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TheCardinal

Official Statement; Club for sale for £56 million

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Sorry the club statement is not an invitation to treat but a statement of facts:

If you want to put £20m in the club and become the majority shareholder you have to find ways of financing £56m - despite the fancy footwork you still have £33m-£40m to find as you have to be able to fund a 100% take up of your offer - even if you can close on 60%.

It would appear that Peter Cullum did not want to raise the cash in October and Archant have twisted an innocent conversation into an all out bid for ownership.  The article makes it clear that there is no disharmony here other than over price.

If I want to buy something and the stalling point is the price I talk to the vendor to see if there is another opportunity by changing my bid - the opportunity is there for Peter Cullum to do that.

We should all  be checking our callenders to see if it is April 1st - This whole debacle is simply journalistic spin and twaddle!

 

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[quote user="chicken"][quote user="Fellas"]This is exactly what is wrong with delia, the board and the club. From every level this stinks. An apparent over-valuation of the shares. (inc. a nice little bit of small print that means that cullum has to buy 100% of the shares)The loans (it appears correct me if I''m wrong) that delia and the turners paid in good faith to the club, that will be immediately recalled...The repayments of the debt should be dealt jointly with any potential buyers. To merely state they have to repay it is brash. It doesn''t even have to be repaid, you can re-finance the debt if you must, but I very much doubt any reputable loaner will demand repayment in full immediately, unless it was written that the loans do have to be repaid in full which makes delia look even worse.[/quote]The loans are a kind of fail safe - plus I would like to add that THERE IS NO EVIDENCE TO SUGGEST ANY OF THE £4MILLION IS OWED TO THE DS OR MWJ. Sometimes I like to believe that Norfolk is inhabited by more than just a mob out for blood, sometimes I feel that I am the only Norfolk man that doesn''t reach for the pitch fork and torch everytime something happens! Where is Kathy and Angel when you need them?!!This is more of a test for Cullum - he went to the press and they have countered, its called financial chess. He wanted to test their resolve and they have batted the ball swiftly back into his court. It may be that they are entertaining his game as a cover for something else or even that they are simply playing him at his and calling his bluff.Its a test of two things. He is a billionaire, he has the money, he has said so in so many words and he is USING, YES USING the fans as leverage. They have responded in kind - its up to him. I don''t want to see anyone short changed, the board, the club or the fans and its not like he cannot afford it. Be careful what you wish for.

[/quote]I''m not all against Delia and her husband for their loans they have given or dealt to with the club. I am against this response they gave. Personally, it doesn''t show them in good light. They haven''t been a 100% truthful in the past and the picture at carrow road has been very murky indeed. To be honest I didn''t have much hatred towards Delia prior to the statement, I still don''t really, but I am annoyed at the way they have dealt with things recently at the club, especially their two-faced actions.I thought Cullum was wise to get the fans involved in this. For one thing, it is the complete opposite to what Delia has been doing and the whole club in general. There''s very much a hush-hush attitude at the club currently, probably evidenced by the amount of rumours that have spread around the message boards and press recently. I''m not so massively bothered about the investment on the pitch. I''d like to see a few million spent maybe on players we need, in the look of building for the future, the main reason I''d welcome investment by cullum is because I''ve simply had enough of the board at NCFC. I haven''t like doncaster from day one and it is becoming increasingly clear that they seem to have their eyes off of the pitch, either that or they are completely incompetent (that said they are probably both). I don''t like the way us fans have been treated with a sort of contempt by the board, and that''s why I''d like to see them gone. Peter Cullum represents our best chance of an overhaul,

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"you have to find ways of financing £56m - despite the fancy footwork you still have £33m-£40m to find as you have to be able to fund a 100% take up of your offer - even if you can close on 60%"

I''m sure a deal-maker like Cullum knows exactly how to finance something of this nature. If he really wants to.

Whether he does or not is another matter - if the whole thing is Archant making 2+2 = 5 then maybe not.

However, it could be Archant being used here to stir things up and get the fans on the warpath against the ''evil Club turning down investment'' in order to help his takeover plan.

Either way it is fascinating stuff and a lot more interesting than reading endless posts by a variety of wizards on the relative merits of X player we are/not supposed to be buying!

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Well for my pennys worth, I''m no financial hotshot and what some of you have been on about has gone completely over my head.. however, we all want our Club to be successful including Delia et al (think about it before you shoot me down - why would they want the club to fail ).

