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Management ENIC

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ENIC In or ENIC Out

  • Total voters
    208
Ulrika-ka-ka-ka said:
She would only be required to make such a statement if something is going on.

- Lewis family have said the club is not for sale, as in they are not selling the ENIC 86% shareholding in THFC
- the Sky Sports article says Staveley will make an announcement tomorrow that they are not taking over the club ie. not trying to acquire the majority shareholding.

Reading between the lines, what they are not saying is that Staveley Consortium could be making an investment of say £300m to acquire a 10% interest in THFC. ENIC shareholding will then be diluted to under 80% but they will still be the majority owner.

£300m seems to be, maybe coincidentally, the amount of our rumoured transfer kitty this summer.

Edit: and maybe Levy was a cockblock to the outside investment because
1. It would dilute his shareholding in THFC held via his 29% interest in ENIC
2. He wanted to stay on as Executive Chairman after the investment but maybe the investors didn’t want that
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A well constructed summary can be found here.


View: https://x.com/slbsn/status/1964799730103308338

EXPLAINED: The consequences of Tottenham Hotspur Limited being captured by The Takeover CodeTottenham Hotspur Limited (TH) was historically listed on AIM (the Alternative Investment Market) but delisted in January 2012. It is now traded on Asset Match which is not a fully regulated market but allows the 30,000 minority holders a route to trade. Even though the company is no longer listed, the involvement of the Takeover Panel is important and adds complexity to any sale process.TH is owned by ENIC Sports Inc, a Bahamas-domiciled vehicle, which owns 86.58% of the equity with the balance of 13.42% dispersed among approximately 30,000 other investors, a legacy of TH’s historic public company status.The main implications under the Code are:
1. Mandatory bid rule: Any acquirer of ENIC’s stake exceeding 30% of the company would be obliged to extend an offer to all remaining shareholders at the same price. A buyer cannot quietly acquire control without launching a full takeover.

2. Equality of information: If information is provided to one prospective bidder, it must be made available to all bona fide bidders. This prevents ENIC and the board from favouring a “preferred” buyer with selective disclosure. In football deals, this can open up the clubs information to a wide range of bidders. The hurdle for proving bona fide status is typically relatively simple to jump although the scale of the likely bid required will help TH resist any unfunded tyre kickers.

3. Timetable: Once a potential offer becomes public or leaks, the Takeover Panel can impose a strict 28-day “put up or shut up” deadline, forcing bidders to formalise or withdraw.

4. No special deals: ENIC cannot negotiate differential terms for itself without extending them to all other shareholders. The Panel prohibits side-arrangements or “sweeteners.”

5.Minority protections: With some 30,000 small investors, the Code ensures that minorities receive the same treatment as the majority. At 90% acceptances by number of shares, a buyer can squeeze them out, but below 10% they retain blocking power.These rules and the need for TH and/or bidders to react to rumours (the Panel will contact bidders and the company sometimes forcing announcements) could have a material impact on negotiations. This may well mean that, instead, any offers are entertained at the ENIC level. For example, a bid to replace the Levy Family as the c30% owner of ENIC would not be subject to the same Takeover Code rules as ENIC Sports and Developments Holdings Limited (the parent) is Bahamas based and not captured by the Code.

FWIW: IMO Both of these entities are just tyre kickers, not exactly credible entities geared to be taking over a £4b company = chancers
 
Murphy said:
There’s a lot of waffle in there but I’m a bit confused.

The club isn’t for sale is the leading detail, but there’s a deadline of 5pm on October 5th to make an offer?
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Think of your house not being for sale. No for sale sign. No estate agent etc.....
But if someone comes along and offers to buy it at a price you can't refuse you take the offer and move on.
That's how I'm reading it.
 
Tottenham Massive said:
Think of your house not being for sale. No for sale sign. No estate agent etc.....
But if someone comes along and offers to buy it at a price you can't refuse you take the offer and move on.
That's how I'm reading it.
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Nope. It's because there is a "Takeover Code": Once a potential offer becomes public or leaks, the Takeover Panel can impose a strict 28-day “put up or shut up” deadline, forcing bidders to formalise or withdraw.
 
spids said:
Looking back I am surprised we did not put 2 + 2 together earlier. I know there was some noise about it since April, but appointing a Non-Exec Chairman (Peter Charrington) in March, and then an Executive CEO (Vinai) in April effectively made the position of Executive Chairman redundant, whilst signalling a shift to a modern, corporate structure (that should be massively beneficial to the club). I am interested to see if we make additional appointments to the board as non-Executive Directors (NEDs), as ideally there will be half a dozen experts in different areas that will benefit the club. I'd expect to see at least 2 footballing people on there.

