[cite]Posted By: scruffle[/cite]We're not in due diligence again, if we were all the shareholders would have to be notified
I'm not sure that's true, Scruffle - last time it was because Zabeel wanted it to be publically known. Any proposed takeover has to be notified to shareholders, but think that can be at the end of a DD process?
this is the post in question 'So...offer accepted, DD in progress. Club rate it as 80% likely still to happen. If it doesn't then God knows where that leaves the morale of Murray etc.'
80%..........Thats not a dead cert by any means is it ? As AFKA says morale at CAFC from board all the way down to fans would hit rock bottom. I thought that had already been reached. Hold onto your hats and cross everything. If its true.
Surely the fact the offer has to be accepted before due diligence means that the shareholders would already have been notified that the board were considering an offer
[cite]Posted By: scruffle[/cite]Surely the fact the offer has to be accepted before due diligence means that the shareholders would already have been notified that the board were considering an offer
I think that due diligence might lead to an offer not other way round. Don`t know if shareholders need to be notified of DD. Doubt it.
[cite]Posted By: scruffle[/cite]Surely the fact the offer has to be excepted before due diligence means that the shareholders would already have been notified that the board were considering an offer
What does "offer" mean? More likely to mean "price" ie we'll agree to pay you £XXm if the due diligence doesn't turn anything up".
IMHO, would be more likely to be, as in the Zebeel case "an indicative offer" ie what we will pay you if it goes through so no requirement to notify shareholders yet.
"80%" is a bit meaningless TBH. It's either 100% done or it's 100% not yet done. Someone might thinks it's "close" or "looking promising" or even " a long way done the road to be completeted" but that means nothing until the deal is signed and paid for. Remember Zebeel.
IF there is any truth in this or the other rumours in any case.
I don't know if I've mentioned this before but I'll start celebrating when I see it confirmed as a done deal on the OS : - )
[cite]Posted By: scruffle[/cite]Surely the fact the offer has to be accepted before due diligence means that the shareholders would already have been notified that the board were considering an offer
I think that due diligence might lead to an offer not other way round. Don`t know if shareholders need to be notified of DD. Doubt it.
If Charlton have received an offer that might lead to a deal then by law they have to notify all shareholders and make an announcement on the LSE - generally this is announced as something like "Charlton have received an approach that may or may not lead to an offer". On the other hand formal discussions don't need to be disclosed.
[cite]Posted By: scruffle[/cite]Surely the fact the offer has to be accepted before due diligence means that the shareholders would already have been notified that the board were considering an offer
I think that due diligence might lead to an offer not other way round. Don`t know if shareholders need to be notified of DD. Doubt it.
Usually, due diligence would take place immediately after an acceptable offer is made. The typical scenario being that the acquirer would make an offer to which the target indicates their conditional acceptance, then dd begins. The conditions of the acceptance can be on either side and can include the outcome of dd. Therefore it is entirely feasible - and in many cases, the absolutely appropriate - that dd takes place before any announcement.
In many cases, dd takes place before the board of directors publicly declares its position; and that position is often to declare an irrevocable agreement to sell all its shares (for an agreed consideration, ie the acquirer ponying up the dough to the main shareholders). In this instance, the declaration, if made after dd, would work like this:
1. The board has agreed to sell all its share to xyz company at a price of nn pence per share.
2. The board recommends that all shareholders also sell all their shares to xyz company at the same price.
3. The board's shareholding in and of itself is enough for xyz company to be the new owners (ie >51%).
In this circumstance (not uncommon) the acquisition effectively goes through as soon as the announcement (after dd) takes place.
So, in short, if dd has started (and it should be a very short one, considering dd also took place only a few months ago), we could be a few weeks, or more likely days away from a takeover. Possibly hours.
My bet? 1 July - straight after all the 30 June contracts terminate.
come on peeps the silence from the club speaks levels,if something wasn't in the offing they would have said something to quash the rumours,thats my take on it,but im with henry until it is signed sealed and delivered i wont get my hopes up.
