Asset Match, a London, UK-based online marketplace to buy and sell shares in UK unquoted companies, will host a series of share auctions in Premier League football club Tottenham Hotspur starting in March 2016.
Majority owned by Daniel Levy and Joe Lewis, who together control approximately 85% of the shares in issue, Tottenham Hotspur has over 30,000 shareholders, of which more than 15,000 own just one ordinary share each.
The shares of the Premier League’s club delisted from the AIM market in January 2012 because the listing restricted their ability to secure funding for its development.
Since then, shareholders have been advised that shares can be bought and sold via the company’s Registrar, Capita.
The first auction will open on Thursday 10th March, closing on Thursday 17th March and will take place on a regular basis thereafter.
Have a look at how the Tottenham Hotspur share auctions work
1. Current shareholders and prospective investors will need to register on the Asset Match website.
2. Once registered, participants will be able to place buy and sell limit orders when the auction opens on Thursday 10th March. During the period of the auction buyers and sellers are able to monitor progress and are able adjust their bids and offers accordingly.
3. At the close of the auction a non-discretionary algorithm determines the final price and the number of shares that will trade. The indicative closing price is visible throughout the auction.
4. Subject to any demand or supply constraints, buyers with bids higher than or equal to the final price will be successful and sellers with offers lower than or equal to the final price will be successful.
5. All successful buy and sell orders are transacted at the same price and are settled via normal stockbroking arrangements.
Led by Stuart Lucas, Asset Match is an online platform that connects buyers and sellers of shares in private companies. Companies are able to use the service to provide liquidity in their shares whilst remaining private entities and also as a means to raise further funds.
The service works by conducting regular online auctions of shares in private companies to concentrate trading activity with the optimum price for shares being bought and sold achieved dynamically, rather than simply matching buyers and sellers at a pre-determined price.
Asset Match is authorized and regulated by the Financial Conduct Authority in the United Kingdom.