Petty’s Free Shares

Monday, 5 November 2001, 0:01
1 min read

Tony Petty has gone public and made the fantastic gesture of 1000 free shares to every Swansea season ticket holder and member of staff at the Vetch. What generosity, there are only 43 million shares in circulation.

The good news is that every season ticket holder will now own 0.002% of the club, based on Neil McClure’s valuation of £1.4m for the club, this equates to £28 of free shares, or two centre stand tickets. There are around 1500 season ticket holders and I would guess at around 50 staff at the Vetch. This means he is giving away a total of 1.55 million shares in the giveaway or to put it another way 3.6% of Swansea City – a monetary value of £43,4000.

That is, of course, assuming the club is really valued at £1.4m which I would very much doubt. Petty has stated that the previous owners asked for £140,000 for 10% of the club yet he is giving some away for nothing. Whoopee do, Petty owns 99.15% (I believe) of the shares and there are thousands of people who own the other 0.4%. Each season ticket holder will pale into significance against this.

Of course, you could be really cynical and say that the valuation of the club is only £1 (what Petty paid) or £801k (the debts) in which case these figures will become smaller and smaller. If it was classed as £1 for 99.15% of the shares, then 1000 shares would be worth, wait for it 0.002p each. Big deal.

It may look a good publicity stunt but remember what you are getting for the offer and anyone that buys a season ticket (which is what he wants) just to get the shares needs to know what the monetary value and % of share ownership is. One season ticket now, 0.002% of Swansea City tomorrow. Big deal!

Images courtesy of Getty Images, Athena Picture Agency and Swansea City Football Club.

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