Doug King Takeover (21 Viewers)

[skybluetony176]

Each one is unique isn’t is?

Which takes me to the second point I keep making. The Gillingham takeover wasn’t a straight transaction. The buyer financed the takeover by financing against the ground. What about our takeover makes it more complicated than that? We can’t borrow against the ground, Ryton already has a charge against it IIRC so I doubt that’s being used to finance the takeover. As far as I can tell our takeover should be a straightforward transaction, it doesn’t make any sense in my mind why it’s taking so long, certainly when you use Gillinghams complex takeover as a yardstick.

Not saying that it won’t happen. I’ll believe when I see it and wouldn’t be the slightest bit surprised if it doesn’t.

 

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[Sky Blue Pete]

Would the whole process have gone this far if it wasn’t a legitimate takeover bid?

I imagine it’s probably a more complex agreement, than say, Gillingham. The article says that they’re still ‘crossing i’s and dotting t’s’, so won’t that push the EFL’s approval back further than a week?

Yep

 

[SkyblueDad]

Reading the article on Coventry live it sounds to me a decision one way or the other is imminent and needs to be.

 

[Grendel]

Interesting that they say it’s a case of getting everything in line rather than waiting for the EFL to rubber stamp it on return from Xmas holidays. I keep bringing it up but Gillinghams takeover was announced almost 2 weeks after ours but rubber stamped by the EFL before Xmas. How come Gillingham and their new owner could get their T’s crossed and I’s dotted but we can’t?

Clearly because the ownership structure of Otium and SBL is a far more complex arrangement - it’s nothing like Gillingham which was a straightforward purchase of shares

 

[MalcSB]

To me, the need for dotting and crossing “I” s and “T”s suggests that the takeover announcement was rushed through earlier than it should have been because of the administration court deadline and before the normal preparation for a submission for EFL approval was ready. Personally, I can understand why they would have done that.

 

[chiefdave]

Which takes me to the second point I keep making. The Gillingham takeover wasn’t a straight transaction.

I know fuck all about Gillingham but when I googled it the first two articles to come up say the process has taken months. Even Gillingham's own statement confirming the takeover says "after a long, collaborative due diligence process". Posters on their forum seem to think the 'fit and proper' process with the EFL started in October

From what we are told, if you chose to believe it, King only arrived on the scene a few weeks ago when SISU finally realised that Storey was a lunatic

Without knowing the ins and outs of each business it's impossible to say how complex the Gillingham takeover was compared to ours

 

[hill83]

I made a joking tweet a few weeks back claiming hes pretending to take us over to get in the posh seats for free


Shit like this actually makes that less of a piss take and closer to reality

Banter

 

[Grendel]

I know fuck all about Gillingham but when I googled it the first two articles to come up say the process has taken months. Even Gillingham's own statement confirming the takeover says "after a long, collaborative due diligence process". Posters on their forum seem to think the 'fit and proper' process with the EFL started in October

From what we are told, if you chose to believe it, King only arrived on the scene a few weeks ago when SISU finally realised that Storey was a lunatic

Without knowing the ins and outs of each business it's impossible to say how complex the Gillingham takeover was compared to ours

Its far less complex as we have the two organisations - there is no real reason to purchase Sb and L shares but he will have to and then it’s what’s actually being purchased

 

[skybluetony176]

Clearly because the ownership structure of Otium and SBL is a far more complex arrangement - it’s nothing like Gillingham which was a straightforward purchase of shares

Not really straightforward if it involves the refinancing of the ground to complete the takeover. Also not sure why our ownership structure complicates things with the EFL, surely they already understand our ownership structure from when they approved it in the first place. If anything our ownership structure would have been one of the knowns from the outset.

 

[skybluetony176]

I know fuck all about Gillingham but when I googled it the first two articles to come up say the process has taken months. Even Gillingham's own statement confirming the takeover says "after a long, collaborative due diligence process". Posters on their forum seem to think the 'fit and proper' process with the EFL started in October

From what we are told, if you chose to believe it, King only arrived on the scene a few weeks ago when SISU finally realised that Storey was a lunatic

Without knowing the ins and outs of each business it's impossible to say how complex the Gillingham takeover was compared to ours

That could well be a fair point Dave.

The other thing that concerns me having entertained Storey how sure can we be that King isn’t another messer. We’ve already had the local business man line which was as much as a stretch as describing MA as a local businessman because there’s a Sports Direct in Coventry.

 

[junglej13]

Which takes me to the second point I keep making. The Gillingham takeover wasn’t a straight transaction. The buyer financed the takeover by financing against the ground. What about our takeover makes it more complicated than that? We can’t borrow against the ground, Ryton already has a charge against it IIRC so I don’t that’s being used to finance the takeover. As far as I can tell our takeover should be a straightforward transaction, it doesn’t make any sense in my mind why it’s taking so long, certainly when you use Gillinghams complex takeover as a yardstick.

Not saying that it won’t happen. I’ll believe when I see it and wouldn’t be the slightest bit surprised if it doesn’t.

It would be a very complex deal. You couldn't blame the EFL for taking their time, especially given previous criticism of them and Sisu's track record. Also once you get solicitors on both sides of a high value deal they love ping ponging stupid comments back and forth to drum up fees for themselves.

 

[Grendel]

Not really straightforward if it involves the refinancing of the ground to complete the takeover. Also not sure why our ownership structure complicates things with the EFL, surely they already understand our ownership structure from when they approved it in the first place. If anything our ownership structure would have been one of the knowns from the outset.