Currently:

Non-Exec Chair - Peter Charrington
Exec CEO - Vinai
Exec Operations & Finance Director - Matthew Collecott
Non-Exec (Independent)- Jonathan Turner (Finance & Technology Expert)

Not only is the Board currently a small number of individuals, their expertise lies almost solely in Finance. If they intend to not sell the club and run it aligned to a new, sporting success, strategy then I'd expect to see 2 or 3 more non-Exec Directors appointed who have expertise in Football governance and legislation, and football operations.
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Charrington wasn't made non-exec Chairman then though, he just joined the board - loads of people have joined the club board at some point
 
Crockett said:
What if we stop moving chairs around in the Boardroom and BUY A FUCKING WINGER?
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Nice thought, and you may have no interest in this aspect of our club, but what is currently happening is seismic and more important than any single player purchase. Modern football is an incredibly complex and massive business and the way the club operates will determine its success.
 
Tottenham Massive said:
Yes. Mate...I know this

I was talking figuratively, not literally. .:ange-facepalm2:

In response to the question are we for sale or not
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Ok mate appols....

Yes, we are for sale, ergo every Club (with the exception of State owned ones) are for sale. There have been numerous explorations to buy to date and no doubt many more in the future too.

We are openly attempting to bring in outside investment and it is whilst we negotiate these options which are most likely to develop into bonafide takeover talks IMO. I am however very surprised that we have yet to bring in any investment despite very publicly stating that this was a specific objective.
 
Any poster on here now excited and creaming at the idea of huge investment is just a wannabe City or Chelsea fan. Sickens me.

We will now go from something resembling stable to a club who will simply wait for the investor who offers an amount that turns the 'no sale' signs to let's talk.

We are on the cusp of becoming another sh!tty and empty club, owned by people who seriously could not give a fcuk.

Thank God we won the Europa when it meant something to some of us at least
 
Guido 🇺🇦 said:
A well constructed summary can be found here.


View: https://x.com/slbsn/status/1964799730103308338

EXPLAINED: The consequences of Tottenham Hotspur Limited being captured by The Takeover CodeTottenham Hotspur Limited (TH) was historically listed on AIM (the Alternative Investment Market) but delisted in January 2012. It is now traded on Asset Match which is not a fully regulated market but allows the 30,000 minority holders a route to trade. Even though the company is no longer listed, the involvement of the Takeover Panel is important and adds complexity to any sale process.TH is owned by ENIC Sports Inc, a Bahamas-domiciled vehicle, which owns 86.58% of the equity with the balance of 13.42% dispersed among approximately 30,000 other investors, a legacy of TH’s historic public company status.The main implications under the Code are:
1. Mandatory bid rule: Any acquirer of ENIC’s stake exceeding 30% of the company would be obliged to extend an offer to all remaining shareholders at the same price. A buyer cannot quietly acquire control without launching a full takeover.

2. Equality of information: If information is provided to one prospective bidder, it must be made available to all bona fide bidders. This prevents ENIC and the board from favouring a “preferred” buyer with selective disclosure. In football deals, this can open up the clubs information to a wide range of bidders. The hurdle for proving bona fide status is typically relatively simple to jump although the scale of the likely bid required will help TH resist any unfunded tyre kickers.

3. Timetable: Once a potential offer becomes public or leaks, the Takeover Panel can impose a strict 28-day “put up or shut up” deadline, forcing bidders to formalise or withdraw.

4. No special deals: ENIC cannot negotiate differential terms for itself without extending them to all other shareholders. The Panel prohibits side-arrangements or “sweeteners.”

5.Minority protections: With some 30,000 small investors, the Code ensures that minorities receive the same treatment as the majority. At 90% acceptances by number of shares, a buyer can squeeze them out, but below 10% they retain blocking power.These rules and the need for TH and/or bidders to react to rumours (the Panel will contact bidders and the company sometimes forcing announcements) could have a material impact on negotiations. This may well mean that, instead, any offers are entertained at the ENIC level. For example, a bid to replace the Levy Family as the c30% owner of ENIC would not be subject to the same Takeover Code rules as ENIC Sports and Developments Holdings Limited (the parent) is Bahamas based and not captured by the Code.

FWIW: IMO Both of these entities are just tyre kickers, not exactly credible entities geared to be taking over a £4b company = chancers
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The new regulator will be all over this like a fat kid on a smartie. Typical for it to be us who will be the first to be scrutinised if bids are accepted!
 
