Vital Football

Latest Aston Villa News

Villa Asset Sold Off

Villa Asset Sold Off

Can someone explain to me the difference between a new board coming in and selling the land Aston Villa own and our current board doing it?

Why would the one set be seen as 'asset strippers' but the present incumbents aren't?

Still very good news, especially for Doug and his merry men who have made yet another balls up in running this PLC

Anyway, Villa have made the following announcement:

The Board of Aston Villa Plc ('Aston Villa' or the 'Company') has today conditionally agreed to dispose of an area of non-core land and property (the 'Serpentine Property'), for a gross consideration of £7.31 million in cash to Birmingham Community Sports Limited (the 'Disposal').
The Serpentine Property comprises land and buildings lying between Serpentine Road to the north and Aston Hall Road to the south in Aston, Birmingham. The use of the property by the Company is limited to match day car parking adjacent to Aston Villa Football Club.

In the year ended 31 May 2005, the Serpentine Property generated income before tax of £27,684. The cost of the assets of the Serpentine Property as at 30 November 2005 amounted to approximately £0.1 million.

The net book value of the Serpentine Property at 30 November 2005 amounted to approximately £0.1 million. The net proceeds from the Disposal will allow the Company to reduce debt within the group and will also be used for general corporate purposes.

As a result of a preliminary approach made to Aston Villa on 19 September 2005 (subsequently confirmed as being made by Aston Villa Investments Limited ('AVIL')) which might or might not lead to an offer for the Company, Aston Villa was placed into an offer period under the Takeover Code (the 'Code'). Following the original approach from AVIL, discussions have also been held with a number of other interested parties. These discussions are on-going and the Board will provide you with further information as and when there is a material change to their status.

In such circumstances, Rule 21.1 of the Code restricts Aston Villa from entering into arrangements other than in the ordinary course of business without shareholder approval.

Shareholder approval for the Disposal will therefore be sought at an Extraordinary General Meeting ('EGM') to be held on 10 July 2006. The notice convening the EGM, along with further details on the Disposal, will be set out in a circular to be sent to shareholders shortly.

The EGM will be held solely to vote upon a resolution to approve the Disposal. No other matter will be considered. The Disposal will be approved if a simple majority of the shares voted in person at the EGM, or by proxy, are voted in favour of it.

The sale and purchase agreement in relation to the Disposal (the 'Disposal Agreement') provides for shareholder approval to be obtained on or before 31 July 2006. In the event that shareholder approval is not so obtained, the Disposal Agreement may be terminated by Birmingham Community Sports Limited or the Company.

In the event that shareholder approval is so obtained, the Disposal Agreement becomes unconditional.

On satisfaction of the condition precedent, the Disposal Agreement provides for completion of the Disposal of the Serpentine Property on or before 7 December 2006. On completion, the sale consideration will be payable.

In order to give greater certainty that the Disposal will complete, the Company has obtained irrevocable undertakings from the Directors of Aston Villa to vote in favour of the resolution proposed at the EGM to approve the Disposal (the 'Resolution'), in respect of 3,946,914 shares in aggregate, representing approximately 34.47 per cent. of the existing issued share capital of Aston Villa. In the event, that the Board is notified by a third party of an intention to make an offer for the share capital of the Company prior to approval of this Disposal at the EGM on 10 July 2006, these irrevocable undertakings will lapse.

The Board considers the Disposal to be in the best interests of the Company and its shareholders as a whole.

Click here to join in the debate on the club forum.