I hope and pray that Cullum or someone comes up with the money and everything in the garden begins to look rosy, but ffs just because a high roller comes in with a big cheque doesn''t mean the club should be steam rollered in to accepting it. Lets be honest who of us on here know for certain what all the facts are, what conditions mean, how far off the true value is it, do you accept the first bid, why the hell wouldn''t you negotiate .

If you want to sell your house for £300,000 and someone offers you £175,000 do you accept just because the person is minted, no, you reject it and aim far higher.

What I''m trying really badly to say is that there are far too many posters on here that condemn the board because they are impressed with £20mill without knowing if it is right in the short, medium or long term - all they can see is new players - and screw any other implications.

No I''m not pro board , I just don''t like the lynch mob mentality .......... and yeah we all have an opinion, this is just mine.

OTBC

 

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[quote user="Ex-greenoschin"]

If you want to sell your house for £300,000 and someone offers you £175,000 do you accept just because the person is minted, no, you reject it and aim far higher.

[/quote]Depends how much you loved your house, what about if it was full of your favourite Elephants living there for example and the person you are selling to has said that you can still live there, and they promise to make the house better for you and your beloved elephants, as they also have a place close in their heart for the same elephants and have their best interests at heart, he has promised to give them luxury beds to sleep in and all the food and water they''ll need, as he had seen they had been struggling in recent times.Anyone get my bold analogy? Norwich = the Elephants

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Or maybe Norwich = the house, and a rich elephant Peter offers for the house, as he has a place in his heart for it seeing as he used to live there long ago and he sees it is starting to crumble somewhat. He promises the other elephants ultimate luxury, including the queen elephant Delia. All he wants in exchange is the top room in the house whilst building a new 2nd room for Delia, one better than the room she currently has. The fact is, Delia wouldn''t own the key share in the house any longer, but in reality, unless it was pride, or her not trusting the new elephant Peter, she would be far better off because.Trust me, i haven''t been drinking suprisingly, although maybe i should.Does it make any sense? jokes aside?

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As a shareholder (albeit a fairly small one) in this business, I really do object to finding out about this offer by reading a story in the local press some nine months after the event. I would have thought that there is some obligation on the Board to report to the shareholders even if it is just to say "this is what the offer is and we have rejected it because .......". To say nothing, in my opinion, is treating the minority shareholders with complete disregard. We are constantly being told what wonderful supporters the Club has and how fortunate the Club is to have them. Talk is cheap and it appears that only a privileged few are allowed to know what is going on. It is not good enough ! 

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[quote user="Jimmy Smith"][quote user="Ex-greenoschin"]

If you want to sell your house for £300,000 and someone offers you £175,000 do you accept just because the person is minted, no, you reject it and aim far higher.

[/quote]

Depends how much you loved your house, what about if it was full of your favourite Elephants living there for example and the person you are selling to has said that you can still live there, and they promise to make the house better for you and your beloved elephants, as they also have a place close in their heart for the same elephants and have their best interests at heart, he has promised to give them luxury beds to sleep in and all the food and water they''ll need, as he had seen they had been struggling in recent times.

Anyone get my bold analogy? Norwich = the Elephants
[/quote]

Do you mean elephants like this?

[IMG]http://img.photobucket.com/albums/v281/archaonuk/Elephants.jpg[/IMG]

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I presume the people on the board have enough power to make all the decisions theirself or you, as a minority have a person appointed to the board to give your fair share of an opinion to, and he will report to them. If all the shareholders found out about everything, it would compromise us running our club efficiently

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No reasonable person would expect to know everything but I would most certainly expect to be made aware of a potentially major event such as the one under discussion where a fundamental change in the business could well be the result which, in turn, could produce a significant change in investments made. I believe that if we were a PLC there would be a legal obligation for such a proposal to be revealed. I can''t help feeling that the lack of information/communication shows what the true feelings are towards the minority shareholders.   

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It would have basically been making an INFORMAL offer public, which in my eyes is bad managment, as this would have effected us so badly in so many ways then. I presume he is more formal now

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[quote user="up_barc_canary"]Is this what it has come down to? the desperation for money at Norwich City FC.  Dont get me wrong this is fantastic for us all and the club £20 million smakeroooonies.  BUT and i mean a big big but??? What is the future of NCFC under Peter Culum as majority shareholder.  has anyone stopped to look forward on this.  ok he is willing to plough in his money. and do everything that is said in the press release etc etc. (weve all read about it by now).  But what is the 3, 5 and 10 year plan that PC has for Norwich City.  does it stop at 20 mil or is there more in January? or next summer? and say we do make the playoffs at least this year? what then.  What will Cullum do with the club if we make the Premiership.  does he have another 30+ million to try and keep us there or wot? 

