Beardwood cautious over Moshiri investment

, 28 February, 152comments  |  Jump to most recent
Financial expert and Evertonian Joe Beardwood says that until the precise details of Farhad Moshiri's purchase of a 49.9% stake in the club are revealed, assessing the full ramifications is just guesswork.

The Monaco-based billionaire will complete the purchase of almost half of Everton this week when, as is expected, the Premier League ratifies the deal but Beardwood has questions over the new boardroom structure and the rationale behind Moshiri not buying a controlling interest.

Farhad Moshiri has 17,465 shares if you do the maths," said Beardwood, a former ToffeeWeb contributor, in the Liverpool Echo. The key question is who has he bought the shares from?

Listed in the annual report in 2015, Bill [Kenwright] has 9,044 shares and Robert Earl had 8,146, so if you add that together its 17,190. (The late) Sir Philip Carter had 714 shares and Jon Woods had 6,622.

So when I look at those numbers it sort of gives me the impression that three out of four of those tranches of shares have been acquired.

'[I]f Robert Earl had a 10million investment in Everton then it would seem that hes sold that, but we dont know for how much because its a private transaction."

Media reports suggest that Moshiri has committed to providing funds to further the resolution of the stadium issue and bolster the playing staff but taking the former Arsenal investor's share purchase purely at face value, Beardwood says that nothing has changed in terms of the status quo at Goodison Park.

Leisure tycoon Robert Earl is believed to have sold his entire holding in the club, with Kenwright and Jon Woods reducing their share counts but without effecting a full takeover, Moshiri will be unlikely, in Joe's opinion, to plough his own funds in without some contribution from the other major shareholders.

In terms of Everton, the club is no better off," Beardwood continued. "Theres been no indication that theres any extra money for players, a stadium project or whatever.

All this announcement says is that 17,465 shares have traded hands. It doesnt tell us whose 17,465 shares have been sold, it just tells us who has acquired them.

It also doesnt tell us the price at which those 17,465 shares have been acquired.

In the PLC (public limited company) world, theres something called a squeeze out so there are rules about what level of shares that somebody needs to acquire before they have to make an offer for everyone elses shares. If somebody acquires 90% by value then theyve got to buy all the shareholders out.

Everton isnt a public company and Mr Moshiri is nowhere near the amount anyway but the figure of 49.9% seems significant.

What we dont know is whether this is just his first purchase and he will in time make an offer to other shareholders to gain ultimate control.

If youre going to want to start pumping money into an equity youve got to own that equity. Its just too risky otherwise unless youve got the majority controlling stake.

Beardwood concluded by reiterating his assertion that nothing has changed at Everton without some definitive outline of Moshiri's plans to invest further in the club, either by purchasing more shares or funding Everton's infrastructure or player purchases.

In some ways, in terms of the [Profit and Loss] balance sheet and everything else, absolutely nothing seems to have changed at Everton other than [the] shares are in the hands of somebody different.

Until a majority shareholder talks about a strategy and a plan then its all guesswork and speculation.

Id be staggered and amazed if anything significant financially in terms of players happened as a result of this first acquisition. This first step doesnt change the landscape that much."


Reader Comments (152)

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Christine Foster
1 Posted 29/02/2016 at 01:01:38
Excellent assessment by Joe, in case anyone gets carried away, the hype has yet to have substance, whilst it is a great teaser for what might be, the fact its not 51% merely highlights the first step.

Frankly I cannot see the point of 49.9% as it's significant but without overall power. So logic would say that to invest in the club any "investor" would want a say in how the money is spent.

I would imagine any investment going forward on the current basis would require the rest of the Directors to put their money into the mix as well. On past performance one has to say that does not bode well.

So, another purchase is on the cards, possibly by a third party (Russian?) to hold a balance of power. For some reason I feel that what we have is the first move in a play to get the rest of the directors to invest in a stadium build, then and only then will a full takeover occur.

Unless of course there was a third option of build, sell and capitalise on the investment.. a good short term investment and even more capital potential.

Notice what’s missing? As Joe indicates, nothing has changed yet, no commitments to finance the team... or the stadium, so lets hope they have a plan, someone care to tell us?

Ian Robert
3 Posted 29/02/2016 at 01:06:50
More useless statements. Does it actually matter? He may have all of Earl's, some from Woods and some from Kenwright... but why care???

He agreed a price for shares and bought them. He has enough to out-vote other major shareholders on which biscuits they have in the boardroom. (Go for Jammy Dodgers, mate.)

Is the club richer? no.

Is there potentially more money to be invested in Everton? Probably (I am feeling optimistic... for a change.)

The headlines of Everton being bought for £200 million etc??? bollocks...I guess (please note that I'm no financial expert) he spent at most £30/35 million. Im t'aking a wild stab in the dark at £2k a share max!!

But heh, WTF would I know... I'm just a thicko blue... We need to get some experts in.

Its got to be good news.... it's a step forward... right?? COYB

Chris Jones [Burton]
4 Posted 29/02/2016 at 01:44:27
Reading between the lines here, and assuming a significant portion of shares were acquired from both Kenwright and Woods...

Perhaps there is an undertaking that Kenwright and Woods will plough-back some of the money they have acquired from Moshiri, pro rata along with more of his cash, into a stadium solution? With such an approach, no one is shouldering more than their fair share of the burden, and nobody is diluting their overall share.

Speculation I know, but it is one possibility. I mean, at 70, what else is Bill going to do with the money? ;)

David Ellis
5 Posted 29/02/2016 at 02:40:04
I agree we need more details. But this could be a very positive development. I have a few random observations

1. No money has gone into the club yet. If the club was valued at £175m then that means Moshiri has paid £87m to the sellers (all of Earl’s shares and some from Woods and Kenwright) – maybe less if the £175m figure did not take into account the existing debt of Everton (I read £35m recently).

2. It's very unusual to buy 49.9% stake. I have already read reports that this is just a first step. That seem most likely to me – Moshiri will take a majority ownership position at some point – maybe there will be a new share issue in connection with the new stadium and at that point he will get control by putting in new money. This would be a sensible approach.

3. Moshiri’s money is not going to be a massive game changer like Man City and Chelsea have. But it may give us a leg up – particularly if he can fund the new stadium or redevelopment of Goodison. This will be a one-off benefit – and beyond that we will be back to having to compete based on our own revenue. Fortunately with the success of the Premier League financially, this is now a plausible scenario.

4. The days of a sugar daddy bankrolling a club are gone (other than Man City... and falling oil prices may affect them too). The numbers involved are too large for personal fortunes to make much of a difference. For us to compete with Man Utd someone would need to put in £300m a year... every year (at least until we start getting into the Champions League regularly). No one will do that.

5. I like Moshiri’s background. He lives in the UK. He is British. He has a professional background. He has experience in looking at the running of football clubs (at Arsenal). He has wealthy friends/backers. Hopefully he will provide a bit more polish and professionalism to the top end management of the club.

Here’s hoping

Nick Oakley
6 Posted 29/02/2016 at 02:47:37
How about a massive thanks for Bill? Some applause for everything he has done for us over the years. Some gratitude when he has stuck in there despite all the miserable people who have constantly criticised and harangued him. Some long over due recognition that without him and his bravery and determination we would have been dead in the water many years ago.

To those characters who felt it necessary to attack him publicly with that ridiculous critical air display, I say shame on you. I hope they now have got the common decency to send up another place with a banner and a simple message saying ’Sorry Bill, we got it wrong and you got it right’.

Gerry Killen
9 Posted 29/02/2016 at 03:38:18
Well said Nick Oakley 6, we would be a Championship side by now without Bill at the helm. He has steadied the ship time after time. I doubt if there is a better Chairman in the PL.

When he brought Roberto in, he could see something in the man that said, I will build you a great Everton team, a team that will play with style and passion, its very much a work in progress and we all must have patience and give him time.

We will soon have people on the Board who know how bring success to our club, and this is due to Bill's contacts at the Top End where the money is. So I say, good on you Bill, a true Blue.
Alan Thompson
10 Posted 29/02/2016 at 03:58:49
I have no inside knowledge of this deal but is it possible that 49.9% is in fact a majority holding? How many shares are held in very small, personal holdings?

And is it possible that Mr Kenwright’s illness may be a factor? I hope it is not an immediate likelihood but could it be that Bill has promised a consideration in his last will and testament?

Which may explain why the Americans lost interest as, from my American friends, they prefer a wholesale deal not a promise of some now and possibly more at an unspecified future date.

Michael Williams
11 Posted 29/02/2016 at 04:13:10
Mr Beardwood is right in the sense that for right now nothing has changed except the announced transfer of shares. With all due respect to the author however, it is rare, at least here in America, for a prospective owner to announce their plans until the league approves the transaction.

