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TheCardinal

Official Statement; Club for sale for £56 million

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[quote user="Web Team - Pete"]So this £20 million investment in the playing squad - I take it that''s what the current board will be putting in....[/quote]Hahaha the current board dont have £2.5 to pay for Ameobi. so £20 mil is a definate no from the current situation.

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[quote user="Web Team - Pete"]So this £20 million investment in the playing squad - I take it that''s what the current board will be putting in....[/quote]They havnt put that into the squad in the whole 12 years they have been in charge, so there not likely to now are they.

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[quote user="up_barc_canary"][quote user="Web Team - Pete"]So this £20 million investment in the playing squad - I take it that''s what the current board will be putting in....[/quote]

Hahaha the current board dont have £2.5 to pay for Ameobi. so £20 mil is a definate no from the current situation.
[/quote]

£2.50 is a bit steep for Ameobi

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[quote user="Web Team - Pete"]So this £20 million investment in the playing squad - I take it that''s what the current board will be putting in....[/quote]

lol sure they will Pete..............oh wait, ive just seen something outside my window .................wow I didn''t know pigs could fly rofl [:D]

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[quote user="norfolkbroadslim"]

[quote user="up_barc_canary"][quote user="Web Team - Pete"]So this £20 million investment in the playing squad - I take it that''s what the current board will be putting in....[/quote]Hahaha the current board dont have £2.5 to pay for Ameobi. so £20 mil is a definate no from the current situation. [/quote]

£2.50 is a bit steep for Ameobi

[/quote]LMAO

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[quote user="The Saturday Boy"][quote user="the1englishman"][quote user="The Saturday Boy"]Just want us all to err on the side of caution here. If  Cullum simply wanted to invest some money into the transfer pot  he could have done it  for a seat on the board but he has clearly stated he wants  CONTROL  of the club, which, under city rules means that he will have to offer to buy 100% of the shares. People seem to be missing the point a bit here. Delia and Michael cannot just simply sell him their shares and wave goodbye.. we are a PLC, and whilst that was Delia and Michael decision, think back to when it was made... if they were simply in it to make money why would they wait this long?Personally I believe (and I''m expecting to get shot down here) that Delia and Micheal have always tried their best for the club although they have made some massive mistakes on the way, but cannot take the club forward anymore, and are obviously prepared to negotiate with Cullum hence the statement tonight, a deal will probably be done if Cullum is genuine, and if Michael and Delia get back the money they''ve invested, good for them judging by those figures they won''t be making much of a profit. I will welcome Cullum with open arms and hope that he will invest as promised and I can enjoy watchin Premiership football, but lets not get carried away.But let me ask you all one more question.... how long until some people on here are calling for Cullums head when promotion isn''t achieved.... [/quote]Would you buy a ferrari and let someone else use it, with you having little say in the matter ?Doubt it very much.[/quote]

[/quote]

I know what you are saying.

And i know the game he is playing.

And power to him i say, he has called her bluff.

Her position will become impossible before seasons end, so as long as PC is seriouse, he will gain controll eventually.

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Sorry up-barc you are totally wrong regarding Delia and Hucks money.

It''s off message but couldn''t let you get away with that.

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[quote user="blahblahblah"]

I just wish it was done more privately, this could become rather undignified.

[/quote]

I quite agree blah.  Given that Cullum has put up a smokescreen until now and says he wants a backseat if he does take over, I don''t think he''d have gone public unless he thought there was no other way.  But as we all know, Delia doesn''t do dignity . . . "Leshbe avin'' yer"

 

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[quote user="WeAreYellows49"]

[quote user="Web Team - Pete"]So this £20 million investment in the playing squad - I take it that''s what the current board will be putting in....[/quote]

lol sure they will Pete..............oh wait, ive just seen something outside my window .................wow I didn''t know pigs could fly rofl [:D]

[/quote]

I know, but one can hope. Maybe this is why I''m always skint....

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I am not a Delia fan I''m as ''anti'' her as anyone when it comes to the football club, but.... If you''d invested money in something over several years, are those complaining about her telling me that they would give up and lose their investment for nothing?  IMO Delia is well within her rights to want some money back on her investment, which is all it is.

If any of you have premium bonds or whatever, would you just give them away?  Probably not, they are worth something... Like Delia''s shares in NCFC.

Neither her/Michael or Peter Cullum are stupid, they are not going to give anything away for nothing!

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[quote user="jbghost"]I don''t think relegation would make any difference to the share price. The clubs assets are not on the pitch, they are in property.[/quote]jbghost,you defend delia and then come out with this statement, which says everything that stinks about the current regime!!

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[quote user="Fellas"]@ Saturday boy.

