Thetownend.com

Can't see this elsewhere - if it's been posted, please delete me :)

http://www.swindontownfc.premiumtv.co.uk/page/NewsDetail/0,,10341~1172070,00.html

hopefully things will keep moving.

Are they using the same lawyers as last time do we know that Southampton practice?  I remember Mike W or some FC leader not being that impressed with one of the guys at the firm.

Clarke Wilmott

That's the firm Fred, are they still using that lot?

Great to here them confirm an offer has been made, fingers crossed for more progress!!

Presumably the offer is buy the Holding Co stake then, in which case Wills is informing himself of the offer so why the delay?

actually, SSW is not the major shareholder, the Holding Co is and I'm sure James Wills is the major shareholder in that concern.  How odd.  Never mind, not long now I suppose.

please let this work out, please

Probably due to procedural matters.

Following the process is important. Of course, the process is not documented and can be changed on a whim at the discretion of the Board, and is dependent on the prevailing wind direction...

Encouraging news though, end of the week then....

fingers crossed!

I'm just delighted to hear for the first time (although I've not been following things as closely of late) that Fitton is definitely buying a majority stake in the holding company...and that we're not all going to be subjected to another Diamanditic fudge where, infact, Fitton buys in to the FC instead.

Come on, big girl.  Start singing!

Sounds to me like the deal is all of SSW shares in the club and then some, maybe all, of the holding company - hence SSW has had to pass the letter on to basically say 'here, I've accepted my side of it. Now it's up to you'.

This is what I wasn't sure on.

Is A.Fitton buying the shares in the club from the holding company or buying the Will's majority in the holding company?

Option two would presumably include Diamandis and his shares held by proxy still retaining an involvement.  

While if we go for option one and the holding company sells A.Fitton the shares in the club what return would the holding Co shareholders (Diamandis) receive?  Would it be a proportional percentage of the one pound making it a loss for Diamand Mike’s £1 “for a laugh” investment?

That would make my day

Depending on the holding company's Articles of Association, Wills Jnr. owns 51% so could accept an offer for the company.

So, how does Bill Ps' alleged shareholding impact on this. In the past the club have said it was 22, 23, 32 & 33% of the holding Co/ Football club.
Yet they are selling 75% of one of them.

If we believe the Adver article on Sat, then the offer is for the holding co's majority shares in the club, and it amounts to the princely sum of a quid.

 Steady on Ron.....you'll do yourself a mischief.

So is this offer conditional, as per BEST (i.e. if accepted could still go wrong)?

So is it the holding Co that they allege Bill owns some shares in then ?

Yes.

Right so this has now gone a proper step closer. The offer has been received and the club have even admitted that. So i'm guessing that the offers terms have already been agreed between Mr Fitton and Co and the board and SSW? So it's a case of SSW accepting the offer in writing and then paperwork being signed off before we can all celebrate. Not quite there yet but this tends to suggest now that the deal is very close  :D

so is it just "yes you have a deal" or "no you have no deal" now then? Could it be done and these people leave then?

    Do we have to involve Noel Edmunds?

No just spices things up a bit, try and dig into a different market and all that.

Ace, I can use my old photoshop jobbie again...

http://i71.photobucket.com/albums/i151/sam_stfc/dealnodeal.jpg

 What a bit like "Are you smarter than a ten year old? "

exactly.

the answer was no

"Yes yes yes no-deal"(Jim,off Vicar of Dibley)

The Adver said at the weekend that Fitton was buying 75% of the shares from SSW. If that is 75% of his 70% club shareholding, that means he effectively will own 52.5% of the club shares i.e. a controlling share, with the holding co. left with a minority shareholding.

I'm encouraged with the news, but until I get the news that this lot have left the club with Diamond Mike with them, I'm not going to get excited.

Well if the Adver is right then there will be a complete clear out including Mike D

But that old combination of the letters 'I' and 'F' can be deadly my dear Sir!


Does sound good though and the best we can do is hope it gets sorted! Could we finally get the Friday Statement we've all been waiting for?!

that would make my weekend, would love to see a few of the board members carrying there cardboard boxes of desk contents out of the back of the Arkells.

