Put your feet up and get a cup of Tea

[BCram]

Thanks to you mentioning my name I searched for my password to let me post on this forum.
We used to have family holidays at Machrihanish and my first game of golf on Machrihanish Golf Course was in July 1970 when I won 1st prize in a Junior Handicap open competition.
Prior to moving to Islay my wife and I considered moving to live in either Campbeltown or Machrihanish.
Returning to our neighbours You are correct that the assets are merely security for the loans. I cannot remember if interest is paid on these loans but United are currently paying 6% interest on the loan secured on Tannadice Park with a further 4% interest being paid if the loan is not repaid under the terms of the deal.
That might account for the fact that it was reported on another forum that United had repaid the agreed annual repayment and then asked for a further loan.
Throughout the past twelve years despite their lofty position in the Premier League up to the end of the 2014-15 season United have been a selling club as they have continually made an operating loss. However they now have no players to sell to balance the books.

Glad to see you make the effort. The way this Forum works the latest posts are always at the top. I think it gives OT threads a chance to be seen by everyone who looks at the site and it can be entertaining in a way that is distinct from TDB (Pravda as Rross christened it).

The United situation is interesting. Since Marshall bought MMJ's sisters shareholding which I think was 33% does that mean that when added to the 53% owned by MMJ, he will have to make an similar offer for the minority shareholdings? Not sure who the smaller shareholders are - can you enlighten me?

There might a similar situation for DFC if the losses that have been made by FPS are turned into shares. That would bring the FPS shareholding up over 75% and perhaps trigger the same sort of situation for DFCSS and the other individuals who still hold shares in DFC.

[islaydarkblue]

Glad to see you make the effort. The way this Forum works the latest posts are always at the top. I think it gives OT threads a chance to be seen by everyone who looks at the site and it can be entertaining in a way that is distinct from TDB (Pravda as Rross christened it).

The United situation is interesting. Since Marshall bought MMJ's sisters shareholding which I think was 33% does that mean that when added to the 53% owned by MMJ, he will have to make an similar offer for the minority shareholdings? Not sure who the smaller shareholders are - can you enlighten me?

There might a similar situation for DFC if the losses that have been made by FPS are turned into shares. That would bring the FPS shareholding up over 75% and perhaps trigger the same sort of situation for DFCSS and the other individuals who still hold shares in DFC.

Hi BCram,
You have hit the nail on the head.
James Michael Martin owned 200 shares in the Dundee United Football Company Limited prior to purchasing Justine Mitchell’s 33% shareholding. As far as I am aware James Michael Martin is now in the same situation as Dave King of Rangers as they have both breached the 29.9% shareholding limit and James Michael Martin should have be compelled by the Takeover Panel to offer to purchase the remaining shares held all the other shareholders including MMJ’s 52% shareholding.
I do not think that the Takeover Panel are aware of the situation at Tannadice.
The smaller shareholders are all listed on the Companies House website with the latest list having been recently published. I will show you where to find the list under a separate post.
I know a couple of people who used to work beside me and they hold the princely total of two shares.
When James Michael Martin purchased Justine Mitchell’s shareholding he publically stated that he had nothing to do with MMJ. He was reminded that he was a director along with MMJ in a business previously called Thomar PLC which changed its name last year to FC United.
This company has a share capital of 40p. Last of the big spenders!
Things are somewhat different with FPS. When bought into Dundee Football Club Limited they did so by purchasing unissued shares whilst MMJ appeared to be reluctant to sell the unissued shares in Dundee United Football Company Limited to raise funds as he would have lost his controlling interest.
FPS have stated that when their shareholding reaches 75% they will transfer their shares to Dark Blue Holdings. What happens to the remaining 25% minority shareholders including DFCSS is something that FPS will have to explain. I do not know the answer.

[islaydarkblue]

I enclose the list of shareholders in The Dundee United Football Company Limited. https://beta.companieshouse.gov.uk/c...filing-history
Click on 21st May 2018 Confirmation Statement and the name of every shareholder and the number of shares they hold is listed.

[BCram]

I enclose the list of shareholders in The Dundee United Football Company Limited. https://beta.companieshouse.gov.uk/c...filing-history
Click on 21st May 2018 Confirmation Statement and the name of every shareholder and the number of shares they hold is listed.

Thanks Islay. Some good old names there that I recognise. We will just have to wait and see what happens in DFC. They will be disappointed that their aArbroath game went so poorly. Bobby Linn got the equaliser- I think. Will be a magic moment for him.