Sheffield United today announced it is in discussions to strengthen its position in the summer transfer market.
The Blades Board and Scarborough Group - which is owned by Plc Chairman Kevin McCabe and his family - are considering options by which Scarborough may roll over its current £10 million loan into convertible loan notes.
Detailed terms are still to be agreed between Scarborough and the Board and will be subject to approval by shareholders at an Extraordinary General Meeting.
It is envisaged that further funding will be sourced from various parties associated with Scarborough and Sheffield United on the same terms as the convertible loan notes proposed to be issued to Scarborough.
This change has been undertaken to ensure that the required finance is in place in good time for the summer transfer window as the previously suggested open offer process would have taken considerably longer to complete.
The focus on the new options follows confirmation of the withdrawal by Scarborough for the time being of the cash offer for the remaining shares made last month (May).
A further announcement will be made when appropriate and it is intended that a circular setting out further details of the above proposals, including notice of the requisite general meeting, will be despatched to shareholders in due course.
· This announcement does not constitute an announcement of or form any part of any offer or invitation to subscribe for, underwrite or otherwise acquire, or any solicitation of any offer to purchase or subscribe for securities.
http://www.sufc.premiumtv.co.uk/page/NewsDetail/0,,10418~1335273,00.html
Looks quite interesting
The Blades Board and Scarborough Group - which is owned by Plc Chairman Kevin McCabe and his family - are considering options by which Scarborough may roll over its current £10 million loan into convertible loan notes.
Detailed terms are still to be agreed between Scarborough and the Board and will be subject to approval by shareholders at an Extraordinary General Meeting.
It is envisaged that further funding will be sourced from various parties associated with Scarborough and Sheffield United on the same terms as the convertible loan notes proposed to be issued to Scarborough.
This change has been undertaken to ensure that the required finance is in place in good time for the summer transfer window as the previously suggested open offer process would have taken considerably longer to complete.
The focus on the new options follows confirmation of the withdrawal by Scarborough for the time being of the cash offer for the remaining shares made last month (May).
A further announcement will be made when appropriate and it is intended that a circular setting out further details of the above proposals, including notice of the requisite general meeting, will be despatched to shareholders in due course.
· This announcement does not constitute an announcement of or form any part of any offer or invitation to subscribe for, underwrite or otherwise acquire, or any solicitation of any offer to purchase or subscribe for securities.
http://www.sufc.premiumtv.co.uk/page/NewsDetail/0,,10418~1335273,00.html
Looks quite interesting
