Cain Hoy say 'No'.

[Bus-Conductor]

I have a question for any of our financial wizzes:

If Cain Hoy are making an offer for say 40% (i.e. less than a majority), do they have to make the offer just to ENIC's holding, or will the rest of us with shares have to be offered the chance to sell to ours to them at the price they are offering ?

 

[cornelius knob]

same old news but its making the rounds in the US press

http://www.sportsbusinessdaily.com/Global/Issues/2014/09/15/Finance/Tottenham-Investors.aspx

Actually this is so refreshing. The last paragraph actually sums up the state of play perfectly. A takeover bid would be
"WELCOMED BY A LARGE NUMBER OF TOTTENHAM FANS, WHO HAVE GROWN FRUSTRATED WITH LEVY`S FOOTBALL DECISIONS AND NEGOTIATIONS, AND DELAYS TO THE NEW STADIUM" Allej-fucking-luhla. The words NAIL and HEAD most definately spring to mind.

 

[Yorkville Spur]

Why ? All Cain Hoy have had to do so far is publish a few lines of text. That, if I understand the process correctly, has triggered Spurs having to post a paragraph on their web site.

Cain Hoy don't have to another thing if they don't want to, and they will have received a lot of publicity as football is a hugely exposed industry media wise.

We've never been this far along in the process in the 14 years ENIC have owned the club despite the constant swirl of rumors of interested parties. I still think the odds of a sale are very low simply because I don't see Lewis as a willing seller. For all the reasons Cain Hoy want to buy are all the same reasons Lewis wouldn't want to sell.

 

[Bobbins]

Actually this is so refreshing. The last paragraph actually sums up the state of play perfectly. A takeover bid would be
"WELCOMED BY A LARGE NUMBER OF TOTTENHAM FANS, WHO HAVE GROWN FRUSTRATED WITH LEVY`S FOOTBALL DECISIONS AND NEGOTIATIONS, AND DELAYS TO THE NEW STADIUM" Allej-fucking-luhla. The words NAIL and HEAD most definately spring to mind.

How long is a piece of string?

Ignoring the fact it's just a random claim made by a nobody hack, who cannot possibly know how many Spurs fans would welcome a chance - he might just mean, like, 50. Or a billion. I don't know. Because it's a throwaway line designed to cause controversy and get website hits.

 

[cornelius knob]

How long is a piece of string?

Ignoring the fact it's just a random claim made by a nobody hack, who cannot possibly know how many Spurs fans would welcome a chance - he might just mean, like, 50. Or a billion. I don't know. Because it's a throwaway line designed to cause controversy and get website hits.

WTF!!!!! So as a Spurs fans, who has not become frustrated with the points they made. Surely no-one. The article hits the nail on the fucking head. Its the truth. its what many of us feel. Its not just a throw away line its actually the feeling you would get actually talking to fans at WHL every other weekend.

 

[Spursidol]

Why ? All Cain Hoy have had to do so far is publish a few lines of text. That, if I understand the process correctly, has triggered Spurs having to post a paragraph on their web site.

Cain Hoy don't have to another thing if they don't want to, and they will have received a lot of publicity as football is a hugely exposed industry media wise.

Technically you are correct.

However as they have just vlaunched their fund to make investments with their reoutation as financiers, it would be unlikely that it would be as spurious as you insinuate.

However it is perfectly possible for them to say tio Levy/Lewis 'we had in mind an offer of (say) £500' and Levy/Lewis saying 'no that's way too low' and there being no further discussions.

As a general comment. only a small proportion of potential deals ever get done, even of well reserched bids I'd have thoiught a figure of 10% actally resulting in tcompleted acquisitions is the right sort of numbver. So this 'interest' could quite easily go nowhere, and it would not be unusual.

 

[rocklink]

@pokeefe1: Cain Hoy have made an offer. Only when an offer is received is a 2.10 announcement made.

 

[Dirty Ewok]

I think what is really striking about this is what it shows about SC itself...

This is a site that has pipe-fitters, masons, carpenters, estate agents, bank tellers, check-out clerks, social media managers, call centre managers, call centre agents, architects, lawyers, doctors, nurses, football coaches and web-developers.

We have people involved in local politics, students of law, medicine and history from around the world

We have several incredibly talented musicians and even more musicians who are absolute shit. We have numerous artists of varying talent.

We have people who can recite lines from the Jaws, Caddy Shack, the Simpsons, Archer, Dr. Who and Star Trek at the blink of an eye. We have people who can site the specific episode or moment in the movie those quotes come from without blinking.

We have people who can recall every single match Spurs have played since 1960 onward in excruciating detail, we have people who lived next to various players of varying talent throughout the years. We can get reports on the most secretive player dealings within the club. If we are looking at a player in some obscure league well no worry we have someone who actually lives there and goes to the matches to give us a report on the player.

