Official Statement; Club for sale for £56 million

[TheCardinal 0]

http://www.canaries.premiumtv.co.uk/page/NewsDetails/0,,10355~1336394,00.html

[TheCardinal 0]

http://www.canaries.premiumtv.co.uk/page/NewsDetails/0,,10355~1336394,00.html

[Mark Smith 0]

Page is not loading for me, in fact the official site seems to be having trouble at the moment.

[lucky green trainers 0]

it seems to me the playing side of NCFC has suffered by ''asset building'' off it.  leaving NCFC to have the smallest and weakest squad in 40 years.  great, the share price has been boosted, but realistically is it fair, given the state of the squad???i reckon £50m cash would be fair?><

[TheCardinal 0]

Ok, it''s here:

[quote]In the light of headlines in this morning''s press we thought it

would be helpful to supporters to share the process the club uses when

evaluating any potential investment in Norwich City Football Club PLC.

We look at the individual, we look at what they want to achieve and

we look at the financial viability of their proposition. In the case of

someone seeking to take control of the club and at the same time invest

£20 million in the playing squad this would take a minimum of £56

million made up as follows:

Investment in playing squad	£20 million
Purchase of shares based on current share issue price of £30 per share	£16 million*
Repayment of bank debt that would be triggered by a change of control	£16 million
Repayment of directors'' loans	£4 million
TOTAL	£56 million

In the last 12 months we have talked to a number of potential

investors. We have also reviewed a number of different propositions.

Unfortunately none of these investors have made a proposal which we

have considered financially viable.

Notwithstanding this the board remains open minded about future

investment and will continue to seek new investors and evaluate their

propositions using the process described above.

*This figure is based on an offer for 100% of the

issued share capital as required by the rules of the City Code which

apply to Norwich City Football Club PLC[/quote]

[The Fish Seller 0]

That statement says more about Delias motives than anyone on here ever has.

[colneycanary 0]

OFFICIAL CLUB STATEMENT

Posted on: Mon 30 Jun 2008

In the light of headlines in this morning''s press we thought it would be helpful to supporters to share the process the club uses when evaluating any potential investment in Norwich City Football Club PLC.

We look at the individual, we look at what they want to achieve and we look at the financial viability of their proposition. In the case of someone seeking to take control of the club and at the same time invest £20 million in the playing squad this would take a minimum of £56 million made up as follows:

Investment in playing squad £20 million

Purchase of shares based on current share issue price of £30 per share £16 million*

Repayment of bank debt that would be triggered by a change of control £16 million

Repayment of directors'' loans £4 million

TOTAL £56 million

In the last 12 months we have talked to a number of potential investors. We have also reviewed a number of different propositions. Unfortunately none of these investors have made a proposal which we have considered financially viable.

Notwithstanding this the board remains open minded about future investment and will continue to seek new investors and evaluate their propositions using the process described above.

[sturgeon220 0]

I have had a look ,  assuming a 20mil investment for new players and repaying of all debt (triggered by change of owner) cost of purchasing all shares and repayment of loans  £56 mil!!   EASY

[sturgeon220 0]

[quote user="Worst Wizard"]That statement says more about Delias motives than anyone on here ever has.[/quote] Pardon?

[NCFC_Shaun 0]

so basically thats all that hype over and done with then...

[colneycanary 0]

Peter Cullum was not looking for a complete takeover. I thought he just wanted to be the Majority shareholder?

[WeAreYellows49 0]

I wont type the lot, but it basically says....

 

In the last 12 months we have talked to a number of potential investors.  We have also reviewed a number of different propositions, unfortunately none of these investors have made a proposal which we have considered finacially viable.

Notwithstanding this the board remains open minded about future investment and will continue to seek new investors and evaluate their propositions using the process described.

 

Investment in playing squad - £20 million

Purchase of shares based on current share issue price of £30 per share - £16 million

Repayment of bank debt that would be triggered by a change of control - £16 million

Repayment of directors loans - £4 million

TOTAL  £56 million.

 

[Unlucky Fried Kitten 0]

Well, it is exactly as I suspected, Mr. Cullum hasn''t really put up, so perhaps he should shut up. Why he has brought this story into the public domain - goodness only knows. He was probably prepared to add £20 million to the transfer budget provided he could buy up Delia and Michael''s shares at a bargain price.

[sturgeon220 0]

It appears he has to purchase all shares  Or so it say''s in other threads.  change of ownership triggers repayment of debt as well!!

[DOGGER 0]

So it''s a no go then unless PC wants to open his wallet a bit more?!

[ca 1]

What it says is that they want £56m to be bought out.

In the light of headlines in this morning''s press we thought it would be helpful to supporters to share the process the club uses when evaluating any potential investment in Norwich City Football Club PLC.
We look at the individual, we look at what they want to achieve and we look at the financial viability of their proposition. In the case of someone seeking to take control of the club and at the same time invest £20 million in the playing squad this would take a minimum of £56 million made up as follows:
Investment in playing squad	£20 million
Purchase of shares based on current share issue price of £30 per share	£16 million*
Repayment of bank debt that would be triggered by a change of control	£16 million
Repayment of directors'' loans	£4 million
TOTAL	£56 million
In the last 12 months we have talked to a number of potential investors. We have also reviewed a number of different propositions. Unfortunately none of these investors have made a proposal which we have considered financially viable.

