| Dunphy withdraws bid 17:01 - Apr 30 with 16306 views | TomRAFC |
From his Facebook:
"Rochdale AFC
Now that the shareholding has been published, it is perfectly understandable that the board would be reluctant to walk away without some sort of recompense.
Unfortunately, I have to tell you, that I am unable to personally invest the amount of money required, and as I cannot ask my associates to do what I am not prepared to do, I have no option but to withdraw.
For a few years, I have watched in sadness as our beloved team sank out of league one, then to the bottom of league two. I promised myself (and my wife) that I was not going to get involved, but in that final week I felt compelled to give it ‘just one last shot’.
Like many of you, Rochdale AFC has been in my life longer than anyone or anything and to watch it slip out of the league was hard. I am sure Simon felt the same, but as a former chairman, I know better than anyone the pressure he would have been under.
I put forward a proposal in which myself, and other experienced associates offered our services to the club. The offer was made with the best interests of the club at heart, but I was unaware of just how many shares the BoD actually owned, and how much money they had invested. I would like to take this opportunity to commend them for preventing the hostile takeover bid.
I understand that there are other ‘interested parties’ and sincerely hope that they will be able to offer a clear way forward, secure a successful future for the club and ensure the continuation of professional sport in Rochdale.
I would like to thank all of you for the kind messages I have received and would reassure you that I remain committed to the club and would be willing to meet and talk with those who would help to protect the club we all love.
Christopher Dunphy" |  |
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| Dunphy withdraws bid on 12:35 - May 1 with 4392 views | TyroneShoelaces |
| Dunphy withdraws bid on 19:38 - Apr 30 by James1980 |
I'm guessing he speaks for the whole 'consortium' |
It would have been nice to know who his associates were
and can they along with CD buy £25k worth of shares and be
Co-opted on to the Board to help out ? | | | |
| Dunphy withdraws bid on 13:08 - May 1 with 4224 views | 49thseason |
| Dunphy withdraws bid on 11:38 - May 1 by DaleiLama |
Can the club just keep issuing shares ad infinitum beyond the current number issued and held in treasury? Surely there are rules preventing this? |
In a Private Limited Company, the Articles of Incorporation will dictate the process. We have to have a majority of shareholders in favour of the issuance of more shares at an EGM / AGM. If there is a shareholder with 51% they can effectively issue as many shares as they want, but it depresses the value of the shares they hold as well as everyone else's. Of course, existing shareholders and anyone else can also buy more shares.
In a quoted Company, it is usually up to the directors when and how many shares they issue, it does of course affect the share price. Many companies have billions of shares priced at pennies, others have relatively few shares priced in pounds but they both might have the same Market Capitalisation (share price x number of shares = market cap). Market cap is essentially the value of the company at any given moment. |  | | |
| Dunphy withdraws bid on 15:42 - May 1 with 3919 views | pioneer |
| Dunphy withdraws bid on 13:08 - May 1 by 49thseason |
In a Private Limited Company, the Articles of Incorporation will dictate the process. We have to have a majority of shareholders in favour of the issuance of more shares at an EGM / AGM. If there is a shareholder with 51% they can effectively issue as many shares as they want, but it depresses the value of the shares they hold as well as everyone else's. Of course, existing shareholders and anyone else can also buy more shares.
In a quoted Company, it is usually up to the directors when and how many shares they issue, it does of course affect the share price. Many companies have billions of shares priced at pennies, others have relatively few shares priced in pounds but they both might have the same Market Capitalisation (share price x number of shares = market cap). Market cap is essentially the value of the company at any given moment. |
But what is the meaning of the value of shares for shareholders of RAFC. They are only worth what someone is willing to pay for them. At the moment there are plenty available but nobody wants them. I suspect the value of my smallholding is zero. | | | |
| Dunphy withdraws bid on 16:09 - May 1 with 3843 views | judd |
| Dunphy withdraws bid on 10:37 - May 1 by 49thseason |
I dont understand how the EFL can tell the club how long a negotiation with a third party should take? Surely the EFL can only get involved once the buyer and the sellers have reached some sort of agreement subject to EFL approval? And wouldnt the Board have asked for details of the sort of details the EFL would want anyway?
