Moan In

[Jeff]

I would doubt if Mandy has put his revised bid in writing yet - then the legal eagles and accountants have got to go through it with a toothcomb.

I agree, apart from the bit about a 'toothcomb'. Presumably you mean fine-tooth comb.

 

[The Voice From Above]

They are required to give two weeks notice to shareholders of a shareholders' meeting.

Ok. Thanks for this OG. I wondered why the delay.

Why 2 weeks to vote after the meeting? Seems a long time to me

 

[OldGit]

You keep saying this. But where's the evidence?

No evidence either way. The major advantage of debt being covered by loan stock or similar rather than the current complex mortgage/leaseback arrangement is that both the debt and the asset come under direct control of the club.

Gives a number of advantages (plus of course the various potential downsides that have been mentioned earlier) For example it is likely to improve their credit rating, overdraft arrangements etc - important in a business where cash-flows are extremely erratic. Also allows greater freedom in usage, adaptations etc to the stadium.

If I were in his position I would want to do the same - assuming a decent deal could be struck, which earlier indications suggest it would.

 

[OldGit]

Ok. Thanks for this OG. I wondered why the delay.

Why 2 weeks to vote after the meeting? Seems a long time to me

Perhaps msomeone's going to be on holiday

 

[Melton Fox]

I say somebody from the board should phone the feckers up and ask them if they want the money back they invested, you know, the money you never thought you'd see again.

It could all be done by the end of the day

 

[Jeff]

I say somebody from the board should phone the feckers up and ask them if they want the money back they invested, you know, the money you never thought you'd see again.

It could all be done by the end of the day

Only if getting their money back is the most important thing to the shareholders. I would hope most of them would want to see details of MM's plans for the club before making any decision.

 

[Melton Fox]

Only if getting their money back is the most important thing to the shareholders. I would hope most of them would want to see details of MM's plans for the club before making any decision.

 

[Leigh]

Just heard a quote from MM on the radio saying he thinks everything will be done by 15th December.

 

[OldGit]

Just heard a quote from MM on the radio saying he thinks everything will be done by 15th December.

In which case, we'd better watch out....

He's making a list,
Checking it twice;
Gonna find out who's naughty or nice.
Santa Claus is coming to town

He sees you when you're sleeping
He knows when you're awake
He knows if you've been bad or good
So be good for goodness sake

 

[homer]

In which case, we'd better watch out....

He's making a list,
Checking it twice;
Gonna find out who's naughty or nice.
Santa Claus is coming to town

He sees you when you're sleeping
He knows when you're awake
He knows if you've been bad or good
So be good for goodness sake

He's ripping us off
He's stealing our cash
He'll spend all our dough on fags, booze and gash
Evil Milan's coming to town, Evil Milan's coming to town

He'll sell us down the river
He's knows we're all quite thick
He's coming here to steal our souls
And he'll be off pretty darn quick

All together now.......

 

[highland fox]

In which case, we'd better watch out....

He's making a list,
Checking it twice;
Gonna find out who's naughty or nice.
Santa Claus is coming to town

He sees you when you're sleeping
He knows when you're awake
He knows you've got a footie Club
And hes on the fecking make

Indeed..

 

[Lboro fox]

Indeed..

Homer's was more inventive!!!

 

[drummindefender]

Just heard a quote from MM on the radio saying he thinks everything will be done by 15th December.

the day i finish for christmas

 

[Leigh]

No idea which thread this goes in, so I'll just stick it here: http://www.bbc.co.uk/leicester/content/articles/2006/10/30/mandaric_takeover_feature.shtml listen to MM's latest interview.

 

[fox58]

No idea which thread this goes in, so I'll just stick it here: http://www.bbc.co.uk/leicester/content/articles/2006/10/30/mandaric_takeover_feature.shtml listen to MM's latest interview.

Now we know what that t**t John Barber looks like

 

[drew]

100% back to the shareholders, can't say fairer than that then. I think that will be the clincher.

 

[NN Fox]

So if the shareholders are guaranteed their money back then the discussions must be over what form the rest of the investment is to take, i.e. capital or loan.

I suspect from the delay and from MM's past record he is looking to loan the club money, it would be nice to know, when it happens, if it is secured against club assets or whether MM is taking any form of risk.

 

[Leigh]

Here is a transcript of the interview for those who won't/can't listen:

Barber: What happened in your discussions with Leicester City yesterday?

Mandaric: In my view it was a very positive, constructive discussion, with a positive attitude by both parties. Of course you know my feelings and my attitude and desire, I found out it's similar with the other people so I'm very encouraged, I'm positively thinking right now and I think in just a matter of time we'll be able to put this together.

Barber: So you feel that things have certainly moved forward now that you've had that first face-to-face meeting?

Mandaric: Definitely. They've moved forward. And again as I said, positively thinking, with desire for me to join the club. And I think in the next several days we should be able to come to a further conclusion.

Barber: So how are things left at the minute then?

Mandaric: We need a couple of days to go back and consider some options, some details that we discussed, and come back to each other and so sometime in the next 48 hours we'll have another dialogue.

Barber: And then the timeframe from thereon in...obviously they'll have to call an EGM and put it to their shareholders and things. When do you think things will really start to move? When the handover could actually happen..?

Mandaric: Well I think the schedule that we put between us would be that not later than on the 15th we sign the agreement between us in principal and then after that immediately we start to do due diligence. I would personally like to go to Leicester and spend some time meeting the people and the organisation to see what we have, what we don't have, and not to waste time with that. I expect that the financial people will finish that within three to four weeks so on the 15th of December everything should be done the starting point would be that time.

Barber: 'Coz that crucially is before the January transfer window opens. Is that an important key marker for you?

Mandaric: Of course it is, without having a lot of knowledge of the football side and players... I'm absolutely sure some support is going to be needed there. So January is a very crucial month as we know so that's why we're aiming for that time.

Barber: Just if you can Milan, and I appreciate that you might not be able to give as many details as you'd like because you're in negotiations but there has been a lot of talk about how much it is, now I know you're not going to be able to disclose exact sums but we've heard anything from an initial bid of £3m to the shareholders right up to £25m. Can you give the fans a guide as to how the proposal has worked?

Mandaric: Well first of all I'd like to establish something, I don't like to talk about numbers, about amounts. I can only tell you whatever is needed, whatever I've committed to I'm behind that and I always deliver and that's going to be no different if I do come to Leicester City Football Club. As far as amounts go, I've just got to tell you one thing, shareholders will get 100% of their investment back. That's all I can tell you.

Barber: Ok, appreciate that. Then what about the deal with the ground because the fans will be aware that at the moment that is controlled affectively by an American finance group called Teachers. Would you intend to return the ownership of the Walkers Stadium back to the football club?

Mandaric: Well, my understanding is that that stadium belongs to the football club, but the football club has an obligation to pay the mortgage which is around £16-17m, leftover to pay from the time. I didn't look at the contract, I didn't look at any relationship but I would not be interested in anything else but that stadium to belong to football club.

Barber: So you would want to get that paid off as soon as is realistic?

Mandaric: It'll pay off, or guarantee payments, or take it over. There is no [can't make it out] that stadium belongs to the football club.

For me the interesting parts are:
- Shareholders getting 100% back.
- The fact that MM seems to have set dates in his head for when things are gonig to happen, makes it seem like it will happen.
- He says that he only wants the stadium to belong to the football club (no groundshare?), but he doesn't put forward anything about wanting to buy it and was rather cagey about his answering of Barber's questions on that subject.
- He is talking about finances in the January transfer window.

 

[Melton Fox]

Top bombing Leigh, Thank You