future holds but i safely say the highest attendances at the ricoh this season will be the rugby not the football which will say alot
 

Rusty Trombone

Well-Known Member
Pretty much, the "come and make us an offer" call is a farce really if can only be done through Ltd.

Surely Higgs should be able to accept an offer outside the scop of the Ltd Option?

If better than the Wasps offer, then they would surely be duty bound to accept it on behalf of the poor little kiddies of Coventry?

It would be a farce if that was ever the case, which of course it wasn't. Higgs could have accepted an offer off anyone, I guess now they have said they want to accept the Wasps deal that will be that.

If they get a better offer maybe it will change their mind, will SISU ever make an offer though.
 

The Lurker

Well-Known Member
Funny fucker..

I just think it's inappropriate for someone to use the line "Because I am from the Trust" to justify a request..

Also I reckon ccfc4l is probably closer to his assumption than you are with respect to attendances, but that's my opinion.


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you made a big song and dance about it and wanted an apology for what because some said they were from the trust?

fancy a wager then? same applies. if the attendance for the first game is less then 7,000 i hang my keyboard and mouse up for a month and you do the same?
 

skybluetony176

Well-Known Member
lets be honest other then cov fans no-one really cared about our position. contrary to whats been said on here, the uptake for tickets for the first game has been high. who knows what the long term future holds but i safely say the highest attendances at the ricoh this season will be the rugby not the football which will say alot

I assume you're not counting the Gillingham game?
 

oldskyblue58

CCFC Finance Director
Which brings me back to my original question. Why would Otium bid through PA? Surely it makes more sense to bid directly? So the suspicious mind I've adopted where all things SISU are concerned tells me that they have another angle.

Because if it was done directly by SISU/Otium then AEHC could simply say not interested. If it is done through the liquidator then AEHC have to consider it properly because the terms of the option agreement say they must if it comes from CCFC Ltd and they must allow CCFC Ltd to make a formal offer within a reasonable amount of time.

Similarly unless it is a much better offer then offers directly from Byng etc could just be dismissed. But then Byng etc do not own any interest in CCFC either so offers from his like are not going to help CCFC
 
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skybluetony176

Well-Known Member
Because if it was done directly by SISU/Otium then AEHC could simply say not interested. If it is done through the liquidator then AEHC have to consider it properly because the terms of the option agreement say they must if it comes from CCFC Ltd and they must allow CCFC Ltd to make a formal offer within a reasonable amount of time.

Similarly unless it is a much better offer then offers directly from Byng etc could just be dismissed. But then Byng etc do not own any interest in CCFC either so offers from his like are not going to help CCFC

i can't work out that if they do make a bid through PA is this a positive thing as they want their bid to be considered seriously and are therefore serious about buying the Higgs share and surely giving the club a much needed and overdue boost or whether it's negative as they are just going through a box ticking exersize on the build up to further court action?
 

oldskyblue58

CCFC Finance Director
This is what Simons article says

The owners of Coventry City are expected to make a bid for a 50 per cent share in the Ricoh Arena company.

The Alan Edward Higgs Charity, which owns 50 per cent of Ricoh Arena operators ACL, recently agreed a deal to sell its shares in the company to Premiership rugby side Wasps for £2.77m.

That followed the news Coventry City Council had completed the sale of its 50 per cent stake in ACL to Wasps for the same figure.

However, CCFC Ltd - a company in the final stages of liquidation - still has first option rights to purchase the charity’s shares. The agreement dates back to 2003 when the charity bought the football club’s half of ACL for £6.5m

Higgs Charity lawyers wrote to CCFC Ltd liquidator Paul Appleton on October 8 to invite him to take up the option on the shares within 30 days - or the deal with Wasps would be completed.

Now the charity has confirmed it is expecting an offer and the Telegraph understands this offer will originate from Sisu company Otium, but come via Mr Appleton.

Peter Knatchbull Hugessen, clerk for the Higgs Charity, said: “The charity has been in regular correspondence with the liquidator and the liquidator’s solicitors.

“We have had no contact with Otium, and there won’t have been, because the option sits with the liquidator.

“We await the liquidator’s decision. He has said he is minded to make an offer for the shares.

“I’m not prepared to speculate on what might or might not happen. The original deadline still stands.”

Sky Blues officials say they have been kept in the dark over certain details needed in order to properly formulate a bid for the charity’s shares.

The club’s owners seek information contained in a document referred to as the Joint Venture Agreement - which outlined terms of the ACL partnership between the council and Higgs. But they say letters to Wasps, the charity and the council have been ignored.

On Saturday Tim Fisher, Coventry City chairman, said in his programme notes: “We’ve yet to receive the necessary information to enable us to even begin to decide whether we’re able to purchase the Higgs’ shares in ACL, but fans will be the first to know if the position changes.”



It seems to me there have been 2 deadlines running along side each other. Firstly a 14 day one to register an intent to make a bid and secondly a 30 day one to actually bid. The clock started ticking 08/10/14 so they have to bid by 07/11/14.

Unless they match or better the deal with Wasps then it is going to be rejected. There is the problem for SISU. They do not actually know the finer details of the Wasps offer to AEHC. Which means they could easily undercook the offer and that's it gone. This is not a bidding war or an auction. The option allows one crack at it get that wrong and that's it gone.

The original JV deal SISU should already have details of from the previous due diligence, if they haven't what the hell were they doing at that time? They could make an offer that matches or betters Wasps subject to disclosure of the revised JV details (if it has been revised at all). Do the ACL stakeholders have to disclose the details of anything at the moment - would have thought they are within their rights not to release anything detailed at the moment. Make an offer subject to disclosure that is of interest and that's different. Is that possible though considering AEHC probably want nothing to do with SISU - so it would have to be a better offer to make them have to consider it
 
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Samo

Well-Known Member
Our fans are the biggest hypocrites in the world of sport, it'll fall on deaf ears on here.

It does make me laugh how some who were morally outraged that anyone should set foot in Sixfields are not at all arsed about the Wasps take over. It seems that all they want is for SISU to burn in hell and its fine to be as duplicitous as you like as long as you agree with that.
 

albatross

Well-Known Member
Its a process thing. The Option is nothing special it just a legally binding clause in the business relationship between Higgs and CCFC Ltd that if there is to be a sale they get a guaranteed shot at it. There is nothing stopping SISU, OTIUM, WASPs , you or me making a direct offer to Higgs for their share of ACL.

The Option if exercised it has to be formally considered and then accepted or rejected by Higgs. Unless there is a specific minimum value clause whereby if an offer is over £X million then it is automatically accepted , there will be no obligation of Higgs to accept any offer.

As the offer would come via the liquidator on behalf of the CCFC ltd company, if successful the asset (50% share) would then reside within CCFC Ltd which if not liquidated would then have substantial Debts to settle with ACL being possibly the largest creditor. This is where I have not got my head around how that would be sorted. I presume that the share would then have to be sold to the highest bidder so that the creditors receive the best settlement. That would not be a decision for SISU but the liquidator unless CCFC Ltd satisfied its creditors


But as I said in my previous posts this is a Process and I believe the outcome is already determined, hence the WASPS investment.
 
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Rusty Trombone

Well-Known Member
It does make me laugh how some who were morally outraged that anyone should set foot in Sixfields are not at all arsed about the Wasps take over. It seems that all they want is for SISU to burn in hell and its fine to be as duplicitous as you like as long as you agree with that.

Who are the 'some'?
 

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