Americans ready to take full control of Liverpool

[Cunny]

http://www.timesonline.co.uk/tol/sport/foo...icle1489982.ece

 

Americans ready to take full control of Liverpool

 

Oliver Kay

 

George Gillett Jr and Tom Hicks, the American tycoons, are close to securing unconditional control of Liverpool after receiving an enthusiastic response to their offer to the club?s remaining shareholders.

 

Gillett and Hicks wrote to shareholders on February 19 to extend their offer of £5,000 per share, giving them 21 days to respond. That period runs until Monday and, having already secured a 62 per cent shareholding by buying the stakes held by David Moores, the former chairman, Terry Smith, a director, and ITV Sport, the Americans are expected to announce that their ?Kop Football? vehicle has obtained the 75 per cent approval that would represent unconditional control.

 

It is not yet clear whether the largest remaining shareholder, Steve Morgan, founder of the Redrow property empire, has agreed to sell his 6 per cent stake. Should he do so, Gillett and Hicks, who were at Anfield to watch Liverpool eliminate Barcelona from the Champions League on Tuesday, will move closer to the 90 per cent threshold that would lead to a compulsory buyout of remaining shares.

[Guest Scot]

Good news. The Morgan element at the end of the article is speculative, mischievous nonsense.

[Guest John Mal]

Morgan won't sell. He's probably still harbouring hopes of buying us on the cheap.

 

I think, though, if they don't get the 75% they can makes us a private company and he will lose his stock.

[Serko]

they've got the 75% needed now.

[Jim D]

they've got the 75% needed now.

 

Yes, up to 80.7%.

[Will]

Yes, up to 80.7%.

Source?

[Serko]

http://www.londonstockexchange.com/LSECWS/...&source=RNS

 

Regulatory Announcement

 

Go to market news section

 

Company Kop Football Limited

TIDM

Headline Offer update

Released 07:01 09-Mar-07

Number 6506S

 

 

 

9 March 2007

 

For immediate release

 

 

 

ANNOUNCEMENT BY KOP FOOTBALL LIMITED

 

 

 

OFFER UPDATE

 

 

 

Recommended Cash Offer

 

for

 

The Liverpool Football Club And Athletic Grounds Plc ("Liverpool")

 

by

 

Kop Football Limited ("Kop")

 

 

 

Offer unconditional as to acceptances and extension of Offer

 

 

 

1. Level of acceptances

 

 

 

Further to the Offer made on 19 February 2007 by Kop to acquire the entire issued share capital of Liverpool, Kop announces that its acceptance condition has been met and that, as a result, the Offer has become unconditional as to acceptances.

 

 

 

As at 3.00 p.m. (London time) on 8 March 2007, Kop had received valid acceptances in respect of 28,089 Liverpool Shares, representing approximately 80.7 per cent. of Liverpool's issued share capital to which the Offer relates (being 34,823 Liverpool Shares). None of these acceptances were received from persons acting in concert with Kop.

 

 

 

As announced on 6 February 2007 and as disclosed in the Offer Document dated 19 February 2007, Kop received irrevocable undertakings to accept the Offer in respect of a total of 21,669 Liverpool Shares representing approximately 62.2 per cent. of the issued share capital of Liverpool. Kop has been informed that the valid acceptances that have been received include an acceptance in respect of all of such Liverpool Shares.

 

 

 

Save as disclosed above, neither Kop nor any person acting in concert with Kop for the purposes of the Offer has the benefit of any irrevocable commitment or letter of intent in respect of any Liverpool Shares or has any interest in any Liverpool Shares, or any short position (whether conditional or absolute and whether in the money or otherwise and including any short position under a derivative), any agreement to sell, any delivery obligation, any right to require another person to purchase or take delivery in respect of any Liverpool Shares, any right to subscribe for any Liverpool Shares or any stock borrowing or lending arrangement in respect of any Liverpool Shares

 

 

 

2. Extension of Offer

 

 

 

The Offer which remains subject to the terms and conditions set out in the Offer Document, is being extended and will remain open for acceptance until 3.00 p.m. (London time) on 26 March 2007. Any further extensions of the Offer will be publicly announced by 8.00 a.m. (London time) on the Business Day following that day, or at such later time or date as the Panel may agree.

 

 

 

Forms of Acceptance should be completed and returned in accordance with the instructions set out in the Offer Document and on the Form of Acceptance so as to be received as soon as possible and in any event so as to be received by not later than 3.00 p.m. (London time) on 26 March 2007.

 

 

 

Any Liverpool Shareholder requiring additional Forms of Acceptance should contact Computershare Investor Services PLC on 0870 703 6276 or, if calling from outside the UK, +44 870 703 6276 (during normal business hours only).

 

 

 

This announcement should be read in conjunction with the Offer Document. Terms used in this announcement shall have the same meaning given to them in the Offer Document.

 

 

 

This announcement is not intended to and does not constitute or form any part of, an offer to sell or an invitation to purchase or the solicitation of an offer to subscribe for any securities or the solicitation of any vote or approval in any jurisdiction pursuant to the Offer or otherwise. The Offer is being made solely through the Offer Document and the Form of Acceptance, which together contain the full terms of the Offer, including details as to how it may be accepted. Any acceptance or other response to the Offer should be made only on the basis of the information contained in the Offer Document and the Form of Acceptance.

