Argyle's new owner

[Alistair20000]

Just to add that the actual £ amounts involved are available to be seen online at the Companies House beta... I did some crunching of it the other day and it seems that Hallett has been slowly building up a stake in PAFC since he first became a director, eventually reaching around 43% (to Brent's 50%) in April of last year. The overall detail of the latest splurge isn't yet available at Companies House but a week or so ago the total share capital jumped to about 8.5m which would suggest that Hallett has increased his stake. Interesting to see whether Brent retained his former stake(s) or whether he has sold, the detail will come out with the annual accounts if not before I expect.

(The companies house beta is down at the moment so I can't go on to check the exact amounts / dates but the above is roughly accurate at least).

I have just had a look at the Gargs accounts. it looks as thought the new shares issued are mainly if not wholly the capitalisation of loans rather than new cash being injected. Maybe the callow wizard has been diluted in his shareholding as a result ?

I found myself laughing reasonably hard that the accounts carry nearly £1.7 million of intangible assets including goodwill. (rofl) Cannot see anyone wanting to pay that in the open market.

 

[Terryhall]

The beta is now back up (https://beta.companieshouse.gov.uk/company/07796376/filing-history). Some high level figures below for those interested based on the publicly filed documents (I haven't dug deeper because, frankly, who cares enough about PAFC )

Current share capital as of 9 August 2018 - 2,233,057 new ordinary/voting shares were issued at a price of GBP 1.455404 per share - this equates to an input of GBP 3.25m (which is the figure reported by the local press down in North Cornwall). This brings the total share capital to 8,918,534 (all of which is indicated to be issued as ordinary/voting shares).

There is currently no breakdown of this share capital - the most recent available was as at 4 October 2017 - (NB - at that time, the share capital came to a total of GBP 6,685,477) and at that time, the breakdown was

2,890,140 - Simon Hallett - this is approx 43%
2,059,824 - Akeron Leisure Limited (which is ultimately owned and controlled by Brent) - this is approx 31%
1,398,074 - Five Directions Limited (which is also ultimately owned and controlled by Brent) - this is approx 21%
183,533 - Anthony Wrathall (also a PAFC director) - this is approx 3%
153906 - Rowanmoor Trustees Limited - Richard Holliday (also a PAFC director) - this is approx 2%



So at that time, Brent controlled 52%; Hallett 43%; and two other directors 5% between them

Looking at the maths, if you were to hypothesise that Hallett has simply topped up his holding with the 2,233,057 new shares that were issued on 9 August 2018, that would lead to a potential breakdown of

5,123,197 - Simon Hallett - which would be approx 57%
2,059,824 - Akeron Leisure Limited / Brent - approx 23%
1,398,074 - Five Directions Limited / Brent - approx 15%
183,533 - Anthony Wrathall - just over 2%
153906 - Rowanmoor Trustees Limited - Richard Holliday - just under 2%

So the new controlling split would be Hallett 57%; Brent 38%; and the others still about 5% give or take (rounding up whereas before it was rounded down; in any event, not material amounts.) So that doesn't directly equate to the 30% you mentioned below (albeit his Akeron stake was previously around 31% before it was diluted by the latest share issue) - until the actual numbers get published, I suppose we would just be speculating as to whether Brent has actually sold any shares or if he has just been overtaken by Hallett due to newly issued shares.

I didn't look at the actual accounts but it would be funny if this latest share issue is to settle previous loan debt, and the outcome of that is an overall change of the control of the club. Essentially would be like Brent carrying out a hostile takeover on himself....

 

[Terryhall]

I know I said I wasn't going to dig deeper but my nerd juices were flowing and I couldn't stop... so I checked out the charges outstanding... and there is one still outstanding from Feb 2017 for which Simon and Jane Hallett are named as the entitled party. Suggests to me that either (a) the loan debt is not yet settled (otherwise the charge would surely show as satisfied / part satisfied?) or (b) CH have not yet updated their records (which is less interesting all round.)

 

[Alistair20000]

The related party notes in the accounts say that a fair slug of loans was converted to new shares but as "group undertakings" were involved as well as Mr Hallett, Mr Brent may not have been diluted. He or his company may have sold shares separately of course which does not show up anywhere yet.

 

[Terryhall]

The PAFC press release says "He has also acquired shares from James Brent: Simon now owns 64 per cent of the Club and James 30 per cent." So that coupled with my back-of-a-napkin calculations above would imply that roughly 700,000 shares changed hands from Mr Brent to Mr Hallett (which assuming this was done at the same share price equates to about £1m). The quotes on that same release also seem very amicable so it doesn't seem to be in any way acrimonious. Was hoping to find some juicy stuff to rip into but this seems to be a relatively mundane case of a new wealthy owner buying into the club and an associated change of ownership and control (also noted that Brent is going to remain a director and will retain a not entirely insignificant 30% shareholding too)

 

[ramone]

"Club issued new shares at rate of 1 for every existing 3 ( so new shares are 25% of total shares issued). These were bought in their entirety it seems by Simon for £3.25m. So club has added cash £3.25m and SH has higher percentage ownership whilst other shareholders have same number of shares as they started with but which represent a smaller percentage ownership of club."

Sounds like they have just issued more shares and this Hallet guy bought them ....... wonder if anyone else wanted to up their shares but weren't able to ?

 

[RaeUK]

I'm guessing, with all that new money sloshing about, they must have got off to a disappointingly excellent start to the season.

 

[STURTZ]

Seems like they can't buy a win this season!

 

[Colesman Ballz]

Seems like they can't buy a win this season!

Yep, even the red card syndrome has kicked in again with Del Bauy leading from the front !

 

[RaeUK]

Argyle must be feeling real posh now.