shefcanary

I recognise that Canaries Trust don't set the price, I said they advertise the price that someone is asking for. I'm going to go over old ground once again here, but here is my view. For share valuation, that is ultimately determined in a non-stock exchange managed environment by what someone wants to pay for outright control of the club, its corporate value. All we can do is compare what other clubs have been valued at in such "takeovers" or even prospective "takeovers" which indeed picks up on your "small number of shares versus controlling interests versus complete control". I don't think you can argue on the evidence from say Burnley (an equivalent yo-yo EPL / Champs club) of a sale price of £90m, perhaps a bit more aegument by the Princes' asking price for Sheffield United (again a similar yo-yo club) of £150m. To date Attanasio has bought a stake of 40.4% for c. £8m, inputting a value on the club of only c.£20m, that is definitely alt of kilter with the values placed on similar clubs. Is the value of a potential EPL club based in Norwich really only worth a fifth of one based in Burnley? If you take Attanasio's other investment (okay loans, but will he ever see them repaid?) that "enabled" the acquisition of his 40% stake (the £10m pref shares and the letter of credit of £28m), it totals £46m. That grossed up equates to £115m which I'd argue is more like the true value of the club. That takes the share price to c. £140 per share. But I accept Attanasio seems destined to achieve ultimate control of the club for very much less than £115m. Will he ever buy out the minority interests to test a wider market? Maybe, maybe not. And people dealing in small groups of shares at the moment don't seem persuaded to hang out for anything higher than £80. This one is a very different football club takeover than any other. One for the pedants to review for years to come!

The model is interesting but Purps is right to question how close it is to breaching 3rd party rules! It does perhaps answer a question behind of Weaver's departure; dealing with this model is going to be burdensome and require new skills.

If we get promoted, then the next transfer window will be busier than any of us thought and might increase the profile of players we can sign!! 😃

I see Long being sold, Reyes as No.2, Barden loaned/ No. 3 (if Gunn stays). Unless we get promoted, when can see a more experienced No.2 being brought in.

Wow, I didn't know that! Puts a slightly different view on things, we are in fact being used as a testing ground then? Can I ask where you have gained this knowledge?

I think the OP was channelling knowledge that Attanasio's clearance from the EFL was being announced today, in that dream! Pre-Cog! I'm not alluding to Attanasio being Trump-lite BTW!

That £33m debt package (or letter of credit) also included the £5m for the share allotment, so now it has been reduced in theory to £28m, although until we see the next financial statements whether the full letter of credit is still being utilised I don't know. We have discussed earlier in this thread that the existing majority shareholders were keen that this transaction was based on the same figure as the majority of other shares were originally paid for, which was £25 (from the public issue of shares in early 2000's that lead to the current corporate structure of the club), rather than a true market value (the Canaries Trust are advertising asking prices of £70-80 per share as evidence of this). And yes, given Smith & Jones public statement that they are not seen to benefit from their disposal of their shares (i.e. sold at or above £25 per share), the most likely way to effect the transfer of their shareholding to Attanasio is for him to buy their shares at that £25 per share (total c. £11m) and by some legal means / slight of hand, write-off (rather than converting) Norfolk's loans in part but non-monetary consideration, for those shares. However that is very complicated to achieve, will involve tax implications for all parties and may yet require further reviews by EPL if Norwich are in it at that stage. I'm sceptical it could ever achieve the complete write-off of the loans however so if it happens there will be a fudge as always.

Yes, on votes that result in a major change in the corporate structure (shares & loans etc.) of the club. Attanasio can vote against Smith & Jones on business as usual stuff at Board meetings however, although to win any vote if he doesn't take advantage of the right to appoint his own additional director, in theory he would not win a vote on anything he alone wanted to effect. As others have said earlier on this thread and as Paddy has said many times, with his money now bankrolling the club, would Smith & Jones now risk antagonising him and thus risk withdrawal of his loans? So as of today Attanasio is now formally effectively running things. You could argue now that Smith & Jones are merely marking his territory / protecting their own investment / providing checks and balances on behalf of the supporters of the club?

January 26th 2026!

