As one Padres fan said, "John Moores, he's a slime ball", and they are glad to be shot of him, and what do our board do? roll out the red carpet for the slime ball......
If existing shareholders are selling to the Yanks, then that sort of transaction would not dilute the Trust's shareholding. However, if subsequently, there were to be, for example, a Rights Issue, then if the Trust did not participate (ie did not buy/subscribe for their allotted share) their current 21.1% would be diluted/reduced.
Could you explain how that works ?, the Trusts hold 21% of the share holdings of the Club , why would they need to raise further monies to keep what has already been allocated to it .Share values rise and fall all the time but I'm not aware or have indeed put more money in when they become more valuable .
Thanks, there are some suggestions to sell the Trust shares as they are currently worth 23/4 million and hold them as some sort of fighting fund if ,god forbid, we end up in the same position as we were during Pettys' reign .
"I have to be honest. I have never met the owner of the San Diego Padres, John Moores. I know he is a Texan. I know that he is a democrat. I know that he was a friend and client of the late Sam Maloof, Sam told me. I know that at one time he had some nifty Georgia O'Keefe paintings, a friend who was working in his house saw them. I know that he was the owner of Peregrine Systems and cashed out 600 million dollars before the company went belly up and a bunch of his top management team were indicted and convicted of various sins. I know that my late friend Al, a wealthy La Jollan, said that he was no damn good" - blue heron Link:http://www.blueheronblast.com/2012/04/john-moores.html "No damn good" these are the words from people that have had dealings with this Texan "slime ball", that Huw Jenkins wants us to roll over for?......
Shares rise and fall and the trust have money to cover small rises in their bank but if for any reason there is not enough money in the bank to match the current share price then those shares get swallowed up by those who have the money and the trust shares drop to a level that can be managed. It's not that complicated but every share has to be of the same value....
Dai - if the Yanks buy shares from say, Huw Jenkins and Robert Davies, then the total number of shares in issue remain unchanged. Ergo - the Trust's shareholding at 21.1% remains unaltered. If the Club/Company were to issue new (additional) shares at the "current" value, then unless the Trust subscribes for all the number of shares that it could purchase, its shareholding be diluted.
Written below is a San Diego Padres opinion of Moores... "I don't understand what makes guys like Moores tick. He fell out of love with his wife, he fell out of love with his team, he fell out of love with the city, who knows? Rich people are phlegmatic. What I do know is that San Diego fans are holding the bag, their love for their miserable team once again sorely tested and with an absentee owner who appears to no longer give a ****, nothing looks like it will change in the near future. It is a shame that the man who got everything he asked for could treat his play toy with such neglect and our region with such contempt" This has to be the most worrying quote regarding Moores IMO... Reminds me of Petty?
That's my understanding and as I posted previously some are wondering whether the trust should cash in now when the share price is in relative terms, high, to finance a fighting fund should it ever be needed , but imo that will be risky because then we have absolutely no one within the Club fighting our cause & would the 20 + million be enough to buy a club who then may have a mortgage , high wage bills, running costs and an unknown debt owed to potentially to the scallies who may want their pound of flesh in one go.
Agree Boundy. It would be better for the trust to keep its shares in the club. I still don't understand that if the others wanted to cash in as it seems, why the trust wasn't given the option of increasing its percentage first.
A good question , perhaps they were but if so you'd have though it would have been recorded in the last or previous meeting minutes ,the only mention in the last meeting in January of the Yanks is this " PS confirmed that there had been no further communication into our Lawyers from the Lawyers who are representing the other Shareholders. The last communication was the 9th December. HC reported from the Board Meeting of the 9th January that the American interest has been on hold due to the Holiday period and which we understand to be for a minority stake and possible loan facility. " , we are now in February and Huw Cooze made an announcement in the media that an announcement will be made shortly regarding the buy in .You'd have thought something as significant as this would have been given a bit more discussion although if the Trust aren't being informed what chance have we got
I'm not saying that they could have bought all of the shares for sale, but surely the trust could have bought up a couple of percent more and pushed the trusts stake up to around 25%.
Yes we couldn't but perhaps a small gesture by the outgoing shareholders would have more than continued the faith we've had in them. Simplistic I know and one which is highly unlikely to happen but what a show of commitment by them to the Club which to be honest has been good to them as well.
I doubt that it has almost £4m in the bank. I suppose they could try and borrow that amount, using the underlying value of the existing 21.1% shareholding as collateral?
