[bry]

Albion’s frustrated minor shareholders have been bounced back to the club by the Premier League and the Financial Conduct Authority after neither body agreed to delay their approval of the Chinese takeover.

Shareholders for Albion, a group which represents the 433 minor shareholders, asked both organisations to hold up the takeover because they believe they have been ‘unfairly’ treated in the sale.

But the Premier League and the FCA have told Neil Reynolds, chairman of the group, to take up the grievance with the club.

The league have now approved the sale, and the FCA are expected to follow suit shortly, before the final handover of funds from Guochuan Lai to Jeremy Peace.

Reynolds plans to ask new chairman John Williams for a meeting in the next couple of weeks in order to discuss the future of the minor shareholders, but he is holding fire until the tension at the club from the the transfer window dies down.

“Both of them referred us back to the club,” revealed Reynolds. “But we are deliberately choosing not to pursue anything yet.

“I expect to meet with John Williams soon, but the fall-out from the transfer window is still happening, so we’re keeping a low profile.

“We don’t want to do anything to exacerbate the situation. We’ll leave it for a couple of weeks and consider our position.”

The minor shareholders own 12 per cent of the club, and were not contacted by Jeremy Peace or new owner Guochuan Lai during the sale of West Bromwich Holdings Ltd, which owns an 88 per cent majority.

It’s unknown exactly how much Peace made from the sale but estimates put the figure between £150-200million.

Reynolds thinks those who invested in the club when Albion ‘was at its lowest ebb’ and at a time of ‘greatest financial need’ should also be rewarded.

Last month he wrote to both the Premier League and the FCA on behalf of the shareholders, asking for both bodies to delay their approval of the sale.

At the time he said: “We’ve no objections to Mr Lai, we’re not implying he’s not a fit and proper person.

“We’re looking forward to a new era both on and off the pitch. I hope that this doesn’t sour it and that Albion can be a successful club again playing attractive football.

"The reason we would like it held up is so proper attention can be given to the plight of the minor shareholders.”

Reynolds admitted at the time that it was a long shot, because his request had no legal force behind it.

Peace is well within his rights to sell West Bromwich Albion Holdings Ltd, a private company which he had ultimate control over, without telling the other shareholders.


Read more at http://www.expressandstar.com/sport/west-bromwich-albion-fc/2016/09/08/west-brom-shareholders-bounced-back-to-club-by-premier-league-and-financial-conduct-authority/?#jC5hvjEaqi2Qlztv.99

So was this the reason for the long delay in ratification of the take over?

[baggiejohn]

So was this the reason for the long delay in ratification of the take over?

I think line 3 answers your question

[Droitwich Baggie]

It seems that the take over at Hull has hit the buffers.
http://www.bbc.co.uk/sport/football/37312166

[paulosull]

Just wondering could the new owners take the premiere league to court if the Albion get relegated on the basis of time it took to ratify deal. June the 24 th was the day that the deal was done and of to day it still hasn't been sanctioned by league, this has definitely hamstrung our transfer window. Any legal eagles out there have an opinion?

[bry]

"Shareholders for Albion, a group which represents the 433 minor shareholders, asked both organisations to hold up the takeover because they believe they have been ‘unfairly’ treated in the sale."
Did this contribute to the difficulties in the transfer window?

[glosterbaggie]

"Shareholders for Albion, a group which represents the 433 minor shareholders, asked both organisations to hold up the takeover because they believe they have been ‘unfairly’ treated in the sale."
Did this contribute to the difficulties in the transfer window?

I would not think so Bry as.
"But the Premier League and the FCA have told Neil Reynolds, chairman of the group, to take up the grievance with the club."

[TheJacko2000]

"Shareholders for Albion, a group which represents the 433 minor shareholders, asked both organisations to hold up the takeover because they believe they have been ‘unfairly’ treated in the sale."
Did this contribute to the difficulties in the transfer window?

Almost certainly based on the fact it's been considered. Which is a disgrace as their complaint had no legal basis.

Out for themselves. Not true Albion fans.

[overseas baggie]

Just wondering could the new owners take the premiere league to court if the Albion get relegated on the basis of time it took to ratify deal. June the 24 th was the day that the deal was done and of to day it still hasn't been sanctioned by league, this has definitely hamstrung our transfer window. Any legal eagles out there have an opinion?

Not a prayer.  Sale should have completed earlier if it was to be approved in time for the transfer window.  The rules are there for a purpose.  No point in having them if they need to be rushed through and corners are cut.   The added complication of having investors from China is not easily avoided.  Just one of those things.

[LiamTheBaggie]

Just wondering could the new owners take the premiere league to court if the Albion get relegated on the basis of time it took to ratify deal. June the 24 th was the day that the deal was done and of to day it still hasn't been sanctioned by league, this has definitely hamstrung our transfer window. Any legal eagles out there have an opinion?

In a word - no.

If we are relegated this year then it should be blamed on ourselves.  Nobody else.

[TheJacko2000]

Few moans a few posts ago re the Hull City takeover and the timescales, well it's collapsed...

[albion59]

Almost certainly based on the fact it's been considered. Which is a disgrace as their complaint had no legal basis.

Out for themselves. Not true Albion fans.

For once Jacko i 100% agree with you

[baggiejohn]

Almost certainly based on the fact it's been considered. Which is a disgrace as their complaint had no legal basis.

Out for themselves. Not true Albion fans.

From the comments Jacko, it looks as though it's been batted straight back to the club, so I wouldn't think it's had any bearing on the length of time the authorities have taken. I would think the time has been more to do with the complexity of the consortium & the necessary audit trails & searches.