[cite]Posted By: scruffle[/cite]Surely the fact the offer has to be accepted before due diligence means that the shareholders would already have been notified that the board were considering an offer
I think that due diligence might lead to an offer not other way round. Don`t know if shareholders need to be notified of DD. Doubt it.
If Charlton have received an offer that might lead to a deal then by law they have to notify all shareholders and make an announcement on the LSE - generally this is announced as something like "Charlton have received an approach that may or may not lead to an offer". On the other hand formal discussions don't need to be disclosed.
Absolutely correct. Except that Charlton are not traded on the LSE or even the AIM any more. So no such announcement would have been required.
[cite]Posted By: JT[/cite]I can't see why any Charlton fan would make these rumours up after what happened with Zabeel.
Usually because they're hoping, hoping, with crossed fingers and everything else - and desperately want to be proved right.
Or have got nothing else to do ....
I have it on good authority that we are either hours...days...weeks ....or months away from a takeover!
Trust me on this...unlike everyone else I'm in the know!
LATEST RUMOUR, Apparantly the big money buying Sunderland, now they have secured premiership status, will leave their heretofore Irish investors seeking to put the money raised into Charlton. There is a crisis in the Irish economy, and interest rates being low means that an investment in Charlton, currently punching below their weight, is likely to yield some return, or at least parallel the adventure the irish investors had with the Mackems. The Charlton profile is high with the Irish investors who were big movers in the purchase of Andy Reid, and well aware of our (capital city) presence due to Kins and Holland and lately younger Irish representative players. The current silence is entirely due to the wait for the Sunderland deal to finalise. The biggest suprise of all is the intention to install Brian Kerr as our new manager with Kins as assistant. FACT
[cite]Posted By: seth plum[/cite]LATEST RUMOUR,
Apparantly the big money buying Sunderland, now they have secured premiership status, will leave their heretofore Irish investors seeking to put the money raised into Charlton. There is a crisis in the Irish economy, and interest rates being low means that an investment in Charlton, currently punching below their weight, is likely to yeild some return, or at least parallel the adventure the irish investors had with the Mackems. The Cherlton profile is high with the Irish investors who were big movers in the purchase of Andy Reid, and well aware of our (capital city) presence due to Kins and Holland and lately younger irish representative players. The current silence is entirely due to the wait for the Sunderland deal to finalise. The biggest suprise of all is the intention to install Brian Kerr as our new manager with Kins as assistant.
FACT
Thanks for that Seth....you are an old and respected poster on here (and way back on Netaddicks too) but unfortunately and with the greatest respect, this has to be filed amongst the 'yet another unfounded rumour' stuff!
[cite]Posted By: JT[/cite]I can't see why any Charlton fan would make these rumours up after what happened with Zabeel.
I don't think anyone does intentionally.
What normally happens is someone hears something that has a degree of truth in it, but not the full story, and by the time it gets repeated down the line, it still has a pinch of truth about it, but other inaccuracies get bolted on. However, the whole thing then gets taken as FACT, which isn't the case.
What exactly has been released ?
Nothing. So there is nothing factual to go on.
Do all of these rumours have a degree of truth to them ?
Some do, some have none whatsoever. What we can confidently ascertain is that while it is now widely accepted that something is being investigated / in the pipeline, the longer the silence the more we know it is still a live issue / advancing. The reason for the silence i would have thought would have come under Lesson 1 from the Zabeel episode.
I'm sure if things fall through, the word will get around pretty quickly.
What our main concern at present should be if it remains a live issue without completion for too much longer, ie. towards the end of June. Then it becomes complex because budget decisions, player movement etc becomes imperative.
Comments
I'm not sure that's true, Scruffle - last time it was because Zabeel wanted it to be publically known. Any proposed takeover has to be notified to shareholders, but think that can be at the end of a DD process?