 

[xxxx 0]

What it says is more seasons of struggle under the Delia regime , that little bit of hope lasted all of a few hours .Best interests of the club at heart , dont think so .

[Mark Smith 0]

I think we can knock any potential investment on the head then, but at least that clears things up.

[WeAreYellows49 0]

So are they saying they want to be bought out and that no investment of any kind can be forthcoming without buying the whole thing?  What a huge pile of croc.

God it almost makes me want to tell em to stick their season tickets.

[TheCardinal 0]

[quote user="Ncfc No Ambition"]What it says is more seasons of struggle under the Delia regime , that little bit of hope lasted all of a few hours .Best interests of the club at heart , dont think so .[/quote]You''re getting boring now. Why don''t you go support Chelsea?

[Inch High aka Inchy.. 405]

We were broke yesterday and we still will be for a while to come.[:(]

No mention in there of  Delias hinted at investment.

Here goes another season of struggle against less than average teams but hey that don''t matter cause Delia saved us.[Y]

[paul ncfc 0]

It seems to me that NCFC have trotted out the worse case scenario as far as required funds,I was under the assumption that PC did not want to buy every last share, but a majority holding which I believe is still somewhere just over 50%.As for the loan being totally repayable I feel sure someone of PC  knowledge ,he could either renegotiate this or find a better deal.Still wholeheartedly confused.

[canary cherub 1]

I see.  So having a large debt that has to be repaid on change of ownership is yet another way of deterring potential investors, like increasing the asset value by concentrating on infrastructure.  Never mind that servicing the debt is draining investment from the football side.  No wonder we keep borrowing more money every time we pay some off.

Delia and Michael you have done everything you possibly can to make your position at the club impregnable.   

Well perhaps now you''ll get your wish.  But you won''t enjoy it.  Not one little bit.

 

[Spin Spin City 0]

Has anyone thought that in fact someone else has thrown their hat in the ring? Making Mr Cullum nervous? And are willing to pay that elusive 36 million for controlling interest and 20 million on players?I would fly Virgin wouldn''t you?OTBC

[sturgeon220 0]

[quote user="Ncfc No Ambition"]What it says is more seasons of struggle under the Delia regime , that little bit of hope lasted all of a few hours .Best interests of the club at heart , dont think so .[/quote]  Just what do you want the share holders to do?  The figures are inflated by the £20 million for players  . £36 mil  for the club (lock stock and Colney thrown in seems a proper price to me.  There is the ground, other land , Hotel, resaurant business and the colney complex to purchase don''t forget. Nobody on here can seriously believe the shareholders are going to give millions away. Be honest , would any of us?

[WeAreYellows49 0]

lol and what makes it worse is we still have only two signing''s and it''s almost pre season.

[can u sit down please 0]

[quote user="cityangel"]

What it says is that they want £56m to be bought out.

In the light of headlines in this morning''s press we thought it would be helpful to supporters to share the process the club uses when evaluating any potential investment in Norwich City Football Club PLC.
We look at the individual, we look at what they want to achieve and we look at the financial viability of their proposition. In the case of someone seeking to take control of the club and at the same time invest £20 million in the playing squad this would take a minimum of £56 million made up as follows:
Investment in playing squad	£20 million
Purchase of shares based on current share issue price of £30 per share	£16 million*
Repayment of bank debt that would be triggered by a change of control	£16 million
Repayment of directors'' loans	£4 million
TOTAL	£56 million
In the last 12 months we have talked to a number of potential investors. We have also reviewed a number of different propositions. Unfortunately none of these investors have made a proposal which we have considered financially viable.

 

[/quote]

A coy move by NCFC.......Peter Cullum......over to you! Just how badly do you want it to happen?

[CanaryColt 0]

Investment in playing squad	£20 million
Purchase of shares based on current share issue price of £30 per share	£16 million*
Repayment of bank debt that would be triggered by a change of control	£16 million
Repayment of directors'' loans	£4 million
TOTAL	£56 million

Owning Norwich City Football Club                                                       Priceless

Somethings money cant buy... for everyone else there''s Scum on the cheap. 

[WeAreYellows49 0]

[quote user="Fat Prophet"]

I see.  So having a large debt that has to be repaid on change of ownership is yet another way of deterring potential investors, like increasing the asset value by concentrating on infrastructure.  Never mind that servicing the debt is draining investment from the football side.  No wonder we keep borrowing more money every time we pay some off.

Delia and Michael you have done everything you possibly can to make your position at the club impregnable.   

Well perhaps now you''ll get your wish.  But you won''t enjoy it.  Not one little bit.

 

[/quote]

My thoughts exactly, I was tolerant of them before but now my hatred for them will come to the surface.

 

[Barclay_Boy 0]

[quote user="TheMarshmallowMan"][quote user="Ncfc No Ambition"]What it says is more seasons of struggle under the Delia regime , that little bit of hope lasted all of a few hours .Best interests of the club at heart , dont think so .
[/quote]

You''re getting boring now. Why don''t you go support Chelsea?
[/quote]

No, tell you what, why don''t you?