Usmanov increases Arsenal stake to 23%
28/09/2007 |
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Alisher Usmanov today further increased his stake in Arsenal to 23% as his investment company Red and White Holdings Limited became the club's second-largest shareholder. The purchase is estimated to have cost the billionaire in the region of £6m, at some £10,000 a share.
Reports in the Russian media have quoted Usmanov as being ready to up his interest to obtain a "blocking stake" of just over 25%, before then waiting for the share price to rise. Even though the board maintain they are not about to sell up and the current financial figures show there is no need for a wealthy individual backer, today's announcement will continue to fuel speculation Usmanov is preparing to launch a hostile takeover.
"Red and White Holdings Limited today announces, in accordance with its intentions stated on August 30, that it has increased its shareholding and now holds a 23% stake in Arsenal Holdings plc," read a statement.
Arsenal's parent company earlier this week published highly impressive figures for 2006-07, with overall turnover up to £200.8m at Emirates Stadium and operating profit also increased significantly to £51.2m following the club's move to their new 60,000-seater home.
Suggestions of an imminent takeover or Usmanov gaining major influence in the club's affairs are, however, perhaps somewhat premature. A 25% stake would, according to Arsenal managing director Keith Edelman, allow little actual influence over company affairs, only enabling the veto of special resolutions such as changing the name of the company, or calling an Emergency General Meeting, which could be resolved by the current board given their share holding at any rate.
"I am unsure what he [Usmanov] can do with 25%," said Edelman earlier this week. "I do not believe he can stop us operating the business on a day-to-day basis. Usmanov has a stake, Kroenke has a stake and we get on and run the business every day. It is a distraction for us to keep talking about it, but we are trying to focus on the team getting the job done and we do not think it affects them."
Once any individual or company reaches the 30% threshold, they would be required to launch an official takeover. However, this would not apply to Red and White Holdings Limited for at least six months after a public statement claimed there was "no current intention to make a takeover offer".
(Source: Guardian.co.uk)
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