8 days

[thorpie the sinner]

Tony Lynam has informed us that the deal is going smoothly and according to plan! It is also more than likely that it will go to the wire. So this is the official 8 days and counting thread!!!

 

Could this be the longest 8 days in Saints history!!

 

I am going to bed now and getting up next Friday morning at 630 where I hope to see the announcement that we have new owners by our very own clairvoyant Master Bates!!!!

 

Goodnight one and all, have a good time whatever you are doing over the next 192 hours!!!!!

[jasoneuelllfanclub]

I am glad he has come forward and given us an update even though it does not tell us that much although just to know that everything is still on course has restored my confidence a bit.

[JustMike]

if its going so smoothly why does it have to take the full 21 days??

[scott_saints]

if its going so smoothly why does it have to take the full 21 days??

To laugh at people on here. I'd do the same.

[SoccerMom]

if its going so smoothly why does it have to take the full 21 days??

Same reason that you put things on a credit card rather than pay for them up front - 21 more days that you can hang on to your money and get that precious 0.2% interest...

[Burger]

if its going so smoothly why does it have to take the full 21 days??

 

Parkinson's Law

[Pilchards]

The echo headline in a half a page is 'Going down to the wire'

 

What's going down to the wire?

 

Oh please for **** sake stop trying to be drama queens Mr Echo and as for the pinnacle group, I bet you are loving all this as you are making yourself out as supa heroes by dragging out the final signature to close the deal because........

 

I wish I knew?

[Colinjb]

The echo headline in a half a page is 'Going down to the wire'

 

What's going down to the wire?

 

Oh please for **** sake stop trying to be drama queens Mr Echo and as for the pinnacle group, I bet you are loving all this as you are making yourself out as supa heroes by dragging out the final signature to close the deal because........

 

I wish I knew?

 

I would bet it's just the solicitors dragging their feet.

[DT]

You can bet your bottom dollar that at the very last minute in transactions like this, the bidder will try to pull a cheeky one and make a cut-price offer. Buyers market. It was always going to take the full time, hence the miraculous press coverage of other potential buyers waiting in the wings. All so predictable. Bet Pinnacle will be on the verge of pulling out next we hear and then miraculously be brought back on board.

[Dr Who?]

They will extend past the 21 days if they need to. It is just a guidline the 21 days.

 

Just thought I would cheer you up.

[Chez]

if the buyer is serious would they not want to get hold of the club as soon as possible because the longer it takes the less time we have to get the club back on track and going forward?

[Sevvy]

The echo headline in a half a page is 'Going down to the wire'

 

What's going down to the wire?

 

Oh please for **** sake stop trying to be drama queens Mr Echo and as for the pinnacle group, I bet you are loving all this as you are making yourself out as supa heroes by dragging out the final signature to close the deal because........

 

I wish I knew?

 

The origin is indeed in sport, though not football but horse-racing. American racetracks in the latter part of the nineteenth century — before the days of cameras — had a wire strung across the track above the finishing line to help stewards decide which nose had got across the line first. An early example appeared in Scribner’s Magazine in July 1889: “As the end of the stand was reached Timarch worked up to Petrel, and the two raced down to the ‘wire,’ cheered on by the applause of the spectators. They ended the first half mile of the race head and head, passing lapped together under the wire, and beginning in earnest the mile which was yet to be traversed”. So, a race that was undecided until the very last moment was said to go down to the wire.

 

Another wire was often placed across the track at the starting post to help check for false starts; this led to another expression: from wire to wire, from the starting post to the finishing line, hence from end to end of a contest. When you are under the wire, you’re at the finishing line, figuratively at the last possible opportunity or just in time.

 

Steve

[Alanh]

if the buyer is serious would they not want to get hold of the club as soon as possible because the longer it takes the less time we have to get the club back on track and going forward?

 

You would think, but in the greater scheme of things getting the details of a transaction worth about £14M is more important that a few extra days worth of planning for the team.

[merrimd]

They will extend past the 21 days if they need to. It is just a guidline the 21 days.

 

Just thought I would cheer you up.

 

But if they extend past the 21 days, they lose exclusivity, someone else could come in with a better offer, and we have to go through the whole thing all over again!!!

[Junior Mullet]

if its going so smoothly why does it have to take the full 21 days??

