The word on the music industry grapevine is that Vince Power is preparing to sell the majority of his stake in the Mean Fiddler organisation to a consortium comprising of American giant Clear Channel Entertainment and Irish promoters MCD who are existing shareholders.
If the sale goes ahead, Power is likely to receive 60p for each of his 21.5 million shares, which amounts to 34.9% of the total company.
This would leave him with a 6.4% shareholding, as opposed to MCD and Clear Channel Entertainment’s 59.2%. The consortium, opperating as Hamsard, would then be legally obliged to make an offer for the entire company.
Needless to say, we’ll keep you posted!