NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION



For immediate release: 30th May 2008


Sheffield United plc

(the “Company”)



The board of Sheffield United plc (“the Board”) held a meeting on Thursday 29th May 2008 to consider an approach made by Scarborough Group Holdings Limited (“Scarborough”).



For some time now, Scarborough has provided financial support to the Company. As a result of this continued investment, entities controlled by Kevin McCabe and members of his family (“the Concert Party”) control 75.17% of the Company's share capital. This statement is issued to eliminate further press speculation as to Scarborough’s intentions towards the Company.



Scarborough has proposed to the Board that it underwrites an equity fundraising for the Company. It is intended that all shareholders should be given the opportunity to participate in the fundraising.



In addition, Scarborough has proposed to the Board that it makes a cash offer (“the Offer”) for all the shares not owned by the Concert Party and that accepting shareholders will receive in addition to the cash consideration, a “certificate of recognition” and a memento of their position as shareholders in the Company. Upon the Offer being declared wholly unconditional, it is the Board’s understanding that Scarborough will seek to delist the Company from AIM and to re-register the Company as a private company. Delisting will substantially reduce the annual costs incurred by the Company although Scarborough has proposed that an Annual Meeting of past shareholders should be called for the foreseeable future.



Scarborough has also informed the Board that should the Offer be declared wholly unconditional and the delisting of the Company is successful, it is Scarborough’s intention to restructure the Company to separate the Company's property interests from the football club to ensure that the current difficulties being experienced in the UK commercial property market do not unnecessarily burden the football club.



The Board acknowledges the approach and the proposals made by Scarborough and confirms that it has agreed in principle to undertake an equity fundraising, the terms of which are currently being discussed by the Board. The Board further confirms that it is in discussions with Scarborough which may or may not lead to an offer for the Company.

is this confidential?

don't want to get the forum into trouble?

But- great news!!!!! were getting taken over by a group thats massivly rich!!!!

Lets not be too hasty scotty.
I know you shouldn't suppose anything but has this anything to do with MCcabe and his trip to the US?
Investment is good but there is always the uncertainty attached with takeovers.
Is it for instance the first step in selling on to the yanks?
We can only trust MCcabe in his dealings and so far in the years i have known he has only made 1 mistake so hopefully it is the next step in his masterplan for the Blades.

is this confidential?

Not if it was released on May 30th.

Anyone find a link to where it was released? A Stock Exchange website or something? Just to prove that the OP hasn't developed schizophrenia and imagined the entire document :hihi:

Its not confidential at all. Its all over the internet, and its been doing the rounds for a couple of days....

http://football.guardian.co.uk/breakingnews/feedstory/0,,-7551149,00.html

http://www.teamtalk.com/football/story/0,16368,1804_3632852,00.html

http://www.reuters.com/article/rbssConsumerGoodsAndRetailNews/idUSWLA417220080530

http://sport.scotsman.com/football/McCabe-bids-to-gain-full.4138752.jp

http://www.yorkshirepost.co.uk/sheffield-utd/Multimillionaire-launches-bid-for-soccer.4139051.jp

....to list just a few.

is this confidential?

don't want to get the forum into trouble?

But- great news!!!!! were getting taken over by a group thats massivly rich!!!!

lol no the link was on sufc

'The Concert Party?'

It aint half hot mum!

Meet the gang 'cause the boys are here, the boys to entertain yooooooo !!

The removal of United from the stock market should open the door for Mr McCabe to sell the lot for a very nice profit.

As McCabe personally owns the shares then I bet he sells it to..you guessed it...scarborough holdings a company that he owns.

It will then be refloated on the stock market and they'll make...even more money.

They'll then be able to walk away from the club whatever their possition in the league or finance is and...not give a flying ...... they'll have made their wad.

How much money you can make at whatever the cost.

The removal of United from the stock market should open the door for Mr McCabe to sell the lot for a very nice profit.

As McCabe personally owns the shares then I bet he sells it to..you guessed it...scarborough holdings a company that he owns.

It will then be refloated on the stock market and they'll make...even more money.

They'll then be able to walk away from the club whatever their possition in the league or finance is and...not give a flying ...... they'll have made their wad.

How much money you can make at whatever the cost.


I agree, that could be the strategy, mccabe is a fantastic business man, that is not in doubt, BUT- he is also a blade- i very much doubt he would leave united in an exposed position, if anything they would invest in the blades and get them (and keep them) in the premiership and get them established there, THEN he may concider selling to another outfit.