On 25/12/2023 19:11, Alan Lee wrote:

On 25/12/2023 13:53, notya...@gmail.com wrote:

Apparently two US citizens have found a gullible old British? man to
buy 25% of their majority stake in a NY Stock Exchange Listed Public
Company* for one billion pounds (~$1G25).

Its quite surprising that he has bought a 25% stake, he could be out
voted on anything, so why pay so much for a minority with so little
control?

If that's a serious question, it's hard to believe that there isn't a shareholder agreement to protect him. Failing that, he can petition
under section 994 of the Companies Act 2006.

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On 25/12/2023 13:53, notya...@gmail.com wrote:

Apparently two US citizens have found a gullible old British? man to buy 25% of their majority stake in a NY Stock Exchange Listed Public Company* for one billion pounds (~$1G25).

Its quite surprising that he has bought a 25% stake, he could be out
voted on anything, so why pay so much for a minority with so little control?
On another site, it was thought that he has bought the football club,
but not the fixed assets, or their multiple other businesses associated
with the business, e.g., the football players and business associated
with playing in the Premier League have been sold, but the other
different companies, those marketing shirts in China, and the
stadium/buildings et al. have not been sold.

Is there a duty on directors of public companies to provide some sort of prospectus on their financial plans and the state of > the business?

IIRC, it is all private, so no-one else needs to be told the minutae.

One can't help wondering if the directors will use the money to pay back their personal loans before disposing of the rest of the business much to the old man's financial disadvantage...

They'll probably keep the cash, then use the inflated valuation to take
out more loans, and use those loans to pay themselves massive bonuses.
Thats what they have done before.

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Alan Lee wrote:

Mark Clayton wrote:

Is there a duty on directors of public companies to provide some sort
of prospectus on their financial plans and the state of > the business?

IIRC, it is all private, so no-one else needs to be told the minutae.

10% of it was floated over a decade ago, maybe more has been offered
since then? I don't need to know, but would assume Jim Ratcliffe did
due diligence ... supposedly he will control everything that goes-on on
the pitch, but I don't actually care.

<https://www.independent.co.uk/sport/football/premier-league/glazers-gain-ps75m-in-manchester-united-stock-market-float-8030537.html>

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On 2023-12-26, notya...@gmail.com <notyalckram@gmail.com> wrote:

On Monday 25 December 2023 at 19:25:53 UTC, Alan Lee wrote:

On 25/12/2023 13:53, notya...@gmail.com wrote:

Apparently two US citizens have found a gullible old British? man
to buy 25% of their majority stake in a NY Stock Exchange Listed
Public Company* for one billion pounds (~$1G25).

Its quite surprising that he has bought a 25% stake, he could be out
voted on anything, so why pay so much for a minority with so little
control?
On another site, it was thought that he has bought the football club,
but not the fixed assets, or their multiple other businesses associated
with the business, e.g., the football players and business associated
with playing in the Premier League have been sold, but the other
different companies, those marketing shirts in China, and the
stadium/buildings et al. have not been sold.

Interesting possibility.

Is there a duty on directors of public companies to provide some
sort of prospectus on their financial plans and the state of > the
business?

IIRC, it is all private, so no-one else needs to be told the minutae.

Well apart from the New York Stock Exchange listing as shown in the
link you cut out!
https://finance.yahoo.com/quote/MANU/
"Manchester United plc (MANU) - NYSE - NYSE Delayed Price. Currency in USD"
====

There certainly would be a duty in the UK, both in law (if shares are actually offered or available to the public) and if listed by the LSE.

There are certainly strict and varied rules about disclosure enforced by
the SEC that will apply to an NYSE company.

One part of my query is how it can be described as plc in the USA,
when it is not registered as such in the UK and there is no equivalent incorporation in the USA.

It *used* to be a plc, so maybe the info is just out of date and isn't
regarded as important by the US authorities because perhaps it has no
legal significant in the US.

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