United thread 2012/13 (inc merged IPO thread)

[Prestwich_Blue]

After issuing the shares at $14, the day to day share price has no effect on their business, but if it falls a lot it would mean that the Glazers would find it very difficult to repeat this exercise.

No it depends on how many of those shares the underwriters have. If they own half them and they bomb then it makes a big difference. The underwriters will have all sorts of agreements in place for them to underwrite the ipo in the first place.

Yes I know they do, but that's their loss not Utd's. And how do you know that they even had to take up the unsold shares? There are no SEC filings

It's in the filing:

Stabilization

The underwriters have advised us that, pursuant to Regulation M under the Exchange Act, certain persons participating in the offering may engage in transactions, including over-allotment, stabilizing bids, syndicate covering transactions or the imposition of penalty bids, which may have the effect of stabilizing or maintaining the market price of our Class A ordinary shares at a level above that which might otherwise prevail in the open market. Over-allotment involves syndicate sales in excess of the offering size, which creates a syndicate short position. Establishing short sales positions may involve either "covered" short sales or "naked" short sales.

 

[SWP's back]

After issuing the shares at $14, the day to day share price has no effect on their business, but if it falls a lot it would mean that the Glazers would find it very difficult to repeat this exercise.

No it depends on how many of those shares the underwriters have. If they own half them and they bomb then it makes a big difference. The underwriters will have all sorts of agreements in place for them to underwrite the ipo in the first place.

Yes I know they do, but that's their loss not Utd's. And how do you know that they even had to take up the unsold shares? There are no SEC filings

Ok well we'll see if they have or not. Every industry article stated they have but you're right, we don't know right now.

But if they have, there will be agreements in place which which will restrict utd until the underwriters liabilities are reduced.

 

[Prestwich_Blue]

Re: It's Going up, It's Going Down, It's erm.... Flatlining

I've merged the thread on the share price with the main United thread as we've two separate discussions on the same subject going on simultaneously. Can everyone post in here from now on please.

 

[SWP's back]

Re: It's Going up, It's Going Down, It's erm.... Flatlining

I've merged the thread on the share price with the main United thread as we've two separate discussions on the same subject going on simultaneously. Can everyone post in here from now on please.

No, I'm now splitting my ipo offerings between the barm thread and the thread about women. So there.

 

[Prestwich_Blue]

Re: It's Going up, It's Going Down, It's erm.... Flatlining

I've merged the thread on the share price with the main United thread as we've two separate discussions on the same subject going on simultaneously. Can everyone post in here from now on please.

No, I'm now splitting my ipo offerings between the barm thread and the thread about women. So there.

If the quality of your offerings was an atom, it would be so small that Rutherford wouldn't be able to split it.

 

[SWP's back]

Re: It's Going up, It's Going Down, It's erm.... Flatlining

I've merged the thread on the share price with the main United thread as we've two separate discussions on the same subject going on simultaneously. Can everyone post in here from now on please.

No, I'm now splitting my ipo offerings between the barm thread and the thread about women. So there.

If the quality of your offerings was an atom, it would be so small that Rutherford wouldn't be able to split it.

You're such a woman and just because I'm pretty.

 

[vonksbignose]

Re: It's Going up, It's Going Down, It's erm.... Flatlining

Well for a start, now they have shares on sale you can calculate exactly what their club is worth, which determines whether the Glazers are ever likely to sell and how much they will receive if they consider another IPO offering. It may also affect their ability to borrow money and therefore their ability to pay off their debt...

Yes in the months to come but the day to day movement is largely irrelevant and its irrelevant as far as the IPO is concerned. That's done

Oh ffs. Not if the underwriters own most of the shares or even a large minority.

The underwriters will have wanted assurances that their liability is minimised in the event it went tits up and they were left with the majority of shares. If would ineffect be another loan. They may well have a say in spending policy (so they club/Glazers) have to buy back or pay huge amounts to the underwriters until the underwriters liability (£150m plus potentially) is repaid.

Interesting point SWP. Do you know if we are likely to find out how many of the shares were bought by genuine investors, & how many the underwriters had to take up? If so, any idea when this information will become publicly available? Cheers.

 

[andyhinch]

Mr swp as much as you are a sex god pb is the shit on this off to Azincourt in the morning, fire some arrows for you

 

[Zardon132]

They've looked terrible in pre-season. Their 1st game's against Everton at Goodison which I'm pretty sure they'll lose. Have a feeling we'll coast this season and have the title wrapped up by March.

 

[St Helens Blue (Exiled)]

They've looked terrible in pre-season. Their 1st game's against Everton at Goodison which I'm pretty sure they'll lose. Have a feeling we'll coast this season and have the title wrapped up by March.

A fishy post if ever I have seen one....

As blues we have learnt that we never coast anything (apart from games at the swamp) and to state the title will be wrapped up by March is quite clearly deluded. Perhaps you need to jog on to Rag Cafe?