AGM QUESTIONS FOR MARK ATTANASIO

[Parma Ham's gone mouldy 2,220]

A company that owns shares in Norwich City that I know has issued the following questions for the AGM tomorrow:

 

1. ‘In light of your investment in the redeemable C-preference shares, your re-financing of other club debt and your notable history in finance – all set in context against a backdrop of the increasing trends and desires in America for consolidated multi-sport franchises - what is your exit strategy?’

2. ‘Did you or any of your connected companies take a commission for any of the debt refinancing?’

3. ‘Given Delia and Michael’s repeated insistence that they would “not take a penny out of the club” do you consider there to be an inherent equity gain in the business and what do you internally value the equity gain at? What will you do with it?
 

Parma 

[essex canary 496]

8 minutes ago, Parma Ham's gone mouldy said:

A company that owns shares in Norwich City that I know has issued the following questions for the AGM tomorrow:

 

1. ‘In light of your investment in the redeemable C-preference shares, your re-financing of other club debt and your notable history in finance – all set in context against a backdrop of the increasing trends and desires in America for consolidated multi-sport franchises - what is your exit strategy?’

2. ‘Did you or any of your connected companies take a commission for any of the debt refinancing?’

3. ‘Given Delia and Michael’s repeated insistence that they would “not take a penny out of the club” do you consider there to be an inherent equity gain in the business and what do you internally value the equity gain at? What will you do with it?
 

Parma 

Great stuff. Equally though maybe the change of strategy re question 3 should also be addressed to S&J on the grounds that whilst still in charge they should be pursuing consistent strategy or otherwise explaining the change.

.

[Dr Greenthumb 750]

Needs to be asked-Why is David Wagner deserving of his position? 

Edited November 29, 2023 by Dr Greenthumb

[Parma Ham's gone mouldy 2,220]

5 minutes ago, essex canary said:

Great stuff. Equally though maybe the change of strategy re question 3 should also be addressed to S&J on the grounds that whilst still in charge they should be pursuing consistent strategy or otherwise explaining the change.

.

Many of my business friends consider these questions to require a public answer as a matter of basic due diligence.  

They will address these questions or they won’t @essexcanary

Either outcome will say much. 

Parma 

 

[Midlands Yellow 3,995]

Hi Mark, how delighted are you that S&J are hanging around to show you the ropes for another two years?

[Big Vince 318]

10 minutes ago, Parma Ham's gone mouldy said:

 

Many of my business friends consider these questions to require a public answer as a matter of basic due diligence.  

They will address these questions or they won’t @essexcanary

Either outcome will say much. 

Parma 

 

Given that questions are no longer open to the floor, I think you have your answer. Norwich City is a closed shop operation where everything is stage managed by them. Just like on their media outlet, they will ask and answer their own questions.

Edited November 29, 2023 by Big Vince

[Big Vince 318]

11 minutes ago, Midlands Yellow said:

Hi Mark, how delighted are you that S&J are hanging around to show you the ropes for another two years?

Imagine being shown the ropes by octogenarians who have never had any clue about football. We are heading for another massive missed ownership opportunity. First we handed over to a cook who knows nothing about football. Now we are handing over to a Yank who knows nothing about football.

[FenwayFrank 2,459]

12 minutes ago, Big Vince said:

Given that questions are no longer open to the floor, I think you have your answer. Norwich City is a closed shop operation where everything is stage managed by them. Just like on their media outlet, they will ask and answer their own questions.

This is quite a concern, and a problem that most people thought would go with Webber's departure. I think that no local journos are allowed to attend either.

[essex canary 496]

30 minutes ago, Big Vince said:

Given that questions are no longer open to the floor, I think you have your answer. Norwich City is a closed shop operation where everything is stage managed by them. Just like on their media outlet, they will ask and answer their own questions.

In many respects I share your cynicism. Equally though I think written questions are better because they could facilitate a co-ordinated response with the Board able to debate in advance. Floor questions will never do that and can only really promote defensiveness. As Parma states the proof either way will be in the pudding.

[GMF 747]

30 minutes ago, FenwayFrank said:

This is quite a concern, and a problem that most people thought would go with Webber's departure. I think that no local journos are allowed to attend either.

Some (three)  journalists are now shareholders, allegedly, but they will definitely be in attendance. 

[Big Vince 318]

4 minutes ago, essex canary said:

In many respects I share your cynicism. Equally though I think written questions are better because they could facilitate a co-ordinated response with the Board able to debate in advance. Floor questions will never do that and can only really promote defensiveness. As Parma states the proof either way will be in the pudding.

