11/07/2024 18comments  |  Jump to last

An auction of ordinary shares in Everton Football Club Co Ltd will start a week on Thursday, 18 July, closing 2 weeks later on 1 August.

The auction is being arranged through Asset Match at the request of a number of minority shareholders, with the previous auction closing on 12 October 2023, when 42 shares were traded at £3,700 per share.

Existing or prospective minority shareholders can submit orders to sell or buy shares based on an order book coordinated by Asset Match during the period of the auction.  Asset Match use algorithms based on the submitted orders to determine the price for matched sell and buy orders, and to allocate shares to the successful auction participants after the auction closes. 

More details are provided in the Order Book Help Guide.

 

Reader Comments (18)

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Michael Kenrick
1 Posted 11/07/2024 at 08:33:52
I was just thinking about Everton shares for the minions and looking at the recent sums being quoted for the purchase of Everton FC Co Ltd by first 777 Partners, and now The Friedkin Group.

Back in September 2023, some reports said 777 would pay Farhad Moshiri around £500M for his 94.1% stake in the company. That would have worked out as £3,936.05 for each of his 127,031 shares – remarkably close to the £3,700 price set by Asset Match in their last auction at around that time.

That last price would set the value of the club at £499½M.

But a lot of sewage-impacted water has gone under the bridge since then, and a recent story claimed that 777 Partners were actually going to pay Farhad only £64M for his shares — a paltry £504.81 per share!

That would value the company at a mere £68M.

However, Paul Quinn now says that The Friedkin Group will give only a "minimum consideration" for Moshiri's shares — perhaps £25M — valuing the company at around £26½M, and pushing the share price down to an astounding £196.80!!!

What an incredible feat of destruction to decimate the apparent value of the company so much in such a short period of time.

Dennis Stevens
2 Posted 11/07/2024 at 08:42:22
So, a bid of £200 per share would seem quite generous!
Ian Bennett
3 Posted 11/07/2024 at 08:47:39
£200 per share might be worth it, if it comes with ticket preference for the new stadium etc...
Michael Kenrick
4 Posted 11/07/2024 at 08:48:03
Dennis,

It makes you wonder about the motivation here to presumably sell your Everton shares.

I missed the earlier auction late last year, which was before the points deductions, but the threat of the independent commission was real enough, and the 777 Partners bid had just been announced.

It will be intriguing to see how many shares are put up for sale by the minority shareholders, and what price they will be selling for.

Surely these numbers grossly undervalue EFC with the opening of the new Everton Stadium at Bramley-Moore Dock now less than 6 months away and construction pressing on apace. That alone should push the value to around £1B — and a much much more robust individual share value of £7,407!!!

Michael Kenrick
5 Posted 11/07/2024 at 08:59:54
Ian,

The minority shareholders used to get pretty significant perks but these were steadily and consistently eroded to virtually nothing under Kenwright.

I'm not sure they get any kind of ticket preferences any more.

Tom Hughes
6 Posted 11/07/2024 at 09:29:17
No minority shareholder has acquired shares for just a few hundred pounds for decades.

I can't imagine many wanting to sell for less than the most recent listed transactions of around £3,500, but could be wrong. Cost of living crisis etc?

Ben King
7 Posted 11/07/2024 at 09:32:08
What stage is the purchase at? Is it at final stages waiting for EPL ratification?
Eric Myles
8 Posted 11/07/2024 at 10:56:21
Michael #1 "and a recent story claimed that 777 Partners were actually going to pay Farhad only £64M for his shares..........that would value the company at a mere £68M"

Michael, I posted a part of an article some time back that included that figure, it stated Moshiri would receive £64M to £130M depending on conditions.

However it was quoting a sum Moshiri himself would trouser, not the total purchase value and if you think about it, if the value of the Club would only equate to £68M in those circumstances then why put in £200M to keep it going?

Bill Watson
9 Posted 11/07/2024 at 11:27:13
Michael #5,

The only ticket preference is a small pot of away game tickets. It works in conjunction with the general away games points system so, if you're a new shareholder, you'd need to be near the top of the points table to get an away ticket to Bournemouth, Luton etc or an away derby match.

Michael Kenrick
10 Posted 11/07/2024 at 12:59:50
Thanks, Eric,

I found your earlier post on this article, thanks: Approval for 777 Partners' Everton takeover rests on 'stringent conditions' – 24 March 2024

"If the value of the Club would only equate to £68M in those circumstances, then why put in £200M to keep it going?"

To me, there are many puzzles about why Moshiri is selling, why he doesn't do everything to hang on, because the upside – if only they (whoever) can keep the show on the road – appears to be potentially massive.

To me, the club as a Premier League entity should have substantial intrinsic value, primarily in terms of future income. In our case, compounded by the opening of a new stadium.

To me, it's the prospect of jam tomorrow that justifies £200M to keep the lights on.

But the short-term debt and the horrific interest rates, compounded by the huge fiscal management failure (note: EFC culpable, not the Premier League) that precipitated the PSR breaches and the points deductions which have dragged us down to the gutter.

This situation, and Moshiri's desire to cut and run, appears to have him accepting a derisory and laughably small valuation for his shares.

