What does it mean? On Aug 15, 2013 7:55 PM, "Nicholas Armit" <[email protected]> wrote:
> > http://www.theguardian.com/football/2013/aug/15/leeds-united-owner-gfh-offloads-shares > > > > The Dubai-based investment firm that bought Leeds United in December sold > more than half of its 100% holding less than six months later, financial > statements show. > GFH Capital, a subsidiary of Bahraini Gulf Finance House, offloaded a 10% > stake to the Bahrain-based International Investment Bank earlier this year > and its second-quarter financial statement showed it had now sold a total > of more than half the shares. > The statement did not say who the buyer was, specifying only that it had > made a gain of $776,000 (£500,000) on the sale and was now deconsolidating > Leeds results from its own. GFH could not be reached for comment on > Thursday. > The company paid £52m last year to buy Leeds from their previous owner Ken > Bates, who has since left the club. > The club's website lists shareholders of Grand Cayman-based LUFC Holding > Limited – owner of Leeds City Holdings Limited, which in turn owns the club > – as GFH Capital, International Investment Bank and Envest Limited. Envest > is owned by Salah Nooruddin, who replaced Bates as chairman, and his wife. > GFH, which had already booked a $10.4m profit on the Leeds deal in its > 2012 financial statement, said in April it had offers from several > investors for stakes in the club. > The company has been forced into a number of debt restructurings as well > as a major overhaul of its business model since 2010 as it struggled in > the aftermath of the global financial crisis. > It made a profit of $4.2m in the first half of the year, its financial > statements showing that this was mainly possible because of a $52m gain > from converting a type of Islamic financing security into shares. On an > operating level, the group lost $13m, the cash flow statement shows, while > the balance sheet reports accumulated losses since establishment of $379m. > _______________________________________________ > Leedslist mailing list > Info and options: > http://mailman.greennet.org.uk/mailman/listinfo/leedslist > To unsubscribe, email [email protected] > > MARCHING ON TOGETHER > _______________________________________________ Leedslist mailing list Info and options: http://mailman.greennet.org.uk/mailman/listinfo/leedslist To unsubscribe, email [email protected] MARCHING ON TOGETHER