But they group all the questions into topics and then give a general answer on that topic rather than answering any specific question that has been unadulterated. Floor questions give the advantage to the shareholder whereas written questions hand the advantage to the club, which is why they have changed the format. Delia and Wynnie have spent their whole careers in media. They know what they are up to.

[cambridgeshire canary 6,735]

A- Why is Wagner still employed?

B-Why is Wagner still employed?

C-Why is Wagner still employed?

 

[Big Vince 318]

1 minute ago, cambridgeshire canary said:

A- Why is Wagner still employed?

B-Why is Wagner still employed?

C-Why is Wagner still employed?

 

A+B+C=Delia, Wynnie, Attanasio have no clue about football and Knapper was appointed by those same people who have no clue about football; the inference being that it takes one to recognise another and so Knapper has no clue either.

[Grumpy 122]

I would just be happy to know what the questions are asking in words that I can understand

 

[norfolkngood 1,087]

my question to MA would be 

will the club still owe you the money you have loaned the club when you get Delia's & MWJ Shares or will you write the loans off in return for their shares

Edited November 29, 2023 by norfolkngood

[dylanisabaddog 4,931]

1 hour ago, Parma Ham's gone mouldy said:

A company that owns shares in Norwich City that I know has issued the following questions for the AGM tomorrow:

 

1. ‘In light of your investment in the redeemable C-preference shares, your re-financing of other club debt and your notable history in finance – all set in context against a backdrop of the increasing trends and desires in America for consolidated multi-sport franchises - what is your exit strategy?’

2. ‘Did you or any of your connected companies take a commission for any of the debt refinancing?’

3. ‘Given Delia and Michael’s repeated insistence that they would “not take a penny out of the club” do you consider there to be an inherent equity gain in the business and what do you internally value the equity gain at? What will you do with it?
 

Parma 

I'm afraid none of those questions legally need to be answered at a shareholders meeting. The answer though, is what they do with their personal investments is none of your business. 

[nutty nigel 7,539]

1 hour ago, Parma Ham's gone mouldy said:

A company that owns shares in Norwich City that I know has issued the following questions for the AGM tomorrow:

 

1. ‘In light of your investment in the redeemable C-preference shares, your re-financing of other club debt and your notable history in finance – all set in context against a backdrop of the increasing trends and desires in America for consolidated multi-sport franchises - what is your exit strategy?’

2. ‘Did you or any of your connected companies take a commission for any of the debt refinancing?’

3. ‘Given Delia and Michael’s repeated insistence that they would “not take a penny out of the club” do you consider there to be an inherent equity gain in the business and what do you internally value the equity gain at? What will you do with it?
 

Parma 

These are great questions. Lets hope they aren't overshadowed by Webber, Wagner and the temperature of sausage rolls.

I'd love to be able to understand Attanasio's motive. I can't think of any reason why I'd ever invest in a Baseball club in Milwaukee.

However, and hopefully some FPAs know better than me, I'm pretty sure the initial loans from Delia and Michael had provisions for interest to be paid. If was however never paid. Also I think the preference shares were never redeemed but the provision was there for them to be.

 

[Parma Ham's gone mouldy 2,220]

Given that the entire future of the club is engaged in the process, that there are 6,000 odd shareholders, that little has been made public as to intentions or long term plan, I think now might be exactly the right moment to ask about a little more than pies and pop tarts. 

In fact it might be about the last opportunity to do so for a while…

Parma 

[Parma Ham's gone mouldy 2,220]

6 minutes ago, nutty nigel said:

These are great questions. Lets hope they aren't overshadowed by Webber, Wagner and the temperature of sausage rolls.

I'd love to be able to understand Attanasio's motive. I can't think of any reason why I'd ever invest in a Baseball club in Milwaukee.

However, and hopefully some FPAs know better than me, I'm pretty sure the initial loans from Delia and Michael had provisions for interest to be paid. If was however never paid. Also I think the preference shares were never redeemed but the provision was there for them to be.

 

Wouldn’t it be awful if they were absolutely true to their word ‘never to take a penny out’ though a successor benefited, used the unclaimed provisions you identify as a precedent, then also simply hoovered the generous (externally unseen) legacy bequeathed to him?

Should we not ask such questions as shareholders? Couldn’t it be considered as part of our fiduciary duty in the exceptional circumstances we find ourselves of new owners we don’t really know or understand?

Parma 

Edited November 29, 2023 by Parma Ham's gone mouldy

[nutty nigel 7,539]

2 minutes ago, Parma Ham's gone mouldy said:

Wouldn’t it be awful if they were absolutely true to their word ‘never to take a penny out’ though a successor benefited used the unclaimed provisions you identify as a precedent and then also simply hoovered the generous (externally unseen) legacy bequeathed to him?

