da 888casino： In an effort to enable shareholders to quickly release their shares and unlock liquidity through a transparent and innovative approach, Tottenham Hotspur have announced Asset Match as the platform for trading shares of the club. Asset Match has already held six online trading auctions for Tottenham as of March 2016, with the official auction launch scheduled for December 2016.
da dobrowin： Asset Match enables unlisted companies to more easily trade shares through periodic online auctions, as investors with smaller holdings are often discouraged from trading by the typically high price of share transactions.
“Having already held six online auctions through the year, I look forward to seeing how the club’s unlocked shareholder liquidity will support the company’s future expansion,” said Asset Match co-CEO Stuart Lucas in a statement.
Tottenham transferred its shares to a Match Bargaining Service from the Alternative Investment Market (AIM) in January 2012, but the new platform was outdated and problematic. Transparency concerns and issues preventing shareholders from quickly unlocking liquidity forced the club to look elsewhere for its asset trading.
“When we came off the Alternative Investment Market almost five years ago, we put in place a Matched Bargain facility for shareholders,” said Tottenham’s Operations and Finance Director Matthew Collecott in a statement. “In reviewing their offering over their initial auctions we believe that the Asset Match share dealing facility is a better transaction platform and is authorised and regulated by the FCA.”
Spur’s first share auction on Asset Match in March saw over 20,000 shares traded over the course of the week for a £353million valuation on the club.
In the club’s April auction, that valuation rose to £425 million, the highest value since the club delisted from AIM in 2012. The share price rose 21% from the first auction in March, amounting to a 400% increase on share price from when the club was last traded before leaving AIM.
“Spurs shareholders are starting to see and understand the benefit of an open, transparent and regulated forum,” said Lucas following the April auction. “Word is clearly getting out to the 7,000 shareholders who have had virtually no liquidity in the last five years.”
According to Asset Match, over £31.75million has been transacted on the platform. Wealth & Finance Magazine recently named the company the “Best Electronic Share Trading Platform” in the 2016 Alternative Investment Awards.
A number of other large companies have joined Asset Match in the past year. Sutherland Health Group Plc joined Asset Match in April, and artisan pizza company Barrell & Stone completed its fundraising on Asset Match in only 10 days in January, beating the platform’s previous record by a significant margin.
In Tottenham’s April auction, Asset Match traded 0.72% of the estimated free float of the shares in issue, beating the trading volume as a percentage of free float for Celtic and Arsenal, the two other British clubs traded on public UK markets.
Collecott has been pleased with the club’s progress on Asset Match thus far, stating, “Since March, Asset Match has conducted six auctions in our shares and has provided a transparent and effective service for shareholders.”
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