1. Log in now to remove adverts - no adverts at all to registered members!

The takeover has been agreed.

Discussion in 'Watford' started by oldfrenchhorn, Mar 10, 2011.

  1. oldfrenchhorn

    oldfrenchhorn Well-Known Member
    Forum Moderator

    Joined:
    Jan 25, 2011
    Messages:
    39,894
    Likes Received:
    12,204
    #1
  2. Norwayhornet

    Norwayhornet Well-Known Member

    Joined:
    Jan 24, 2011
    Messages:
    16,473
    Likes Received:
    64
    Oh god I hope not!!!
     
    #2
  3. Norwayhornet

    Norwayhornet Well-Known Member

    Joined:
    Jan 24, 2011
    Messages:
    16,473
    Likes Received:
    64
    just when were feeling good about things again ,bloody bassini pops up again!
     
    #3
  4. oldfrenchhorn

    oldfrenchhorn Well-Known Member
    Forum Moderator

    Joined:
    Jan 25, 2011
    Messages:
    39,894
    Likes Received:
    12,204
    I cannot believe that his Lordship would agree to selling his stake unless he knew that the cheque was good.
     
    #4
  5. aberdeenhornet

    aberdeenhornet Well-Known Member

    Joined:
    Jan 25, 2011
    Messages:
    2,742
    Likes Received:
    257
    http://www.londonstockexchange.com/...rket-news-detail.html?announcementId=10808861
    On the face of it, Ashcroft and Simpson selling out at 1p per share and Ashcroft and Fransen selling the options at nominal price (1p?) so big financial losses for all these guys. Done deal even if a financially attractive offer comes on the table so I'd like to know why? I'm hoping its because they are satisfied that Bazini has put a good solid and reliable plan on the table and that GT has bought into it. Statement from GT, Fransen, Winter please, need to calm the nerves. Three developments what are they? 1) stand 2) Clinic 3)hotel????
     
    #5
  6. aberdeenhornet

    aberdeenhornet Well-Known Member

    Joined:
    Jan 25, 2011
    Messages:
    2,742
    Likes Received:
    257
    Not a very big cheque!!!!!
     
    #6
  7. Norwayhornet

    Norwayhornet Well-Known Member

    Joined:
    Jan 24, 2011
    Messages:
    16,473
    Likes Received:
    64
    offer of 1p per share surely Ashcroft wont take that kind of hit! put a new pitch on your wishlist aberdeen!!
    Hope GT is doing the right thing
    IN GT we trust ( although I need some convincing on this one).
     
    #7
  8. Norwayhornet

    Norwayhornet Well-Known Member

    Joined:
    Jan 24, 2011
    Messages:
    16,473
    Likes Received:
    64
    So if anyone else wants to make a counter offer they have 21 days! Is that correct Aberdeen! I am only skim reading the wobby article
     
    #8
  9. oldfrenchhorn

    oldfrenchhorn Well-Known Member
    Forum Moderator

    Joined:
    Jan 25, 2011
    Messages:
    39,894
    Likes Received:
    12,204
    We really do need a statement from the club to explain this as the figures make little sense.

    I guess that SE rules allow this to be talked about now?
     
    #9
  10. aberdeenhornet

    aberdeenhornet Well-Known Member

    Joined:
    Jan 25, 2011
    Messages:
    2,742
    Likes Received:
    257
    (i) the fit out of the South West corner of the stadium, (ii) the re-laying of the pitch, and (iii) the redevelopment of the East Stand.
    From the offer you're right
     
    #10

  11. aberdeenhornet

    aberdeenhornet Well-Known Member

    Joined:
    Jan 25, 2011
    Messages:
    2,742
    Likes Received:
    257
    Gotit so the bonds detach from shares so Fransen and fordwat pay 1p but still hold the warrants and get a fixed payment reschedule.
     
    #11
  12. Norwayhornet

    Norwayhornet Well-Known Member

    Joined:
    Jan 24, 2011
    Messages:
    16,473
    Likes Received:
    64
    I`m really not confident about this ,but know none of the facts , maybe it will force the hand of a better suited candidate , or maybe the good lord will say no! and this is the start of the real negotiations!
     
