'Shares, what Shares?'
By regular viewer and contributer,
Colin Wilkes
Along with the select few from
Toffeeweb/
blog,
Bluekipper,
SFTH [also on ITV Teletext, p508],
WSAG and
NSNO, Colin's articles just
have to be read. This one in partcular looks invaluable, it clearly sets out his calculations and assessment with regards to what may well prove to be the latest, in a series of tricks, involving smoke and mirrors...
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Wednesday 29-09-04
Oh how my head hurts. Do you ever get a real bad headache when there's something just not quite right in what you are being told and what you read? And you just can't put your finger on exactly what it is that's so problematic. Well for me these are becoming ever more frequent. There is a direct correlation with the bungling, embarrassment and sh/te I read from Kenwright and the intensity of my headaches. This latest bout not only has my head aching but its also spinning and swirling around like it would after 8 pints of Stella and 2 hours on the Waltzer at Blackpool. Yes I am also throwing up. So what is it, tell us now, don't hold us in suspense etc is what I can hear you all saying.
Well ok its not the fact that the rest of the world has caught on to what we already were aware of "only £30 million " todays Daily Mirror "He's an absolute bargain" that Scots fella what's 'is name? Neither is it the fact that Kenwright somehow managed to confuse the media with his impression that the war chest is £30 million.
The source of this present bad head is trying to work out how the influx of funds from Fortress Sports (FSF) is to be paid for. In shares obviously but from where are these shares coming. Is there to be a rights issue or will they be shares from the defunct True Blue Holdings (TBH). There has been nothing said regarding this whatsoever.
The financial input from FSF, Kenwright informs us will be in two trenches (tranches). The first for circa £12 million and the second will take the total up to £28 to £29 million. We are here and now looking for near as damn it £30 million in shares. If there is to be no new rights issue then the one and only place these shares can come from is TBH.
To progress and for clarity we need here I think to look at the share holding in EFC
In total there are 35,000 shares in EFC True Blue hold almost 25,000
Shares in EFC
Sir Philip Carter 721 Shares
Bill Kenwright 556 Shares
Keith Tamlin 119 Shares
Arthur Abercromby 105 Shares
John Woods 216 Shares
Lord Grantchester 2773 shares (7.9%)
Others 5,500 roughly
TBH 25,000
True Blue holdings
Name quantity % value
Kenwright 7,228,359 32.8% £7,025,482
Abercromby 1,613,978 7.3% £1,568,679
Woods, J 5,648,922 25.6% £5,490,375
Gregg, P 3,331,891 15.1% £3,238,376
Gregg, A 3,592,716 16.3% £3,491,880
Gregg, D 257,331 1.2% £250,109
Russell Willy 255,824 1.2% £250,000
Mulville Jimmy 102,330 0.7% £100,000
Totals 22031351 100.3% £21,414,901
This is roughly what true blue is (figures rounded up have created the odd .3%)
FSF are to get 50% of 35000 shares for £30million 50%= 17500 but the only realistic place these shares can come from without a new issue is TBH
TBH hold 25000
so less 17500 to FSF
= 7500 balance for TBH
so TBH will be selling 17500 shares for £30 million appx
so £30,000,000 divide by 17500=£1715appx per share
£1715 X 35,000 shares values EFC @ £60,000,000
TBH figures now look like this
7500 shares @ £1715 = £12,862,500 plus £30,000,000 = £42,862,500
this gives TBH a £20,000,000 profit
Yes TBH won't exist I use it here as a collective tool for the ex members of TBH
So as I say this is the way of the world unless there's a new rights issue.
Hang on I think we have been here before about four years ago as I recall.
Do I need to go any further?
Oh yes forgot supporters shareholding. Shares what Shares.
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Regular viewer and contributer,
Colin Wilkes