DAW
6th July 2005, 08:52
For those members who opted for the transfer of some or all of their Scheme Shares, the transfers are now in the hands of Computershare (United’s registrars) who will process them in conjunction with Capita (Glazer’s new registrar) and you should be receiving new certificates in your own name within the next two weeks or so. They are obliged to deal with all transfer requests right up until the expiry of the ‘compulsory purchase’ period of 6 weeks from the date when Glazer exercises that purchase right (he has not done so and is not expected to until he is sure that all voluntary sellers have sold – perhaps in a month or two’s time).
We do not anticipate any problems, but be aware that Capita has been behaving towards our members and private shareholders in a way which caused us to complain to the Takeover Panel. We expect them to try and limit the effect of the so-called “dissenting shareholders” and to find any way they can to inconvenience them, using any excuse not to comply with the rules.
We will continue to monitor this and act on your behalf to make sure that the rules are strictly followed – you are entitled to keep your shares until such time as Glazer exercises his right to compulsorily buy them, which as already stated, we expect within the next few months (he has extended the offer at £3.00 indefinitely – hoping that everyone will sell voluntarily).
To members who will never give up their shares:
You do not have to voluntarily give up your shares at any time, but be aware that if you do not respond to a compulsory purchase order issued by Glazer (he can do this at any time from now on, but will probably wait until he is sure that he has got all voluntary sellers), he can then send the details of all non-compliers to the company (United), with a cheque to cover the sale proceeds of all on the list, leaving it to the club to send cheques to all those on the list that they can identify. So all such non-complying dissenters will then receive a cheque for their shares, but can keep the certificates to hang on the wall (not valid any more).
If you have requested the sale of your shares then we are in the process of administering the requests from our 35,000 members. Please be patient as this is a very busy time for our team of volunteers, rest assured however you will receive your cheque with the proceeds of the sale by the end of this month. Along with the cheque there will also be information telling you how you can invest the proceeds of your sale in the Phoenix Fund, which is a buy back investment fund which will be used to reclaim our club in the future.
Thanks for your support,
Dave
We do not anticipate any problems, but be aware that Capita has been behaving towards our members and private shareholders in a way which caused us to complain to the Takeover Panel. We expect them to try and limit the effect of the so-called “dissenting shareholders” and to find any way they can to inconvenience them, using any excuse not to comply with the rules.
We will continue to monitor this and act on your behalf to make sure that the rules are strictly followed – you are entitled to keep your shares until such time as Glazer exercises his right to compulsorily buy them, which as already stated, we expect within the next few months (he has extended the offer at £3.00 indefinitely – hoping that everyone will sell voluntarily).
To members who will never give up their shares:
You do not have to voluntarily give up your shares at any time, but be aware that if you do not respond to a compulsory purchase order issued by Glazer (he can do this at any time from now on, but will probably wait until he is sure that he has got all voluntary sellers), he can then send the details of all non-compliers to the company (United), with a cheque to cover the sale proceeds of all on the list, leaving it to the club to send cheques to all those on the list that they can identify. So all such non-complying dissenters will then receive a cheque for their shares, but can keep the certificates to hang on the wall (not valid any more).
If you have requested the sale of your shares then we are in the process of administering the requests from our 35,000 members. Please be patient as this is a very busy time for our team of volunteers, rest assured however you will receive your cheque with the proceeds of the sale by the end of this month. Along with the cheque there will also be information telling you how you can invest the proceeds of your sale in the Phoenix Fund, which is a buy back investment fund which will be used to reclaim our club in the future.
Thanks for your support,
Dave