General The Board & Senior Management

[MarkG]

He's paying all the bills.

Not really, all of the shareholdings have increased, the main board all by between £3m - £7m. Tiger and Empire a few 100K.

 

[Colin B]

Had a look at the holding company profile today.
Share capital now £30M! from £16M Nov 2023.
A few changes in shareholdings, and HG's holding has moved to a different entity.
ET now largest holder.

Yes, I looked at it a while ago.

That different entity (Oxford United Investors Pte Ltd) is not just Horst, but also Barry Winters. Barry has been around the club quite a while, so it's good to see his involvement put on a formal footing. Horst's investment is similar in value to before, Barry's £2.5m is new, and Anand and Erick have put in an extra £4.5m and £7.5m since late 2022.

Erick now has 37.52% of all shares and Anand has 24.80%, meaning over 62% is with the Indonesians.

 

[OnlyOneUnited]

In simple terms for simpletons like me, does this mean that those individuals you've mentioned there Colin have injected their own money into the club, no strings attached (and crucially not loans)? If so, that seems very welcome and with no downsides I can see?!

 

[MarkG]

Yes, I looked at it a while ago.

That different entity (Oxford United Investors Pte Ltd) is not just Horst, but also Barry Winters. Barry has been around the club quite a while, so it's good to see his involvement put on a formal footing. Horst's investment is similar in value to before, Barry's £2.5m is new, and Anand and Erick have put in an extra £4.5m and £7.5m since late 2022.

Erick now has 37.52% of all shares and Anand has 24.80%, meaning over 62% is with the Indonesians.

I wonder why they set up a new company rather than BW just buying shares in the existing holding company?
To keep that smaller group of investors in a defined shareholding ratio?
I only downloaded the brief business profile for each entity so can't see how you get to BW putting that cash in.

 

[Colin B]

In simple terms for simpletons like me, does this mean that those individuals you've mentioned there Colin have injected their own money into the club, no strings attached (and crucially not loans)? If so, that seems very welcome and with no downsides I can see?!

Sadly not.

This capital has come from the individuals (via their investment vehicles) into the Holding Company. The Holding Company has put the money into the Football Club, but only by way of loans at this moment in time. They can convert it into equity any time they want, but so far have only done this with £3.5m of it.

In very broad brush terms, if the club was sold, and the deal was to pay back the loans to the Holding Company, each shareholder of the Holding Company would get back the equivalent percentage relevant to their shareholding. Of course any extra would probably be shared out in the same way, but not always.

Hope that helps?

 

[OnlyOneUnited]

OK understood, thank you! I suppose while we have no real assets (not counting some of the players I suppose) then the risk to us as a club remains low as nobody would want to agree to pay those loans back as part of a purchase of the club anyway, as they would not be getting anything for it? And it's not in the interest of the investors to call in the loans as they would simply devalue the club, which in turn devalues their loan?

 

[Colin B]

I wonder why they set up a new company rather than BW just buying shares in the existing holding company?
To keep that smaller group of investors in a defined shareholding ratio?
I only downloaded the brief business profile for each entity so can't see how you get to BW putting that cash in.

Maybe I've got a more detailed report than you Mark?

But I can see from Oxford United Investors Pte Ltd the shareholding breakdown, and from that I see Barry's percentage, which I've extrapolated from the value of shares in the Holding Company held by OUI Pte Ltd.

 

[Colin B]

OK understood, thank you! I suppose while we have no real assets (not counting some of the players I suppose) then the risk to us as a club remains low as nobody would want to agree to pay those loans back as part of a purchase of the club anyway, as they would not be getting anything for it? And it's not in the interest of the investors to call in the loans as they would simply devalue the club, which in turn devalues their loan?

Correct, but it's ALWAYS better if the loans are converted to equity, as in the case of a sale the money would then go into the club, rather than to the shareholders to repay their loans.

 

[MarkG]

Maybe I've got a more detailed report than you Mark?

But I can see from Oxford United Investors Pte Ltd the shareholding breakdown, and from that I see Barry's percentage, which I've extrapolated from the value of shares in the Holding Company held by OUI Pte Ltd.

that makes sense.