@mufcMPB@alex_crook Please guys, let's try give credit to the whole team on transfers. Wilcox is one of a big team working behind the scenes for months on these deals. One man will never influence a transfer alone. Hargreaves, Berrada, Vivell, Sansoni and his data team, analysts, scouts and more.
Controversy Erupts Over Rescue of Adelabu’s Sister, Twin Sons as Allegations Surface That Kidnapping May Have Been Staged to Counter Insecurity Narratives Under APC Govt https://t.co/HY8UggvrUK
My 5 second take (and reminder of a few facts) for the blooomberg news that just broke:
1) the governing agreement treats the shareholders as "blocks." On one hand, you have the Trawlers (now INEOS) block; and on the other hand, you have the Glazer block. This is most important for the Right of First Refusal (the ROFO). If the Glazers go to sell, INEOS Gets ROFO (described more in point 3 below)
2) both blocks have restrictions on the sale of stock. Nominally, B shares will convert to A shares, if they are not transferred to an allowable party (including, but not limited: INEOS, any affiliate of INEOS/SJR/Primary INEOS Shareholder; or other Glazers). However, this can by bypassed Suuuuuuper easily, just like it was before. Conversion was not an issue when INEOS first stepped in, and it won't be an issue now.
There are a few contractual matters to be addressed-- but it primarily deals with minority shareholder rights-- things like drag and tag, veto, and right of first refusal shit. It's schmuck insurance for INEOS, basically. Though, if INEOS becomes the majority shareholder, then those protections become Schmuck insurance for the Glazers.
3) Per the agreement: Prior to making, or agreeing to make any Transfer of Class B Ordinary Shares (or marketing such Transfer), the would-be seller must provide a written notice to the other party, which shall state the specified number of Class B Ordinary Shares proposed to be Transferred. But, the Offered Shares shall not be less than 3.5 million Class B Ordinary Shares. This is called the "ROFO Notice"
Basically, we know that the Right of First Refusal (the "ROFO") will kick in when shares are actually marketed (ie put up for sale). It appears that we have not yet hit that point. We are very much in an exploratory phase.
After getting the ROFO notice, INEOS can tell the glazers it wants to buy all (but not some) of the offered shares. If INEOS says they don't want to buy, the ROFO notice will set the floor (ie the Glazers cannot sell the shares for less than the amount specified in the ROFO notice).
But, INEOS still gets another bite at the bullet, if they reject the ROFO, and the Glazers are about to sell the shares to an investor (or consortium which would vote in concert) which would result in a change of control of the company. In such a case, you enter the "last look" period. During this time, INEOS can basically say "ya know what, I don't want to work with these guys. I'll buy the shares on the same terms you offered them."
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IPO this, IPO that.
Everybody on your timeline is suddenly talking about IPOs, Public Offers and "getting in early." But you still don't know the difference between an IPO, a Public Offer and a Rights Issue.
Now that you can invest in all three directly on Cowrywise, I'll break them down in plain English and talk about how to decide how much to invest🧵