On February 15th there were some filing updates on the Companies House page of a company run by Sheffield Wednesday’s prospective buyers.

The company, ‘Trelights Pebble Limited’ was incorporated, according to the government website, on December 11th last year, with all three consortium members – James Bord, Alsharif Faisal Jamil Nasser Alown and Felix Michael Roemer – named as directors for a company that looks to have been set up to facilitate the potential purchase of the Owls. The incorporation of a company is standard routine for the acquisition of a football club.

Now, over the past few days, three new documents have been filed by the company which include a ‘Sub-division of shares’, a ‘Resolution of adoption of Articles of Association’, as well as a Memorandum and Articles of Association. In total they add up to 26 pages worth of information, and follow on from the appointment of the three directors earlier this month.

What the Trelight Pebble updates mean

With so much happening around the Owls at the moment, we sought out the expertise of renowned football finance expert, Kieran Maguire, to explain things in simple terms. And it appears that there’s nothing there that raises any alarm bells.

“Looking at those documents, what it appears to be is, in the resolution, it effectively allows the directors to convert shares. For everyone one share you can now have 10, and then you have the subdivision - which is effectively the application of that. It just gives a bit more flexibility as far as shareholders are concerned… If you want to have 33.746% of the shares, for example, you can now do that - purely because there are more shares.

“It doesn’t bring any more money into this little company, it just allows the company to allocate shares on a more precise basis to existing - and potentially new - shareholders. It feels like more of a housekeeping exercise than anything else.”

Trelights Pebble Ltd is registered to an address owned by London-based law firm, Sheridans LLP, whose website says it’s sports division ‘advises on Premier League and EFL club takeovers, navigating the Owners and Directors Test and financial compliance.’ Sheridans are understood to be the consortium’s legal advisers, having assisted in the Bord-led takeover of Dunfermline last year, and have verified the identities of Alown and Roemer.

Wednesdayites are desperate to see the saga of the club takeover come to an end, with almost four months having now passed by since they first entered administration and the process of Dejphon Chansiri’s exit began.

The Owls are likely to be relegated officially this weekend, though a return to League One has been on the cards since back in the summer. The final nail in the coffin, whenever it comes, will purely act as confirmation of the inevitable.

Bord’s consortium are currently being put through the English Football League’s vetting process, are understood to be funding Wednesday’s seven-figure losses while that process continues. No timeline has been given as to when a definitive answer will be given, so all fans can do is wait.