The offer for the shares isn''t a problem at all. After all I think all minor shareholders would be willing to sell at £25, and even if they don''t if delia sells they don''t really have a choice. Delia stated earlier that she was willing to sell at £25 a share, a reasonable value for the shares that sees her make profit on her investment. Now it says in the statement that the value of the shares are £30. Why has the value of the shares suddenly increased 20%? Does she really want to sell the club? If she wants to sell the club so badly why hasn''t she sold? Did Cullum offer £25 a share? These are questions that should have been answered.
[/quote]

Fellas, the share price increase from £25 to £30 was voted through (not by me I hasten to add!) at the last AGM in October 2007.  Not long before that, D&M had hoovered up all the remaining shares (just over £1 million worth) at £25 and increased their holding from 57.4% to 61.2%. 

We now discover that Peter Cullum put in his informal bid for the club in October.  It is almost 100% certain that the club had been in discussion with him before the AGM but not a word was said of possible interest from anyone at all, quite the opposite in fact.  Delia made a point of saying that people didn''t want to invest in "loss-making Championship clubs"*.  The vote to increase the share price was therefore taken in ignorance of Mr Cullum''s interest.  I daresay it wasn''t illegal, but it probably ought to be . . .

* a deliberately misleading statement given that we had in fact made a profit in the past three seasons.  And when pressed on the fact that the club had indeed made a profit Neil Doncaster tried very hard to evade the issue.  Now call me old fashioned, but what sort of business is shy of declaring a profit at a shareholders meeting?  You''d expect it to be top of the agenda . . .

 

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Two things to give some hope.

1) PC is not a stupid man. He will already have an idea of the clubs worth and will be prepared for this latest twist.

2) He already had "gentle arm wrestling" last year with the board. No doubt this figure has already been raised and he''s still back.

Hurrah [<:o)]

Hopefully he is using fan and media pressure to get a discount.

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[quote user="Web Team - Pete"]So this £20 million investment in the playing squad - I take it that''s what the current board will be putting in....[/quote]

maybe not - but it seems to me that Mr Cullum has tried to imply to us all that he will be putting in £20m to buy £20m worth of new players - whereas the Board''s statement suggests it won''t stretch to anything like that far. OK he may be able to save the £16m repayment of bank debt by refinancing - but that still leaves £40m. And he may be able to keep some of the directors'' loans in place (£4m?) which still leaves £36m to find. Why shouldn''t shareholders get their money back? (£16m) which leaves £20m for players.

Delia seems to be saying that if you are publicly declaring that you wish to a) have control and b) to inject £20m into new players then this is what needs to be put up. If so she''s acting very much in the interests of the club - if only to negotiate a harder bargain.

Of course, if he''s not going to plough the whole £20m into players but just get control, then he be able to do that for £20m by refinancing and keeping existing loans in place - which would leave just £4m for players after the £16m repayment to shareholders. Where would that leave us?

Sorry but I am not impressed with Mr Cullum''s tactics or his generosity: £20m is £20m but if he''s indeed worth £1.5bn, that''s just over 1.3% of his total wealth. And as others have said on this board, welcome though £20m would be for new players, that has to be the start of a gameplan - not the end.

 

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[quote user="Binky"]

[quote user="Web Team - Pete"]So this £20 million investment in the playing squad - I take it that''s what the current board will be putting in....[/quote]

maybe not - but it seems to me that Mr Cullum has tried to imply to us all that he will be putting in £20m to buy £20m worth of new players - whereas the Board''s statement suggests it won''t stretch to anything like that far. OK he may be able to save the £16m repayment of bank debt by refinancing - but that still leaves £40m. And he may be able to keep some of the directors'' loans in place (£4m?) which still leaves £36m to find. Why shouldn''t shareholders get their money back? (£16m) which leaves £20m for players.

Delia seems to be saying that if you are publicly declaring that you wish to a) have control and b) to inject £20m into new players then this is what needs to be put up. If so she''s acting very much in the interests of the club - if only to negotiate a harder bargain.

Of course, if he''s not going to plough the whole £20m into players but just get control, then he be able to do that for £20m by refinancing and keeping existing loans in place - which would leave just £4m for players after the £16m repayment to shareholders. Where would that leave us?

Sorry but I am not impressed with Mr Cullum''s tactics or his generosity: £20m is £20m but if he''s indeed worth £1.5bn, that''s just over 1.3% of his total wealth. And as others have said on this board, welcome though £20m would be for new players, that has to be the start of a gameplan - not the end.

[/quote]

I think what he''s saying is that £20 million would be spent on players, not that £20 is all there is.  He''d hardly tell us how much he''s prepared to bid for the club, would he? 

