IF you can keep your head when all about you Are losing theirs and blaming it on Powell If you can trust Hamer when all men doubt him, But make allowance for their doubting too; If you can wait and not be tired by waiting, For confirmation of yet more takeover rumours, Or being called lucky, don't believe in luck, And yet don't boast too much, nor feel too low:
If you can deal with "our support is s###" comments and keep your virtue, ' Or walk with Massives - nor lose the common touch, if neither Spanners nor Stripy Nigels can hurt you, If all fans count with you, but none too much; If you can fill the unforgiving season With 46 games of distance run, Yours is the Championship and everything that's in it, And - which is more - you'll be a Charlton fan, my son!
Nothing important happens in business in the U.S. over the Thanksgiving weekend, which has just passed. Everyone goes home, starting last Wednesday to be with their families. Back to business today.
when people want out this is what they do and, during due dilligence, when one player asks a question the answer goes to everyone so that they all have the same information upon which to build an offer or wait and see.
I know very little about DD. Is that the case ? How the hell does that work ??
Not sure there's not some confusion with a competitive tender when, during the clarifications phase, all interested parties would normally be party to their competitors' questions and the answers (required by public sector regulation, best practice in the private sector). However, due diligence is the buyer's business - caveat emptor and all that.
Certainly on a closed sale, if I was the interested buyer I'd be more than a little pissed off if the money I was spending on completing due diligence was funding a competitor's interest.
Some ten years ago I worked on a deal room where four companies were interested in taking over the London bus division of a multinational transport co who wanted out...I dont recall where DD stopped and other questions began but it ended up with two having preferred bidder status and the deal getting done on time.
For CAFC I would suggest mid January is "on-time". Nothing by then and we are into a completely different game plan.
The usual on ITV. Claims of infinite knowledge with no evidence on show. Might avoid this thread until something actually happens. This way lies madness
That forum is toxic.
Will I need to take a Geiger counter over there???
I'm under the impression that nobody has pulled out but there maybe another bidder at the table. If this is correct and i'm lead to believe it is , then i just hope TJ makes the right choice and doesn't get too greedy.
If there is an anglo saxon corporate vehicle involved then they are not going to do anything that might impact negatively on the balance sheet and p&l at 31 december. 3rd week in jan is the earliest timeframe if there really us an interested party...
1/a seller has a price 2/bidder says "im intrested",and undertakes a DD 3/the DD finds that there are mayebe a few small issues 4/bidder makes an offer taking into consideration whats been found during DD 5/owner either excepts or not or makes an adjustment/counter proposal.
that was the basic process in the sale of a 5 star hotel i was involved in --sold eventually for £80 million in 1995. my GUESS is we are in the point 4/5 above.
Nothing wrong with that little summary including the fact that it is your guess as to where we are!
To them wot understand financial stuff. Would dummy companies in the BVI (i.e. the Cash estates) make DD a more difficult process or is it not relevant?
To them wot understand financial stuff. Would dummy companies in the BVI (i.e. the Cash estates) make DD a more difficult process or is it not relevant?
Suppose it depends on whether the assets/liabilities to be offered for sale reside in the final BVI company or in one of the UK companies which is subject to transparent UK governance.
If Admin was the only other option, Slater + Jiminez would sell for next to nothing to get some kind of return that beats nothing.
Wouldn't be too worried about that.
I agree with that. If all else goes by the board It's a game of chicken - the owners think there are people out there who won't let the club fall and potential buyers know the owners have to sell or invest, otherwise the club won't be worth anything.
IF you can keep your head when all about you Are losing theirs and blaming it on Powell If you can trust Hamer when all men doubt him, But make allowance for their doubting too; If you can wait and not be tired by waiting, For confirmation of yet more takeover rumours, Or being called lucky, don't believe in luck, And yet don't boast too much, nor feel too low:
If you can deal with "our support is s###" comments and keep your virtue, ' Or walk with Massives - nor lose the common touch, if neither Spanners nor Stripy Nigels can hurt you, If all fans count with you, but none too much; If you can fill the unforgiving season With 46 games of distance run, Yours is the Championship and everything that's in it, And - which is more - you'll be a Charlton fan, my son!
