What Does The RAL Statement Mean?
So what does the new statement mean?
Basically RAL are 0.31% under the 90% they were aiming for with 89.69% of the shares BUT they have now gone unconditional which means the takeover is being completed and all shares sent back with acceptance forms, + Doug Ellis and Jack Petchey shares will be transferred to Randy Lerner.
They will get over the 90% mark you'd assume once the acceptance forms sent back incorrectly filled in or without the share certificates enclosed are re-submitted correctly. This could happen any time now.
They will then follow through with a compulsory purchase of the remaining 10%* (at the same offer price of £5.47 I believe). Anyone who wishes can still send back their acceptance form and share certificate. Those holding out will really gain nothing now it is done and dusted with an unconditional offer. That is because RAL will now apply to the stock exchange for Aston Villa to be de-listed and therefore there will be no open market for those shares as the company will once again be in private ownership.
*There are some within that 10% who are willing sellers but have been unable to sell due to legalities, eg those living in America, Canada, Australia or Japan.
All those that did accept the offer will now receive the proceeds of the sale, the time scale of which is in the statement.
And most importantly? The Ellis era is over and a new era has begun.