Equally how long can the EFL influence a deal? Isnt there a cutoff deadline in June? It would be ridiculous to stop a deal in May that could go ahead in July... but I guess it is the EFL we are talking about |
"For the avoidance of doubt, the Club remains fully bound by EFL Regulations and the Club has requested the information below be provided by no later than Tuesday May 9th 2023, in order to ensure it can comply fully with those Regulations as may be needed, given the Club is still operating under a suspended points penalty until October 2024 for a previous failure to comply with the EFL regulations over a previous attempted takeover in Summer 2021."
I am unsure if the time limit is specified by the EFL or is the clubs interpretation of the regulations surrounding IADT and notification requirements. |  |
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| Dunphy withdraws bid on 11:34 - May 2 with 3190 views | 49thseason |
| Dunphy withdraws bid on 15:42 - May 1 by pioneer |
But what is the meaning of the value of shares for shareholders of RAFC. They are only worth what someone is willing to pay for them. At the moment there are plenty available but nobody wants them. I suspect the value of my smallholding is zero. |
You are correct in thinking your shares are only worth what anyone is prepared to pay for them. Currently there is little value in a loss-making football club other than assets like the ground. However MH were paying £5, £6 for them and the Board paid £2.35 to get them back and have set that as the asking price for an investor. So on paper, if you paid £2.00 for your shares you have made 17.5% on them ...if you can sell them! I have always considered the shares I bought to be a contribution to the club and a ticket to the AGM. If we were profit-making it would be a different story, but then a profit making football club is as rare as rocking horse excrement. | | | |
| Dunphy withdraws bid on 13:33 - May 2 with 2960 views | electricblue |
When read that CD had pulled out citing financial means did it dissappoint me!
Yes as CD came across as the saviour of RAFC.
If CD wants to help the club and lets face it he as a wealth of knowledge upon running a football club then why dont himself and his associates purchase the £25k each to sit upon the board to help instead....
Does CD not even have enough to even do that.... |  |
| My all time favourite Dale player Mr Lyndon Symmonds |
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| Dunphy withdraws bid on 14:57 - May 2 with 2812 views | HK_Dale |
Do we know if the board have got advisors supporting the evaluation of any bids? If so, who are they?
A number of people over the past few years have shown an aptitude for understanding and analysing some of the financial implications of takeover / investment attempts. I think seeking outside support for this (within the bounds of any NDA) would make a lot of sense given the potential impact any deal will have. |  | | |
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| Dunphy withdraws bid on 10:51 - May 3 with 2219 views | DaleiLama |
Pity we didn't get to JJ Watt before Burnley did. He needn't have been a minority investor!
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| Dunphy withdraws bid on 18:15 - May 3 with 1836 views | nordenblue |
| Dunphy withdraws bid on 14:57 - May 2 by HK_Dale |
Do we know if the board have got advisors supporting the evaluation of any bids? If so, who are they?
A number of people over the past few years have shown an aptitude for understanding and analysing some of the financial implications of takeover / investment attempts. I think seeking outside support for this (within the bounds of any NDA) would make a lot of sense given the potential impact any deal will have. |
While i agree with all that, I'm fairly sure at least one of the board members is very good with the financial interpretation side of things.... | | | |
| Dunphy withdraws bid on 19:26 - May 3 with 1714 views | DorkingDale |
| Dunphy withdraws bid on 18:15 - May 3 by nordenblue |
While i agree with all that, I'm fairly sure at least one of the board members is very good with the financial interpretation side of things.... |
I would hope so given his CV..... | | | |
| Dunphy withdraws bid on 19:54 - May 3 with 1618 views | nordenblue |
I'll be honest a former airline pilot wasn't really the guy I had in mind regarding any "financial interpretation" on the board | | | |
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