Pre Christmas slow down kicked in with your clients ben?
when people want out this is what they do and, during due dilligence, when one player asks a question the answer goes to everyone so that they all have the same information upon which to build an offer or wait and see.
I know very little about DD. Is that the case ? How the hell does that work ??
Not sure there's not some confusion with a competitive tender when, during the clarifications phase, all interested parties would normally be party to their competitors' questions and the answers (required by public sector regulation, best practice in the private sector). However, due diligence is the buyer's business - caveat emptor and all that.
Certainly on a closed sale, if I was the interested buyer I'd be more than a little pissed off if the money I was spending on completing due diligence was funding a competitor's interest.
Some ten years ago I worked on a deal room where four companies were interested in taking over the London bus division of a multinational transport co who wanted out...I dont recall where DD stopped and other questions began but it ended up with two having preferred bidder status and the deal getting done on time.
For CAFC I would suggest mid January is "on-time". Nothing by then and we are into a completely different game plan.
That sounds very much like a public sector (TFL) competitive tender. It is a little different, not least in that the EC directs the process, and in that case bidders would have been formally invited through the European Journal.
It strikes me that for our takeover, we find someone who might be interested in buying the club, start negotiations, we enter due diligence, then cannot agree with our suitors on the right price for the club based on what's found in the books etc.
It's a bit like offering £300k for a house, then discovering you're 6 months away from a railway line being built 10 yards behind the property. Chances are you'd want the price significantly dropped if you were prepared to continue. I think there is a point here, that if it's the same issue causing the hiccups then might be better to be up front about that rather than have the arguments later.
Are there any restrictions on when, ie day or time of day, when a takeover can be announced? It would be nice to have a few hours when I don't have to press the F5 button!
The short answer to your question is no particularly if the buyer was a private individual. The only such restriction I can think of is that if, for example, a UK-listed company was committing to an undertaking that was considered to be "price sensitive" (that is, its announcement would have a positive or negative impact on its share price, then its announcement must be made through a Regulatory News Service ("RNS") announcement. And such an announcement must be made before or at the same time as any separate press release. For this reason, it is common for RNS to be issued at 7:30 in the morning so the market can have time to digest the news before it opens. I would assume that all established stock markets have a similar system but, of course, different time zones. (There's around a quarter of a million RNS every year in the UK alone).
This is like waiting for test results from the clinic... You hope for the good news but u know at the back of your head you might have some awkward calls to make... ;-) just hope its not all smoke and mirrors. Would be the best crimbo present ever we get new owners with money and a plan to take us back to the top flight.
when people want out this is what they do and, during due dilligence, when one player asks a question the answer goes to everyone so that they all have the same information upon which to build an offer or wait and see.
I know very little about DD. Is that the case ? How the hell does that work ??
Not sure there's not some confusion with a competitive tender when, during the clarifications phase, all interested parties would normally be party to their competitors' questions and the answers (required by public sector regulation, best practice in the private sector). However, due diligence is the buyer's business - caveat emptor and all that.
Certainly on a closed sale, if I was the interested buyer I'd be more than a little pissed off if the money I was spending on completing due diligence was funding a competitor's interest.
Some ten years ago I worked on a deal room where four companies were interested in taking over the London bus division of a multinational transport co who wanted out...I dont recall where DD stopped and other questions began but it ended up with two having preferred bidder status and the deal getting done on time.
For CAFC I would suggest mid January is "on-time". Nothing by then and we are into a completely different game plan.
That sounds very much like a public sector (TFL) competitive tender. It is a little different, not least in that the EC directs the process, and in that case bidders would have been formally invited through the European Journal.
