Source: Eurosport
Kroenke edges closer to takeover threshold
Stan Kroenke has purchased another 10 shares in Arsenal's parent holding company, at a cost of some £85,000, to edge closer towards the takeover threshold.[LNB] The Denver-based sports magnate is now the largest individual shareholder in the Gunners, with a stake of some 28.9%, which includes a £765,000 purchase earlier this month.[LNB] Should Kroenke, or indeed anyone else such as second-largest shareholder Alisher Usmanov, reach a figure of 29.9%, they would, under the City's financial regulations, be obliged to launch a formal takeover bid.[LNB] However, when the matter of his intentions for the Barclays Premier League club was raised during last week's Annual General Meeting at Emirates Stadium, the American - nicknamed 'Silent Stan' - chose not to take the opportunity to address the gathered shareholders, with chairman Peter Hill-Wood intervening.[LNB] Any public statements against future bid intentions must be unambiguous, otherwise the individual or group would, under the Takeover Panel's rule 2.8, be prevented from making a formal move for six months.[LNB] The latest share dealings were confirmed to the Plus market.[LNB] "On 26th October 2009, Arsenal Holdings plc (the "Company") received notification that on 26th October 2009 Stan Kroenke, a director of the company, acquired 10 ordinary shares of £1.00 each in the company at a price of £8,500 per share," a statement read.[LNB] "Taking into account such acquisition, Stan Kroenke has a beneficial interest in, and controls voting rights over, 17,967 ordinary shares in the company, representing 28.9% of the company's issued ordinary shares."[LNB] Speaking last week, Hill-Wood insisted major changes behind the scenes were not on the agenda.[LNB] The Arsenal chairman stressed: "I don't think we are looking for a change in custodian. I think you will find the club is in pretty good hands. I believe he [Stan] is happy to be a long-term shareholder in our club."