 

 

It takes time to delist a PLC. It takes time to settle matters and reach legally binding settlements with creditors. It could take time to get funds in place. There will be a lot of things out of the hands of the Pinacle Group and their lawyers - people with less of a vested interest and less of a desire to get it sorted quickly.

 

Calm down guys, this is all perfectly normal. It will go close to the deadline but I would expect nothing less.

[Clapham Saint]

It takes time to delist a PLC. It takes time to settle matters and reach legally binding settlements with creditors. It could take time to get funds in place. There will be a lot of things out of the hands of the Pinacle Group and their lawyers - people with less of a vested interest and less of a desire to get it sorted quickly.

 

Calm down guys, this is all perfectly normal. It will go close to the deadline but I would expect nothing less.

 

They don't need to de-list the plc to do the deal.

 

They just sell the shares of SFC Limited (and the stadium company) to a new holding company.

 

That said these things do take time.

 

My money is on the deal going through on day 21 or 20 at best.

[Junction 9]

Don't the football league set a deadline for when this needs to be completed?

[70's Mike]

Just means we have less time once a new manager is appointed to assess what squad we'll have, make new signings and create a team in time for the season. Basically the delays just hamper our start, when we're starting on -10 anyway, and we nearly always, always start badly.

 

sell season tickets

[Charlie Wayman]

Tony Lynam has informed us that the deal is going smoothly and according to plan! It is also more than likely that it will go to the wire. So this is the official 8 days and counting thread!!!

 

Could this be the longest 8 days in Saints history!!

 

I am going to bed now and getting up next Friday morning at 630 where I hope to see the announcement that we have new owners by our very own clairvoyant Master Bates!!!!

 

Goodnight one and all, have a good time whatever you are doing over the next 192 hours!!!!!

 

You poor sod; I don't think the NHS can offer you a remedy either. What will you do if you oversleep next Friday and miss the announcement?

[Cabrone]

I don't think that these 21 days are wasted time as I'd imagine they are using this period to assess staff\player\business issues.

 

My hunch is that when the deadline comes up and they move forward (sounds likely) we will have a flurry of activity.

[Nineteen Canteen]

if its going so smoothly why does it have to take the full 21 days??

 

Ever taken your car in for a service and be told that they were able to complete it in half the time so have halved the labour costs? No me neither in fact I am amazed I seem to get charged double for work that should have been covered in the original quote. Perhaps I am just lucky for having an unusual christian name but I dread those words in the Service Reception Area - 'Mr Canteen your car is ready'.

[70's Mike]

Ever taken your car in for a service and be told that they were able to complete it in half the time so have halved the labour costs? No me neither in fact I am amazed I seem to get charged double for work that should have been covered in the original quote. Perhaps I am just lucky for having an unusual christian name but I dread those words in the Service Reception Area - 'Mr Canteen your car is ready'.

 

so they do not shout out

 

"Pratt your car is ready"

[thorpie the sinner]

You poor sod; I don't think the NHS can offer you a remedy either. What will you do if you oversleep next Friday and miss the announcement?

 

blame MB!!!!!!!!

[Junior Mullet]

They don't need to de-list the plc to do the deal.

 

They just sell the shares of SFC Limited (and the stadium company) to a new holding company.

 

That said these things do take time.

 

My money is on the deal going through on day 21 or 20 at best.

 

I understand that Clapham and that would seem to me to be the simplest route by far, but Lynham has said that they are going to delist it.

[Tom28]

if its going so smoothly why does it have to take the full 21 days??

 

Anyone on this forum ever bought a house? (Silly question, you're all 15-18 years old). Right, well it takes 2-3 months to buy ONE HOUSE - even after you've made an offer.

 

21 days to buy a FOOTBALL CLUB and all the things that come with that such as; countless players' contracts; staff contracts; debt and associated creditors; stadium; third party contracts; to name just a few of the biggies, is not a lot of time. In fact, I'm surprised that the period of exclusivity is only 21 days.

 

They're not buying a new shirt, or a car, or a house, they're buying a FOOTBALL CLUB. So will everyone stop panicking.

