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SBD/August 31, 2011/Franchises
ManU Set To Use Record Operating Profits To Help Singapore Float
Published August 31, 2011
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READY FOR A DUAL? The FINANCIAL TIMES' Brown & Blitz cite sources as saying that the ability to use a dual share structure "was an important reason for the club’s decision to switch the IPO from Hong Kong to Singapore." One source said, "There will be a dual share structure because that makes most sense for the business. The club could not have done that in Hong Kong and it is an important reason why they chose Singapore. But it is not the main reason." The "disclosure of the proposed dual share structure will trigger fresh debate about the corporate governance standards at the club under the Glazers, since two-tier shareholding structures are often regarded as inequitable" (FINANCIAL TIMES, 8/31). The WALL STREET JOURNAL's Nisha Gopalan notes the listing plan "is a blow to Hong Kong," which was the favored listing destination before it "refused to give Man U a waiver" (WSJ.com, 8/29).