24th April 2024 then. I am surprised that it wasn't a May date, but there again perhaps the club's potential involvement in the play-offs and potential promotion gave the EFL a kick up the jacksy to complete their work before the club didn't fall out from under their jurisdiction for a twelve months! So, given where we currently are in terms of the play-offs, I don't think we will hear much from Attanasio until our season has formally ended; he wouldn't want to upset the way the run in is being managed at this stage. However I'm sure he has already sorted out hotels for May 26th should they be needed. After the Spring bank holiday we should see plenty of announcements - if we're lucky even from the City Hall balcony!

If Wagner is in charge next season I can't see this happening because Brereton-Diaz can't defend for toffee, which is what Wagner demands of his forwards - witness the match on Saturday where he just allowed the opposition player to waltz past him in the penalty box. Comical. As for Maupay - no, he is one mardy **** and genuinely seems to **** off the rest of the side around him at times. His only redeeming feature is his ability to score 1 in 4. But surely we would need a 1 in 3'er at least?

It's because until you get a chance to watch back in a replay it is difficult to lip read what is said, but the action of "waving an imaginary yellow card" is visible immediately. However, if the ref was miked up on the other hand as in rugby. Also, the restriction of discussion with the ref whilst the game is in play was supposed to be restricted to the captain only. They did enforce this at the beginning of the season, but it seems to have been forgotten by everyone as we hit the crunch part of the season.

I actually had a swap IIRC! Lost many years ago! Soz.

So, the EFL have already determined WBA will finish 5th, like the FA had pre-determined an all Manchester Cup Final. 🤪🤣

Hmm, the news on the date of the playoff final implies the EFL already believe they are going to finish 5th! A bit like the FA deciding it was going to be an all Manchester Cup final! #modernfootballisrubbish

I thought the appointment of Howard Webb would mark a turning point. It hasn't happened yet, it has to happen now otherwise his role becomes untenable. Expect a statement from him midweek.

I'm all for a change in the offside rule, VAR were only applying it according to the current rules. The deciding factor should be clear daylight between the players. Players are all different body shapes and shoe sizes. What real advantage is gained by half a shoe size or a centimetre's extra on the chest? [There now will follow an explanation from someone explaining exactly why such differences provide an advantage 🤷‍♂️]

I wonder if the past week's training was focussed on fitness rather than tactics and ball work? The last session of fitness work before the end of season? From here fitness work could be dropped to focus just on winning games? All conjecture on my part, of course.

And when the schedule was set out, who could say for definite that Citeh would have a match in Europe the week before and Coventry would have an important match the weekend after? Yes, the odds were that both would be true, but what if it turned out neither came to bear? The FA Cup draw and the scheduling is what makes the FA Cup unique (the order of play was set out prior to the draw). So it is the luck of the draw, the beauty of the FA Cup. Suck it up Pep! Or as others said **** off!

In January, Hwang was badly injured, the initial prognosis was that he would have been unable to play again until the end of March, so take advantage of the break clause, send him back and save the loan fee! I haven't heard of him returning to the Florist squad yet, so given we only have 3 games left it was the right decision. He would not have helped us out during Rowe's injury, so waste of time discussing it. As for SvH, it's another RvW scenario. Wrong type of player for our current set up. Next season ... ?

Given your last statement on another thread, are you sure the shortbread brought up north was "nice"? 😉

Where is this Independent Football czar that the govt. keeps banging on about? Oh, its too busy playing ping pong with the Lords over a nonsensical policy instead. FFS.

Ah, there was some kind of bond now I think about it - yes thanks for reminding me, my brain needs a very big defrag to draw out the finer parts of such things! But the bulk was paid for by Reeves' sale!

The first South Stand cover I remember reading as being supported by the supporters club. As said above the seating was originally installed in 1974/75, before complete replacement in this century when it was effectively condemned by the local authority. The cost of the floodlights in the '50's that nearly broke the club and the wider role of key figures in the saving of the club is worthy of a video itself. No mention of Reeves' sale funding the River End, or Captain Barclay's support of the cover at what became "his" stand. Thus the development of the ground generally has been funded by fans. I hate to be too critical, because this is a fan's perspective on things. A nice start, but as a piece on local social history and heritage, there is a much, much bigger story to tell. This barely scratches the surface. I look forward to an Attanasio driven piece on the history of the club in a few years time.

It would happen now - so likely indeed that the authorities would not make the same global ban - the "owners" of other club have too much power now. But until Hillsborough no-one in the game at that time had a totally clean conscience. That was why the collective swallowed the ban. Yet it still took another disaster before action was taken. 🤦‍♂️