What matter is not what is happening at this exact moment in terms of the transaction. What matters is the announcement of future plans by the club and the new owner as they lay out the future.

Amit Vithlani
12 Posted 29/02/2016 at 04:24:56
Yep, more details needed, such as:

1. How many shares BK and Woods left with, what did they sell, at what price? What price paid to Earl? This is a private deal but hopefully this information can be made public.

2. What happens from here on viz investment? Is the new man pumping cash in and if so how much? Will it be in the form of equity (if so does that equity dilute all other shareholders) or a loan? What will be the application of the new investment? How much for the stadium, how much for the playing squad how much to repay debt?

3. What happens to the existing debt on balance sheet? Joe says no impact on Everton’s balance sheet but this is not necessarily true if there are change-of-control provisions in the on balance sheet debt. These may for example require BK, Woods and Earl to remain in control and where that control is relinquished, it triggers a mandatory repayment. Did the size of Moshiri’s purchase avoid this trigger?

The figures bandied about can all make sense if true.

If Moshiri paid £30m for the 49.9% then the value of the equity is £60m + a control premium.

Add the club’s net debt, which I would guess is £30m and the enterprise value is £90m net of future required investment.

Add £100m committed for future investment (eg to upgrade the stadium) and the gross enterprise value is near £200m, which was the value quoted during the US takeover discussions.

None of these figures are based on reliable facts so more info is needed.

Julian Wait
13 Posted 29/02/2016 at 04:39:33
I can’t wait to see what he makes of Elstone. That will be interesting.
David Chait
14 Posted 29/02/2016 at 06:52:37
Beardwood falls into his own trap at the end...

Yes, everything is a guess as there has been no real info coming out from the new shareholder. What will happen in terms of investment is a guess as we all know...

So saying "staggered" if anything comes of this step is exactly the same but on the negative side... Pure guesswork and speculation.

Ernie Baywood
15 Posted 29/02/2016 at 07:21:14
He's got to offer something by way of an opinion. He's writing for the Echo... not ToffeeWeb.

We just need to understand that fact. If someone tells you that they know the ins and outs of this deal then, unless their name is Kenwright, Moshiri or another such involved party, you can pretty much disregard their opinion.

We continue to wait with baited breath for 'the masterplan'.

Ian Robert
16 Posted 29/02/2016 at 07:25:43
Such good fun...

David (#4),
"No money has gone into the club yet. If the club was valued at £175m then that means Moshiri has paid £87m to the sellers (all of Earl’s shares and some from Woods and Kenwright) – maybe less if the £175m figure did not take into account the existing debt of Everton (I read £35m recently)."

He purchased 17500 shares approx... they are worth about £1700 per share... he bought them as an individual we believe? So why would he hand over more than approx £30 million? Top end £35mill??? He wasn't buying debts.

"It's very unusual to buy 49.9% stake".

Let's assume he knows what hes doing?

Alan (#7),

"I have no inside knowledge of this deal but is it possible that 49.9% is in fact a majority holding? How many shares are held in very small, personal holdings? And is it possible that Mr Kenwright’s illness may be a factor? I hope it is not an immediate likelihood but could it be that Bill has promised a consideration in his last will and testament?"

Correct, you would need every last man to vote to overturn his 49.9%.

"Which may explain why the Americans lost interest as, from my American friends, they prefer a wholesale deal not a promise of some now and possibly more at an unspecified future date. "

WTF??? What makes you think they lost interest? Are we now suggesting that this guy was a fall back option? Maybe he was the best option?

Amit (#9),

"How many shares BK and Woods left with, what did they sell, at what price? What price paid to Earl? This is a private deal but hopefully this information can be made public."

Answered yer own question there, mate: a private deal, we don't need to know. He has 8 thousand plus shares off Earl, and another 9 thousand off Woodsy and Bill... or maybe some from Lord Grantchester?? Does it matter? He is the daddy now.

David (#11),

Exactly, David.

Denis Richardson
17 Posted 29/02/2016 at 07:33:52
We wanted change, we’re getting change. It’s obviously just the first step of a plan so not sure what the point of all the analysis is based on 100% guesswork.

We’ll have to wait for step 2 and I’m sure things will be made clearer come the summer. As for the new share holdings, these will become public once the books are updated in the future – the deal has not even been approved by the Premier League yet.

Good times ahead, just need to be a little patient. The guys not going to buy 49.9% and take a back seat.

(I just hope he’s got a new manager in mind.)

John Graham
18 Posted 29/02/2016 at 07:37:12
Okay... so, from a fan in the street's point of view:

Is he a billionaire? ......yes;
Is he a better bet than the Americans? ......yes;
Is it possible he might bring other investment? ....yes;
Is this likely to mean we can sort out our financial mess? .....probably yes;
Will we have a few bob to spend on players and help the new stadium along? ....probably yes;
Will we be any worse off? ....NO!

Well, I think my glass is half full... I think a few people on here have got almost empty glasses.

Jos Rowland
19 Posted 29/02/2016 at 07:42:46
It is human nature for people to be cautious of the takeover; however, it’s assuring that this guy has been involved with a Premier League team already and has experience, he will also know of the passion the fans in the Premier League produce and also that he can’t just come in to make a quick profit without pressure immediately from the fans.

I’m happy it’s not the yanks or another buyer we have no idea about; this guy has experience and what’s more assuring is that he’s bothered for the last 18 months to meet up with Blue Bill and learn not just the finances but also about our rich history and what it means to support our great club.

On that alone he will get my full support and the benefit of any doubt going forward until otherwise proven wrong. Come on, you rich blues!!!

Ian Burns
20 Posted 29/02/2016 at 07:47:56
David Ellis (4) an excellent response to a miserable article. This deal has to be ratified yet and until it has and until Mr Moshiri, is confirmed as a 49,9% shareholder – there is nothing to say and nothing to reveal other than he has acquired the shareholding to be ratified.

I would be astonished – and I can’t see the point – in Mr Moshiri purchasing the shares without an underlying plan to make the most of his investment. He will only do that by making EFC a better club with both on-field and off-field improvements/investment, hopefully starting with a new manager.

As I said on another thread, welcome to EFC, Mr Moshiri.

Colin Glassar
21 Posted 29/02/2016 at 08:03:11
According to the Mirror, Mr Moshiri is promising £100m to spend on players in the summer and to fast track the new stadium as well. If this is true, who can complain?
Jim Bennings
22 Posted 29/02/2016 at 08:11:09
As with anything only time will tell, but it can’t be a bad thing or any worse than it's been for decades so we should embrace the news as a potential new beginning.

What we need to remember is that, regardless of who the owner is this summer, we have the monumental TV deal where every club is going to be awash with cash, coupled with the increasingly likely sale for £30+ million of John Stones, then I’d be extremely disappointed not to see Everton Football Club amongst the top 6 spenders in England this coming summer.

We can’t sit about and dwell on what’s proved to be back-to-back disappointing seasons of underachievement, I agree with Neville Southall on, whoever has most power at this club, they must sack anyone who is happy with mediocrity.

This club needs to start moving forward now, both on and off the pitch once more, before we get left even further behind in the dust cloud.

Phil Walling
23 Posted 29/02/2016 at 08:11:32
Exactly what I have been saying since the news broke. Only the ownership of shares has altered, the Club itself is no richer.

So temper the enthusiasm until Moshiri confirms he is ploughing all his ’old Arsenal Money’ into our Everton.

Keith Conchie
24 Posted 29/02/2016 at 08:50:09
At the moment it’s all speculation. Will he buy more shares? Will be invest in a new stadium? Will be plough £100 million into the squad?

I think we will know more when the deal has been ratified this week, then I would hope he would make an official statement of his intentions at our club.

I hope all of the above comes true, and I’m optimistic it will. And then maybe his Russian colleague will come in and buy the other 50.1%

Jim Lloyd
25 Posted 29/02/2016 at 08:58:33
I think there is a difference in being cautious and wanting to know the ins and outs of a cat’s arse.

It seems to me to be a fairly logical process that has gone on. Mr Moshiri has bought 49.9 % of EFC’s shares. His statement gives reasonable grounds for optimism that he has committed more funding into this club by this action, than anyone else has done in the last 60 years, in fact since Sir John Moores took over EFC.

I could well be wrong, we all could but some wish to remain suspicious and they call it cautious. Fully entitled to.

There is a difference between tempering enthusiasm and looking for dodgy deals in the back kitchen.

The man has committed his money to EFC shares. Well, he could be sitting back in Monaco just waiting for them to explode in value and make himself a pretty packet.