 

 

 

N M Rothschild & Sons Limited, which is regulated in the United Kingdom by the Financial Services Authority, is acting for Kop and no one else in connection with the Offer and will not be responsible to anyone other than Kop for providing the protections afforded to clients of N M Rothschild & Sons Limited or for providing advice in relation to the Offer.

 

 

 

The distribution of this announcement in jurisdictions other than the United Kingdom may be restricted by law and therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom should inform themselves about, and observe, any applicable requirements. This announcement has been prepared for the purposes of complying with English law and the Code and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws of the jurisdiction outside of England.

 

 

 

END

 

 

 

 

 

London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.

 

©2007 London Stock Exchange plc. All rights reserved

[Magic8Ball]

http://www.londonstockexchange.com/LSECWS/...&source=RNS

 

that'll teach people to ask for Sources !!!!

 

 

Pretty impressive source that one

[Behind Enemy Lines]

wounder why they're extending the deadline?

[Mondavi]

wounder why they're extending the deadline?

 

maybe some people have been holding back, waiting to see what happened in terms of take up of the offer. Now they can see the inevitability, maybe they'll sell up, taking them to 90% ??

 

Alternative answer......not a f*****g clue

[Armin_Tamzarian]

I was half hoping that they'd fall short of the amount needed to take us completely private. I suppose they could still do what they wanted but at least an AGM every year would preserve some sort of transparency and accountability. So that if they decided to pay themselves a huge dividend or float the club on the exchange they'd at least have to justify it in public.

 

Probably an unrealistic hope however. Allowing the shareholders to preserve their ticket privileges was an astute move.

[Kopfaithful]

LFC called my Ma's on Monday night chasing up about my response. I thought at that time they were maybe bricking it that they wouldn't get 75% (to call over 2 shares seems over kill if they weren't worried). I think this extention will be to give thme more chance of reaching the 90%.

[mercury]

I was half hoping that they'd fall short of the amount needed to take us completely private. I suppose they could still do what they wanted but at least an AGM every year would preserve some sort of transparency and accountability. So that if they decided to pay themselves a huge dividend or float the club on the exchange they'd at least have to justify it in public.

 

Probably an unrealistic hope however. Allowing the shareholders to preserve their ticket privileges was an astute move.

 

I have the same sentiment, but, well.....

[Serko]

I was half hoping that they'd fall short of the amount needed to take us completely private. I suppose they could still do what they wanted but at least an AGM every year would preserve some sort of transparency and accountability. So that if they decided to pay themselves a huge dividend or float the club on the exchange they'd at least have to justify it in public.

 

Probably an unrealistic hope however. Allowing the shareholders to preserve their ticket privileges was an astute move.

 

 

Now they've got over 75% they can do what they want. Hypothetically they could rename us Everton reserves and change our kit to blue if they wanted.

[Leo No.8]

USA - USA - USA!

[McBain]

Now they've got over 75% they can do what they want. Hypothetically they could rename us Everton reserves and change our kit to blue if they wanted.

 

You've seen the secret memo as well?

[Kopfaithful]

Now they've got over 75% they can do what they want. Hypothetically they could rename us Everton reserves and change our kit to blue if they wanted.

 

I don't believe they can take use private until they get 90% of the shares.

[Mike]

we've got the best yanks in the land

[Serko]

I don't believe they can take use private until they get 90% of the shares.

 

 

they don't need to be a private company to make changes they just need 75% of the vote, seeing as they control just over 80% they can do whatever they like.

[Kopfaithful]

they don't need to be a private company to make changes they just need 75% of the vote, seeing as they control just over 80% they can do whatever they like.

 

they will still need to have AGMs if the company is not private, so there is still need for a certain amount of transparancy. David Moores could do pretty much as he liked with 51%, but he still had to observe the laws and regulations of an unlisted plc.

[Serko]

they will still need to have AGMs if the company is not private, so there is still need for a certain amount of transparancy. David Moores could do pretty much as he liked with 51%, but he still had to observe the laws and regulations of an unlisted plc.

 

 

For major changes you usually need 75% of the vote not 51%

[Huyton_Red]

Cant help liking these two....

 

Its strange, because I didnt think I would when I first heard of the takeover but I am warming to them. They have done and said all the right things, they are here, in person at games, they will be at the Arsenal game as well parry said today.

 

I think we have got two genuinely decent blokes there who are excited to be owners of Liverpool. It is a million miles from the glazer scenario.

 

I am starting to get a bit giddy by it all now to be honest, finally liverpool in a 60,000 seater staduim competing for the very best players in the world and with a manager who given that backing will deliver.

[Tones]

Cant help liking these two....

 

Its strange, because I didnt think I would when I first heard of the takeover but I am warming to them. They have done and said all the right things, they are here, in person at games, they will be at the Arsenal game as well parry said today.

 

I think we have got two genuinely decent blokes there who are excited to be owners of Liverpool. It is a million miles from the glazer scenario.

 

I am starting to get a bit giddy by it all now to be honest, finally liverpool in a 60,000 seater staduim competing for the very best players in the world and with a manager who given that backing will deliver.

 

They do seem to be a good choice. Half this board and others boards were ready to hang Parry and Moores after DIC pulled out. Seems the two guys they picked have a lot more interest in football and the club than DIC did.

[fyds]

I'm really positive they'll take us where we want to go. they seem to be 'patrician' business men in the better sense of the term.

Edited March 9, 2007 by fyds

[fabfive]

They even have dodgy shirt and ties so no wonder Parry liked them from the off..