 

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All this talk of how PC knows what he is doing, and he will win in the end, but why would he bother. This is not a business decision for him, he quite rightly said that you can''t make money from Football, and unless you are Man Utd that is true. So why, therefore would he bother go down the hostile takeover road, he has made his offer and Delia has come back with her very undecent reply.

 

I''m sick of her, before I tolerated her and grumbled a lot. Now its fast turning to hate. From last night I have gone from excitement to euphoria to anti-climax to anger! Smile [:)] Big Smile [:D]Sad [:(]Angry [:@]

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[quote user="CanaryColt"]

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. 

[/quote]

Genius!!!!!!!!!!!!!!!!!!!!

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Thanks for that Fat Prophet. I was aware that the vote was undertaken at the AGM. It makes it seem quite dubious now that it has been revealed that cullum had tabled a bid around that time. Thanks!

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[quote user="The Saturday Boy"]Just want us all to err on the side of caution here. If  Cullum simply wanted to invest some money into the transfer pot  he could have done it  for a seat on the board but he has clearly stated he wants  CONTROL  of the club, which, under city rules means that he will have to offer to buy 100% of the shares. People seem to be missing the point a bit here. Delia and Michael cannot just simply sell him their shares and wave goodbye.. we are a PLC, and whilst that was Delia and Michael decision, think back to when it was made... if they were simply in it to make money why would they wait this long?

Personally I believe (and I''m expecting to get shot down here) that Delia and Micheal have always tried their best for the club although they have made some massive mistakes on the way, but cannot take the club forward anymore, and are obviously prepared to negotiate with Cullum hence the statement tonight, a deal will probably be done if Cullum is genuine, and if Michael and Delia get back the money they''ve invested, good for them judging by those figures they won''t be making much of a profit. I will welcome Cullum with open arms and hope that he will invest as promised and I can enjoy watchin Premiership football, but lets not get carried away.

But let me ask you all one more question.... how long until some people on here are calling for Cullums head when promotion isn''t achieved....
[/quote]

This is the most sensible post on this thread.

If the Jones''s where here to make money over the last 10 years, they would have been better off putting their money into Real Estate for that time. They would have made much more money than they''re offering here.

I think Delia et. al. have the right intentions, however misguided they might appear sometimes. Under the current quoted price, it would cost PC 36million to get control, plus what he wants to inject. 20 of the 36 could easily be re-financed in need be. If he wanted to do it, he would. I''d suspect he does want to do it, and today’s media slanging match is all about haggling over the price.

I notice how no one answered your last question Saturday Boy....

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[quote user="Salahuddin"]

All this talk of how PC knows what he is doing, and he will win in the end, but why would he bother. This is not a business decision for him, he quite rightly said that you can''t make money from Football, and unless you are Man Utd that is true. So why, therefore would he bother go down the hostile takeover road, he has made his offer and Delia has come back with her very undecent reply.

 

I''m sick of her, before I tolerated her and grumbled a lot. Now its fast turning to hate. From last night I have gone from excitement to euphoria to anti-climax to anger! Smile [:)] Big Smile [:D]Sad [:(]Angry [:@]

[/quote]

The thing is from all accounts Peter Callum is a very competitive man, so i doubt he will walk away quietly with his tail between his legs sal.

Indeed todays move in the EDP would indicate that walking away quietly is the last thing on his mind. Now what intrigues me is the background machinations which would make machavelli  spin in his grave.

On one hand over the last couple of weeks you''ve had Callum briefing gently in the background about his lifelong support of Norwich in places like the Independent, On the other Delia broadly hinting that major investment was coming. Plus various leaks to message boards by apparently insiders from both camps.This would indicate that things have been moving behind the scenes at a greater pace and for a greater duration than todays statement by either party would indicate.

Now for whatever reason Callum has gone public on his interest and The Smith and Jones have stonewalled.

I really hope this can be resolved amicably before the start of the season because the last thing our thread bare squad needs at the moment is the distraction of a  board-room upheaval.

 

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[quote user="the1englishman"][quote user="Web Team - Pete"]So this £20 million investment in the playing squad - I take it that''s what the current board will be putting in....[/quote]

They havnt put that into the squad in the whole 12 years they have been in charge, so there not likely to now are they.
[/quote]How can they expect someone else to come in and buy the club in addition to putting 20 million in for players? Does it mean that if they stay they will be putting 20 million pounds in? Even if Mr Cullum came in and put 10 million into the pot for players it would amount to more than twice the amount this lot has spent on players in the last 4 years.

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[quote]But let me ask you all one more question.... how long until some people on here are calling for Cullums head when promotion isn''t achieved.... [/quote]

[quote]I notice how no one answered your last question Saturday Boy....[/quote]

I would imagine that Mello is preparing some appalling puns in preparation for next May or the May after even as we speak.

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