Official Statement; Club for sale for £56 million

[colneycanary 0]

If the club is insisting on on someone paying the whole 56 million we will NEVER get anywhere! GET LOST NOW DELIA!!!!!!!!!

[Rupethebear 0]

It''s called negociation!

 

he''s offered 20M and they want 56M, I think he would have to clear the debt, but half the shares and put in a 15M transfer pot so there we go if he offers £39M the deal is on!!

[Spin Spin City 0]

[quote user="Spin Spin City"]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[/quote]Does anyone else have any thoughts on my statement and would like to share with the board?

[Camuldonum 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]

Anybody who has ever borrowed money for their business knows that banks INSIST on this arrangement - that any outstanding loans are immediately repayable if control/ownership of the company changes.  That is to protect their interests and is absolutely standard in loans to businesses.  They may be prepared to broker a new arrangement with the incoming new owner but technically the sale price would have to take account of any outstanding loan and be factored in to a sale agreement.

 

[The Fish Seller 0]

[quote user="sturgeon220"][quote user="Worst Wizard"]That statement says more about Delias motives than anyone on here ever has.[/quote] Pardon?[/quote]Didn''t take you long did it?!) Convert all loans to shares then increase share price from £25 to £30 instant 20% markup on all shares you hold.2)Having acquired controlling interest convert NCFC LTD to NCFC PLC Thus potential buyer has no option but to buy you out completely.3)Ensure all long term debt is repayable on change of ownership. Tags another £20mill on the price.4)Having dragged the club to the depths of the old second division, weakened the playing squad beyond recognition, selling all the good players to "balance the books" and replacing them with cheapies and freebies and loans, run up twenty million pounds of debt in the Clubs name, she then announces to the World that the purchaser has to invest £20m in the squad, Double what Delia has put into the Club in ten bloody years,  of course that £20m wont be secured against securities or shares like Delia had the priviledge to do.!!!! But if you don''t put it in you''ll be exactly the sort of nasty person Delia has been saving us from for so long.She has screwed us royally here. Messed up the team, messed up the finances and now wants to walk, head up having saved the Club, with a 20% profit on her investment and leaving the new owner holding a very ugly £20m baby created by the current Boards mismanagement of income over the last ten years.She got in cheap and wants to sell top dollar and you question me?.

[WeAreYellows49 0]

[quote user="Rupethebear"]

It''s called negociation!

 

he''s offered 20M and they want 56M, I think he would have to clear the debt, but half the shares and put in a 15M transfer pot so there we go if he offers £39M the deal is on!!

[/quote]

 

I hope he double bluffs them I really do, I want her and him out ASAP, god help them the first game of the season, I hope she has thick skin and broader than average shoulders lol

[sturgeon220 0]

I have not seen anything that stops Cullum bying the club, he just has to pay the real price.  They guy is worth a hell of a lot more than £56 mil.  If he is serious then lets get on with it!!

[Canarygeorge 0]

Is this the reason he cashed  £60 million  worth of his company shares in earlier this year ? Thats what i was thinking last night anyway.

[Barclay_Boy 0]

[quote user="WeAreYellows49"][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.

 

[/quote]

My thoughts too, am seething, why don''t they just get the hell out and give us our club back, no one ever is going to put up 56 million, so we are right in the sh**, and as pointed out do not even have anywhere near a full squad, with pre season training starting tomorrow!

[CanaryOne 0]

They will be as popular as Chase next season , we want Delia out will be ringing round Carrow Road .

[sturgeon220 0]

[quote user="camuldonum"][quote user="Fat Prophet"]

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]

Anybody who has ever borrowed money for their business knows that banks INSIST on this arrangement - that any outstanding loans are immediately repayable if control/ownership of the company changes.  That is to protect their interests and is absolutely standard in loans to businesses.  They may be prepared to broker a new arrangement with the incoming new owner but technically the sale price would have to take account of any outstanding loan and be factored in to a sale agreement.

 

[/quote]  Now that was silly!  you just know that no one will take any notice of the facts!  Yes, Banks do INSIST on such arrangements but a lot of people on here will say with great authority that DELIA did this on purpose!!

[Mark Smith 0]

[quote user="Spin Spin City"][quote user="Spin Spin City"]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
[/quote]

Does anyone else have any thoughts on my statement and would like to share with the board?
[/quote]

You''re only exciting yourself over nothing. There''s no way anyone would invest enough for this board AND fit their carefully designed impossible criteria. I am truly disgusted by this.

[Show Me What You Gooot! 0]

[quote user="Spin Spin City"][quote user="Spin Spin City"]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
[/quote]

Does anyone else have any thoughts on my statement and would like to share with the board?
[/quote]

Richard Branson? Richard Branson is interested in buying us?