This is not just about the hear and now. £20 million pound has got everyone intoxicated but for me i want to know what else this guy has to offer beyond this first lump sum???? lets hear his future plan as Majority Shareholder.  I believe Delia and Michael wont back down until the future of the club is safe and has some security(although not brilliant at the moment) so good on them for being cautious.  lets see what happens.
[/quote]

What is the future under Delia??  Spiralling down this division without the cash to buy Taylor for 1 million quid when the time was right....  £50,000 loans to sign Carl Robinson in a parachute payment season....

 

What if we make the premiership with delia, does she have another 50K for the new Carl Robinson??

.

Peter Cullum is in the Top 40 Rich People in the UK??   Delia is about to make money on her time here.  thank about that up_barc_canary

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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]

16 million is more than the money they paid for their shares.

 

Anyway what do we get for having delia in charge?  The odd 50K loan for Carl Robinson??

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Nicked this from WOTB who in turn got it from official sh1te -

Camberwick Green on the official site makes an excellent point about the £56m valuation (and Camberwick is a highly-qualified accountant by trade)

"''fraid not.... I posted this in another thread but there is no way that the price is £56m.. this is pure smoke and mirrors from the club shareholders, who after proclaiming that were willing to sell, actually aren''t becuase ego has a big value....

OK technically the bank loans in the £56m would be repayable but the club cannot seriously be suggesting that a man of Cullums wealth could not re-finance these deals, even in the current era of lending uncertainty... if it came to it, he could organise for his business to loan the money.... Cullum has more collateral than Delia and the Turners put together, he''s one of the 40th richest people in Britain, and people are worried that the loans won''t be renewed??? That is totally laughable.... so lets wipe £16m off that immediately shall we???

Purchase of shares £16m - Based on buying 100% of the shares?? well yes ok, but Cullum doesn''t have to buy 100% of the shares, under listing rules he only has to offer for them and pay who takes his offer - who says everyone will accept?? he''s not compelled to buy ALL shares until he gets to 95% (or so) - so in reality he offers for Delia''s shares and maybe a few others want out too... he ends up with 60% maybe... so call it £9m not £16m, and he can afford that.

Directors loans - valid, they''re repayable on demand, cannot see that as a hurdle.

So, the cost of the buyout far from being the £36m (excluding player investment) the clubs suggests is actually £13m.....

The club''s statement is laughable and exists solely as an example of how they don''t want their delicate, precious, comfy world disrupted.... which is precisely what our club needs.

I don''t doubt that the timing of this is raining on someone''s parade, but I''m glad that it is - our complacent board need this kick up the backside. I''d like to see Cullum go for the overhaul where its most needed.... he is precisely what our club needs, the fact that the club still doesn''t see this just speaks volumes, and is precisely why we need change.

The club should be as ashamed of its statement, it''s a joke and demonstrates precisely why we need Cullum and his planned overhaul.

- and I bet we sign players tomorrow !"

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[quote user="jbghost"]

Whilst wanting investment as much as the next fan I think your comments are at best a touch misguided.

"So from the offical statement made this evening Delia & Co would like £56 million for Peter Cullum to buy the club outright?"

You answer this yourself - the banks want £16 million, standard financial institution practice with change in company control.

Repayment of directors loans - written into loan agreements that these are repayable if the control passes from Michael and Delia (£2 million to them)

Purchase of shares @ £16 million. I believe Michael and Delia hold around  60% of the shares (£9.6 million to them)

So in fact Michael and Delia want around £13.6 million not £56 million. onsidering their initial investment I would say this is hardly mercenary.

 

 Cullum can''t seriously think he can get control of NCFC plc for £20 million. 

[/quote]

Why does Cullum have to buy every board memeber out?

As you above yourself say Delia & Michael''s shares rumoured to be approx £9.6million for a 60% share in the club.

A £10million outlay for shares plus a re-financing of the existing loan should be more than enough to secure the 51% that Mr Cullum is looking for.

Didn''t Delia once say that she would sell her shares for a fiver each if it meant that the club could move forwards and money be spent on the team?