He could be a thick, naïve, southern softy, who BB has conned into blowing Christ knows how much into keeping BB at the helm and letting him carry on selling off bits of our club (if there’s anything left to sell but the players). To sit back and enjoy the acclaim of major shareholder in a club that’s done bugger all since 1995.

All for the dubious honour of being a shareholder in our club rather than in a tatty little London Club that’s only won a few titles and cups and doubles in the last 15 years or so.

So unless he’s got some Machiavellian scheme to flog it off because there's massive oil reserves under Goodison Park, or an exclusive resort is planned to be built off Spellow Lane, my purely financially ignorant and wild guess, leads my uneducated brain into thinking that he wants to take a hand in developing Everton Football Club.

He has of course committed a major felony for not laying out, in full and open detail, all his financial outlay, all his ideas forward for the future of EFC before his purchase has been ratified.

I won’t temper my enthusiasm until, and if, Mr Moshiri, to be either a lunatic (even though a mega rich one) who wishes to just throw money away to keep BB happy with his train set, or he turns out to be a devious and lying venture capitalist who sees how to make megabucks... somehow at our club.

No. I’m not thinking that we’re immediately going to throw cash, like that Kopite in the Daily Mirror is saying, at building a stadium, or buying lots of top class stars. I’m enthusiastic, as are the Shareholders Association evidently, that this man will begin the work of planning and action to bring us success both on and off the field.

What I’m enthusiastic about is that there’s a decent chance now that I’ll see Everton challenging for top honours in the near future and in either a new stadium or a redeveloped Goodison Park.

Oliver Molloy
26 Posted 29/02/2016 at 09:01:46
Nick @ 5,

I’m with you regards BK and his true blue credentials. He has made made a few errors on the way to finally getting investment AND he will make a tidy sum out of all his hard work. Looking at it from another angle, perhaps the banner protest made him realise he needed to get his finger out so to speak.

I believe people have the absolute right to protest as long as it is peaceful and well managed. I read the Mayor of Liverpool said he had been speaking with BK some weeks ago and he was looking very well. Let us all hope he is on the mend.

Paul Thompson
28 Posted 29/02/2016 at 09:09:23
There is quite a bit of additional detail on the deal in The Guardian by Andy Hunter.
An extracts states that if the deal is approved by the PL,

’Moshiri will acquire Robert Earl's 23% stake in Everton, plus shares from Kenwright and the director Jon Woods, both of whom are to dilute their respective shareholdings of 26% and 19%. There is an agreement in place, however, for the Monaco-based businessman to increase his stake over time and become the majority owner’.

We have to accept that while Beardwood is technically correct that little has changed so far, this is merely the beginning of the process. I remain cautiously optimistic that this is a game changer for the club.

Ian Robert
29 Posted 29/02/2016 at 09:18:38
Paul (#23) they are all stating the obvious, nobody knows his intentions.... but let's hope it's to make us successful. :)
Dave Abrahams
30 Posted 29/02/2016 at 09:21:34
I think we all have to wait and see how this deal deal transpires; hopefully Everton will improve on and off the field from now on.

Are we finally rid of Philip Green? A small worry for me is he resides in Monaco, as does Mr Moshiri.

Ernie Baywood
31 Posted 29/02/2016 at 09:21:40
I’m optimistic but there simply isn’t any information as yet.

Colin (#16). I saw that article too. They linked the quoted phrase to another article which had no such reference.

I’ve seen a few papers now putting quotations around a statement with the inference being that Moshiri said it. It’s shocking reporting. Moshiri, to my knowledge has made one statement so far.

I’m looking forward to the next (as long as the media don’t simply invent it).

Peter Barry
32 Posted 29/02/2016 at 09:30:10
I’m with Beardwood – as ever, the proof of the pudding will be in the eating; if nothing changes, then this will all have been an exercise in futility, just exchanging two or three non-contributing shareholders for another non-contributing shareholder.
Phil Walling
33 Posted 29/02/2016 at 09:34:13
Absolutely, Paul. But 'It's always tomorrow' at Everton, so we mustn't blame our mates for wanting to know the whole story, surely!

As far as the approbation for BB on this thread, a few of us will find it hard to echo Nick Oakley's words @5 viz: 'Sorry Bill, we got it wrong and you got it right.'

Did he fuck!

Anthony Dwyer
34 Posted 29/02/2016 at 09:38:24
I think the phrase ’Rome wasn’t built in a day’ is the one that should pop into minds.

Yes, I agree, 49.9% isn’t 51%, but clearly it's not far off.

It at least shows a willingness and a major interest.

This man is rich without taking our money, plus Bill has hopefully chosen him for a reason.

We have to basically wait and see.

Hopefully we will get the initial sort term investment, allowing us to add some top quality players to the already talented squad. Adding being the main idea, keeping the major players we already have.

If we can move out five or six of the 30-somethings out of the club (Howard, Pienaar, Osman, Hibbert, Kone), and replace them with some ready made quality first team players, we could be really good.

Imagine what a Hugo Lloris, a Marez, Oscar, Fernandinho and a Vardy could do to our squad. I’m not saying we can take all the above, but if we have money to find our own versions then we would be a major threat yo the top 4.

Realistically, the above purchases could be made for £100m, £20m a man on average, plus the wages from Hibbert, Osman, Pienaar, Howard and Kone would allow us to do something without majorly overhauling the wage budget at the club. (Yes it would go up, but it's as expected given we would like the new owner to be ambitious.)

After a lift to the squad, it would all be about maintenance, we have young enough players to only need one or two per season to come in, probably staying within the money the club will earn through TV revenue etc.

So then, only a year down the line, maybe we could start moving on a new stadium or a major revamp to Goodison Park. Selling naming rights seems to generate good income, plus a nice new stadium with an exciting team playing in it will always generate funds through advertising.

IMO, we have needed a little bit of investment and luck for a while; I don’t see any reason why a business man who is willing to buy into our club cannot see this too.

I’m feeling positive.

Jim Lloyd
35 Posted 29/02/2016 at 09:48:07
Haha, Bloody Nora, Dave. They both live in Monaco... frightening! :)
Ian Robert
36 Posted 29/02/2016 at 09:53:06
Come on, Jim... that is quite funny! :))
Jack Mason
37 Posted 29/02/2016 at 09:54:59
This is an article from the Echo, which has consistently failed to cast a critical eye towards Everton. Incidentally which is why so many Evertonians switched to the Daily Post in the '80s.

I applaud their new found investigative sports journalism. Which only now, after peddling the American takeover since January and the blurry photographs, is giving airtime to an opinion piece questioning a lack of information regarding share sales. It’s strange that the spotlight didn’t fall previously. I’m sure that the Mail, who got the scoop before them, has nothing to do with it.

As an Evertonian, Joe of course gets my respect. The true picture is, we found out on Saturday. To post on Sunday and state we need to know more, is knee-jerk to say the least. I appreciate we live in a 24-hour news cycle but before we start singing "Same as the old boss," let’s give it 7 days and see what transpires.

Brian Porter
38 Posted 29/02/2016 at 09:55:01
Ian Burns (#15). Spot on with your comment.

It would be illogical for Moshiri to buy shares in the club simply to watch it stand still as his investment slowly devalues to due to inertia. If that was the case, he might as well have left his money where it was. After all, Arsenal has to be a pretty safe investment doesn’t it?

I think it’s highly likely that Mr Moshiri has plans for the future of Everton that he, like any good businessman, will make known when the time is right. Before long, I honestly believe we’ll hear that he has obtained a controlling interest in the club and is prepared to move forward with his own plans with regards to the future. He is obviously nobody’s idiot or he wouldn’t be where he is today, and perhaps we’ll hear more once the initial deal has been ratified by the Premier League.

Mr Beardmore’s article really says nothing we don’t already know and in fact, as we are all aware of the current situation, it actually says very little apart from adding a negative twist to what should in fact be the first positive step in the future of our club.

So, let’s not throw a dampener on things when as yet we have no reason to... Yes, he’s bought some shares and the status quo at the club hasn’t altered much, AS YET, but to think it’s going to end with him sitting back and not adding to his acquisition is, I believe, naïve thinking. No-one shuffles millions of pounds from one club to another just for the fun of it.

I welcome Mr Moshiri’s arrival on the scene and will reserve critical judgment until we hear exactly what his plans are, remembering that he is under no obligation to share those plans with us at ToffeeWeb, or with anyone else until he’s good and ready to do so. "One step at a time" seems a sensible approach until he knows everything he needs to know about where he plans to go with his new acquisition.

