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Singapore floatation 
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UO Muppet Hater
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Post Singapore floatation
For those asking me about it, it is just too early to say what it means. We are seeking clarification on a number of issues - for example what percentage of shares are up for sale and what price they are valuing the club at.

Initial MUST Response (more of a holding statement) can be foudn at this link:
http://action.joinmust.org/index.php/bl ... n-of-mufc/

Also, Andersred interesting initial tweets:

For those asking "are we going back to being a plc?". If story true then answer is yes but not in UK and with a majority owner (the Glazers)

Key Q re IPO of #MUFC is "where does the money go?". If used to reduce club debt then a good thing. If off to Florida makes no difference.

Impossible to say whether an IPO of #MUFC is good or bad, I'd guess little direct benefit to club, good for the Glazers personal finances.

The bond was meant to release club cash to pay down PIKs, green and gold killed that idea ---> plan B, refinance PIKs then IPO

Possible upside for fans: Opp for fans to buy stake, more transparency, reduces need to pay special dividends out of club.

Glazer family found £249.1m ($400m) in November 2010 to repay PIKs. Almost certainly borrowed. IPO would repay that loan.

Beyond unlikely that proceeds from an IPO would be used to pay down club's debts. Almost certain to go to Florida to pay family debts.

If (IF) club is worth £1.6bn then deduct net debt of £400m gives value of shares £1.2bn so $1bn would be c. 50%.

The logic of IPO to Glazers is to release much needed cash for themselves from their ownership of the club whilst retaining control.

No inside track on #MUFC IPO story except to say a) I know they have been looking at an IPO in recent months and b) Singapore weird choice

If true they are selling a minority stake.

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Tue Aug 16, 2011 6:43 pm
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Post Re: Singapore floatation
Some more information from andersred:
http://andersred.blogspot.com/2011/08/k ... ation.html

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Wed Aug 17, 2011 4:27 pm
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Post Re: Singapore floatation
Excuse my ignorance but does this mean MUST can/will be buying shares?


Fri Sep 16, 2011 5:29 pm
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Post Re: Singapore floatation
Hi Jonesy,

We cannot decide that quite yet. There are several issues that we will not get clarity on until we see the prospectus.

1) Do the shares come with voting rights?

2) If no voting rights (so fans get no say in the club and it is only a financial investment) what is the value of the shares and are they highly overinflated as some are suggesting?

3) Are fans able to buy shares or are they only available to institutional investors in the first instance?

4) Where will the money go? IE will the Glazers pay down debts or pocket the (potentially 'our' cash)?

5) Even if they pay the debts off, what does the prospectus say about annual dividends?

I think it is 99% likely that the club will be a lot better off from this IPO. Essentially other people's money is paying down the debts and that debt going is a blessing. Whether I want it to be my money paying down THEIR debt or not is another issue, which all depends on the answers to the Qs above.

In theory, if fans could own shares, have voting rights, the cash cleared the club from its debts etc, then happy happy days. We get what we have wanted and the owners get what they want too - win, win. If this all went to plan I'd forgive them the £350m they've stolen already for mthe club. But this is all in ideal la-la land, obviously we aren't that trusting.

As it happens, the general opinion among investors both here and in Asia is that IPO is not that attractive to institutions; price too high and no voting rights generally not what people want. That means the Glazers will have to give, either on voting rights or on price. We await to see which.

Oli

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Fri Sep 16, 2011 11:08 pm
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Post Re: Singapore floatation
Looks like it all on hold for now...


Tue Sep 20, 2011 9:40 pm
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