ROME – “Not shareholders but protagonists”. With this slogan (and hashtag) Rome launched the takeover bid todaythe public offer to buy the shares, which if successful will allow the club to officially exit the stock exchange.
“A new phase in the history of AS Roma is upon us: choose to give strength to the new project and transform your participation”, the message of the company to the approximately 4-5 thousand shareholders who hold 10.9% of the club’s shares. Roma decided to face the delisting without speaking a financial language but trying to touch the heart of the fans. The response to the first part of the operation was very positive. The Friedkins left a month ago holding 86.8% of the share capital, as of yesterday they are arrived to acquire 89.99% of the share capital. The first operation for the club was a success, the Stake-Building ended 10 days earlier than expected also showing a moment of great closeness between the club and the minority of shareholders who benefited from a economic premium equal to 0.43% per share.
Rome, the advantages for shareholders: from the event with the team to the dinner with the Friedkin family
From today the Royalty Program for those who will sell their shares. Roma has decided to reward all shareholders who, during the offer period, from 13 June to 8 July, will sell their shares. The club decided to create three ranges of benefits for those who will sell their holdings: Assist Club (up to 25,000 shares sold), Assist Club Plus (between 25,000 and 180,000 shares sold) e Assist Club Platinum (over 180,000 shares sold). The three categories offer unprecedented prizes and encounters for greater contact between Roma and fans.
Shareholders who fall into all three bands (and who will sell 100% of their shareholding) will be able to attend a workout once a year of the team with open doors, will receive a limited edition pennant of the 2022/23 season, will have a meeting with the Top Management to find out about the Club programs, a 10% discount in all Roma Stores and will benefit from a priority purchase window for the Derby.
For the two upper bands there will also be a reserved event with the First Team coach (for those who have sold 100% of their shares), a Roma shirt from the new season, will be able to meet the players and participate in a Christmas toast. Plus the team will play a match wearing a special jerseyengraved with the names of the assist club participants.
Only for Platinums, on the other hand, there will be once a year a dinner with Dan and Ryan Friedkin in an exclusive location (for shareholders who have sold 100% of their stake), a match at the Olimpico in Premium sessions enriched by a post-match event in an exclusive location and dedicated assistance for the services of the Assist Club Program.
Real privileges for those who join the takeover bid within the next four weeks, while remaining tied to the club and even closer to the team. In short, Roma wants to keep shareholders on board to make them more protagonists with meetings with the management (once a year, to make a point on the strategies), the team and the coach. Yes but for how long? At least for five seasons. Furthermore, the club does not rule out that even before the age of five this program may merge into a broader and perennial membership program that the club is studying for all fans.
Rome, here is plan B to exit the stock market
Roma therefore wanted to approach in a different way from this operation by delistingnot only looking at the financial side but even to the sentimental oneto recover the relationship with the shareholders, keeping them strong consideration without immediately arriving at the plan B already approved by Consob. In fact, if the takeover bid is not successful, the club will carry out one merger of the Friedkin society which holds the shares of Roma (Romululs and Remus Romulus and Remus Investments LLC) and the MIV (Italian holding) to reach 95% of the share capital and therefore exit the stock exchange. With this plan B, the shareholders (all of them, even those who had initially joined the takeover bid) would not have the aforementioned benefits but only the 0.43% purchase premium.
Rome, the reasons for leaving the Stock Exchange
If Roma were to reach 95% through the takeover bid, from the beginning of August it would already be a private company. With Plan B, on the other hand, the delisting would move by the end of the year.
But what are the benefits for Rome since the exit from the Stock Exchange? Being listed entails a tighter control of the authorities, but also high fixed costs between professional figures, reporting obligations and internal figures. Both the capital increase and the construction of the stadium are operations that would still remain in existence beyond the quotation, but clearly with the exit from the Stock Exchange there would be one streamlining of internal processes. For the increase of capital at that point the Friedkins will evaluate if necessary or not and in what terms, for the construction of the stadium on the other hand, leaving the Stock Exchange will give the club greater freedom of movement. Roma is preparing for the delisting hoping to carry it out together with the shareholders to further strengthen this link with the whole square thanks to the goals achieved so far by the family Friedkin.
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