Jim Lloyd
39 Posted 29/02/2016 at 09:59:04
True, Ian. Hope he doesn’t go to British Home Stores for his gear!
Ian Robert
40 Posted 29/02/2016 at 10:00:34
Jim... you are in the know then. ;)
Brian Harrison
41 Posted 29/02/2016 at 10:01:50
Today, the Mirror is saying that he will invest in a new stadium and wants the work to start quickly and they say he is also putting £100 million aside for summer transfers. They go on to say that over a period of time he will increase his shareholding.

I posted yesterday that it makes sense both for the club and Moshiri to have a look at one another to see if the deal works for both parties before increasing his ownership.

They also mention his great friendship with Usmanov, would he be prepared to sell his shares in Arsenal to become the other 51%?

Ian Robert
42 Posted 29/02/2016 at 10:05:56
Brian, Mirror printing its guess list?
Dave Abrahams
43 Posted 29/02/2016 at 10:10:32
Jim (#29 & #32) – so you can confirm that Kenwright has got Philip Green off his back?
Phil Walling
44 Posted 29/02/2016 at 10:15:22
Perhaps they just sold all the shares controlled by Green.... 49.9%????
Jim Lloyd
45 Posted 29/02/2016 at 10:15:51
I wouldn’t be taking much notice of the Mirror’s reporting (more more accurately 'dreaming up')... They only want to write about Liverpool or Man Utd. It’s just mix of a re hash and clips from other articles. And no statement has been made, as far as I’m aware, other than Mr Moshiri’s original one.

I think he will present his ideas to the shareholders in the very near future, or BB will if he’s fit enough. My view is that the shareholders will be content with what is put forward.

Then it’ll come out to us and my guess is that it will be a framework of steady progress, both for the team and for where we will play. So I’m bloody excited and not before time.

Nod an a wink, Ian. Nod an a wink!

Jim Lloyd
46 Posted 29/02/2016 at 10:17:34
No, Dave, I can’t... but my guess is that Mr Moshiri has got him off Everton’s back.
John Jones
47 Posted 29/02/2016 at 10:18:47
Jesus Christ, The Ink is barely dry on the contract. There always has to be a doom and gloom. I am sorry in what business do they sign a takeover then state we are going to do this and this within 24 hours and plus it was a weekend.

There is no pleasing some people. Who is this guy? Does he have any credibility? Let the dust settle and I am sure that there will be a statement from the new in investor about his plans.

Dave Abrahams
48 Posted 29/02/2016 at 10:22:34
Jim (39) fair enough, I hope your guess is right. By the way I go to to Primark – it’s a lot cheaper.
Eugene Ruane
49 Posted 29/02/2016 at 10:31:03
Guessing someone has already asked this, but reading about financial stuff gives me brain-ache so I can’t read every post.

Just a quickie anyway, not sure if anyone has any idea, but all the small shareholders who have one share or two – do we know what percentage that adds up to?

If it was 1.2% (or something, my maths is shite) wouldn’t that suddenly (theoretically) make them very powerful?

(Or do I know even less about finance than I thought?)

Helen Mallon
50 Posted 29/02/2016 at 10:32:09
I’m no expert but he has 49.9% of Everton shares. What I do know is that no one else has 50.1% of the shares by themselves so he is the main owner of the club.

Anyway just be happy and stop all the reading between the lines. Kenwright was top dog with no money; this bloke is now top dog with loads of money – it can only be good.

Jim Lloyd
51 Posted 29/02/2016 at 10:34:54
Good choice, Dave: Primark or Harrods? I can’t ever make me mind up.

I think one thing’s for certain: there’s likely to be interesting times ahead and I can’t help but think that we’ve waited so long, we find it hard to believe that change (and in my view for the better) is now going to take place.

Robin Cannon
52 Posted 29/02/2016 at 10:34:58
"In the PLC (public limited company) world, there's something called a 'squeeze out' so there are rules about what level of shares that somebody needs to acquire before they have to make an offer for everyone else's shares. If somebody acquires 90% by value then they've got to buy all the shareholders out."

It’s 30% (at which point "effective control" is considered to have changed hands) and nothing to do with "plc world". It applies equally to private companies. I’m actually quite curious to find out why a general offer to shareholders hasn’t been made, when the amount purchased to date legally requires it.

Kevin Tully
53 Posted 29/02/2016 at 10:38:39
I’m personally not bothered about any of the detail; all in good time. The fact is, we finally have a serious businessman in charge of the club, something sadly lacking for about 50 years!! Sir Philip Carter instigated the idea of a Premier League, then every Everton Board of Directors completely ballsed up any major decisions since.

As a club, they have spent more time trying to disguise what’s been going on financially behind the scenes than anything else. It’s been a firefighting exercise since the day BK took control, since the day we sold Rooney, up to the present day.

I’ve long advocated the requirement for a single owner, someone who will be able to deliver on their plans. The fractured ownership complete with nil investment we found ourselves saddled with was always a recipe for survival only at best. Our chairman was back in Coronation Street just a few years ago FFS!!

We are rid of Earl & Green, hopefully debt free, and now have a man in charge who won’t want to hide from the shareholders because of ’awkward questions.’

It’s made my day anyway.

Helen Mallon
54 Posted 29/02/2016 at 10:38:54
Nick Oakley (#5). Really thank him for what? – may I ask...

Fucking us over with Kings Dock?
Lying about Destination Kirkby?
And much more....

You need to hang your head in shame. He’s only doing it cause he’s ill.

Jim Lloyd
55 Posted 29/02/2016 at 10:47:09
Well said Helen.

I think that the minutiae of share dealing is not likely to be something that a businessman of such a background, and and accountant, is likely to fuck up an acquisition of such shares. (Mind you, I’m quite happy to take him a few jam butties down to Walton Jail, if he has done some dodgy dealing.)

I would hazard a guess... nay, I would bet 10 bob that everything has been poured over by accountants, lawyers and advisors to ensure there has been a proper change of ownership. And if there has, should a legal compliance be required to offer the same terms to other shareholders, then that may well be done once the Premier League has okayed the deal.

But, down at the level of me and me mates, we’re chuffed to bits that Mr Moshiri is coming into our club.

Andrew Ellams
56 Posted 29/02/2016 at 10:50:31
Eugene, I read somewhere over the weekend that ancillary shareholders make up about 25% but I'm thinking that includes the likes of the Grantchesters who hold around 8%.
Ian Robert
57 Posted 29/02/2016 at 10:53:19
Eugene... I think its 20% plus.
Alan McGuffog
58 Posted 29/02/2016 at 10:55:31
Helen... spot on! Everyone seems to want to be nice about Kenwright, over the last 48 hours.... presumably because he will be standing down, in time!

Let us NEVER forget that it was on his watch that the club buggered up the opportunity to move into what would have been one of the most iconic stadiums in Europe.

If I had fucked up so regally when I was working, I would not have waited to get the bum’s rush....

Ian Robert
59 Posted 29/02/2016 at 10:56:09
Let's take it as read... he's top dog.
Phil Walling
60 Posted 29/02/2016 at 11:13:21
Robin, I'm pretty sure 'the squeeze' you refer to only applies to PLCs which Everton is definitely not!

I suspect Joe and Moshiri have got it right. There's to be no big payday for the little guys although I'm not sure many of us would want one. (Only my ex-missus!)

Peter Larkin
61 Posted 29/02/2016 at 11:19:21
It's a win win for me. If a team beats us, we buy their best players... if they beat us again, we can nuke them. Coyb!
Eugene Ruane
62 Posted 29/02/2016 at 11:19:54
Thanks Ian/Andrew, I’m not actually sweating over over who has what but just... curious.

Frustrating for me whenever there's anything to do with numbers as I suffer with discalculia - Link

(What? – if ’can’t read good’ can be a proper condition, so can ’can’t count stuff’.)

Ian Robert
63 Posted 29/02/2016 at 11:21:36
Guys... I'm withholding my vote on any ShareHolder issue until I get full details of the deal... d’yer think it will work? :)
Brent Stephens
64 Posted 29/02/2016 at 11:23:08
Might the 49.9% buyout be limited to that, for now, to avoid any complications with Premier League approval? After Premier League approval, then...

David Ford
65 Posted 29/02/2016 at 11:28:24
Hooray, at last a few positive posts re Blue Bill. This man has worked tirelessly to secure the CORRECT funding for our beloved club. He has stabilised the club on a smallish budget and now hopefully we can once again compete on a levelish playing field with the so called big clubs.

One small note of caution though: money doesn't buy success, ask our neighbours. Sound investment and good coaching from top to bottom can only do that.

I feel good times are on the horizon if all comes to fruition.

