Cityfibre Share Discussion Threads

[imastu pidgitaswell] 18/9/2012 21:33

Painful, that...

[ny boy] 05/9/2012 14:44

Where's is that northern "pie muncher" Joe Moon these days?

[freds13] 17/8/2012 16:39

LOL ! Have a good(ish) weekend.
C`mon the toffees !

[imastu pidgitaswell] 17/8/2012 15:56

Sadly true on the last bit. You never see Glaser and John McCririck together do you?

[freds13] 17/8/2012 15:15

It`s just great for us Mancunians and so much better than being a "Brand". A "brand" that is used as a cash cow/cheap loans for the Glazer family, but even worse, you mug punters are buying the club for them !

[imastu pidgitaswell] 17/8/2012 15:00

No, not really.

If you enjoy watching some bloke come along and spend his (country's) money and pass it off as the success of 'your club' then I'm fine with that. All good for the local economy 'n all that. Not sure what it has to do with club football, but let's not quibble, eh?

[freds13] 17/8/2012 14:30

Come on Monty, surely you don`t begrudge little ol` City having a few decades in the sun - do you ?
Further to your IPO, this makes interesting reading for me but not quite so good for you :

[freds13] 17/8/2012 14:23

Interesting stuff from the Andersblog about our poor neighbours :


Friday, 10 August 2012
The MUFC IPO - why the club won't benefit for over two years...
So the Manchester United IPO has finally happened. Having failed in Hong Kong and Singapore, the Glazers and their increasingly desperate bankers ditched their own ludicrous $16-20 per share price range and the shares have limped on to the NYSE at a still very, very aggressive price of $14 per share.

The whole saga has been a grubby and unedifying spectacle in our club's history that does very, very little indeed to improve the club's finances. The whole exercise has only been undertaken to help the Glazer family with their cash flow problems.

From the latest SEC filing we have confirmation that at the lower issue price, the club will receive net proceeds (after underwriters' discounts and commissions) of c. $110.3m (around £70.7m).

The club will use all this $110.3m to repay $101.7m face value (£63.6m) of the 2017 US$ notes at a price of 108.375% of nominal value.

These US$ notes pay 8.375% interest so the annual saving before tax will be:

£63.6m x 8.375% = £5.3m per year

Because interest is tax deductible, this reduction in interest paid will increase taxable profits. As a consequence of the IPO, United will pay US Federal Income Taxes at a rate of 35%. The net interest saving after tax will therefore be:

£5.3m x (1 - 0.35) = £3.46m per year

This net saving is the equivalent of the matchday income from one game at Old Trafford. It is just over 1% of the club's annual revenue and around 3-4% of EBITDA.

Before any United fans begin celebrating this tiny saving, there is a further sting in the tail.

The prospectus informs us that the club, and not the family, will bear the expenses of the IPO. From page 151 we can see that these expenses total $12.3m (c. £7.9m).

With so little debt repaid and United bearing the £7.9m of expenses, it will take until the end of 2014 for the club to even break-even from the IPO, let alone benefit financially.

And the Glazer family? They receive their $110m straight away.

That's "Glazernomics" folks.....!

[mrphiljones] 06/8/2012 13:04

Moonie £20m for Agger....really?...FFS.....You guys really do have more money than sense.....;-))))

[ny boy] 22/7/2012 00:05

No more blue moon only red on here

[joe moon] 15/7/2012 07:46

MORE HISTORY

[ny boy] 11/7/2012 23:56

Maine Road few yrs before your last league title...

[ny boy] 11/7/2012 21:18

Bailout fund to the rescue, either that or advfn had some out of date card details.
Right I'm off to buy a decent midfielder for United.

[joe moon] 11/7/2012 09:46

YOU ARE BLUE AGAIN ..

[ny boy] 10/7/2012 15:23

I'm so jealous of loonie in blue lol!

[ny boy] 09/7/2012 14:34

Now I'm gonna have to apply to the EU bailout fund to get back to blue again :-)

[ny boy] 09/7/2012 08:34

no muny, some twonk from City stole it all lol!