Breaking News Club Statement

[Silver]

View attachment 29587

Shouldn't they be Barbecued Prawn flavour?

 

[edwardss2]

So the first move in the deal by Justin Rees and the consortium is to heftily dilute the value of the numerous Southend United shareholders who helped save the club in the past?

Is that correct?

Yes this is right.

 

[bazzashrimper]

I think a better crisp-based metaphor would be for your 8 crisps to be taken out of your standard size bag and added into a bigger family size bag. You still have 8 crisps but they represent a smaller proportion of the total number of crisps in the bag.

No. Because the club doesn’t turn from a Southend sized club to a bigger club. The crisps have to stay the same

 

[BluBayou]

Yes this is right.

I see it differently from that. The value of the club has increased massively because of the take-over. Therefore it needs more shares to reflect the increased value. The value of existing shares has not decreased.

 

[overseas shrimper]

I'm waiting for this shares situation to be compared to selling a house before forming my opinion.

 

[londonblue]

I see it differently from that. The value of the club has increased massively because of the take-over. Therefore it needs more shares to reflect the increased value. The value of existing shares has not decreased.

In that case you see it completely wrong.

 

[jarvisyeh]

I'm waiting for this shares situation to be compared to selling a house before forming my opinion.

Like developing a 3 bed in to 5 beds.

Each room has a bit less space but the value of the property goes up a bit?

I dunno, the whole thing confuses me and is well beyond my knowledge of how anything works..

 

[andykn]

Lets say the consortium owes 70% of the shares. then put £7m quid in, Unless us remaining 30% of shareholders come up with £3m to match that e end up benefitting with out any effort. So the consortium issue more shares, buy them up with part of the £7m to take them over 90% then they can make the rest of us to sell our shares.

 

[Holy Joe]

Lets say the consortium owes 70% of the shares. then put £7m quid in, Unless us remaining 30% of shareholders come up with £3m to match that e end up benefitting with out any effort. So the consortium issue more shares, buy them up with part of the £7m to take them over 90% then they can make the rest of us to sell our shares.

I don't think it'd be a good move to force existing shareholders to sell. Many are emotionally attached to those shares! Many have held them for decades!

 

[Streaky]

Lets say the consortium owes 70% of the shares. then put £7m quid in, Unless us remaining 30% of shareholders come up with £3m to match that e end up benefitting with out any effort. So the consortium issue more shares, buy them up with part of the £7m to take them over 90% then they can make the rest of us to sell our shares.

There is no benefit for Consortium to buy the last 10%… they will own the vast majority and decisions can pass through easily.

 

[JD]

Also if I wondrously held 8 shares and that was miraculously reduced to 2, on the previous agreement I could distribute 2 shares to each of my 4 children, upon my death

How do you then distribute 2 shares to 4 people?

If this turns out like this I wont be giving Mr Rees warm applause in his arrival for his efforts and love of the fans

I’ll give you £20 for your shares.
Happy now?

 

[Hooly]

 

[PrawNZ]

Maybe we need a pie chart, or at least pie 'chips'

 

[flangejackrabbit]

The existing shares don't come with pre-emption rights then?

 

[Holy Joe]

The existing shares don't come with pre-emption rights then?

Isn't that what the vote is for - to waive the pre-emption rights?

 

[Mad Cyril]

These shares are my pension.

 

[Mick]

The existing shares don't come with pre-emption rights then?

I think the Companies Act provides for pre-emption rights by default unless that is disapplied in the company's Articles of Association.

 

[Bearded Shrimper]

137 posts in and I still haven't got a ****ing clue what's going on

 

[thenobster]

137 posts in and I still haven't got a ****ing clue what's going on

Same

 

[TITSUP]

I’m a shareholder but I haven’t received my notice of the meeting yet. I have been trying to contact the club but nobody answers the phone there anymore.