Manchester United made a big announcement on Monday night with the timing somewhat swallowed up by the club's victory away to Southampton. Louis van Gaal is guiding his Manchester United team through a difficult period but form has improved and results are coming in. Manchester United are now 3rd in the Premier League table and are developing a gap between themselves and clubs like Liverpool. The gap over Manchester United's Merseyside rivals can be extended at the weekend as the two rivals face each other and with crucial Champions league matches taking place this week it's a busy time for football news.
That's why the club's announcement that Edward Glazer is set to sell 3m shares has largely gone under the radar. The Glazer ownership of Manchester United is something which still irritates many fans of the club and therefore a sale of any shares is good news for supporters who would like the Glazers as far away from Old Trafford as possible. However, these shares again come with restricted voting powers. source: ning.com
Manchester Untied themselves released a statement on Monday which read:
'Manchester United plc (“Manchester United”) today announced the offering of 3,000,000 of its Class A Ordinary Shares by the Edward S. Glazer Irrevocable Exempt Trust (the “Selling Shareholder”). The underwriter will have an option to purchase up to an additional 450,000 Class A Ordinary Shares from the Selling Shareholder. Manchester United will not receive any proceeds from the sale of any Class A Ordinary Shares by the Selling Shareholder. The offering is expected to close on December 12, 2014, subject to customary closing conditions. The Class A Ordinary Shares are listed on the New York Stock Exchange under the symbol “MANU.”
The sole underwriter for the offering is Jefferies LLC.
This offering is being made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission on form F-3. The securities will be offered only by means of a prospectus and an accompanying prospectus supplement forming a part of the effective registration statement. Prospective investors should read the prospectus in that registration statement, the preliminary prospectus supplement and other documents that Manchester United has filed with the SEC for more complete information about Manchester United and the offering.'
Glazer and Manchester United will expect there to be demand for the transfer of shares and the money raised will be around $45m, which is not so far under £30m. Given that the offering closes on December 12th, anyone interested will have to get a move on.
The price the shares go for will impact on the valuation of Manchester United as a whole.
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