[ThaiSaint]

You can bet your bottom dollar that at the very last minute in transactions like this, the bidder will try to pull a cheeky one and make a cut-price offer. Buyers market. It was always going to take the full time, hence the miraculous press coverage of other potential buyers waiting in the wings. All so predictable. Bet Pinnacle will be on the verge of pulling out next we hear and then miraculously be brought back on board.

 

I tend not to post here too often. Over the past few weeks / months I have had a few chuckles at peoples opinion on what's actually happening.

 

I have been involved in several company sales in my previous 'life' in the UK, both as a buyer and a seller. Here's how it usually worked for me;

 

The 'selling' business (or in this case the Administrator) draws up a whole set of documents that set out the state of the business. These documents would include copies of every (material) contract, all income, expenditure, assets and a whole load of other things. It is commonly referred to as 'the bible'. Potential buyers then 'bid' for the business based on this information. If they are 'successful' - as in the case of Pinnacle, then they sign contracts that involves 'disclosure' of all information by the seller and they enter a period of due diligence.

 

During this period they have full access to any documents and information they request and if they can prove that, for example, income has been exaggerated then they have the right to reduce their offer by an appropriate amount (usually the formula for this has been agreed beforehand). If they find that the whole 'bible' is a work of fiction then they can pull out.

 

The upshot is that provided the 'bible' was not a bunch of baloney both the buyer and the seller have to complete (give or take anything discover after 'disclosure').

 

Sorry if this is boring reading but it's about time someone tried to explain the process - I'm just surprised that (so far as I can see) nobody has. Let's hope that 'the bible' was not pure fiction - otherwise the buyer cannot make a 'cheeky bid'.

 

By the way - I now live about 1 km from the family home of Thaksin Shinawatra and can't see any red and white. Only red shirts around there...

[Gordon Mockles]

Tony Lynam has informed us that the deal is going smoothly and according to plan! It is also more than likely that it will go to the wire. So this is the official 8 days and counting thread!!!

 

Could this be the longest 8 days in Saints history!!

 

I am going to bed now and getting up next Friday morning at 630 where I hope to see the announcement that we have new owners by our very own clairvoyant Master Bates!!!!

 

Goodnight one and all, have a good time whatever you are doing over the next 192 hours!!!!!

 

As expected really and as I've been saying, be patient. Good things come to those that wait and no news can be...GOOD NEWS!

 

Too many people on here lack patience (I admit, we're all bursting to know and I'm not the most patient person but, in this case, it was obvious it wouldn't happen overnight). Without meaning to state the obvious, football takeovers can be tricky and complicated things and you just KNOW the paperwork, contractual side (possible litigation) and general bureaucracy can't have been made straight forward and easy when you consider the track record of a certain (recently departed) chairman.

 

I am hoping, after this decade and more of stifling leadership and dwindling fortunes (bar the odd glimmer and spark which was never allowed to fuel a healthy cataclysm of success - in fact, any positive signs were veritably extinguished) we will finally be able to dust ourselves down, put the past behind us and look forward to a brighter future (without the usual, well justified trepidation that shadows most Saints fans).

 

COYS and here's to happier times. It's a crying shame we had to sink to League One to shake off the rot but that we have and I am confident of a brighter future for all.

[Nineteen Canteen]

so they do not shout out

 

"Pratt your car is ready"

 

Not usually as that's not my name. I once knew a Mrs Lovett-Standing and as I understood it formerly a Miss Standing until she got married.

[Clapham Saint]

I tend not to post here too often. Over the past few weeks / months I have had a few chuckles at peoples opinion on what's actually happening.

 

I have been involved in several company sales in my previous 'life' in the UK, both as a buyer and a seller. Here's how it usually worked for me;

 

The 'selling' business (or in this case the Administrator) draws up a whole set of documents that set out the state of the business. These documents would include copies of every (material) contract, all income, expenditure, assets and a whole load of other things. It is commonly referred to as 'the bible'. Potential buyers then 'bid' for the business based on this information. If they are 'successful' - as in the case of Pinnacle, then they sign contracts that involves 'disclosure' of all information by the seller and they enter a period of due diligence.

 

During this period they have full access to any documents and information they request and if they can prove that, for example, income has been exaggerated then they have the right to reduce their offer by an appropriate amount (usually the formula for this has been agreed beforehand). If they find that the whole 'bible' is a work of fiction then they can pull out.

