The Manly Daily didn't post the article on their site from yesterday's paper so I did an abreviated version, factually taken from the article done by Avedissian. It is hard to get a line on the financials as they haven't been posted on the LC site as yet.
I stand by the article heading because Bob Reilly says that they have that amount available for MWSE. Whether it will be accepted by MWSE under the proposed terms is another matter. Vid, has the Board ratified Bob's proposal that the LC grant be converted to equity shares?
I have no problem at all with the money being directed into equity, but there are always pros and cons that aren't instantly clear. Despite the legal structures stopping a merger of the LC and FC it is obvious to me that that should be the way it is headed. If that isn't possible then the LC could grant the funds to the FC and they can then use the funds to inject equity into MWSE and increase their percentage holdings.
Where I sit the aim has always been to take back a larger percentage of ownership in MWSE by as broad a fan/investor base as possible. If MWSE doesn't go public, then equity based injections from either the FC or LC seems an appropriate strategy. That is not to say that I would currently have an issue with there being only one owner either.
