Man U IPO: Official supporters' trust of Manchester United has hit out again at the club's proposed IPO, criticising SGX for reportedly allowing the listing on terms that seem unfair to minority investors. Recall that the club is planning to raise up to 2/3 of a planned US$1b IPO in SG through non-voting preference shares. According to the report, the move would keep as much as 88%of voting rights in the hands of the Glazer family.
While sources confirmed that Man U has obtained the Eligibility to List from the SGX, Man U will wait for markets to improve before launching anything. Given current market conditions, the launch might spill over into Nov, or even next year, according to sources.
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