 

The upshot is that provided the 'bible' was not a bunch of baloney both the buyer and the seller have to complete (give or take anything discover after 'disclosure').

 

Sorry if this is boring reading but it's about time someone tried to explain the process - I'm just surprised that (so far as I can see) nobody has. Let's hope that 'the bible' was not pure fiction - otherwise the buyer cannot make a 'cheeky bid'.

 

By the way - I now live about 1 km from the family home of Thaksin Shinawatra and can't see any red and white. Only red shirts around there...

 

Pretty much as above, however in administration it is fairly common for time pressure to be more... um... pressured.

 

Also the administrator will be unwilling to but together anything as a 'bible' as he would then be seen to be seen to be giving credibility to the figures. They will allow full access but won't put their name to anything to confirm that it is accurate.

 

Chang Mai.... Going to be there in a week!

[LostBoys]

I am not worried about it going to the wire just if they have to do another lap or two. I am also not convinced that 'bid high negotiate low' is actually going to work with Barclays. We will see soon enough.

[Toadhall Saint]

Pretty much as above, however in administration it is fairly common for time pressure to be more... um... pressured.

 

Also the administrator will be unwilling to but together anything as a 'bible' as he would then be seen to be seen to be giving credibility to the figures. They will allow full access but won't put their name to anything to confirm that it is accurate.

 

Chang Mai.... Going to be there in a week!

 

Jammy git! Wish I was! Not been for a couple of years now tho!

[Clapham Saint]

Jammy git! Wish I was! Not been for a couple of years now tho!

 

Fly in 43 hours.... 3 weeks

 

Hong Kong

Bangkok

Chang Mai

Siem Reap (Sp?)

Koh Pangan

 

:cool:

 

Recommendations?

Edited 11 June, 2009 by Clapham Saint

[Toadhall Saint]

Fly in 43 hours.... 3 weeks

 

Hong Kong

Bangkok

Chang Mai

Siem Reap (Sp?)

Koh Pangan

 

:cool:

 

Recommendations?

 

Depends what your looking for really? Me I'd head straight for Koh Phangan. But as you seem to be doing the tour - Chang Mai good bars good entertainment and a great night bazaar. BKK - Suhkamvit (sic) is a good area its got just about everything (and I mean everything) you could want. If you want to chill (and you will after a few days) go to Limpini park (not far from Pat Pong night market). Koh San road (backpacker alley) is good fun at night!

 

KPG - stay away from Haad Rin unless you want to party for 24/7. Go to the full moon party if your there at the time - great to see all of the "tourists" taking pics and NOT partying (don't understand that myself). I stay at Baan Tai Resort - its between Baan Kai and Thongsala (about 10 mins to Haad Rin) - the Thai owners are real good friends and all support Saints!! Alternatively if you want a beach hut thats on the sand go to Haad Yow or Thong nai pan. Oh and drop into the "Masons Arms" - all things considered it is probably the most out of place pub i've ever seen (based on the Stoneham arms).

 

Not been to Cambodia or Hong Kong so can't comment.

 

Apologies all - should have used the PM thingy!

Edited 11 June, 2009 by Toadhall Saint
Cos I can

[saintwarwick]

League one news on Teletext: "The Pinnacle Consortium led by club legend Matt Le Tissier, are confident of completing their takeover before next Friday's deadline".

[redder freak]

Just to show that these things take time even if your purchaser represents a consortium of UAE businessmen:

 

http://www.guardian.co.uk/football/2009/jun/10/portsmouth-takeover-sulamain-al-fahim

 

(For those who can't be bothered to follow the link it just says that the Pompey takeover will run until next month at least.)

 

Don't panic Mr Mainwaring!

 

Hopefully this is worth waiting for.

 

And I am full of hope... what else is there?

[Arizona]

Well there's still another two Fridays before the deadline expires, so fingers crossed.

[thorpie the sinner]

Well there's still another two Fridays before the deadline expires, so fingers crossed.

 

will you lot keep the noise down!!!

[Thedelldays]

i think its odd

 

no lowe/wilde etc and it still takes a long drawn out process to buy saints...

[Arizona]

will you lot keep the noise down!!!

 

I don't think I understand this statement. Please elabourate.