I doubt that very very very much (if thats what you''re hinting at)

[Worsencroft 0]

The whole set-up of the club and its shares has been to protect Delia''s dream. Forcing someone to purchase 100% plus clear the debts and put 20million into a transfer kitty is only used as a way of quashing any potential takeover. The Turners were only included to add an extra layer of armour to protect our current owners. I hate to admit it but there is no way we are worth 24million more than the binners!

[AndyJR 0]

Much ado about nothing. It''s Delia''s price and she won''t sell unless Cullum pays it, a total no story really.

[InLambertWeTrust! 0]

I just hope that whatever happens is in the best interest of my beloved football club[:(]

 

[milan marcus 0]

This is a complete betrayal of the club to the fans let me explain why.

The guy wants to invest £20 million

He does not want to purchase the shares at £16 million (if they are worth £16 million?) he wants to crack a deal with the club where he gets majority control for his £20 million for instance 55% and the other shareholders reduce their stake to 45%.  Everyone is a winner here the clubs the fans and the shareholders.  The club spend the £20 million on the squad.

Repayment of the bank debt at £16 million

If the club can service the existing long term debt of £16 million so can the club with Peter Cullum.  He would just need to phone the bank (slight simplification) and use the club as collateral as it with the existing lender.

Repayment of Directors Loan £4 million

He is not here to repay the loans they will get repaid if the club is successful just as they will in the current situation.  This is really sad the loans could be guaranteed by Peter and they could be repaid as and when the club could afford it.

As I said it total betray of the fans by the club – do they really wants us or any investor to accept the club is worth £56 million?  We all know it’s not and so does Peter Cullum.

Please Delia and the board wake up smell the coffee and lets wake up to a new dawn with £20 million to spend on new players not fantasy figures.

 

[MyGodWeArePoorToWatch 0]

[quote user="Worst Wizard"][quote user="sturgeon220"][quote user="Worst Wizard"]That statement says more about Delias motives than anyone on here ever has.[/quote] Pardon?[/quote]Didn''t take you long did it?!) Convert all loans to shares then increase share price from £25 to £30 instant 20% markup on all shares you hold.2)Having acquired controlling interest convert NCFC LTD to NCFC PLC Thus potential buyer has no option but to buy you out completely.3)Ensure all long term debt is repayable on change of ownership. Tags another £20mill on the price.4)Having dragged the club to the depths of the old second division, weakened the playing squad beyond recognition, selling all the good players to "balance the books" and replacing them with cheapies and freebies and loans, run up twenty million pounds of debt in the Clubs name, she then announces to the World that the purchaser has to invest £20m in the squad, Double what Delia has put into the Club in ten bloody years,  of course that £20m wont be secured against securities or shares like Delia had the priviledge to do.!!!! But if you don''t put it in you''ll be exactly the sort of nasty person Delia has been saving us from for so long.She has screwed us royally here. Messed up the team, messed up the finances and now wants to walk, head up having saved the Club, with a 20% profit on her investment and leaving the new owner holding a very ugly £20m baby created by the current Boards mismanagement of income over the last ten years.She got in cheap and wants to sell top dollar and you question me?.[/quote]

Well iam afraid there is no other way of seeing it other than how you do, because i think the same as you mate.Delia up till this story broke cover did deserve the benifit of the doubt, but after hearing the offer, and reading the club(delia) statment, its clear who the gangster is here.She has invested bugger all in footballing terms in the 10 odd years she has been here.The squad has been striped to bear bones, with our most valuable player someone we just brought for around 250 k.I can see why the EDP said fans wold be shocked.Its clear delia wants a big old fist full of pounds to leave OUR club.Iam pissed off now, because she is basicaly making it impossible to sell the club under those conditions.Yet all the while she banged on about doing it all for the love of the club, love of the buck more bloody like !!!!

[canary cherub 1]

[quote user="camuldonum"][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]

Anybody who has ever borrowed money for their business knows that banks INSIST on this arrangement - that any outstanding loans are immediately repayable if control/ownership of the company changes.  That is to protect their interests and is absolutely standard in loans to businesses.  They may be prepared to broker a new arrangement with the incoming new owner but technically the sale price would have to take account of any outstanding loan and be factored in to a sale agreement.

[/quote]

Yes camul I know, but it''s the SIZE of the debt that is the issue.  As soon as we pay some off we borrow more and do up some more offices or some other non-priority - which conveniently increases the asset value, thereby making the club even more unattractive to potential buyers, as does increasing the size of the debt.  It''s a win-win if what you''re trying to do is prevent a takeover, but meanwhile our club is going down the drain.