Writer:J P Fear
Date:Wednesday June 7 2006
Time: 7:10PM


Good news then I take it? £7million for DOL's transfer kitty maybe?
07/06/2006 19:41:00
Yes, and Doug can ask £7m less for the sale of the club?
The Fear
07/06/2006 19:48:00
Down the back of the sofa mate, or is it, could it be, surely not PAY OFF TIME!!!!
07/06/2006 19:51:00
Bring in Milner and get rid of D'OL
07/06/2006 20:24:00
is there any aston villa fans out there who actually wants DOL in charge lol?
green giant 12
07/06/2006 21:06:00
The money will disapear into corporate accounts and reduce the annual loss. In playing terms, we will not notice a single thing!!! However, as pointed out, the asking price for the club should come down and with that, increase chances of a sale so, yep, good news.
Villain Of The North
07/06/2006 21:19:00
Have to agree with Villain Of The North. I will be amazed if any of this money finds its way towards team strengthening. It is though good news, months way overdue, but good news all the same, if only because it surely reduces the asking price for the sale of the club. Wonder what finally convinced the old boy that his valuation and the actual open market price, were poles apart. Stubborn old fool.
07/06/2006 21:28:00
The good news from this is that, like Villain of the North said, this money will be used to reduce the severity of the losses which are bound to be announced soon. No player will NEED to be sold to soften the blow, so unless Gareth Barry or Steven Davis wants to leave, Villa don't NEED to sell him.
08/06/2006 08:10:00
£7m to buy more wasters
08/06/2006 10:51:00
Madness! Villa look like they are in free fall. All of my Villa mates are pulling their hair out at the moment.
08/06/2006 11:11:00
Page 1/2
  1. 1
  2. 2

Login to post a comment

Recent Aston Villa Articles

Steve Bruce Says Villa Is The Biggest Club He's Managed

Steve Bruce says Villa is the biggest club he's managed and this is his biggest challenge in 20 years of management.

Steve Bruce On How Big THIS Game Really Is...

Steve Bruce sure does understand the local derbies and the bragging rights they are fighting for this weekend...

Vital Villa Man Of The Match Updates...

Bumper round up of our man of the match votes for the last few games...

Bruce In Team Of The Week (25/10/16)

Aston Villa are represented in the latest Football League team of the week that has been selected after this week's action.

Archived Vital Villa Articles

Vital Villa articles from

Site Journalists

J P Fear
Editor email
Mike Field
Editor email
Steve Wade
no email
no email
Turkish Penguin
no email
no email
Chris Heath
no email
M Calucar
no email
JuanPablo Angel
no email

Current Poll (see more polls)

Will Villa get promoted?
Suggested By: J P Fear
Yes, automatically40%
Yes, through play offs34%
ScoopDragon Publishing Entire League Network of Sites

League Table

# Team P W D L Pts. GD
1 Newcastle 14 10 1 3 31 19
2 Brighton 14 8 4 2 28 9
3 Huddersfield 14 9 1 4 28 4
4 Norwich 14 8 3 3 27 7
5 Sheff Wed 14 7 3 4 24 1
6 Bristol City 14 7 2 5 23 6
7 Birmingham 14 6 5 3 23 3
8 Reading 14 6 4 4 22 -3
9 Preston 14 6 2 6 20 1
10 Leeds Utd 14 6 2 6 20 -1
11 Brentford 14 5 4 5 19 5
12 Barnsley 14 6 1 7 19 3
13 Q.P.R. 14 5 4 5 19 -3
14 Fulham 14 4 6 4 18 -2
15 Burton 14 4 5 5 17 0
16 Aston Villa 14 3 8 3 17 0
17 Ipswich 14 4 5 5 17 -2
18 Wolves 14 4 4 6 16 -1
19 Forest 14 4 3 7 15 -3
20 Cardiff 14 4 3 7 15 -9
21 Derby County 14 3 5 6 14 -4
22 Blackburn 14 3 3 8 12 -8
23 Wigan 14 2 5 7 11 -3
24 Rotherham 14 1 3 10 6 -19
The Vital Football Members League
Latest F1 News
Red Bull family retains Kvyat
Latest Vital Boxing News
Eggington Stops Gavin in Eight Rounds
Vital Football Comment

Recent Aston Villa Results (view all)

Aston Villa Fixtures (view all)

Oct 30 2016 12:00PM : Birmingham City (a)
Sky Bet Championship
Nov 5 2016 3:00PM : Blackburn Rovers (H)
Sky Bet Championship
Nov 18 2016 7:45PM : Brighton & Hove Albion (a)
Sky Bet Championship
Nov 26 2016 3:00PM : Cardiff City (H)
Sky Bet Championship
Dec 3 2016 5:30PM : Leeds United (a)
Sky Bet Championship
Dec 10 2016 3:00PM : Wigan Athletic (H)
Sky Bet Championship

Vital Members League Table

1.The Fear525
9.Stephen Jay Hawkings140
Write for Vital Football