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DA is putting his hand in his own pocket?

 

sheff star:

Allen raises the stakes

DAVE Allen will give new boss Brian Laws £500,000 out of his own pocket to spend in the transfer market if fan group Wednesayite hand back their shares.

It is an increased offer from the Owls chairman after Wednesdayite rejected a £333,000 bid a year ago.

Allen told The Star: "I will give Brian Laws half a million pounds from my own pocket for a player, when the transfer window opens in January, on condition that Wednesdayite give back their shares, which were given to them in the first place."

The fan group were given their 10 per cent stake by Allen and fellow directors five years ago, and voted last year in a ballot not to part with their shares as they regard their holding it as an "insurance" that gives them a voice in the club for the long term as well as the present.

On that point, Allen said: "I think it's more important that the club goes forward.

"Only if somebody can get 51 per cent of the shares is there any chance of us getting a big-timer investor.

"Nobody is going to put big money and get the sort of aggravation we saw at the AGM the other night."

The board hold around 30 per cent of the club's shares.

Allen says that the club have had talks with three groups of would-be investors in the last year - including two people who are based in America but who "ran a mile" when they found they could only get 30 per cent of the club's shares from the board.

While remaining open to the idea of a big-money helper moving into the club, Allen is also not ruling out increasing his own personal injection of cash if he gets greater control.

The Wednesday group have already accused the chairman of "blackmail" over their shares. He rejects this, saying: "This is absolute rubbish; I'm not saying I'm the person (who might take a decisive stake]. Another thing to remember is that if somebody does come in, the bank would have to ok it."

The fan organisation seem likely to refuse the latest offer and have accused the chairman of trying to undermine them in the eyes of other fans.

Allen insists that he is only trying to do what is best for the club.

Attempts by Wednesdayite to have a greater say in the running of the club, and begin moves towards having a fan representative on the board, have been rejected by the AGM voting, as expected.

The board's resolution to re-elect Allen as a director was carried by 24,518,414 share votes to 6,291,033. The figures on Ken Cooke's re-election were: for, 24,689,758, against 6,120,051.

Wednesdayites' call for regular meeting between the board and supporters was defeated by 22,583,288 votes to 8,282,646.

On the issue of talks towards having a fan representative on the board, the score was 22,892,312 against, 7,966,222 for.

Wednesdayite also called for their money donations to the club tbe spent how they specifiy. This was defeated by 21,677,558 to 9,226,571.

The Owls have also announced that club sponsosr PlusNet have agreed to extend their current contract to May 2009.

Figures have not been released, but the club say the deal is on "improved terms.

........................................................:suspect:

 

"Wednesayite have wanted to make a donation to the clubs football in the community project.... but cant as the FITC cant accept it as DA is no fan of Wednesayite":huh: :suspect::rant:

http://www.wednesdayite.com/

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DA is putting his hand in his own pocket?

 

"Wednesayite have wanted to make a donation to the clubs football in the community project.... but cant as the FITC cant accept it as DA is no fan of Wednesayite":huh: :suspect::rant:

Dave Allen isn't a fan of Wednesdayite because he himself isn't a Wednesdayite, nor has he got the best interests of the club at heart. I still say GET ALLEN OUT!!!

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DA is putting his hand in his own pocket?

 

sheff star:

Allen raises the stakes

DAVE Allen will give new boss Brian Laws £500,000 out of his own pocket to spend in the transfer market if fan group Wednesayite hand back their shares.

It is an increased offer from the Owls chairman after Wednesdayite rejected a £333,000 bid a year ago.

Allen told The Star: "I will give Brian Laws half a million pounds from my own pocket for a player, when the transfer window opens in January, on condition that Wednesdayite give back their shares, which were given to them in the first place."

The fan group were given their 10 per cent stake by Allen and fellow directors five years ago, and voted last year in a ballot not to part with their shares as they regard their holding it as an "insurance" that gives them a voice in the club for the long term as well as the present.

On that point, Allen said: "I think it's more important that the club goes forward.

"Only if somebody can get 51 per cent of the shares is there any chance of us getting a big-timer investor.

"Nobody is going to put big money and get the sort of aggravation we saw at the AGM the other night."

The board hold around 30 per cent of the club's shares.

Allen says that the club have had talks with three groups of would-be investors in the last year - including two people who are based in America but who "ran a mile" when they found they could only get 30 per cent of the club's shares from the board.

While remaining open to the idea of a big-money helper moving into the club, Allen is also not ruling out increasing his own personal injection of cash if he gets greater control.

The Wednesday group have already accused the chairman of "blackmail" over their shares. He rejects this, saying: "This is absolute rubbish; I'm not saying I'm the person (who might take a decisive stake]. Another thing to remember is that if somebody does come in, the bank would have to ok it."

The fan organisation seem likely to refuse the latest offer and have accused the chairman of trying to undermine them in the eyes of other fans.

Allen insists that he is only trying to do what is best for the club.

Attempts by Wednesdayite to have a greater say in the running of the club, and begin moves towards having a fan representative on the board, have been rejected by the AGM voting, as expected.

The board's resolution to re-elect Allen as a director was carried by 24,518,414 share votes to 6,291,033. The figures on Ken Cooke's re-election were: for, 24,689,758, against 6,120,051.

Wednesdayites' call for regular meeting between the board and supporters was defeated by 22,583,288 votes to 8,282,646.

On the issue of talks towards having a fan representative on the board, the score was 22,892,312 against, 7,966,222 for.

Wednesdayite also called for their money donations to the club tbe spent how they specifiy. This was defeated by 21,677,558 to 9,226,571.

The Owls have also announced that club sponsosr PlusNet have agreed to extend their current contract to May 2009.

Figures have not been released, but the club say the deal is on "improved terms.

........................................................:suspect:

 

"Wednesayite have wanted to make a donation to the clubs football in the community project.... but cant as the FITC cant accept it as DA is no fan of Wednesayite":huh: :suspect::rant:

http://www.wednesdayite.com/

 

Now bear with me as I may have got:

 

1. Maths

2. Facts

 

wrong with what I'm going to say, so correct where appropriate.

 

Dave Allen wants the 10% shares that Wednesdayite have, and he is prepared to put £500,000 into the club for them.

 

Turn it on it's head, and what he is saying is he wants to buy a further 10% in the club for £500,000.

 

Now my understanding is that he only has about 25% of the shares anyway.

 

So using his valuation of shares, that puts his lot at £1.25m.

 

So why is he saying that someone wanting to buy him out has to put up £25m?

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