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How much of the club does Ruben Gnanalingam actually own?
According to the 2016/2017 annual report his ownership per 31 May 2017 was 51,17%.
According note 21 to the same report the directors agreed to capitalize Rubens unpaid outstanding shareholder interest, but this wasn't completed before 23 August 2017, so after the close of the 2016/2017 accounts. I am no financial expert, but the way I understand it the ownership share of 51,17% published in the report is the correct one per 31 May last year, but this changed three months later.
If I get it right, total number of shares before the capitalization of Rubens outstanding interest was ca 6.401M shares. The outstanding interest was exchanged for 7.486M shares, making total number of shares 13.887M shares. If all the new shares were subscribed by Ruben, his ownership increased from 51,17 % to 77,5%. I am happy if an accountant among us could confirm this.
I assume a new process of capitalization of outstanding interest will happen again at the end of this season, bringing Rubens holding even higher, to ca 90%.
I believe it is just a matter of time before the other shareholders are completely diluted and it is just Ruben left.
Tony Fernandes might be Rubens co-chairman in the name, but in reality this is now a total Ruben Gnanalingam show. I think we should be exceptionally happy Ruben has provided all this cash lately - if not be would probably be history! Those that wanted Tony out has at least got the wish. He is nothing but a puppet king right now - it's all about Ruben.
According to the 2016/2017 annual report his ownership per 31 May 2017 was 51,17%.
According note 21 to the same report the directors agreed to capitalize Rubens unpaid outstanding shareholder interest, but this wasn't completed before 23 August 2017, so after the close of the 2016/2017 accounts. I am no financial expert, but the way I understand it the ownership share of 51,17% published in the report is the correct one per 31 May last year, but this changed three months later.
If I get it right, total number of shares before the capitalization of Rubens outstanding interest was ca 6.401M shares. The outstanding interest was exchanged for 7.486M shares, making total number of shares 13.887M shares. If all the new shares were subscribed by Ruben, his ownership increased from 51,17 % to 77,5%. I am happy if an accountant among us could confirm this.
I assume a new process of capitalization of outstanding interest will happen again at the end of this season, bringing Rubens holding even higher, to ca 90%.
I believe it is just a matter of time before the other shareholders are completely diluted and it is just Ruben left.
Tony Fernandes might be Rubens co-chairman in the name, but in reality this is now a total Ruben Gnanalingam show. I think we should be exceptionally happy Ruben has provided all this cash lately - if not be would probably be history! Those that wanted Tony out has at least got the wish. He is nothing but a puppet king right now - it's all about Ruben.
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