Arsenal Shares Buyout?
A hedge fund known for investing in companies ahead of takeovers has bought a large amount of Arsenal shares, raising concerns for the future of the the north London club.
Arsenal legends Liam Brady and Ian Wright remain two of the most loved players in the club’s history. Similarly, they are also both share holders in the club. However, they have now been joined by a new shareholder that’s name brings concern to investors.
Lansdowne Partners are a hedge fund with a history of investing in companies ahead of takeovers. Last week, it was discovered that the fund has bought a 2.7 per cent stake in Arsenal, beginning conjecture that the club could soon follow Man Utd with a new ownership.
Since September last year, Arsenal football club shares listed on the Ofex market have risen from £1,500 per share to a staggering £4,600 per share.
Lansdowne began buying Arsenal football club shares last April, using other accounts to hide their identity from the public. When the club distributed a series of “212 Notices”, obliging benefactors of nominee accounts to reveal themselves, it was established that the hedge fund had begun to invest in Arsenal shares.
Calling a meeting with the hedge fund, an Arsenal spokesman confirmed the meeting went smoothly and that Lansdowne were supportive of the football club’s management.
Yet, much like the story with Manchester United, the representatives of Arsenal’s smaller shareholders, The Arsenal Supporters Trust, are very likely to raise the issue of concern in the club’s annual meeting.
The Supporters Trust would almost certainly be opposed to the club being delisted from Ofex, where Arsenal shares are traded, as Manchester United were delisted by Malcolm Glazer.
Whatever Lansdowne intends to do with Arsenal, the club should be much stronger when they move to the Emirate Stadium with a lower debt and an undervaluation.
Date: 17.10.05
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