What is Shareholders United's position on the remaining shares?

[billyho96]

I know Glazer now owns over 75% of ManU. It is my understanding that if he reaches 90% he can force the remaining 10% to sell to him. Is this true?

If Shareholders United gets more than 10%, I think they have what. . . 8?, they can hold on to these shares and refuse to give that last bit of total control to Glazer. Correct?

What will become of Shareholder United's interest in the club. If it were around ten percent that would be a 140 million dollar interest wouldn't it. Thats plenty to seed another club isn't it?

Ian, help a brother out here.

[gazza]

If he reaches 90% plus 1 share he can force the sale of the remainder, I believe it's called a compulsary buy out. The question would be even if SU can get to 10% plus 1 share what good does that really do? They still wouldn't have any control in the club, they would have a voice though. I think the main fear is that its voice would probably fall on deaf ears. Not because of who Glazer is but if you held 90% of a company you might not tend to listen to a small partner.

[gazza]

Edit to above. I found this on another site don't know how accurate bit he sounds like he knows what he's talking about. decide for yourself.

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well to get the figures straight he had 28.1% of the club when the bid came in... due to stock market rules to buy anymore shares he was obliged to make the takeover bid at that point... not the 70+% you claim... anybody holding over 28% is obliged to make an offer for the rest of the company... you have simply quoted the figure he is at now and then said 90% of the remaining but then if he gets 90% then needs 90% of the 10% then 90% of the 1% etc you are effectivley creating a zenos paradox situation if you remember that from maths at school... the 90% of remaining shares is 90% of remaining shares at the time he submitted his bid.

so he needs 90%+1share of the remaining shares which is (100%-28.1%)

ie 90%+1 share of 71.9%of the company

ie a further 64.71% of the company + 1 share to add to his 28.1%

therefore he needs 92.81% of the company + 1 share to trigger a compulsary buy out

therefore Shareholders United actually require 7.19% of the company to make certain that they can fight off a compulsary purchase ie more than 2.5 times more than the 2.89% you worked out...

at £3.00 per share that means shareholders united require a holding of approximatley £56,801,000...

There is currently arround 28,000 members so the average holding to reach £56,801,000 would be £20,286 each...

shareholders united say they would like to get to 100,000 members but even if the achieved that to reach enough of a holding to hold enough of the shares themselfes to prevent a compulsary buyout without having to rely on other people the average holding would have to be £5,680... dont know about you but I cant afford that...

yes I know im being a bit pedantic but it appears you also have a misconception of the 90%of the remaining shares + 1 share required as in when the 90% figure is calculated.

[billyho96]

Thats not right, I know you didn't right it, so no offense. The numbers at the end about shareholder united might be, but the buy percentages are wrong, I'm almost positive. Its not quite that complex.

[Zaphkiel]

Thank god I have shares in NUFC not in MUFC. =P

[Coach_McGuirk]

Thats not right, I know you didn't right it, so no offense. The numbers at the end about shareholder united might be, but the buy percentages are wrong, I'm almost positive. Its not quite that complex.
Actually, Billy, he's spot on with that. It was 90%+1 of the shares outstanding when he started his buyout. That was from the Times of London today or yesterday. I'll try to find a link somewhere...