Man Utd sets IPO terms, valued $3.3 billionJuly 31, 2012 - 16:16 AMT PanARMENIAN.Net - English soccer team Manchester United set the terms for its U.S. initial public offering on Monday, July 30 saying it will offer 16.67 million shares at between $16 and $20 each, which values the club at $3.3 billion at the top of the range, Reuters reported. Manchester United has been struggling with a hefty debt burden ever since being acquired by the family of Florida-based businessman Malcolm Glazer and his family in 2005. The club and the Glazers each will be selling half the IPO shares in an offering that will raise as much as $333 million. The club's proceeds from the IPO will be used to reduce its debt of 423 million pounds as of March 31 to 345.4 million pounds. The Glazers will remain in a dominant position after the offering with 89.8 percent of the Combined class A and B shares. The IPO may be a tough sell in the United States given the lack of U.S. publicly traded sports teams to compare Manchester United against and given that many Americans don't regard soccer as a top sport. The company's latest financials may also give investors pause. Revenue for the year that just ended is expected to be 315 pounds to 320 million pounds, down by about 3 to 5 percent from the previous fiscal year as match day revenue, such as ticket sales, and broadcasting revenue both declined, the company said in its regulatory filing. Top stories Armenian gymnast, Olympic bronze medalist Artur Davtyan has reached the finals of the World Cup. Gor Manvelyan has denied reports alleging that he has expressed a desire to one day play for the French national team. Roma midfielder Henrikh Mkhitaryan is not considering FC Spartak Moscow as his next haven, according to fresh reports. 10 Armenian lifters will compete in the 2021 World Championships scheduled to be held from 7 to 17 December in Tashkent. Partner news | Ucom Celebrates Telecommunication Day May 17 commemorates the founding of the International Telecommunication Union on May 17, 1865. Armenian, Azerbaijani heads of parliament meet in Switzerland President of the Armenian parliament Alen Simonyan met with the Speaker of the Azerbaijani Milli Majlis Sahiba Gafarova. Border residents overnight on highway to protest Armenia’s Residents of Kirants continue to express outrage over the government’s decision to cede land to Azerbaijan. Get Started: An educational platform for young startuppers The Get Started program which operates in two phases is an important platform for young startuppers. |