saint at wire wrote:
Bell was issued with some extra 15,000 shares as recently as Dec 1st 2011 taking his shares upto 50,667 taking his share up to 15.2% of the total. Similarly Lyons took 10,000 more shares on the same date (now 8.3% of the total). The share capital is now 332,502 not the figure you state (sorry for being a pedant).
The extra shares were issues by way of conversion of their share of the £850,000 of total directors loans which were converted to shares; which makes their resignations all the more strange given that it all happened within two months of the close season.
Clearly something happened in those two months - the problem is that what happened is anything but clearly!
Obviously since resigning they may have sold the shares but in a closed company like this, it is not straight forward.
Sir Mac's (& family)stake is now down slightly to 23.7%. Coleman has 83,333 (25.0%) shares, so they control under 50% between them. However, Coleman has a large convertable loanstock which if fully converted would give him approx 39% of the total, which IMO is fair enough given the amount he has invested.
Well having looked back to the original announcement, Mike Coleman has since taken additional share meaning I've miscalculated his potential share of the club if (for if read when) he converts his shares.
If I'm right it will be 53% of the total so assuming he keeps his loan in as well it gives a current value of the club around £12M.