Ever the optimist. COYB
Ian Robert
66 Posted 29/02/2016 at 11:29:14
Who knows, Brent? But if there's a cunning plan... we don't need to know I guess. Lots of folk think there should be "full disclosure"... lol... aint happenin'... The main thing is... there's a change in the guard.
Clive Rogers
67 Posted 29/02/2016 at 11:29:46
Helen, #47,

I'm with you. After telling us for 17 years that "there's nobody out there", when he's taken I'll, buyers are suddenly queueing round the block. Just proves what we've always known. He's a liar.

Tony Hogan
68 Posted 29/02/2016 at 11:31:22
I keep reading on ToffeeWeb comments regarding Philip Green, does anyone really have any concrete evidence that he is involved in anyway, or is it an Everton urban myth, just curious...
Graham Mockford
69 Posted 29/02/2016 at 11:31:35

Shareholding before the weekend was

W Kenwright CBE (Chairman) 9,044 25.84%
J V Woods (Deputy Chairman) 6,622 18.92%
R I Earl 8,146 23.27%
Other Shareholders 11,188 31.97%
Total 35,000 100%

Of the 32% other the Grantchesters have 8%, there are couple of other sizeable share holdings Sir Philip Catrers family (721), Arthur Abercromby (1935).

There are about 4600 shares remaining distributed amongst literally hundreds of individual shareholders.

In reality until it becomes apparent who has sold we just don't know. One thing is for sure the 200-300 fans who hold a single share have about as much power now as before the weekend.... Sweet f.a.

Eugene Ruane
70 Posted 29/02/2016 at 11:42:18
Cheers, Graham.

So would it be right to say if he got pally with (for example) Grantchester or any shareholder with at least 1.1%, any decision he took couldn’t be blocked?

Ian Robert
71 Posted 29/02/2016 at 11:46:03
Eugene... it's even more simple. You would need every single shareholder present and to vote against him. It's the small shareholders that would be absent.
Ian Robert
72 Posted 29/02/2016 at 11:47:58
Also, Eugene, I think they have opened the door for him... I doubt there would be any disagreements here.
David Ellis
73 Posted 29/02/2016 at 11:50:50
I have one share in Everton – maybe is suddenly worth £5grand!
Eugene Ruane
74 Posted 29/02/2016 at 11:53:18
Got it!* - thanks Ian.

* when I say 'got it!', this means for now.

I mean in half an hour I might have read a post that has me confused all over again and I might be asking "Are shares actual things you can touch...I mean are they metal?' etc

Jim Lloyd
75 Posted 29/02/2016 at 11:57:04
I’d guess they’re paper and I’ve been thinking of buying one. (That’s goosed my chances now I think but I’d probably lose it anyway...where’s that lottery ticket?)
Brent Stephens
76 Posted 29/02/2016 at 11:58:04
Clive #57 "After telling us for 17 years that "there's nobody out there", when he's taken ill, buyers are suddenly queueing round the block. Just proves what we've always known. He's a liar."

Does it prove that? Could you just as easily argue that it was only once the increased TV money came along that there's more of a queue?

Ian Robert
77 Posted 29/02/2016 at 12:02:04
jim, pop round for a cuppa mate...i will find my certificates for you. They are very pretty :)
Jim Lloyd
78 Posted 29/02/2016 at 12:09:26
Jim says (green |(not him) with envy) that "my mates would construe me as a venture capitalist bourgeoisewotsit. Wouldn’t mind a cuppa though."

As for the advice to be cautious, well there’s fuck all; we as fans can do at the moment but dream,speculate, consider on the balance of probabilities, discuss and hope or fear the change to come.

For me, it’s the best news I’ve heard regarding Everton since the signing of Alex Young. (I was going to say "Our move to the Kings Dock" but best not bring that cock-up... up!)

Paul Doyle
79 Posted 29/02/2016 at 12:10:12
So only shares changed hands then? What did you expect, Joe? A trolley load of dough wheeled up to Goodison Park?
Ian Robert
80 Posted 29/02/2016 at 12:14:28
I think Bill and the crew should've consulted with me, Jim.
Tony Abrahams
81 Posted 29/02/2016 at 13:07:47
Dave 41. My Arsenal mate reckons that Green and Moshiri were always arguing about Tottenham and Arsenal, and Green was getting fed up with him.

He reckons they were close to falling out over it, so Green invited him to join him at Everton!

Been telling you for years, Dave, you should start paying for your stuff out of Primark, and do what Jim says. Start shoplifting out of Harrods!!

Dave Abrahams
82 Posted 29/02/2016 at 13:15:29
As an aside to this thread, some really genuine positive news: Kone is fit and ready for selection tomorrow at Villa.
Dave Abrahams
83 Posted 29/02/2016 at 13:21:19
Tony (69) I’ve told you time and time again, we are not allowed to shoplift, we are Catholics, it’s a sin to steal.

About them hooky shirts you were talking about how much: never mind... I'll see you later!!!!

Tony Abrahams
84 Posted 29/02/2016 at 13:35:37
Those Liverpool FC, League Cup Winners 2016 ones? They're no good to anyone now, Dave. You can have them for nothing!!!
Ian Robert
85 Posted 29/02/2016 at 13:36:16
Dave (#71) I've got the lead you wanted from the church roof... when can you collect?
Dave Abrahams
86 Posted 29/02/2016 at 13:44:01
Ian (73) just give us your phone number, Ian... did I mention I was a grass as well!!!
Ian Robert
87 Posted 29/02/2016 at 13:46:02
Dave (#74) you want Grass as well?... yeah no problem, mate... how many bags?
Dave Abrahams
88 Posted 29/02/2016 at 13:50:01
Ian (75) hurry up with your phone number, I want the bizzies off my back.
Brent Stephens
89 Posted 29/02/2016 at 13:51:57
Dave (#70) "Some really genuine positive news: Kone is fit and ready for selection tomorrow at Villa."

You’re a cruel bugger, Dave. Teehee!

Bill Gall
90 Posted 29/02/2016 at 14:30:18
Well after all the years we have waited for something definite to happen, I think a little bit of patience is order until the deal has been agreed with the league.

Premier League rule V 13. Each club shall publish the identities of the ultimate owner of each significant interest in the club.

In Everton’s case, 'significant interest' means shares. So, after the Premier League agrees, we will know who owns a significant interest and this should reveal who Moshiri bought his 49.9% from.

Ian Robert
91 Posted 29/02/2016 at 14:39:43
In lighthearted fashion, Bill... it can only be from 3 guys (Bill, Woods and Earl). Woods and Bill will still own some... Earl's probably grabbed his money and ran. So why does anyone care? :)
Anto Byrne
92 Posted 29/02/2016 at 14:44:47
The media bandied a takeover figure of around £200 million. Total Assets less total liabilities equals net worth. So, with some creative accounting, we arrive at the £200 million figure.

Assume £100 mil to buy in at 49.9%. The cynic in me (as well as a Chartered Accountant with MBA) tell me the other share holders have cashed in their investment and added in another share holder. So what? He was a minority share holder at Arsenal, his 15% worth £200 million? Swapped for a 49.9% interest in Everton. Just where is the other investment coming from?

I tend to think it will be business as usual until the dust settles and we get a clear vision from the directors where they intend to go. A plc would be a lot more transparent.

Roberto Birquet
93 Posted 29/02/2016 at 14:47:52
Most of what am reading here is speculation based on... er, nothing really.

Most of the reports are a little opaque. There is talk of buying out one of the owners (Earl), and even that the amount paid is a long way below the value of the club.

A. is that true, and b, if so, why?

Again speculation and vague reporting would indicate that the quid pro quo is that investment from the new near-half owner will compensate for the low price he’s paid. If indeed that is what has happened. Again, all seems speculative.

But overall, I am more hopeful than a lot of the above speculative comments. All the talk is of new investment. I assume that to at least some degree is gonna be true unless Martinez is talking crap today.

Ian Robert
94 Posted 29/02/2016 at 15:02:14
Roberto (#80), I think the problem is people see "values" of the club and then think... "he's bought 49.9% therefore it's half the value". Thing is, he's actually bought shares off other shareholders... just as I could/did... just as you could. Only he's bought lots. The truth is known to him and sellers of same.

So, as has been stated many a time on here... the Press know feck all... and the "experts" know feck all... and you and I know feck all. Which is why its all so amusing.

We do know what the statement said... or is it one of Billy's lies???

I think we should just wait and see... because we can do even fecker all about it! ;))

Alan Thompson
95 Posted 29/02/2016 at 15:19:57
Ian Robert(13); What makes me think the Americans lost interest? The fact that they didn’t buy it despite going through due diligence?