I think that due diligence might lead to an offer not other way round. Don`t know if shareholders need to be notified of DD. Doubt it.
What does "offer" mean? More likely to mean "price" ie we'll agree to pay you £XXm if the due diligence doesn't turn anything up".
IMHO, would be more likely to be, as in the Zebeel case "an indicative offer" ie what we will pay you if it goes through so no requirement to notify shareholders yet.
"80%" is a bit meaningless TBH. It's either 100% done or it's 100% not yet done. Someone might thinks it's "close" or "looking promising" or even " a long way done the road to be completeted" but that means nothing until the deal is signed and paid for. Remember Zebeel.
IF there is any truth in this or the other rumours in any case.
I don't know if I've mentioned this before but I'll start celebrating when I see it confirmed as a done deal on the OS : - )
If Charlton have received an offer that might lead to a deal then by law they have to notify all shareholders and make an announcement on the LSE - generally this is announced as something like "Charlton have received an approach that may or may not lead to an offer". On the other hand formal discussions don't need to be disclosed.
Do I need to go out and buy a job lot of tea towels to wear on my head?
thanks in advance
no. Buy some green velvet, make yourself a little outfit with a pointy hat and start polishing up on your Irish jig.
In many cases, dd takes place before the board of directors publicly declares its position; and that position is often to declare an irrevocable agreement to sell all its shares (for an agreed consideration, ie the acquirer ponying up the dough to the main shareholders). In this instance, the declaration, if made after dd, would work like this:
1. The board has agreed to sell all its share to xyz company at a price of nn pence per share.
2. The board recommends that all shareholders also sell all their shares to xyz company at the same price.
3. The board's shareholding in and of itself is enough for xyz company to be the new owners (ie >51%).
In this circumstance (not uncommon) the acquisition effectively goes through as soon as the announcement (after dd) takes place.
So, in short, if dd has started (and it should be a very short one, considering dd also took place only a few months ago), we could be a few weeks, or more likely days away from a takeover. Possibly hours.
My bet? 1 July - straight after all the 30 June contracts terminate.
Usually because they're hoping, hoping, with crossed fingers and everything else - and desperately want to be proved right.
Or have got nothing else to do ....
;o)
Trust me on this...unlike everyone else I'm in the know!
Apparantly the big money buying Sunderland, now they have secured premiership status, will leave their heretofore Irish investors seeking to put the money raised into Charlton. There is a crisis in the Irish economy, and interest rates being low means that an investment in Charlton, currently punching below their weight, is likely to yield some return, or at least parallel the adventure the irish investors had with the Mackems. The Charlton profile is high with the Irish investors who were big movers in the purchase of Andy Reid, and well aware of our (capital city) presence due to Kins and Holland and lately younger Irish representative players. The current silence is entirely due to the wait for the Sunderland deal to finalise. The biggest suprise of all is the intention to install Brian Kerr as our new manager with Kins as assistant.
FACT
Thanks for that Seth....you are an old and respected poster on here (and way back on Netaddicks too) but unfortunately and with the greatest respect, this has to be filed amongst the 'yet another unfounded rumour' stuff!
I don't think anyone does intentionally.
What normally happens is someone hears something that has a degree of truth in it, but not the full story, and by the time it gets repeated down the line, it still has a pinch of truth about it, but other inaccuracies get bolted on. However, the whole thing then gets taken as FACT, which isn't the case.
What exactly has been released ?
Nothing. So there is nothing factual to go on.
Do all of these rumours have a degree of truth to them ?
Some do, some have none whatsoever. What we can confidently ascertain is that while it is now widely accepted that something is being investigated / in the pipeline, the longer the silence the more we know it is still a live issue / advancing. The reason for the silence i would have thought would have come under Lesson 1 from the Zabeel episode.
I'm sure if things fall through, the word will get around pretty quickly.
What our main concern at present should be if it remains a live issue without completion for too much longer, ie. towards the end of June. Then it becomes complex because budget decisions, player movement etc becomes imperative.