Anyone read bape's posts on this is?? He seems to be an insider... and said the next 48 hours is crucial.. Seems like Diamandis doesn't want to sell. Shock  :-))(

Wouldn't be at all surprised if this takeover fell through because of diamandis, he just wants to destroy this club, if the takeover fails i think it's safe to say it will be the end of STFC!!
Surely seton wills and james wills know they have to sell otherwise they won't get any money at all and that will be it!!

The thing is Diamond Mike doesn't (or shouldn't have a say) he doesn't own any of the club so it's not his choice.

According to Bape on thisis, one person is saying don't sell and the other is pondering.

Yeah well Bape is Bape. He'll say things that stir up a fuss whether they are true or not.

To be fair he has been right on a few occassions so i'm not too sure to believe him or not.

may i suggest the 'wait and see' approach?

Of course, nothing is a surprise though when it comes to STFC, this is our last chance, what happens if it doesn't go through?

Off to Reading

mischief now corrected - I am returning to Earth

how shocked would we be if the offer was rejected?

not shocked at all .. they have no intention of selling and never did

Or Swap Shop ?

Now that they have acknowledged an offer, surly they will accept it, The only thing that would stop it now is greed. SSW knows the end is nigh or he will lose everything. They cant pay the CVA and now the FL are cracking down, he knows its now or never. If its never he will have to declare himself bankrupt. NOT GOING TO HAPPEN.

Personally, I think Diamandis won't get a say in the matter.

Fitton obviously knows what a devious bastard Diamandis is, therefore must've structured the deal around the fact that Diamandis will never sell his share in the holding company without a big pay off.

Dazzza raised a very valid point earlier in the thread, it depends what entity Fittion is buying shares in.

Is Fitton buying shares in the club from the holding company? i.e. giving the holding company X amount for the shares they hold in the club.

Or is he buying the 51% majority of shares in the holding company from James Wills?

What if it's not Diamandis saying don't sell?  

Could be the lawyers that Bape is talking about.

Kinky its Diamandis

And the reason is mainly a) money from redevelopment
b) his secrets will out in the domain
c) he loses a main source of ongoing funding

No I mean that perhaps the lawyers think they have something to gain by Wills holding on to the club.

No doubt Dirty Diamandis has been trying to scupper the deal from a distance but I think we've all got the impression his opinion counts for sod all now.

Kinky does it though? i truly hope you are right

Im just going by what we know about the lawyers from before:



This Clive Willmott chap may be the problem?

Hopefully there is no real problem, just a couple of people sh!tting themselves that they'll be out of a job or something.

Clarke Willmott :)

Clive, Clarke they're all the same to me...  :)

Isn't that just the name of the firm, I was thinking of an individual who dealt with the Bournemouth takeover, some kind of acting agent, not exactly whiter than white.  Thought his name was something else tbh.

I don't know, I'm going purely on what's been written in this thread I'm afraid. :|

Yes it's a firm. Yes I know the guy you speak of but Jan his name escapes me too(PaulD will know).

A colleagues girlfriend works for CW. Unfortunately a different department, which is academic as there is more chance of getting blood from a stone than getting a lawyer to break client confidentiality.

Come on Paul put me out of my misery hang on ....Trevor Watkins????  Is that the fella?

It just came to me.

Trevor Watkins is the right answer

http://www.ftsportsummit.com/Speakers.aspx?m_pid=0&m_nid=9223

(scroll down)

So the new question is, is Tervor Watkins still involved in dealing with the proposed takeover?

Yes. Handles the club's legal work for Clark Willmott, the holding co's is done thru Bell Wedlake. Also sometime agent and involved initially in the buy-out at Bournemouth

If it's gone to the Holding Co's solicitors, no, as they are Bell Wedlake, he works for Clark Wilmott. But, I'm afraid to say that in this instance Bart is right - it's not the lawyers trying to cause the problems. Whether the individual or individuals trying to put a spanner in the works still have the ability to do so is the key question - if this deal doesn't go through, I'm afraid it's very probably game over for the club in it's current form

So that's not the best news, although the born'muff deal did go through in the end.