Should we not ask such questions as shareholders? Couldn’t it be considered as part of our fiduciary duty in the exceptional circumstances we find ourselves of new owners we don’t really know or understand?

Parma 

This certainly is all happening with little detail of the motives being shared. I was hoping the AGM might make things clearer. If answered those questions would help with that.

[Indy 3,301]

Interesting that questions structured are probably not necessarily going to be answered, Nutty the motives are irrelevant in the current situation, I would estimate the clubs value is worth less than the money already invested and loaned! The only way to make money is by producing good youth players and selling or promotion and success to raise the profile and value! Otherwise I don’t think it’s not going to be profitable for MA at all!

So to profit the club must become successful.

Edited November 29, 2023 by Indy

[Mike w 46]

2 hours ago, Dr Greenthumb said:

Needs to be asked-Why is David Wagner deserving of his position? 

Goode buddies of Stuart Webber

[Capt. Pants 4,246]

Is Wagner actually going to be there? Maybe MA would like to ask him some questions since he's a major investor.

[essex canary 496]

1 hour ago, nutty nigel said:

These are great questions. Lets hope they aren't overshadowed by Webber, Wagner and the temperature of sausage rolls.

I'd love to be able to understand Attanasio's motive. I can't think of any reason why I'd ever invest in a Baseball club in Milwaukee.

However, and hopefully some FPAs know better than me, I'm pretty sure the initial loans from Delia and Michael had provisions for interest to be paid. If was however never paid. Also I think the preference shares were never redeemed but the provision was there for them to be.

 

Agree entirely with first 2 paragraphs.

As per page 42 of the Annual Report D&M own 3,025 preference shares with a nominal value of £302,500. This will deliver £13,612 which has been paid to them each year as part of the £64,000 shown as cash paid out in respect of same on the Cash Flow Statement on page 59. Small beer overall. Still matters to a degree when you consider that there are some shareholders with higher risk ordinary shares who have never had the opportunity to buy preference shares or get any ongoing return for their investment.

[hogesar 9,676]

2 hours ago, Big Vince said:

Imagine being shown the ropes by octogenarians who have never had any clue about football. We are heading for another massive missed ownership opportunity. First we handed over to a cook who knows nothing about football. Now we are handing over to a Yank who knows nothing about football.

Uhh, who would you like to take over the football club?

How often does a successful football club owner of a different club appear and buy a championship club? How many in the last...20 years?

[PurpleCanary 5,562]

I do feel for the chap. Another game attended, another loss. Fast getting into Jonah territory.🐋 And he hasn't even yet become the owner but that hasn't stopped the heavy mob from the League of Cuban Cigar Box Accountants demanding to know when he plans to sell up...🤩

[vos 155]

From what I have read in the financial press, Americans are the biggest capitalists in the world and only interested in making money. So what is he doing at Norwich City !!! And before anyone asks, I will not be asking that question !!!!

[Big Vince 318]

21 minutes ago, hogesar said:

Uhh, who would you like to take over the football club?

How often does a successful football club owner of a different club appear and buy a championship club? How many in the last...20 years?

Gold and Sullivan bought West Ham after being successful at Birmingham. Not sure which division WHU were at the time.

[norfolkngood 1,087]

1 hour ago, PurpleCanary said:

I do feel for the chap. Another game attended, another loss. Fast getting into Jonah territory.🐋 And he hasn't even yet become the owner but that hasn't stopped the heavy mob from the League of Cuban Cigar Box Accountants demanding to know when he plans to sell up...🤩

i feel for him as well Purple imagine seeing a team Run so well also doing well on the pitch ,

he has paid or loaned or whatever it is and it has Nose dived since with the ink still drying on the cheque !

pretty much anything that can go wrong has gone wrong ( well nearly ) 

Webbers recruitment and Manager choice had been better he could have taken over a club with parachute payments and sky money coming in still 

[norfolkngood 1,087]

1 hour ago, hogesar said:

Uhh, who would you like to take over the football club?

How often does a successful football club owner of a different club appear and buy a championship club? How many in the last...20 years?

i have a Feeling MA might not hang around to long might be totally wrong 

But Delia & MWJ would only sell to someone they thought was right , ( their choice their shares )

that made the potential market a lot smaller ,

MA might not think like that he has the whole world to choose who to sell it to if he wants ,

i do not know him but he might not care about selling it to someone on a camel riding down carrow road as long as there is a good profit in it for him ,