It strikes me that for our takeover, we find someone who might be interested in buying the club, start negotiations, we enter due diligence, then cannot agree with our suitors on the right price for the club based on what's found in the books etc.
It's a bit like offering £300k for a house, then discovering you're 6 months away from a railway line being built 10 yards behind the property. Chances are you'd want the price significantly dropped if you were prepared to continue. I think there is a point here, that if it's the same issue causing the hiccups then might be better to be up front about that rather than have the arguments later.
Rik
I agree with your version of how DD works, in the private sector anyway. As I have mentioned before, one of my clients has its own dedicated team for this, (we are waiting out here for them to find time for an acquisition in the Czech Republic) They will expect exclusive access while they do DD, and they will be damned if any of their findings go to a rival.
The club will have its own files showing what they suppose a potental buyer would be interested, and might modify them after previous failed DDs but no diligent buyer will trust them on their own.
This is like waiting for test results from the clinic... You hope for the good news but u know at the back of your head you might have some awkward calls to make... ;-) just hope its not all smoke and mirrors. Would be the best crimbo present ever we get new owners with money and a plan to take us back to the top flight.
I think its like waiting for test results at a clinic the Dr comes out smiling looks at the piece of paper, looks at you stops smiling and goes back in again, ten minutes later he does the same thing and again and again
Swisdom got my hopes up he doesn't usually post crap and seemed sure it would be done today or tomorrow.I'm now resigned to it falling through, dam it I promised myself not to get drawn in again.
Annoyingly it seems to have gone pear. Richard Murray wasn't as upbeat as I would have expected at the BTTV dinner and it's widely stated on Into the Valley that it's gone pear shaped on this occasion. Whether or not there is another interested party remains to be seen but my understanding is it was all but a done deal and then something changed to set us back once again.
What p******s me off is that I fall for it every ******** time. Several days of wasting my life chasing an entirely illusory argument about "would you prefer yanks or middle east" "what are you going to do when we move to a new stadium, oh I won't go if there aren't going to be dyson hand dryers in the toilets", "will we be spending millions in the January window or will we wait till summer". And it was all *******.
Comments
For CAFC I would suggest mid January is "on-time". Nothing by then and we are into a completely different game plan.
its the dream ticket
It strikes me that for our takeover, we find someone who might be interested in buying the club, start negotiations, we enter due diligence, then cannot agree with our suitors on the right price for the club based on what's found in the books etc.
It's a bit like offering £300k for a house, then discovering you're 6 months away from a railway line being built 10 yards behind the property. Chances are you'd want the price significantly dropped if you were prepared to continue. I think there is a point here, that if it's the same issue causing the hiccups then might be better to be up front about that rather than have the arguments later.
The short answer to your question is no particularly if the buyer was a private individual.
The only such restriction I can think of is that if, for example, a UK-listed company was committing to an undertaking that was considered to be "price sensitive" (that is, its announcement would have a positive or negative impact on its share price, then its announcement must be made through a Regulatory News Service ("RNS") announcement. And such an announcement must be made before or at the same time as any separate press release. For this reason, it is common for RNS to be issued at 7:30 in the morning so the market can have time to digest the news before it opens. I would assume that all established stock markets have a similar system but, of course, different time zones. (There's around a quarter of a million RNS every year in the UK alone).
I agree with your version of how DD works, in the private sector anyway. As I have mentioned before, one of my clients has its own dedicated team for this, (we are waiting out here for them to find time for an acquisition in the Czech Republic) They will expect exclusive access while they do DD, and they will be damned if any of their findings go to a rival.
The club will have its own files showing what they suppose a potental buyer would be interested, and might modify them after previous failed DDs but no diligent buyer will trust them on their own.
I wouldn't trust these muppets to organise a bottle stall at the church bazaar never mind the sale of a football club.
They would end up drinking the booze, offending the organist and starting a fight with the vicar.
Anyone remember the telephone number for Koc Holding?
Oh, not that sort....