[thorpie the sinner]

I don't think I understand this statement. Please elabourate.

 

at the start of the thread, I stated i was going to bed to sleep until next Fri when the announcement was going to be made!!! i haven't had a wink yet with all the pontificating on here lol!!!!

[Saint Fan CaM]

i think its odd

 

no lowe/wilde etc and it still takes a long drawn out process to buy saints...

 

You must be the type of guy that goes fishing with a loud flourescent jacket on and 10lb line to catch a sprat - right?! LOL

[s0108787]

Anyone on this forum ever bought a house? (Silly question, you're all 15-18 years old). Right, well it takes 2-3 months to buy ONE HOUSE - even after you've made an offer.

 

21 days to buy a FOOTBALL CLUB and all the things that come with that such as; countless players' contracts; staff contracts; debt and associated creditors; stadium; third party contracts; to name just a few of the biggies, is not a lot of time. In fact, I'm surprised that the period of exclusivity is only 21 days.

 

They're not buying a new shirt, or a car, or a house, they're buying a FOOTBALL CLUB. So will everyone stop panicking.

 

Quite right. Took me six months to buy mine!

[saintwarwick]

i think its odd

 

no lowe/wilde etc and it still takes a long drawn out process to buy saints...

 

Why would it be odd, we were told it would take 21 days and we haven't reached that yet, 8 days to go.

[CB Fry]

Anyone on this forum ever bought a house? (Silly question, you're all 15-18 years old). Right, well it takes 2-3 months to buy ONE HOUSE - even after you've made an offer.

 

21 days to buy a FOOTBALL CLUB and all the things that come with that such as; countless players' contracts; staff contracts; debt and associated creditors; stadium; third party contracts; to name just a few of the biggies, is not a lot of time. In fact, I'm surprised that the period of exclusivity is only 21 days.

 

They're not buying a new shirt, or a car, or a house, they're buying a FOOTBALL CLUB. So will everyone stop panicking.

 

 

Yes, fair enough. But when I bought my house I told most people I know I had bought it on the day my offer was accepted.

 

What is odd is not knowing who the main man is, and it was reported week or so ago that due diligence had already been completed.

 

But that said, they said 21 days and 21 days it will surely be.

[Saints Pedro]

I have a feeling this might go to penalties! Step forward MLT!!

[NickG]

Yes, fair enough. But when I bought my house I told most people I know I had bought it on the day my offer was accepted.

 

What is odd is not knowing who the main man is, and it was reported week or so ago that due diligence had already been completed.

 

But that said, they said 21 days and 21 days it will surely be.

 

did you introduce yourself to neighbours when you exchanged contracts or wait until you moved in?

 

Have we taken this analogy far enough!

[CB Fry]

did you introduce yourself to neighbours when you exchanged contracts or wait until you moved in?

 

Have we taken this analogy far enough!

 

 

I can take it further!! Equally I didn't start changing my electricity/gas/water etc over until I had moved in. You don't have to sort out every single tiny contract etc before you complete and announce this kind of deal.

[Ponty]

I can take it further!! Equally I didn't start changing my electricity/gas/water etc over until I had moved in. You don't have to sort out every single tiny contract etc before you complete and announce this kind of deal.

We didn't start to decorate until the old owners had moved out though.

[ghq]

The law firm that is doing the business will be charging for their time, ie.hours,minutes. That should give even the slowest amongst us an inkling it will go to the 'wire'.

[Clapham Saint]

I understand that Clapham and that would seem to me to be the simplest route by far, but Lynham has said that they are going to delist it.

 

Are you sure?

 

I'm fairly sure that I read (on here I think) something about "acquiring the assets of SLH". The assets including the shares of SFC Limited but not the shares of SLH itself which are an asset of the shareholders and not the company.

 

Happy to be corrected but buying the shares of an insolvent company rather than the assets and then going through the hassle of de-listing would be a stupid way to go about the deal IMO.

 

 

As a side note I expect the deal to be done before the end of the 21 days.

 

If I were the administrator and the 21 days ran out, why allow them to extend?

 

The deposit is non-refundable so why not look to keep the money and try to get some more out of one of the other parties who are apparently waiting in the wings?

Edited 12 June, 2009 by Clapham Saint