I am not 100% sure on the last staement I have made there.... maybe somebody else could help me out on this one???

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[quote user="Monkey Gone To Heaven"]

But that is the whole point you and the others in this thread are missing.  If you stopped spitting at Delia for two seconds and read what CUllum actually said today, he said he wanted CONTROL of the club - not to invest IN IT.  That means a TOTAL TAKEOVER - which is going to cost him 56 million.  If he had asked for a place on the board for 20 million they would have bitten his hand off and we would be spending the money.  All this Delias dream rubbish is just pure nonsense.

 

[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][/quote]

No he hasn''t said he wants a total takeover dimwit... he has asked to become a majority shareholder.

If he has asked for a total takeover, then maybe you could point me to the where in the article it says this becuase I must of missed it?

Thnat and buying out the club and the current board in it''s entirety are two different things.

 

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[quote user="Yelverton Yella"]Exactly Jbghost. I reckon even I, a pauper, could raise finance to buy NCFC as a whole for £20m even in the middle of a credit crunch. Assets including Carrow Rd and Colney, goodwill (I imagine even the membership of the League would be worth something), virtually guaranteed annual income stream arising from 20,000 season tickets......the Business Plan would not be too hard to write!!

If Mr Cullum is serious about buying the Club (and I really hope he is) he will be prepared to pay the going rate, if not, then he is guilty of some serious mischief making and I will think that we have had a lucky escape.

Let''s sit back and watch the plot unfold, not jump in with crazy, biased statements in favour of either party until the facts are clear. Don''t undersell the club!!!
[/quote]

What like you and the other Percy''s have been doing for the last few years by letting Delia & Co run the show???

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[quote user="norfolkbroadslim"]

Purchase of shares £16m - Based on buying 100% of the shares?? well yes ok, but Cullum doesn''t have to buy 100% of the shares, under listing rules he only has to offer for them and pay who takes his offer - who says everyone will accept?? he''s not compelled to buy ALL shares until he gets to 95% (or so) - so in reality he offers for Delia''s shares and maybe a few others want out too... he ends up with 60% maybe... so call it £9m not £16m, and he can afford that.

[/quote]Can''t we just create new shares for him to have when he puts his money in, and Delia''s money would continue to be invested in the club in cooperation.

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[quote user="dhickl"][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.

[/quote]

 

You are correct and the figures you quote are probably about right, too. I guess this is what the arm-wrestling was about.

What makes me very upset is that Delia said at the last AGM she would not stand in the way of any new investor who was ''stupid enough'' to put money into the club. In fact she said there were no potential investors around. We now know this is a lie. The recently released statement saying there had been many approaches over the past twelve months directly contradicts that statement.

We now see Delia drawing in wagons and putting up the defences against Cullum. She obviously has no interest in the 20 million that will be available for new players. Her motives are questionable.

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[quote user="Ex-greenoschin"]

Well for my pennys worth, I''m no financial hotshot and what some of you have been on about has gone completely over my head.. however, we all want our Club to be successful including Delia et al (think about it before you shoot me down - why would they want the club to fail ).

I hope and pray that Cullum or someone comes up with the money and everything in the garden begins to look rosy, but ffs just because a high roller comes in with a big cheque doesn''t mean the club should be steam rollered in to accepting it. Lets be honest who of us on here know for certain what all the facts are, what conditions mean, how far off the true value is it, do you accept the first bid, why the hell wouldn''t you negotiate .

If you want to sell your house for £300,000 and someone offers you £175,000 do you accept just because the person is minted, no, you reject it and aim far higher.

What I''m trying really badly to say is that there are far too many posters on here that condemn the board because they are impressed with £20mill without knowing if it is right in the short, medium or long term - all they can see is new players - and screw any other implications.

No I''m not pro board , I just don''t like the lynch mob mentality .......... and yeah we all have an opinion, this is just mine.

OTBC

 

[/quote]

Firstly appols for the spelling mistakes- its early

i think what a lot of people are angry about, myself included is that for the last six+ months, the principle shareholders have been telling us no-one is interested in investing in "lil'' ol''norwich",when theres been informal talks bubling in the background.

Now given Delia''s increadably narrow criteria for who she will sell up to,Local buisnessman,must have the best intrest of the club at heart,no furriner''s need apply.