Fall back options or just other interested parties who maintained their conditions of confidentiality. Please enlighten me of where you get your inside knowledge. As you say... "FFS!"

David Price
96 Posted 29/02/2016 at 15:20:39
Well yeah, nothing has changed. Like buying a house, you own it but it’s still the same house. So you invest in it, you put your identity on it and after a time, dependent on level of investment (see where I’m going here?) you get it to a level you’re happy with. This is Everton at the moment, nothing changed?

Correct. Will it change? You bet it will.

£;100M in the summer for players being talked about already. This time, no fucking Heysel will stop us.
COYB !!!!!

Ian Robert
97 Posted 29/02/2016 at 15:28:26
Alan (#84) I don't think because they didn't sell to the yanks means that the yanks lost interest?? I am making no assumptions... but you are. If you know said guys and they can confirm that "they lost interest", then please let us know.
Alan Thompson
98 Posted 29/02/2016 at 15:33:38
Ian Robert (#86); and it doesn’t mean they didn’t. But that’s not your assumption, is it.
David Barks
99 Posted 29/02/2016 at 15:39:05
The shockingly low level of press coverage, combined with the complete lack of information regarding what exactly this share transfer means, tells me all I need to know in order to not get too excited.

If this was a significant event that would have real ramifications for Everton, I would have expected some sort of announcement saying as much from the new "owner". He hasn’t said anything about what he plans to do. That would not ever be allowed at the likes of Spurs, Man Utd, Chelsea, Liverpool, or even West Ham. But here, it’s a transfer of shares, some lines about him being told what it means to be an Evertonian, and then we’re all just left to wonder.

I don’t have any reason to believe anything is going to change. I think he sold a minor holding in a much richer club to have a much larger share of a club where the supporters have come to expect and demand absolutely nothing. Brilliant business move. But until I see some information about how he plans on financing a stadium, with actual financial figures put forward, then nothing has changed.

Ian Robert
100 Posted 29/02/2016 at 15:43:18
Alan (#86) no.... there is no assumption – only yours?
Jim Lloyd
101 Posted 29/02/2016 at 16:11:53
I don’t blame anyone who doesn’t get too excited, or even excited at all. The papers over the weekend showed just how much Everton FC mean to them. The People had two paragraphs, hidden away inside one of the back pages. Rooney's knee brace got twice as much space.

I disagree though, with those who say nothing has changed. First and foremost, Mr Moshiri would be unlikely to lay out all, or any, of is plans in public until a) the purchase is ratified by the Premier League and b) I would think that the Chairman would want to say just how Everton intend to plan for the future.

One thing has certainly happened and that is a massive change has already taken place. Three major shareholders have sold all, or some, of their shares to this man.

What this massive change will bring about is a moot point. That’s where the speculation and interpretation and all the other emotions and deductions, and whatever, that we feel about the purchase of such a vast amount of shares in Everton FC.

I go by what Farhad Moshiri has stated and that is he wants to work to bring success to EFC.

People make of that what they will. As far as I’m concerned he’s bought these shares to make this club a more successful one.

I have every reason to believe that he means what he says and I can’t help but be anything other than one excited Blue... providing the Premier League give their blessing to the purchase of course.

David Price
102 Posted 29/02/2016 at 16:17:22
Spot on, Jim, exactly what every positive Blue must be thinking.

Thanks for the last line though, all on TW can cling to the worry it won’t happen.

Jim Lloyd
103 Posted 29/02/2016 at 16:20:40
Heehee, I hope with this feller that his money really is in the bank!
Brian Harrison
104 Posted 29/02/2016 at 16:37:29
Phil Walling,

I can imagine at breakfast time at your house your wife gives you a boiled egg. To which you say, "Look, love, I know it has the same colour as an eggshell, and I admit it is the same oval shape as en egg. And yes, I know you have boiled it in water for the required 3 minutes. But I have been taken in before; so, until I eat it, I don't believe for one minute it is an egg, so nothing to get excited about."

Clive Rogers
105 Posted 29/02/2016 at 16:46:31
Brent (#68),

In the 17 years virtually every other club apart from EFC has changed hands, some of them several times. LFC twice. All before the TV money increase.

Tony Abrahams
106 Posted 29/02/2016 at 16:49:14
Phil, taken in Brian? I didn't think it was possible, until he mentioned his Everton shares!
Brent Stephens
107 Posted 29/02/2016 at 16:59:00
Clive (#97) – here are some takeovers in the EPL since 2003: Bolton, Portsmouth, Derby, Newcastle, Sunderland, Brum, Blackburn, QPR, Fulham. So...
Brent Stephens
108 Posted 29/02/2016 at 17:09:33
And, of course, Clive, Liverpool taken over twice as you say – the first didn’t end up very brightly, with the two yanks leaving the club in big debt??
Thomas Lennon
109 Posted 29/02/2016 at 17:16:41
Graham (#63),

One thing is for sure the 200-300 fans who hold a single share have about as much power now as before the weekend.... Sweet FA.

Not quite true. In the unlikely event that 49.9% wants his way and he convinces 250 shareholders (one share each 0.6%) that he is right it doesn’t matter what anyone else thinks – 50.5% would rule the day.

Unless of course they set up boardroom rules for a company owning Everton where one director = 1 vote and Kenwright, Woods & Moshiri are the directors. Forget True Blue, Blue & White (Everton version of Red & White) anyone?

Clive Rogers
110 Posted 29/02/2016 at 17:17:52
I have learnt from experience not to believe anything Kenwright says.
Michael Kenrick
111 Posted 29/02/2016 at 17:18:07
Tony (#62), regarding Sir Phillip Green.

In the past, Kenwright talked about him a lot as being "a very good friend of Everton". And Green said that he had ’helped’ Kenwright to secure control of Everton from Johnson.

And Green was strongly rumoured to be behind Earl’s purchase of Gregg’s shares...

Interpret from that what you will...

I think Kenwright learned his lesson and believe he has not spoken publicly of Green for many years. But that might not mean anything. Great question!

ps: Oh, and Green (plus yacht) was involved with some unexplained Mediterranean shenanigans regarding the departure of Wyness and (presumably) some kind of binding non-disclosure agreement preventing Wyness from spilling the beans... all conjecture of course!

Bill Gall
112 Posted 29/02/2016 at 17:32:44
Do you have to be a shareholder to sit on the board at Everton FC?

If the answer is Yes, we have one less on the board as Earl is supposed to have sold his shares to Moshiri.

Do you think that Moshiri will nominate another shareholder for a place on the board? Grantchester anyone.

Neil Mulhearn
113 Posted 29/02/2016 at 17:37:44
My understanding, and I am not saying I have any inside info, is that he has handed over £30m plus a commitment to invest a set amount of money – this could include taking over the clubs debts according to a report I saw. The shares have come from existing directors selling some or all of their shares, plus new shares being created in lieu of the debt (if that part is correct).

IMHO, this is the absolute best outcome for Everton, and the reason the search for the right investor took so long.

Everton becomes debt free for the first time in a very long time. We have some money to buy players, but it won’t be wholesale changes. From reports, it looks like they will; try and tie up the 6 stars we have, and look to bring 3 or 4 good players in.

The stadium becomes a separate issue then. Assuming a £200m build cost, the directors to fund the deposit from their own resources in exchange for new shares, with the rest to be financed long term, away from the day-to-day running of the club – exactly how Arsenal funded the Emirates. So Moshiri puts £50m in, but increases his shareholding as the club is now more valuable. Then £150m financed by stadium naming rights, increased match day revenue etc, allowing all existing income to be spent on the team.

Brent Stephens
114 Posted 29/02/2016 at 17:48:32
Clive (#104), I think that just because somebody might have lied about some things doesn’t mean to say they lie about everything.

Bill might not have been lying when saying that there was nobody out there to buy – perhaps he was being cautious about who to sell to, having seen all those examples since 2003 of takeovers having gone tits up.

Clive Rogers
115 Posted 29/02/2016 at 19:14:16

Personally, I believe he never wanted to sell, condemning us to 17 years of treading water.

Brent Stephens
116 Posted 29/02/2016 at 19:20:02
That might be, Clive. I guess we can only guess. Anyway, onwards and upwards. Let's hope this turns out better than the Bolton, Portsmouth, Derby, QPR etc etc etc EPL takeovers. I'm getting excited!
Jay Harris
117 Posted 29/02/2016 at 19:22:42

A bit late to the party but if he is taking Earl’s place on the board, he would be able to get his own way as the rest of the board would make up less than his 49.9%.

It is only decisions that would require all the shareholders to vote for that he would possibly be outvoted on although that is unlikely as you would need a full quorum of all shareholders to vote or give their proxy to someone.