Of course it complicates things. We have 2 different companies and a 15% retention of ownership - that’s an entirely different situation and it also depends which shares are being retained - liquidity, cash flow, solvency requirements are entirely different

 

[skybluetony176]

Of course it complicates things. We have 2 different companies and a 15% retention of ownership - that’s an entirely different situation and it also depends which shares are being retained - liquidity, cash flow, solvency requirements are entirely different

Known and approved already by the EFL. They already know and understand our ownership structure, it’s not something that they’ve had to understand in relationship to the takeover. Gillingham also wasn’t a 100% takeover, their previous owner is still a minority shareholder so that’s no different to our takeover.

 

[SkyblueDad]

Agree and imo it’s the sisu bit that could

Of course it complicates things. We have 2 different companies and a 15% retention of ownership - that’s an entirely different situation and it also depends which shares are being retained - liquidity, cash flow, solvency requirements are entirely different

Agree, in imo it’s the sisu bit that’s complicated things and could make or break the deal.

 

[MalcSB]

To me, the need for dotting and crossing “I” s and “T”s suggests that the takeover announcement was rushed through earlier than it should have been because of the administration court deadline and before the normal preparation for a submission for EFL approval was ready. Personally, I can understand why they would have done that.

Occam’s razor, Pete?

 

[Grendel]

Known and approved already by the EFL. They already know and understand our ownership structure, it’s not something that they’ve had to understand in relationship to the takeover. Gillingham also wasn’t a 100% takeover, their previous owner is still a minority shareholder so that’s no different to our takeover.

Yes it’s entirely something they need to understand - you don’t understand the relationship between Otium and SB and L and the fact AVRO have a I think 10% holding in Otium - it’s entirely probable also no cash is being exchanged for the share purchase - it’s almost certainly a fund holder transfer from AVRO to RCMA.

If he’s absorbing debt from SB and L that would also raise some concerns regarding legitimacy

they’d have to look at cash flow and solvency issues. This won’t be an actual purchase of shares I think so it needs working out if the fund that’s absorbing it is viable, independent and can demonstrate it’s not being done for other purposes

 

[Grendel]

Agree and imo it’s the sisu bit that could
Agree, in imo it’s the sisu bit that’s complicated things and could make or break the deal.

It’s what the share retention actually is and of what. Also I would think possibly the terms agreed on the fund transfer. We don’t know king May have paid £20m I’m hard cash - I somehow doubt it

 

[Saddlebrains]

Jesus wept

Did he?

 

[Skyblueweeman]

Pointless comparing with Gillingham...each clubs takeover will be unique to them.

Reading that latest update, I read it that it's all agreed and approved...its just the paperwork side of things that needs sorting.

Seems like a positive sign that it's pretty much done and dusted (So long as Andy Turner is on the money).

 

[itsabuzzard]

Occam’s razor, Pete?

King of Shaves.

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[olderskyblue]

Did he?

Doubtless there are some on here that will know someone who was there, and can ratify it….

 

[wingy]

It’s what the share retention actually is and of what. Also I would think possibly the terms agreed on the fund transfer. We don’t know king May have paid £20m I’m hard cash - I somehow doubt it

Would we be expecting an entity such as Baulder to surface?

 

[boatang]

Maybe they cant find the golden share.

 

[Grendel]

Would we be expecting an entity such as Baulder to surface?

no idea what’s going on - but I am not enthused yet by King but time will tell

 

[mark82]

Banter

Missed opportunity for a Richard Keys gif there.

 

[MAFF]

Dom Hyam has spoken

 

[wingy]

Dom Hyam has spoken

Is it all we want?

 

[Greggs]

Dom Hyam has spoken

How does the tall bloke from 'Pointless' get all this inside information?

 

[jordan210]

Dom Hyam has spoken

working together to reach a conclusion ? Why would the EFL be doing this. Surely they have a set principle of tests you have to meet and thats its

 

[chiefdave]

If anyone has inside info it's likely to be Overson. If he thinks it will go through I'm inclined to believe it will

working together to reach a conclusion ? Why would the EFL be doing this. Surely they have a set principle of tests you have to meet and thats its

Working together could just mean the EFL are assisting those involved in getting the paperwork etc correct. doesn't have to mean they are actively doing something to enable a takeover. Something along the lines of what you have supplied doesn't pass but if we have this you'd be fine

 

[clint van damme]

How does the tall bloke from 'Pointless' get all this inside information?

Alexander Armstrong is partner in a vape shop with Dennis Lawrence

 

[AndreasB]

Nobody is piling on him you bloody lunatic, they're explaining the English language

Gimoc is a Tommy Robinson fan who also worships David Icke and spreads wacko conspiracy nonsense on his social media . Wouldn’t believe him for a minute.


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[shmmeee]

working together to reach a conclusion ? Why would the EFL be doing this. Surely they have a set principle of tests you have to meet and thats its

Its likely the difference between plying email tag and having a meeting with everyone there to get things resolved quicker.

 

[Deleted member 5849]

Gimoc is a Tommy Robinson fan who also worships David Icke and spreads wacko conspiracy nonsense on his social media . Wouldn’t believe him for a minute.


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Well that was an unexpected twist.

 

[Brighton Sky Blue]

It may be that the EFL is on short staff for Xmas period. Sounds an obvious thing to say but they must have some staff on due to games taking place and the admin involved. Does anyone know? Maybe we get a New Years Revolution - we’d expect something by now.

As for the piling on of @GIMOC, why? We’ve lost our best ITK in SBB (no offence @betterdays) but it may be that he had some sort of inside contact.

Do you still think it’s Hyam?