[ABaggie]

It's been batted straight back because the takeover had absolutely no effect on the other shareholders

Before the takeover they could sell their shares to anyone who wanted to buy them

After the  takeover  they can sell their shares to anyone who wants to buy them

The only difference is that Jeremy went out and found someone to buy his shares. There is nothing stopping them from doing the same.

[PsalmXXIII]

Almost certainly based on the fact it's been considered. Which is a disgrace as their complaint had no legal basis.

Out for themselves. Not true Albion fans.

For the final time, as a shareholder and someone who goes to S4A meetings, Mr Reynolds doesn't represent the feelings of the group with regards his actions. The S4A members were not consulted, this wasn't discussed and not I or any other shareholders I know even informed this was his intention.

He has 30+ shares between him and his family. He could make over £500k off his shares if Mr Lai was forced to buy the rest of the shares (he doesn't have 90% so won't be forced to buy the remaining.) Mr Reynolds is only writing to the FA and other bodies for his OWN PERSONAL GAIN. The vast majority of S4A members like myself have one share that we don't want to sell. I'm drunk off that the actions of one individual, due to his position at S4A has tarred us all with the same brush.

So stop blaming shareholders, when you have one amongst you that on numerous occasions has explained this situation. He doesn't represent the core values of S4A which was set up to protect those of us who want to protect their single shareholdings. Look up the share ownership of him and his family yourself if you want any more proof this guy wants a pay day and is using his position to make it look like the rest of us care one jot about selling our shares.

[TheJacko2000]

For the final time, as a shareholder and someone who goes to S4A meetings, Mr Reynolds doesn't represent the feelings of the group with regards his actions. The S4A members were not consulted, this wasn't discussed and not I or any other shareholders I know even informed this was his intention.

He has 30+ shares between him and his family. He could make over £500k off his shares if Mr Lai was forced to buy the rest of the shares (he doesn't have 90% so won't be forced to buy the remaining.) Mr Reynolds is only writing to the FA and other bodies for his OWN PERSONAL GAIN. The vast majority of S4A members like myself have one share that we don't want to sell. I'm drunk off that the actions of one individual, due to his position at S4A has tarred us all with the same brush.

So stop blaming shareholders, when you have one amongst you that on numerous occasions has explained this situation. He doesn't represent the core values of S4A which was set up to protect those of us who want to protect their single shareholdings. Look up the share ownership of him and his family yourself if you want any more proof this guy wants a pay day and is using his position to make it look like the rest of us care one jot about selling our shares.

Perhaps he shouldn't represent the group then mate?

[Standaman]

I don't think the Premier League would have spent too long on the Reynolds submission because the minority shareholders have a clearly defined set of rights under UK Company law and either the takeover proposal infringes them or it doesn't. Given that both parties to the takeover would have been advised by competent corporate lawyers this was never an issue.

[barnestormer]

I should think that one thing is for certain and that is Mr Lai and his co owners will not be happy or satisfied to just remain a bottom third of the prem club as it won't sell the brand very well in mainland china.investment come January window will see if they have any ambition for the club

[WorcsWBA]

What do you imagine his fee will be?

I can't imagine that Peace will be getting a fee, or that he needs/justifies having one with all the money he's raking in. It's probably lumped in as part of the agreement for buying his shares.

[paulosull]

I can't imagine that Peace will be getting a fee, or that he needs/justifies having one with all the money he's raking in. It's probably lumped in as part of the agreement for buying his shares.

peace and his cronies are what's wrong with our club . He's had no ambition since he squirmed his way in as chairman and the sooner he goes the better. Just hope the new owners have a little bit of ambition because we need it

[Beefy]

Peace has sold the club to Chinese investor Guochuan Lai and the new owner is expected to be officially installed at the end of next week.

Pulis is waiting to see how Lai approaches ownership. Keen to land more players in the transfer window, the Welshman would like more financial backing from the board.

Yesterday, he confirmed that the five signings Albion made in summer were not the marquee additions he wanted to make, and today he blamed the problems on the pitch to the struggles in the window.

"The Chinese are coming in next week so the club is being taken over next week," he said. "We’ll see what vision and what they want to do.


Read more at http://www.expressandstar.com/sport/west...VLuHRpS.99

[Droitwich Baggie]

Pulis wont be able to buy much..The window has closed.

[hardtobeat]

This guy is a total jerk. He has about £500k in personal, prospective share value and is using his position as Chairman to air his greivances that he's not able to sell them. Doesn't speak for the rest of the S4A members at all and wouldn't be surprised if we get rid of him.

Interestingly this morning Psalm there is a piece on an Albion fans page on facebook from a Neil Reynolds saying that Pulis is the most negative manager we`ve ever had and must go etc. Dont know enough to know if its the same one, the profile on f/b says he went to school in West Brom but now lives in Bedworth, but if it is it is highly hypocritical when it would appear his ridiculous challenge has been holding up the takeover for his own end

[Jimbo Baggy]

I wonder if Gouchan Lai will be attending the West Ham game after hopefully buying us Tuesday. I wonder if he will be offering the free drinks again. To be honest id sooner he sacked Pulis, we would all be a lot happier then.

[Jimbo Baggy]

Why does Peace have to stay on after the sale, wish he'd just p*ss off. Take Jenkins with him. I just think the longer he stays round, the more influence he will have over Williams and Lai. I wont Peace gone, and Jenkins, and either Garlick or Hammond, something isn't right with the recruitment, absolute shambles the window was.

[Jimbo Baggy]

Hopefully by the West Ham game, were taken over, Pulis is gone, we have a statement from Mr Lai outlining his direction for the club, hopefully saying he intends to invest January. I would also like to see him say he's aiming to appoint a high profile manager to replace Pulis.