Taking a guess, I would say he paid £4000 a share which equates to £30m valuing the club at £140m (£175m less £35m debt.)

Ian Bennett
118 Posted 29/02/2016 at 20:23:32
Bill 108 - you don't need to own shares to sit on the board. Although having them can get you on the board. Shareholders with a big enough block of votes, can nominate or veto members on the board as proposed at AGMs.

The existing minority shareholders and Grantchester don't have a big enough voting influence to make this happen. It is likely that the other board members would use their votes to counteract any disobedience.

Christine Foster
119 Posted 29/02/2016 at 21:15:43
Neil (#109), I think you have got this spot on, exactly what I was thinking, but you have put the numbers too it. It could be a great thing for us if it follows through.
Clive Rogers
120 Posted 29/02/2016 at 21:20:54

We agree there. I actually think this new guy will be good for the club. I’d completely lost faith in the last lot, but am suddenly optimistic.

Matt Dee
121 Posted 29/02/2016 at 22:30:38
This bloke does not know his company law.

Squeeze out provisions (CA06 s979) apply to all companies, both public and private. It gives shareholders with >90% of shares / voting rights the ability to buy out the remaining shareholders giving them total control and therefore reducing the costs / aggravation of dealing with lots of small shareholders.

I’ve seen it done in a private company, very successfully.

The takeover provisions mean that anyone purchasing >30% of shares in a company must make an offer on the same terms to all shareholders. I thought this also applied to private companies (happy to stand corrected thou – not my area of expertise), so assuming all the Everton shares are of the same class, I would assume that all the shareholders should be getting offer letters soon....

Mark Hughes
122 Posted 29/02/2016 at 22:47:09
If I could've got a loan it would be impossible not to make cash out of Everton at this price.

I am wary of this deal – Beware Greeks bearing gifts someone once said. I think he might be a wolf in sheep’s clothing but I suppose rolling stones gather no moss.

Bill Gall
123 Posted 29/02/2016 at 23:04:57

So how many people do we have on the board at the moment? And is it possible that Moshiri with the largest block of shares, could declare an emergency AGM and nominate a candidate of his own choosing and even veto members of the present board?

Ian Smitham
124 Posted 29/02/2016 at 23:06:48
Jay Harris, tiresome Ian here. Just wondered when you are going to clarify this statement (I mean the £8 million a year bit)

Teddy, Given that Bill consistently maintains none of the directors take any money out of the club and yet other operating costs rose from £1 million to over £20 million and interest payments to the BVI of around £8 million a year are being made without explanation, I think that's a perfectly reasonable question to ask.

I am sure you can rise to the challenge...

Jay Harris
125 Posted 29/02/2016 at 23:37:18
Here is an extract from the latest accounts:

OF FINANCE 2015 2014
Interest received 9 7
Interest paid (4,250) (3,324)
Finance lease and hire purchase interest (8) (7)

Make of it what you will.

Garry Corgan
126 Posted 29/02/2016 at 23:45:29
Does anybody versed in these matters know if it would be possible for Everton to dilute and issue new shares? I assume, if it were possible at all, there would have to be some kind of shareholder vote?

I can see something like that happening, with the newly issued shares being awarded to Moshiri in return for the cost (or part thereof) of a stadium.

Eric Myles
127 Posted 01/03/2016 at 03:56:32
Eugene (#45), the minority shareholding adds up to 34%.
Neil Mulhearn
128 Posted 01/03/2016 at 07:31:34
Garry – the issuing of new shares is I believe what has happened in exchange for clearing the debts. Assuming the club had a gross value of £200m, with debts of £40m, then that makes the current shares worth £160m. If the debts are cleared, in theory, the shares rise in value, in this case by 25%. As they are being cleared by ’fresh’ money, the club can issue 25% of new shares, and all existing shares are still worth the same value.

My understanding is that he has bought some existing shares for £30m, and cleared the debts of £40m, with more £30m promised investment on players' transfer fees to take his total input to around £100m.

The reporting on how much we are going to spend in the summer has been wildly inaccurate. I believe we will probably have around £30-35m for new transfers, with a wage commitment to these players probably doubling that figure, whilst offering new contracts to existing players, accounting for the remainder of the £100m investment in the playing squad.

I honestly believe this is the absolute best outcome for Everton. We are debt free. We take the best playing squad we have had in a generation, and add three quality players. We are self-funding – our income going forward will meet our outgoings, with a surplus for future player purchases.

We can then address the stadium issue. If we assume a build cost of £200m, then that would work out at yearly repayments somewhere around £15m a year. Sponsorship can cover at least two-thirds of this cost, so we have to see matchday revenue rise by £5m a year for the stadium to be completely self financing.

Assuming a capacity of 55,000, with 5,000 being corporate seats, then we could offer an average match day ticket of £20.

Eric Myles
132 Posted 01/03/2016 at 08:06:13
Matt (#117)

"The takeover provisions mean that anyone purchasing >30% of shares in a company must make an offer on the same terms to all shareholders. I thought this also applied to private companies."

If you are correct, we will soon know how much Moshiri paid for his shares!

Michael Kenrick
134 Posted 01/03/2016 at 10:46:48
"plus new shares being created in lieu of the debt" – I very much doubt it. Somebody is making that up.

"Everton becomes debt free for the first time in a very long time." – where is there even a shred of evidence that this is happening? Completely made-up nonsense.

Honestly, the invention and extrapolation generated by this incredibly simple story is mind-boggling. Is it any wonder people will believe all kinds of nonsense?

Brent Stephens
135 Posted 01/03/2016 at 10:59:39
Michael, it's obvious that new shares have been issued, the debt has been cleared, a new ground is to be built, GP will be sold and knocked down, a pig farm will be built in it's place, and we know what those pigs will do.
Tony Abrahams
136 Posted 01/03/2016 at 11:10:07
Fly away with Michael's two shares!
Brent Stephens
137 Posted 01/03/2016 at 11:12:07
Come on, Tony, now you're predicting things you know nothing about! Pigs have no interest in shares.
Tony Abrahams
138 Posted 01/03/2016 at 11:19:58
I know Brent, but poor Michael, was sitting on twenty grand the other night!
Matthew Workman
139 Posted 01/03/2016 at 13:01:05
"Nothing has changed" people cry. Of course something has changed. Here’s why I’m positive:

1. This man knows how to run a football club.
2. He is best mates with super rich Russian at Arsenal
3. If Kroenke won’t sell shares at Arsenal, Russian will come to EFC.
4. We have never had anyone seriously rich invested in EFC
5. Why would you buy shares if you didn’t choose to get a return on investment. You don’t buy a house and keep it the same way for 30 years. You change and invest for benefits of the value.
6. He will see what a charlatan Martinez is and get someone good in. Kenwright wouldn’t sack Rudolph Hess if he was in charge.
7. We have a top academy already. Arsenal’s is better however. He will put money in there.
8. We’ve got a diamond called Ross Barkley.

Graham Mockford
140 Posted 01/03/2016 at 14:50:28
Neil Mulhearn

A very interesting post. Speculative ill-informed nonsense but good for a laugh all the same.

I heard a different version. Don’t you think it’s weird no-one has heard from him yet. Apparently Philip Green has had him bumped off and assumed his identity. He then is going to increase debt, add to other operating costs all using a loan facility that goes to a tax free haven in Barrow-in-Furness. A new 60,000 capacity stadium will be built on a revolving platform above the Liver Buildings which will also act as the site for the 2030 World Cup bid.

Or maybe not.....

Kevin Tully
141 Posted 01/03/2016 at 15:19:48
Graham, it will certainly be interesting to see if we continue our corporate partnerships with Chang, Kitbag and Sodexo.
Graham Mockford
142 Posted 01/03/2016 at 15:41:06

Well unless someone wants to pay the contracts up, I would suspect they will remain until the end of their respective contracts.

Kitbag maybe the exception as of course as they voluntarily offered to terminate the contract which we declined. There could be a change of view of the offer is still on the table.

However, I suspect the focus will be on upgrading playing facilities and strengthening the playing squad if the aim is to increase the value of an investment. You build brand equity by being successful on the pitch then sell merchandise rather than the other way around.

Kevin Tully
143 Posted 01/03/2016 at 16:05:43
Cheers Graham, nearly every commentator and ’expert’ who has spoken about the club since the news broke all mentioned our poor commercial performance which will need to be addressed, let’s hope Chang are shown the door after 13 years. (Mainly because it’s fecking awful, nothing to do with the money!)

