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.

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

Another Dagger In The Heart

HH on yet another dagger in the heart of great supporters of a once great club

We Deserved A Point - Garde

Manager Remi Garde has said he felt the performance in the game against Watford today should've returned a point for Aston Villa.

Audio - Garde Pleased With Performance

Manager Remi Garde has said he was pleased with the performance Aston Villa put in during today's three two loss to Watford, but he knows a point should've been taken.

Stats: Aston Villa v Watford

All the stats from Aston Villa (2) vs (3) Watford, Villa Park, 28/11/15 Att: 35,057

Archived Vital Villa Articles

Vital Villa articles from

Site Journalists

J P Fear
Mike Field
Steve Wade
Turkish Penguin
Chris Heath
M Calucar
JuanPablo Angel

Current Poll (see more polls)

Watford MotM
Suggested By: Site Staff
Sub - Traore20%
Sub - Gestede0%
ScoopDragon Premier League Network Sites

League Table

# Team P W D L Pts. GD
1 Man City 14 9 2 3 29 16
2 Leicester City 14 8 5 1 29 8
3 Man Utd 14 8 4 2 28 10
4 Arsenal 14 8 3 3 27 12
5 Spurs 14 6 7 1 25 13
6 Liverpool 14 6 5 3 23 3
7 Crystal Palace 14 7 1 6 22 5
8 West Ham 14 6 4 4 22 4
9 Everton 14 5 6 3 21 8
10 Southampton 14 5 5 4 20 3
11 Watford 14 5 4 5 19 -1
12 Stoke 14 5 4 5 19 -3
13 WBA 14 5 3 6 18 -5
14 Chelsea 14 4 3 7 15 -6
15 Swansea 14 3 5 6 14 -5
16 Norwich 14 3 4 7 13 -8
17 Sunderland 14 3 3 8 12 -10
18 AFC Bournemouth 14 2 4 8 10 -13
19 Newcastle 14 2 4 8 10 -16
20 Aston Villa 14 1 2 11 5 -15
Write for Vital Football
Latest F1 News
2015 - Abu Dhabi Grand Prix - Race
Latest Vital Boxing News
Last Night in the Words of Tyson Fury
The Vital Football Members League

Aston Villa Fixtures (view all)

Dec 5 2015 3:00PM : Southampton (a)
Barclays Premier League
Dec 13 2015 1:30PM : Arsenal (H)
Barclays Premier League
Dec 19 2015 5:30PM : Newcastle United (a)
Barclays Premier League
Dec 26 2015 3:00PM : West Ham United (H)
Barclays Premier League
Dec 28 2015 3:00PM : Norwich City (a)
Barclays Premier League
Jan 2 2016 3:00PM : Sunderland (a)
Barclays Premier League

Vital Members League Table

1.Pride of Lions1120
2.The Fear641
Vital Football Comment