 

[WeAreYellows49 0]

We will see how much her shares are worth next season when we are languishing in Division 1.

So where is the major investment she hinted at at the RNS?  Or was that yet more untruths?  And where are the players?  I am getting more and more wound up with her and the board.

[Lurd 0]

[quote user="camuldonum"][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]

Anybody who has ever borrowed money for their business knows that banks INSIST on this arrangement - that any outstanding loans are immediately repayable if control/ownership of the company changes.  That is to protect their interests and is absolutely standard in loans to businesses.  They may be prepared to broker a new arrangement with the incoming new owner but technically the sale price would have to take account of any outstanding loan and be factored in to a sale agreement.

 

[/quote]Read this before anything.

[dhickl 0]

[quote user="WeAreYellows49"]

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.

[/quote]

It''s the rule that when you are buying a company, if you puchase more than 30% you must make an offer to everyone to buy all the shares.  As he said that he wants a "majority" share that would be more that 50%, therefore he would be obliged to offer to buy everyone''s shares.  They can''t be forced to sell until he gets more that 95% (I think).

So although £16m was quoted, I doubt he would have to pay that.  My guess would be about 60% would sell (about £9.5m).  The £4m loans would also have to be paid back.  It is likely that the £16m owed to the banks could be refinanced.  I think that the banks would trust PC enough to give him the credit.

That would make it:

Puchase majority of shares: ~£10m

Loans to directors: £4m

Finance new players: ~£20m

Total: ~£34m out of his own pocket.

[CanaryOne 0]

Wow you hurl out abuse but cant take any back , bloody great kid . Go support Ipswich or Lincoln .

[Camuldonum 0]

[quote user="Chris"]

The whole set-up of the club and its shares has been to protect Delia''s dream. Forcing someone to purchase 100% plus clear the debts and put 20million into a transfer kitty is only used as a way of quashing any potential takeover. The Turners were only included to add an extra layer of armour to protect our current owners. I hate to admit it but there is no way we are worth 24million more than the binners!

[/quote]

I''ll try again.........

 

Anybody who has ever borrowed money for their business knows that banks INSIST on this arrangement - that any outstanding loans are immediately repayable if control/ownership of the company changes.  That is to protect their interests and is absolutely standard in loans to businesses.  They may be prepared to broker a new arrangement with the incoming new owner but technically the sale price would have to take account of any outstanding loan and be factored in to a sale agreement.

[Camuldonum 0]

[quote user="DonnysDoom"]Wow you hurl out abuse but cant take any back , bloody great kid . Go support Ipswich or Lincoln .[/quote]

Leave Lincoln out of this.  We''ve just got a new keeper by the way. 

[Hardhouse44 287]

Oh! Cullum used the EDP to call Delia''s bluff. Looks like Delia has just called Cullum''s back. Question is. Who has the clubs best interest at heart. £20m for players sounds so much better that what we all expect that Delia and co will rustle up. But if that’s what Delia wants she will have to live with a back lash that could make the Chase sage look like a stroll in the park.Delia you are living on borrowed time. He want to move Norwich forward you want to keep thing how they are. 24000+ other interested parties are probably not interest in the latter. We want football back at Carrow Road. Give it to us or you''ll eventually have to run for the hill. Now we know!

[canary cherub 1]

[quote user="Paint Me Yellow"]

[quote user="Spin Spin City"][quote user="Spin Spin City"]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
[/quote]

Does anyone else have any thoughts on my statement and would like to share with the board?
[/quote]

Richard Branson? Richard Branson is interested in buying us?

I doubt that very very very much (if thats what you''re hinting at)

[/quote]

Evidence please.

 

[sturgeon220 0]

This is strictly the first salvo boys and girls.  Please keep your heads , There are many way''s to negotiate the quoted "price" and i am sure that P.C. knows them all!   Give it time.

[Mark Smith 0]

[quote user="WeAreYellows49"]

We will see how much her shares are worth next season when we are languishing in Division 1.

So where is the major investment she hinted at at the RNS?  Or was that yet more untruths?  And where are the players?  I am getting more and more wound up with her and the board.

[/quote]

There were no unthruths at the RNS because...for the last time...investment was not promised. I really don''t understand how the giddy ramblings of someone who was clearly under pressure and out or her depth has been miscontrued as some kind of hint.

[Bury Yellow 2]

Like some on this thread, I don''t think it is an ''out of the way'' price for total takeover of the club with all it''s assets.

As mentioned the loan is easily renegotiated and i''m sure there could be some meeting of values for the remaining costings.

I don''t think this will put Mr Cullum off, indeed it may spur him on even more.

He''s no fool and he has accomplished his first objective ie

to smoke Delia and Michael out. Now we all know where we stand.

Let battle commence!