    #12
  13. Norwayhornet

    Norwayhornet Well-Known Member

    Joined:
    Jan 24, 2011
    Messages:
    16,473
    Likes Received:
    64
    Ok so the warrants still have to be honoured, so in that case ,are we just moving our debt around too different people! rather than getting rid of it!
     
    #13
  14. COYH

    COYH Member

    Joined:
    Jan 27, 2011
    Messages:
    90
    Likes Received:
    0
    This does not sound good at all, at this stage. My reading of this bit (from WO)

    is that it is a done deal. Even if there is a higher offer, 54% of the shares are already sold.

    However, if in effect, it means a write-off of the debt, then maybe, just maybe, it'll be ok. But that seems solely dependent on the club immediately breaking even. In which case summer player sales (to cover the operating loss) and very little chance of real investment.
     
    #14
  15. Norwayhornet

    Norwayhornet Well-Known Member

    Joined:
    Jan 24, 2011
    Messages:
    16,473
    Likes Received:
    64
    -- Following the successful completion of the Offer, WFCL intends to continue to work with the existing management team of Watford Leisure to deliver its business plan and three specific proposed ground improvement projects, although the timing of the implementation and preferred funding method for such projects has yet to be confirmed or finalised.

    So no details of how they propose to do this ,(looks like more borrowing),or no time scale<yikes> a pitch before next season would be nice!!
     
    #15
  16. aberdeenhornet

    aberdeenhornet Well-Known Member

    Joined:
    Jan 25, 2011
    Messages:
    2,742
    Likes Received:
    257
    Effectively as long as Bazini comes up with the cash its a done deal whatever other offer comes on the table, the deal has been accepted by Fordwat and the simpsons. As it looks we are totally dependent on the integrity of the good doctor and Bazini so we really need to get to know these guys better. I'm happy with the doctor but want convincing on Bazini. He's loaning the money to the new takeover company I'd like to know the financial terms but he doesnt have to publicise, the 3.5million is also being loaned and it seems outwith the guaranteed terms so I'd again like to know the terms and conditions surrounding this. There will be restrictions on the way we trade eg transfers until the bonds are repaid. Whilst David Fransen stays involved I remain relatively comfortable as I have great belief in his acumen and sincerity of support (he's put his money where his mouth is, dipped into his own pocket at the right times and remains the stakeholder taking a really low rate of interest on his investment). Mr Bazini has the opportunity to win over the hearts and minds but needs to lay his cards on the table far more openly than has been the case to date, ok so the stock market and commercial considerations have played a big part but now he needs to convince the minor shareholders to accept the offer at a 75% discount to current price. As such his intentions have to be trusted. You will note the independent board does not recommend acceptance of the offer, this is based on the financial side ie a big discount but it also points out the potential of financial black hole we're on the cliff edge and if the club went against the agreed strategy of the major financial stakeholders I doubt that the refinancing would be forthcoming.
     
    #16
  17. Norwayhornet

    Norwayhornet Well-Known Member

    Joined:
    Jan 24, 2011
    Messages:
    16,473
    Likes Received:
    64
    My No 1 question would be to GT Why do you trust this Bazini chap? The answer to this would be very revealing!
     
    #17
  18. Norwayhornet

    Norwayhornet Well-Known Member

    Joined:
    Jan 24, 2011
    Messages:
    16,473
    Likes Received:
    64
    Kinda get the feeling were between a rock and a hard place :(
     
    #18
  19. aberdeenhornet

    aberdeenhornet Well-Known Member

    Joined:
    Jan 25, 2011
    Messages:
    2,742
    Likes Received:
    257
    norway I'd start with the same question but without the why!!!! Negotiations to date have been with shareholders and I'm guessing the board has had little exposure.
     
    #19
  20. Norwayhornet

    Norwayhornet Well-Known Member

    Joined:
    Jan 24, 2011
    Messages:
    16,473
    Likes Received:
    64
    Good point Aberdeen , its all very well us all saying we trust GT`s decision in these matters,when the truth could be he has relatively little input !!!apart from recommend or not recommend to the people of the good lord!
    I have read nothing yet that allays grave concern:(
     
    #20

Share This Page