Club schedule General Meeting of shareholders next month

"Norwich City have issued a notice to the club’s shareholders for a general meeting on Monday, February 13.
The general meeting has been called to allot a number of shares, as the club seeks to strengthen its financial sustainability by reducing the need for borrowings.
Shareholders are welcome to attend the meeting, but given its anticipated short length are also encouraged to vote via proxy.
Further information will follow once the formal business of the meeting has concluded."

The general assumption is that this is the next step in the Attanasio's increasing their stake in the club.

Caution: I am no expert on this, so take the following with a pinch of salt ........ like you do all my posts ...........

A shareholder posting on the Pink'Un forum, quoting the official notice of the SGM, gives the number of shares to be alloted as 194,512. Assuming all are Ordinary shares, by my calculation, that number would increase the number of Ordinary shares in the club by a little over 1/3rd, which is clearly a significant amount. If all the newly alloted shares were bought by Attanasio, when added to his already sizeable holding (comprised of the shares acquired from Michael Foulger plus any minor share holdings sold to him by others), it would raise Attanasio's holding to well over 30% and, I believe, trigger an offer to buy out the other shareholders. It would also reduce the percentage holding of our current majority shareholders to well below 50%, so their current controlling ownership would be surrendered.
Of course, these newly alloted shares may not all be purchased, or purchased by others apart from the Attanasios, so the effect on existing holdings can only be hypothetical at this stage -- except that their value will inevitably be diluted.

DHCanary said:

I think that 30% threshold triggering an offer to buy out other shareholders was confirmed as part of the structure in place for a previous party interested, but I don't know if it ever became a club statute or otherwise remains in place for the Attanasio's involvement?

Click to expand...

That 30% rule is incorporated in national legislation governing takeovers; as I understand it, it applies across the board, whether the company concerned is listed or not. A good recent example of its application in football was at Arsenal during the sparring between Usmanov and Kroenke. Usmanov built up his holding to fractionally under 30%, where he presented a continuing threat while waiting for an opportunity to go for Kroenke's jugular. It never came. Usmanov eventually accepted defeat and sold his holding -- reappearing as the "dark shadow" behind henchman Moshiri's takeover of Everton. Plenty of Arsenal supporters wanted him to rid them of Kroenke, imagining a deluge of riches carrying them to EPL and European glory. Just like Everton I guess ...........