If Peter Callum does not fit the Bill, who does? The Turners? Many,myself included think at the present time that their far too closely tied to the current board and the "prudence first" board strategy that has had us sailing perilously close to the relegation line for the last couple of seasons, and unless we find a massive injection of funds from somewhere this pattern is likely to repeat itself ad infinitum.

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And how about the Turners in all of this? I think they are very unlikely to put up any more money for players unless they have majority control, just as Cullum wants. So is Delia saying to the Turners that 56 million is the price for them to take over the club? That would be a very big slice of the Turners worth and I don''t see it happening.

 

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No one is going to buy the club for that!!! we are well and truly in the crap, who in their right mind would plough that sort of money into a fizzypop league team?? looks like we''re stuck with Delia then..........great

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[quote user="Webbo118"]No reasonable person would expect to know everything but I would most certainly expect to be made aware of a potentially major event such as the one under discussion where a fundamental change in the business could well be the result which, in turn, could produce a significant change in investments made. I believe that if we were a PLC there would be a legal obligation for such a proposal to be revealed. I can''t help feeling that the lack of information/communication shows what the true feelings are towards the minority shareholders.   [/quote]

Good point - I think if  there is a formal approach to buy the club then as a Plc they have to reveal it to the public but "a friendly arm wrestle over the value of the club" is not a formal approach. All that Peter Cullum has been quoted as saying is that he has £20m available for a player budget should he gain control - not that he has made a bid and been rebuffed by the club.

Everything else is just Spin.

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[quote user="yellow hammer"][quote user="dhickl"][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.

[/quote]

 

You are correct and the figures you quote are probably about right, too. I guess this is what the arm-wrestling was about.

What makes me very upset is that Delia said at the last AGM she would not stand in the way of any new investor who was ''stupid enough'' to put money into the club. In fact she said there were no potential investors around. We now know this is a lie. The recently released statement saying there had been many approaches over the past twelve months directly contradicts that statement.

We now see Delia drawing in wagons and putting up the defences against Cullum. She obviously has no interest in the 20 million that will be available for new players. Her motives are questionable.

[/quote]

 

I totally agree here, but the main point is for Cullum to ''buy the club'' I use that term very losely and become majority shareholder he would need about £13-14m, the transfer budget is on top of that.

So Peter how about £13-14m to become majority shareholder, then initially slap £10m straight into Glenn''s summer transfer budget.  Then constantly review when the rest of the money will be invested.

Obviously though the club will need to review its policy on player wages as we don''t won''t to be operating at a loss, yet still want to attract better quality players.  Having said that some wages have been freed from higher earners such as Hucks and the Doc.

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[quote user="colneycanary"]Peter Cullum was not looking for a complete takeover. I thought he just wanted to be the Majority shareholder?[/quote]same thing...

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[quote user="rum-ole-boy"]No one is going to buy the club for that!!! we are well and truly in the crap, who in their right mind would plough that sort of money into a fizzypop league team?? looks like we''re stuck with Delia then..........great
[/quote]We are only stuck with Delia if we sit back and do nothing about it, if things got to uncomfortable for her she''d soon be on the phone to Mr Cullum accept his offer. Now where did I put that pitchfork.

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[quote user="Webbo118"]

As a shareholder (albeit a fairly small one) in this business, I really do object to finding out about this offer by reading a story in the local press some nine months after the event. I would have thought that there is some obligation on the Board to report to the shareholders even if it is just to say "this is what the offer is and we have rejected it because .......". To say nothing, in my opinion, is treating the minority shareholders with complete disregard. We are constantly being told what wonderful supporters the Club has and how fortunate the Club is to have them. Talk is cheap and it appears that only a privileged few are allowed to know what is going on. It is not good enough ! 

[/quote]

 

I have to say that what you have said along with a few other things over the years is what has irked myself and my better half so much, being treated like this is not what us fans/shareholders deserve.

I thought sleeping on the matter I would wake and maybe see things in a different light, as I normally do with these things, however I still feel the same this morning, very let down by the club and ALL the board.

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[quote user="kdncfc"][quote user="rum-ole-boy"]No one is going to buy the club for that!!! we are well and truly in the crap, who in their right mind would plough that sort of money into a fizzypop league team?? looks like we''re stuck with Delia then..........great
[/quote]We are only stuck with Delia if we sit back and do nothing about it, if things got to uncomfortable for her she''d soon be on the phone to Mr Cullum accept his offer. Now where did I put that pitchfork.[/quote]

*Hands fork to kdncfc*

Here it is!!!

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