We have all of this....but we don't have an expert on M&A to walk us all through every excruciating detail of this? What the hell?

Check that....knowing our luck we do have someone who is an expert on M&A, no doubt they have done dozens of them, they post on the site under a ridiculous name but they haven't posted on this.

The reason they haven't posted on this is because when they are away from their computer they are known as Jonathon Goldstein and he is busy with his involvement in buying the damn team at the moment.....

 

[rocklink]

http://www.thetakeoverpanel.org.uk/disclosure/disclosure-table

 

[Spursidol]

I have a question for any of our financial wizzes:

If Cain Hoy are making an offer for say 40% (i.e. less than a majority), do they have to make the offer just to ENIC's holding, or will the rest of us with shares have to be offered the chance to sell to ours to them at the price they are offering ?

There's no firm answer to that question.

The general rule is that bidding for more than 29.9% of a company bound by the takeover code (which may or may not inlusde the de-listed THFC - but I think it does) the a full offer m,ust be made - however it is perfectly possible for a 'whiyrwash' to be obtained whereby a full offer need not be made.

Think you need to look at the reasons for this arising in the first place - if its part of the stadium financing it maybe that their desire is to take just a part of ENIC's holding rather than its entirity. But it might also make an 'open offer' to all shareholders,......it just depends !

 

[Booney]

I wonder if takeover deadline day on October 10th will be as disappointing as transfer deadline day normally is?

I predict a whirlwind of optimism, some wild claims from ITKs followed by shattered dreams and wrist-slitting all round.

 

[Spursidol]

@pokeefe1: Cain Hoy have made an offer. Only when an offer is received is a 2.10 announcement made.

Nice guy, electronically speaking, but a DJ in a pub, so not sure how expert he is on this !

 

[DEFchenkOE]

Unless Cain & Hoy are Sheikh's or Russian oil barrens with bottomless pits of money I'm not interested and hope Enic continue.

 

[Martinhotspur]

Calm down everyone there will be plenty time to criticize the new owners when and if they take over if not we can carry on blaming Levy.

 

[LexingtonSpurs]

I think what is really striking about this is what it shows about SC itself...

This is a site that has pipe-fitters, masons, carpenters, estate agents, bank tellers, check-out clerks, social media managers, call centre managers, call centre agents, architects, lawyers, doctors, nurses, football coaches and web-developers.

We have people involved in local politics, students of law, medicine and history from around the world

We have several incredibly talented musicians and even more musicians who are absolute shit. We have numerous artists of varying talent.

We have people who can recite lines from the Jaws, Caddy Shack, the Simpsons, Archer, Dr. Who and Star Trek at the blink of an eye. We have people who can site the specific episode or moment in the movie those quotes come from without blinking.

We have people who can recall every single match Spurs have played since 1960 onward in excruciating detail, we have people who lived next to various players of varying talent throughout the years. We can get reports on the most secretive player dealings within the club. If we are looking at a player in some obscure league well no worry we have someone who actually lives there and goes to the matches to give us a report on the player.

We have all of this....but we don't have an expert on M&A to walk us all through every excruciating detail of this? What the hell?

Check that....knowing our luck we do have someone who is an expert on M&A, no doubt they have done dozens of them, they post on the site under a ridiculous name but they haven't posted on this.

The reason they haven't posted on this is because when they are away from their computer they are known as Jonathon Goldstein and he is busy with his involvement in buying the damn team at the moment.....

I did M&A work, but it was in the States, and we were generally buying private companies, and our purchase prices ranged from a low end of $1million to a high end of $75 million - so the general process will be the same, in terms of how a company is evaluated and priced, but I never had to deal with any of these types of regulations.

 

[Dirty Ewok]

I did M&A work, but it was in the States, and we were generally buying private companies, and our purchase prices ranged from a low end of $1million to a high end of $75 million - so the general process will be the same, in terms of how a company is evaluated and priced, but I never had to deal with any of these types of regulations.

Well start reading up on the law mate so we can get definitive answers....

 

[Tel Boy]

I have a question for any of our financial wizzes:

If Cain Hoy are making an offer for say 40% (i.e. less than a majority), do they have to make the offer just to ENIC's holding, or will the rest of us with shares have to be offered the chance to sell to ours to them at the price they are offering ?

My shares are still registered at my Mums address and she had phone call from someone Tuesday night who said they needed to speak to me about my shares and it was very important. She fobbed them off and didn't give them my number thinking it was some kind of cold caller!

 

[THFCSPURS19]

Why ? All Cain Hoy have had to do so far is publish a few lines of text. That, if I understand the process correctly, has triggered Spurs having to post a paragraph on their web site.