PointToPatrik said:
Bingo. I'm sure that Ashley and Moshiri routinely said "not for sale" until they had Newcastle and Everton sold respectively.
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Moshiri did make a statement but did either Everton or Newcastle force prospective buyers to declare their intention of a bid to the Takeover Panel as Charrington has done, not sure they did.

www.bbc.co.uk

Everton owner Farhad Moshiri insists club not for sale despite takeover talks

Everton owner Farhad Moshiri denies he is looking to sell the club, despite recent takeover talks with a consortium led by Peter Kenyon.
www.bbc.co.uk www.bbc.co.uk
 
Guido 🇺🇦 said:
A well constructed summary can be found here.


View: https://x.com/slbsn/status/1964799730103308338

EXPLAINED: The consequences of Tottenham Hotspur Limited being captured by The Takeover CodeTottenham Hotspur Limited (TH) was historically listed on AIM (the Alternative Investment Market) but delisted in January 2012. It is now traded on Asset Match which is not a fully regulated market but allows the 30,000 minority holders a route to trade. Even though the company is no longer listed, the involvement of the Takeover Panel is important and adds complexity to any sale process.TH is owned by ENIC Sports Inc, a Bahamas-domiciled vehicle, which owns 86.58% of the equity with the balance of 13.42% dispersed among approximately 30,000 other investors, a legacy of TH’s historic public company status.The main implications under the Code are:
1. Mandatory bid rule: Any acquirer of ENIC’s stake exceeding 30% of the company would be obliged to extend an offer to all remaining shareholders at the same price. A buyer cannot quietly acquire control without launching a full takeover.

2. Equality of information: If information is provided to one prospective bidder, it must be made available to all bona fide bidders. This prevents ENIC and the board from favouring a “preferred” buyer with selective disclosure. In football deals, this can open up the clubs information to a wide range of bidders. The hurdle for proving bona fide status is typically relatively simple to jump although the scale of the likely bid required will help TH resist any unfunded tyre kickers.

3. Timetable: Once a potential offer becomes public or leaks, the Takeover Panel can impose a strict 28-day “put up or shut up” deadline, forcing bidders to formalise or withdraw.

4. No special deals: ENIC cannot negotiate differential terms for itself without extending them to all other shareholders. The Panel prohibits side-arrangements or “sweeteners.”

5.Minority protections: With some 30,000 small investors, the Code ensures that minorities receive the same treatment as the majority. At 90% acceptances by number of shares, a buyer can squeeze them out, but below 10% they retain blocking power.These rules and the need for TH and/or bidders to react to rumours (the Panel will contact bidders and the company sometimes forcing announcements) could have a material impact on negotiations. This may well mean that, instead, any offers are entertained at the ENIC level. For example, a bid to replace the Levy Family as the c30% owner of ENIC would not be subject to the same Takeover Code rules as ENIC Sports and Developments Holdings Limited (the parent) is Bahamas based and not captured by the Code.

FWIW: IMO Both of these entities are just tyre kickers, not exactly credible entities geared to be taking over a £4b company = chancers
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Is Levy below 30%?

So, stage one would be to buy out his stake, without the need for full share disclosure?

Stage two could be a straight sale as they would have above 90% share ownership.

Interesting, because this suggests that the main reason for removing Daniel might have been nothing to do with sport, but his overall reluctance to sell.
 
Notabadsquad said:
Any poster on here now excited and creaming at the idea of huge investment is just a wannabe City or Chelsea fan. Sickens me.

We will now go from something resembling stable to a club who will simply wait for the investor who offers an amount that turns the 'no sale' signs to let's talk.

We are on the cusp of becoming another sh!tty and empty club, owned by people who seriously could not give a fcuk.

Thank God we won the Europa when it meant something to some of us at least
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Sorry, but this post makes no sense. All billionaires give no shits about us the fans, the lifeblood of any club. Some may pay lip service to us, certainly more than Levy ever did, but in the end they are all just pursuing their own interests.

There is no right way to win something now. Football sold its soul a long time ago. All we can do is compete in the parameters that are laid down - ie you have to pay footballers an ungodly sum of money in order to get some of the best ones to play for your team.

So, while I would rather not be owned by a sovereign state sportswashing to gain influence, the very real prospect of democracy falling to right wing demagogues in the US and UK makes me slightly less worried about it in the bigger picture.

Whoever ends up owning this beautiful club, all we can hope for is that they have the ambition and the means to drive sporting success through it. It’s certainly not a given that we’ll end up in that position.
 
coughymachine said:
Yeah, accept there's different ways to interpret it. I'm latching onto the word 'entire'... for example, ENIC rejecting proposals to acquire their entire issued share capital doesn't exclude the possibility of some sort of partial sale.
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This makes sense to me. The club has been open about wanting new investment in so selling a stake in the club makes sense.
 
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