Some more information has emerged regarding the movement of AC Milan’s shares that Elliott Management conducted late last month.
The hedge fund led by Paul Singer holds 95.73% of the shares, while the rest belongs to the Blue Skye company owned by Gianluca D’Avanzo and Salvatore Cerchione.
According to what is being reported by Calcio e Finanza, Elliott recently exercised their option on class C shares, and launched a redistribution of the shares between the two vehicles – King George and Genio – which are used to invest in the Luxembourg-based company.
Previously Elliott through King George (34.99%) and Genio (15%) – a Delaware company – held 49.99% of class A shares. Blue Skye had 4.27% class B and 45.74% class C (total 50.01%).
The call option on class C shares was made through King George at the symbolic price of €1 on November 20th. This vehicle rose to 80.73% of Project Redblack’s shares while Genio remained stationary at 15%.
On December 1, King George sold 1,647 class C shares to Genio, which are intended by the bylaws to be transformed into class A shares. Now the former holds 67.01% and the latter 28.73%.
The rest, as mentioned above, is owned by Blue Skye (4.27% of class B shares).