Cain Hoy don't have to another thing if they don't want to, and they will have received a lot of publicity as football is a hugely exposed industry media wise.

BC, for the umpteenth time, the people involved with CH are some of the most well-known people in the business/finance- they don't need publicity.

Furthermore, the whole Islington Square stuff has given them exposure already.

They are serious, I'm certain of that.

 

[Coyboy]

I think what is really striking about this is what it shows about SC itself...

This is a site that has pipe-fitters, masons, carpenters, estate agents, bank tellers, check-out clerks, social media managers, call centre managers, call centre agents, architects, lawyers, doctors, nurses, football coaches and web-developers.

We have people involved in local politics, students of law, medicine and history from around the world

We have several incredibly talented musicians and even more musicians who are absolute shit. We have numerous artists of varying talent.

We have people who can recite lines from the Jaws, Caddy Shack, the Simpsons, Archer, Dr. Who and Star Trek at the blink of an eye. We have people who can site the specific episode or moment in the movie those quotes come from without blinking.

We have people who can recall every single match Spurs have played since 1960 onward in excruciating detail, we have people who lived next to various players of varying talent throughout the years. We can get reports on the most secretive player dealings within the club. If we are looking at a player in some obscure league well no worry we have someone who actually lives there and goes to the matches to give us a report on the player.

We have all of this....but we don't have an expert on M&A to walk us all through every excruciating detail of this? What the hell?

Check that....knowing our luck we do have someone who is an expert on M&A, no doubt they have done dozens of them, they post on the site under a ridiculous name but they haven't posted on this.

The reason they haven't posted on this is because when they are away from their computer they are known as Jonathon Goldstein and he is busy with his involvement in buying the damn team at the moment.....

From the same call centre? It better not be Orange! All this time I've been listening to Adelle when there has been the whole workforce bickering over whether Kyle Walker meant to cross the ball in a pre season friendly four years ago.

 

[LexingtonSpurs]

I will say this - Spurs, from an acquisition standpoint, are likely the most attractive property in the PL.

And, assuming that a purchaser pays a premium of the club, that is generally a good thing for the welfare of the club itself. First, and foremost, this is a financial transaction, where the investors are looking for a substantial return on their investment. They will be looking to see how they can make money, short and long-term. On the football side, there are three primary revenue drivers (and perhaps a 4th minor driver): Broadcast revenue, match day revenue, CL/Europa revenue, and merchandising revenue.

Now, I think broadcast revenue is going to see another spike here shortly - growth in the US seems inevitable, and I expect significant competition when the NBC TV contract is up - from at least ESPN and FOX, in addition to NBC wanting to keep the property. Despite the games being on early in mornings, ratings are very good, and NBC shows every game - so there is interest, and it seems to be climbing.

Match day revenue - obviously tied to the new stadium, but also to the London location. On a plus note, I think their revenue forecasts will include a ticket price increase, paid in part by luxury boxes, but also premium seats - and to justify a price increase, there will be an expectation of top-4 caliber team, and champions league football. People who buy luxury boxes and premium seats want to be associated with a winner - so I do think every effort will be made to push the club in this direction.

Going with that, I think new owners will expect CL, and the attendant bump in revenue. Also, while the London location is key for these buyers - they are not interested in taking clients to 2nd-rate cities, I think they would really like to entertain clients in cities like Paris, Munich, Madrid, etc. i.e. CL

Merchandising revenue - we have seen reports that Cain Hoy may have been speaking with Levy for months, and Levy, being astute may well have been aware of interest in an acquisition. Certainly, over the past several months, the team has taken steps to grow the brand - notably with AIA in asia, and the recent US pre-season tour. And, as these things come to light, I don't think it was a coincidence that we signed Yedlin, even though he was not ready to come over here - Yedlin has a definite chance to be the next marquee player for the US National Team. If that happens, and he is playing for Spurs, Spurs will spike in popularity in the US - where merchandise sales can be a real boon.

Up to this point everything looks good, from the club's perspective - the biggest bump in revenue will come if/when Spurs are consistent top-4 contenders, and that means spending some money wisely to upgrade the roster, to make that happen. Even under FFP, owners are allowed to provide an influx of cash up to a point - I expect we will see a small splash of cash early, and then more later, as we build revenue.

The one caveat to all of this is the real estate development. At their heart, that looks like the strength of this particular group. SO, they may be eyeing this transaction as less about the club, and more about the real estate development opportunities in the surrounding area. If that is the case - they see the club as ancillary to the profits around the real estate, they may be less willing to invest heavily in the club, willing to let it continue along the same path - top-6/7 - enough to fill a 55,000 all-seater, and draw people into the re-developed area, but not willing to make the next investment necessary to push it into the same level as Chelsea, Arsenal, ManUtd, Man City, Liverpool.