The auction is a sideshow, totally separate from the main deal of the takeover; but nevertheless, it will be intriguing to see what value this likely small number of shares are traded at. And if a lot of £200 low bids force that ultimate price way down…

John Raftery
11 Posted 11/07/2024 at 15:51:26
Michael (1),

Any Board overseeing such a drop in the share price would be sacked. Ah, now I remember… we have already done that.

More seriously, it seems to me, unless they are really desperate to bring in a few quid, a bad idea for a minority shareholder to sell at this point with so much uncertainty still dragging the price down.

The prospects may look considerably brighter in the autumn if the Friedkin deal goes through.

Ian Bennett
12 Posted 11/07/2024 at 20:17:09
Ah, it was about 20 years ago when someone used to get me away tickets who was a shareholder. Good old Kenwright...
Derek Knox
13 Posted 12/07/2024 at 03:12:11
Michael and all, my mate is a minor shareholder and provided he gives adequate notice, can 'normally' get up to 3 tickets for most home matches. However, this year, the last at the Old Lady, they have said he can only have one (for himself), again provided notice is given in good time.

These tickets, when they were available, also were at normal rate, so no privileged rates.

I do hope when the take-over is eventually completed, that EFC take a long look at their neglected commercial (virtually non-existent) aspect. No Everton TV, merchandise limitations etc.

I often go to an open-air (weekly) market. There is a stall there selling all football towels, souvenirs and memorabilia. Guess what? You can get virtually all the top clubs except Everton!

Kenwright has held us back so much over his unfortunate Chairmanship, and just concentrated on what was best for him!

Martin Farrington
14 Posted 12/07/2024 at 08:41:38
Derek,

Everton have never had products available at any commercial retail outlet that I can recall.

My mum used to get The Catalogue (which helped me through my puberty years… ahem)… Where was I? Oh yes,
You could get Liverpool, Chelsea, Tottenham, Arsenal, Man Utd, Celtic, Rangers and no one else.

Bear in mind the home business city for The Catalogue was Liverpool and apparently some of them were involved at the club. I found it odd and sad. Even at tender years, I couldn't believe Everton gear was not available. A feat that the club have carried forwards gloriously to today. Across every available global outlet.

Everton are inter-galactically shit commercially. Even through the golden years. They went to Australia a couple of years back to play some promotional exhibition games, sporting "The new kit"… The club took no merchandise with them. Staggering.

They could have easily absorbed excess baggage costs by telling the kit manufacturers that this was a promo gig so give us hundreds free.

As for the dead one. That hypocritical slime-skinned toad was not unfortunate. There are many many literary soliloquys out there but unfortunate aint one.

As Professor John Cooper Clarke wrote and recited:-

What kind of creature bore you?
Was it some kind of bat?
They can't find a good word for you.
But I can…
TWAT!!!!

Eric Myles
15 Posted 12/07/2024 at 09:48:30
Martin #14, same when the Club went to Thailand for the pre-season game against Leicester, there was no EFC merchandise available, but loads of Leicester merch. which some local EFC supporters resorted to buying (both clubs having Thai sponsors).

"Bear in mind the home business city for The Catalogue was Liverpool" – and wasn't it The Littlewoods Catalogue to boot?

Martin Farrington
16 Posted 12/07/2024 at 14:00:49
Yes, Eric, it was.

I think Gratton possibly was too??? Or am I thinking of the Grafton, which certainly didn't offer anything via catalogue or, if they did, it wasn't legal.

Everton are the worst Premier League (previously 1st Division) club from every financial angle you can think of… in history.

I have never understood what the hell previous owners and board members were ever thinking of, certainly not promoting the club. That includes all incumbents prior to the dead one and hamper man.

I have never seen anything positive come out from that cobwebbed boardroom frequented by the Miss Haversham-Lookalike types. Never anything universally commercial.

There may have been a slight blip in the '70s which became a calamity in the mid-'80s when accidental success was stumbled upon.

The club have always been run by the stuffed arsehole brigade since as long as I've been around. Faceless. Hidden. Taking profits but never interested in club matters further than their dividends.

Then, due to age rather than prosperity, they sold Everton down the Mersey to Hamper Man. He must have laughed and skipped with glee knowing that the dead one was gonna slowly grind the crumbling club into dust.

If we ever get new owners who actually give a shit, then sack everyone connected with revenue streams and selling the brand. You will save a fortune coz they ain't bringing a penny into the club other than home match days… and that sells itself.

Rant over.

Allen Rodgers
17 Posted 15/07/2024 at 12:48:53
Shareholder perks are virtually non-existent apart from 5% off our Season Ticket.

Last time I asked the shareholder liaison officer for a ticket for an away game, she had been given only 8 for a particular game, I think it was Burnley. I had to wear a flat cap and sit with the pie-eaters.

Michael Kenrick
18 Posted 20/07/2024 at 11:54:24
Eric asks this on the Freidkin collapse thread:

"I wonder if this news will have an effect on the shares auction that's happening?"

So that got me curious to check, and I see that they have the Order Book open, and it's quite surprising to me, because the price spread for each Everton share is from £3,200 to £4,000!!!

So I think the short answer is No. The shareholders involved, mostly sellers, seem to be keen to cash in at below the previous £3,700 price point — but not by much — while two outliers are looking for a big return at that upper £4,000 price point.

So far 56 shares put up for sale, with two buyers offering £3,600 (19 shares) and £3,800 (4 shares) respectively.


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