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Graham Wallace - New Q&A


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Speaking to Express Sport, Wallace said: “Dave King has made no other financial offer to the club, other than to say he’d be a willing participant in a future equity issue.” But the chief executive rejected suggestions he had already turned down bids from the tycoon.

“The idea that the club or board have rebuffed some wonderful offer from Dave King is strictly not the case,” he said. “He has responded, advising the club he’d be a willing investor if there would be a further equity issue. We have said we know the club will require investment at some point but we haven’t put a time frame around that.

end of GW Statement...

nobody ever thought he just offered cash to cover the short fall in some wonderful gesture.What I wanted to know was could you have diluted the share for cash from King instead of taking out debt. A offer he came over last week to have signed.

As GW admits, yes he could have but they have planned not to at this point even though they could see the short fall well in advance.

so DK did advise he would put up investment if they put up a further equity issue. Would you not call advising the club he would put in money through an equity scheme an offer?

GW was saying there was no other offer but i never thought there was two offers just one. Cash for equity. The club decided to take debt instead of doing a equity deal.

Well played Mr Wallace you confused many on here with that answer.

it's no where near as simple as your making out, a new share issue would have to approved by the existing shareholders first and the existing shareholders would be given first option on these shares.

DK saying he would participate in a future equity isn't the same as him being a viable alternative to the current Easdale/Laxey deal

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it's no where near as simple as your making out, a new share issue would have to approved by the existing shareholders first and the existing shareholders would be given first option on these shares.

DK saying he would participate in a future equity isn't the same as him being a viable alternative to the current Easdale/Laxey deal

it was offered way back as an alternative to cover the short fall that would appear. If I remember right DK said exactly that in the press at the time. Someone like lawman would need to confirm if the date this was first mentioned by DK in the press would have given the board enough time to get it in place for now.
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There is a hard core of people on here who hate the board more than they live the club

The board can do no right in their eyes

I'm convinced several of them are tims

There is no other explanation for their behaviour

I don't really see a lot of anti-board posters but there is certainly a lot of point scoring when the same posters keep on mentioning the rebels, reqs etc. It certainly is turning into an obsession for some which is sad really as we are all suppose to be supporting the same team.

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On the 25th of Oct DK said

King said: “I’m here to see whether I’m in a position to facilitate taking the club forward – to get rid of the disunity and lack of harmony at board level and between the board and the fans.”

“I am here for a series of meetings at my request. These meetings will remain confidential. We need a funding campaign to make sure that when the club does need money it is already in place with the right people at the right cost.

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would take that if you read the highlights a couple of posts back.

You were the one that said I should use facts . so I did.

Was only taking your advice.

just seen the quotes you bolded. i dont see the issue. dk has offered no other finance other than being willing to put into a new share issue.
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do you not think a share issue would have been better for the club?

For me debt free should be the aim for aslong as humanly possible

a share issue takes time ti set up. Wallace has already said he needs to sort the club out before going and trying to secure massive investment.

even of we do a new share issue, DK wont even be offered shares till the current shareholders have been asked.

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Speaking to Express Sport, Wallace said: “Dave King has made no other financial offer to the club, other than to say he’d be a willing participant in a future equity issue.” But the chief executive rejected suggestions he had already turned down bids from the tycoon.

The idea that the club or board have rebuffed some wonderful offer from Dave King is strictly not the case,” he said. “He has responded, advising the club he’d be a willing investor if there would be a further equity issue. We have said we know the club will require investment at some point but we haven’t put a time frame around that.

end of GW Statement...

nobody ever thought he just offered cash to cover the short fall in some wonderful gesture.What I wanted to know was could you have diluted the share for cash from King instead of taking out debt. A offer he came over last week to have signed.

As GW admits, yes he could have but they have planned not to at this point even though they could see the short fall well in advance.

so DK did advise he would put up investment if they put up a further equity issue. Would you not call advising the club he would put in money through an equity scheme an offer?

GW was saying there was no other offer but i never thought there was two offers just one. Cash for equity. The club decided to take debt instead of doing a equity deal.

Well played Mr Wallace you confused many on here with that answer.

it was offered way back as an alternative to cover the short fall that would appear. If I remember right DK said exactly that in the press at the time. Someone like lawman would need to confirm if the date this was first mentioned by DK in the press would have given the board enough time to get it in place for now.

a new share issue should not be used to cover a short term gap in funds, it should only be used to raise capital to improve the playing squad, read the bold above DK hasn't made any offer he has advised he would be willing to invest in a further equity issue, any further equity issue is to be approved by existing shareholders not when DK decides
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Quietlyimpressed with Wallace. You don't look after man city and mtv by being a spiv. The guy is employed by the club to look after and sort out the financial mess.

Only 120 days to evaluate a financial vacuum from top to bottom? Alot of CEO'S would atleast expect a year. I admire the man for putting his professional reputation on the line.

In Wallace I trust

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really hard for you lot to grasp it is impossible to make an offer if they refuse to meet with you.

This comment must be a lie then. GW: The board has had a dialogue in recent weeks with Dave King. He has not been rebuffed by the board. He is not currently a shareholder. He has indicated he’d be an interested participant in a future equity raising at the appropriate point in time.
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