Takeover

[Pragmatist]

Not repeating the chain, but Prag I agree.

Might almost be a case  of I won't enforce against Holdings if Farnell is made preferred bidder. Hearn receives a percentage of 'club' in return.

I don't think this bravado from Hearn, I think he wants to secure his position

Hardly possible for Farnell to be made “preferred bidder” because he’s unlikely to get EFL approval as a fit and proper owner. 

I’m not sure that Hearn is in any bargaining position at all.  If he goes ahead and enforces, then he simply owns 2.35% of Holdings.  It doesn’t get him very far.

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Yeah, the club aren't repaying the loan, Lai/Holdings is (assuming they actually do!). But reports from 2022 stated that the loan was secured against 2.35% of the club shares that Lai/Holdings possesses. It wasn't said that it was 2.35% of Holdings shares.

If it is actually 2.35% of shares in Holdings then that is a different matter, and I'll assume the reports were factually incorrect.

All I’ve been able to find in the media, is that the warmfront loan was secured against shares in holdings Ltd.  But then who’s to say the media reported it correctly or the information they received was correct? 

The waters are muddy to say the least.

Forget what the media say.  Journalists don’t understand finances.  The auditors have explained it very clearly and the audited accounts are available from the Companies House website.

I’ve just had a look at holdings Ltd accounts to june 2022 and there’s no mention of the loan from Warmfront. 

Holdings accounts do mention the MSD loan to Group.

Its there.  Note 19 in the Notes to the Accounts.