Jonny,

What I don't really understand is why the shares allocated in exchange for debt haven't been issued.

Does that mean it has been swapped for existing shares?

Good question, maybe the first step of a two step process with second step to be completed shortly?

Been sat in the sun thinking about this. The percentages of shares doesn't make sense, but the percentages of the cost of shares does.

After the sale from GFH to Eleonora Sports there were 500,000 shares in LUFC, all owned by Leeds City holdings with a 25/75% split between GFH and ES respectively.

Since then there has been shares issued at a cost of:

£8,000,000 to ES *
£11,500,000 to ES **
£6,500,000 to GFH ***
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£26,000,000 Total
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This gives:

GFH (£6,500,000/£26,000,000) x 100 = 25%

ES (£19,500,000/£26,000,000) x 100 = 75%

I have no idea why this isn't reflected in the number of shares allocated, but I'm guessing the 25/75% split has been realigned.
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* £8m for 4m shares detailed above and confirmed to be purchased by ES.

** £11.5m for 9.5m shares detailed above and assumed to be purchased by ES. May not be though.

*** £6.5m for 6.5m shares debt:equity conversion detailed above and assumed to belong to GFH. GFH had a debt of £6.5m detailed in the Share Purchase Agreement, which I'm assuming this is what this is:

http://www.mediafire.com/view/yihj3xz8010ect0/SPA%20snapshot.jpg#

Sol, thanks for all this info. It is very interesting to see what is going on behind the facade of caring about the football side of the club.
As expected its all about the money. Where will it end?

Makes sense.

New ownership statement:

The club's ownership statement...

Leeds United Football Club Limited ('LUFC' is a company registered in the UK and is a full member of the Football Association.

LUFC is 75% owned by Eleonora Sport Limited which is 100% owned by Eleonora Immobiliare S.p.A ultimately belonging to an independently managed Trust established for the benefit of the Cellino family.

LUFC is 21.43% owned by UK Investments Company Limited which is 100% owned by Gulf Finance House, BSC.

LUFC is 3.57% owned by Leeds City Holdings Limited which is 25% owned by GFH Capital Limited and 75% by Eleonora Sport Limited.

http://www.leedsunited.com/club-ownership#sthash.64UFKXKY.dpuf
_____

Not 25/75% split, but not far off.

Thanks Sol, strange that it is not 75/25.

The 3.57% piece is the puzzler here.

Another share allotment, this time £5m, taking share capital to £19m.

Dated 12th June.

http://www.mediafire.com/view/zuabqdoel7ionat/SH01_12-06-15.pdf

I share an allotment Sol

Over 18 months since I posted in here. Obviously a lot has changed with Radrizani coming in. But this just got notified to me:

https://beta.companieshouse.gov.uk/company/08862382/filing-history/MzE2ODY3MDYwM2FkaXF6a2N4/document?format=pdf&download=0

Date person became registrable: 06/04/16.

When did Cellino go quiet?

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comment by WalsallWhite (U2671)
posted 10 minutes ago
Wasn't it reported that AR bankrolled us before becoming a 50% owner ?

And does he know which company he has bought 50% of 😳

In a nutshell...what's going on ?
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Who knows.

I feel content at the moment with Cellino seemingly on his way out and Rad moving in, but some clarity would be nice.

Comment deleted by Site Moderator