Personally, I think we have undersold ourselves for years, especially with the ’plucky little Everton’ tag which seems to have been promoted and actually embraced by some in the corridors of power. No matter how many years we have gone without a trophy, we are, and always were an English footballing institution. The comparisons with Portsmouth and Blackburn used to make me cringe.

Really looking forward to the new era, and hopefully we can all get on with discussing who’s the best left back rather than who supplies the pies!!!

Denis Richardson
144 Posted 01/03/2016 at 16:42:57
Micheal K – think you were interested in the current Everton share price. Apparently they last traded for £1,700 (were around £1,350 last November).

However (unsurprisingly) there are currently no shares for sale at all... every small shareholder keeping tight to see what happens, I guess. Also makes it a bit hard for the new guy to increase his stake – unless of course new shares are issued which would dilute people's ownership but not necessarily the share price (or BK and/or Woods sell more of theirs).

Michael Kenrick
145 Posted 01/03/2016 at 17:14:48
Thanks for that, Denis. Seems the price has fluctuated in that range for many, many years...

I guess it makes sense in one way at least that the private exchange price has not increased significantly over the Kenwright years. For private transactions between individuals who have no inside track on EFC business, you might argue that stagnation at Board level for 16 years translates to a stable perceived share price.

I admit I'm very interested to find out what Moshiri paid:

Does it reflect the current value of a Premier League club? Does it reflect the perceived | published | speculated value of Everton Football Club?
Was it discounted to reflect outstanding debt?
Was it discounted on a promise of future investment?
Was it discounted to reflect the need for a new stadium?

Anything is possible.... except some of the nonsense Neil Mulhearn has posted. There is absolutely no way new shares have been issued. I believe they would have to be offered to all existing shareholders.

Neil Mulhearn
146 Posted 01/03/2016 at 18:14:59
We'll see who is right. Companies issue new shares all the time in exchange for inwards investment – it is highly tax efficient. It depends on the memorandum of association if these need to be offered to existing shareholders first or if the directors can decide to accept the offer of investment.

I won't pretend to have any inside information, but from the press reports, only £30m of existing shares have been transferred, which is not 49.9% of the club. I may be wrong, but it looks like at least one major shareholder has sold his holding, others may or may not have sold shares, and new shares have been issued in exchange for investment. This ties up with reports that the club debt is being cleared and announcements of player investment in the summer.

Denis Richardson
147 Posted 01/03/2016 at 18:33:21
Neil 138 - none of us know for sure what actually happened but we do know that the last traded price for Everton shares was £1,700/share.

Taking the above, if the amount Moshiri paid for his 49.9% stake was actually £30m, then this would represent around 17,647 shares. The total number of shares in issue (before last week anyway) was 35,000.

17,647 / 35,000 is 50.4%. Now assuming the £30m number above is actually rounded up from £29.something (i.e. £29.69m), it seems too much of a coincidence that the number of shares bought x £1,700 is about £30m and represents 49.9% - or do you disagree?

Looks like the £30m for 49.9% stake would be correct, valuing the club at around £60m having factored in all the debt presumably - or I could be pissing in the wind.....

Michael Kenrick
148 Posted 01/03/2016 at 18:51:27
Sorry, Neil, but you are inventing this "new shares have been issued in exchange for investment" – let's see a link to something reputable that even goes anywhere close to that.

You can't buy up 49.9% of outstanding shares, while the number of outstanding shares changes to some unknown number! Complete nonsense. If you have no source for this, then please stop posting it.

There is also no indication that any of the debt has been paid down. Again, reputable links please. And shares issued in lieu of debt? Utter nonsense. Stop making this stuff up!

Graham Mockford
149 Posted 01/03/2016 at 18:54:59

You nailed it...... In your last sentence

David Israel
150 Posted 01/03/2016 at 18:58:48
With all due respect, Joe Beardwood is just stating the obvious. For the time being, and unless and until the new largest shareholder makes his plans public, all that one can say with any certainty is that 49.9% of the shares have changed hands. But would anyone buy a stake of that size and then just sit on his hands? Would that make sense, even to Mr Beardwood?
Brent Stephens
151 Posted 01/03/2016 at 19:05:24
Neil #138 there are also "reports" that the AV game tonight has been switched to GP and you have been awarded a free box tonight. Get down there now, lad! You know it must be true!

PS the box has "jaffa" written on it.

Ian Smitham
152 Posted 01/03/2016 at 22:41:15
Micheal (#140), quite. Well said.
Alan Thompson
153 Posted 02/03/2016 at 05:23:22
Michael K (140); Ever been to a shareholders meeting/AGM, Michael, and if so what was your opinion?
Michael Kenrick
154 Posted 02/03/2016 at 06:24:50
Hi Alan, I should have been... followed them from afar. Tried to assemble records of them on here until Kenwright pulled the plug on them. Colm Kavanagh even recorded one for us and painstakingly wrote out the transcript.

I think by that point they’d become an almost meaningless sop to the activist shareholders who each year insisted they were gonna hold Bill’s feet to the fire and get some urgent answers to pressing questions... Yeah, right! At best, it’s Bill paying lip service... a courtesy to the rabble of minor shareholders who in truth have no power, no say.

Bill and his cohorts found it was easy to stage-manage the whole thing like it was a West End production, and any concept of some Day of Reckoning between Concerned Shareholders and cowed Board of Directors was shown repeatedly to be a ridiculous pipe-dream.

I think the Shareholders Association should choose this moment to wipe the slate clean... bin the 41 questions, no matter how earnest they might be, and establish their own dialogue with the new man. Invite him to the next meeting. Do everything possible to get off on the right foot with him. I think it would deliver benefits in the long tern, rather than fretting endlessly over Bill’s unforgiven crimes.

Martin Mason
155 Posted 02/03/2016 at 07:22:47
Michael, surely that should be Bill's imagined crimes?
Alan Thompson
156 Posted 02/03/2016 at 15:45:40
Martin; Don't be so pedantic and use the beholder's poetic licence.
Jay Wood
157 Posted 02/03/2016 at 17:22:49
I’ve been away and offline for a couple of weeks ... have I missed much..?

Naturally, having waited so long for good news on the finances and fortunes of Everton, there is a lot of chatter and speculation (across many threads here on TW alone) from the wider Evertonian community.

However, as authoritatively some posters attempt to be – including Joe Beardwood in this very thread – all of them are doing the same: speculating. All their premises are based on the single bald statement, issued by the club late Saturday arvo, announcing Moshiri’s move into the club, which reveals ... nowt!

There is no fine detail of whose shares he has purchased to hold the 49.9% (as good as...) controlling interest in the club, or what he will actually bring to or put into the club.

For that reason, I’ll place myself in the Brent Stephens camp of ’wait and see’ for that finer detail and statement of intent from Moshiri before casting final judgement of whether I consider this good or bad for EFC.

I presume we will get that once the Premier League ratify Moshiri’s purchase and confirm him as ’fit and proper’ (rather than a whacko job like the Italian at Leeds). Hopefully, that will be followed with Moshiri being presented to the press when he will outline his vision for the club.

If that vision matches the mission statement he made in the ’Arsenal letter’ shared on TW in relation to his investment in the club, then I for one would be happy with that.

Of course, stating it and actually achieving such goals are two different things, but it would be something the fans could hold him and the board to account for.

That aside, I’m also intrigued at the back story to all this and what has been going on behind the scenes in the last 18 months. I apply that time frame because, in that single stark statement by the club, BK says it is in the last 18 months he has got to know Farhad well.

We know in October there was ’alleged’ interest from one US group and more recently there was the confirmed interest from the John Moores group who were allowed exclusivity whilst they conducted due diligence.

Then ... BAM! Within 24 hours of a possible Russian-Middle Eastern interest first being mentioned in the media, the deal was announced by the club.

Say what you like about the workings of EFC and BK, but time and again they play a mean game of poker, keeping their cards close to their chest before laying them on the table.

I’m intrigued to know the chronology of events in the last 18 months that seemingly attracted a number of parties before finally flushing out Moshiri.

The final shakedown of major shareholders and their ongoing role in the club will also be interesting to see.

The consequences of the new ownership for the likes of our current CEO and manager will also be interesting to follow.

So, whilst I’ll adopt a ’a wait and see’ stance for now, I’m also excited at the prospect of how game-changing this might just prove for our club.

James Hill
158 Posted 05/03/2016 at 11:14:26
Helen Mallon – I’m right in Nick's camp. BK has kept alive EFC.
Ian Smitham
159 Posted 07/03/2016 at 22:15:23
Anyone else noticed the press reporting issues with British Home Stores?
Alan Thompson
160 Posted 09/03/2016 at 16:34:00
Ian, it's not knickers coming down again or shop-lifting going up, is it?

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