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Various: Mike Ashley in talks with Sheikh Khaled bin Zayed Al Nehayan


Kaizero
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Ashley this morning:

 

There's something I wanted to talk to you about actually, Rafa. It's not good news PCP supernova-ed, there's nothing left of it apparently, happened about 4 million years ago.

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Anyone with good business knowledge and share knowledge look at this

https://beta.companieshouse.gov.uk/company/06035106/filing-history

specifically the resolution on the 4th Jan.

I think its about that buy back for the shares and looking at it it's not a small amount

they are allowed to buy 79,385,385 shares at a minimum price of 10p. That's not a small amount.

It also says its 14.99% of ordinary shares in the company.

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Anyone with good business knowledge and share knowledge look at this

https://beta.companieshouse.gov.uk/company/06035106/filing-history

specifically the resolution on the 4th Jan.

I think its about that buy back for the shares and looking at it it's not a small amount

they are allowed to buy 79,385,385 shares at a minimum price of 10p. That's not a small amount.

It also says its 14.99% of ordinary shares in the company.

 

£3.50 each today, so 80 million shares = £280m.

 

Anyone else heard numbers in the region of £300m bandied about anywhere recently??

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So what does this tell us?

 

Double bump.

 

Bump.

 

Those are resolutions passed at the AGM and are similar to those passed in previous years. They expire each year and must be renewed. The disapplication of preemption rights gives the company flexibility to raise new cash through issue of new shares quickly without going through a full public placement- for example if the opportunity arises to buy another business but such a deal must be done within a short timeframe. The AGM notice states no such transaction is currently envisaged in the opinion of the Board (which includes MA).

 

SD have a rolling share buyback programme, which again must be authorised by shareholders annually.

 

So it all means very little.

 

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I work in corporate law - the above probably means nothing.

 

As has been mentioned these resolutions are done on an annual basis (usually just tacked on to the end of the company's AGM) and are done purely for flexibility should the need to buy/sell shares arise in the future. There's an annoying pre-emption procedure built into the Companies Act that these resolutions are designed to bypass. If you check through SD's filing history you'll note similar resolutions were passed on 26 Sep 2016 and 26 Sep 2015.

 

It's probably a similar story with Cantervale Limited - companies can be established at Companies House for £40 a pop and many of our clients do so at various intervals just to reserve a name for a deal that might or might not happen in 18/24 months - sometimes the company is never used at all and lies dormant for years.

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