CF: Details emerge regarding Elliott Management’s movement of shares in Milan

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).