Peering into the distance

[Patches OHoolahan 0]

Do you think that maybe "faceless" Mr Evans is the banker from Deal or no deal, or possibly mr blobby?

[PurpleCanary 5,561]

Sady I used to have to know this stuff. I think Waghorn has got it wrong. He talks about having to make an offer for the entire shareholding if you''ve already made an offer for 30 per cent ot it. Fairly sure you have to make an offer for the lot once you OWN 30 per cent.

[Dions Lightsaber 0]

Surely Cullum could buy 29.9% of the shares and not have to make this offer for all the other shares? 

As long as he had more shares than Delia and MWJ - ie brought theirs off them - then he could control the club as majority shareholder without owning it outright and keep Delia as the ''figurehead'' he mentions in his interview?

 

[Hog 0]

From Goal.com   "Championship side Norwich City could be set to join the ranks of England''s wealthier clubs following the confirmation by billionare Peter Cullum that he intends to take over at Carrow Road financially from celebrity chef Delia Smith."

 

If only it was that simple, I never thought I would read headlines like this!  I hope and pray that it comes true!

[Camuldonum 0]

[quote user="PurpleCanary"]Sady I used to have to know this stuff. I think Waghorn has got it wrong. He talks about having to make an offer for the entire shareholding if you''ve already made an offer for 30 per cent ot it. Fairly sure you have to make an offer for the lot once you OWN 30 per cent.[/quote]

 

That is correct.  Once your shareholding reaches 30 p.c. you must make an offer for the whole thing.

[blahblahblah 2]

[quote user="camuldonum"]

[quote user="PurpleCanary"]Sady I used to have to know this stuff. I think Waghorn has got it wrong. He talks about having to make an offer for the entire shareholding if you''ve already made an offer for 30 per cent ot it. Fairly sure you have to make an offer for the lot once you OWN 30 per cent.[/quote]

 

That is correct.  Once your shareholding reaches 30 p.c. you must make an offer for the whole thing.

[/quote]

...And if I recall correctly, Delia and MWJ have only just gone over 60 per cent.  Hmm.  Looks like that was to block a take-over perhaps ?

So, who owns the other 38% ?  Anyone fancy an EGM ?

[Camuldonum 0]

[quote user="blahblahblah"][quote user="camuldonum"]

[quote user="PurpleCanary"]Sady I used to have to know this stuff. I think Waghorn has got it wrong. He talks about having to make an offer for the entire shareholding if you''ve already made an offer for 30 per cent ot it. Fairly sure you have to make an offer for the lot once you OWN 30 per cent.[/quote]

 

That is correct.  Once your shareholding reaches 30 p.c. you must make an offer for the whole thing.

[/quote]

...And if I recall correctly, Delia and MWJ have only just gone over 60 per cent.  Hmm.  Looks like that was to block a take-over perhaps ?

So, who owns the other 38% ?  Anyone fancy an EGM ?

[/quote]

May I just make the point that Cullum has not actually made an offer.  He has made an "informal offer" which apparently didn''t go any further.  In business terms it means nothing.  If Mr C wants to continue with his plan - and he claims he wants to be friendly - he can make a formal offer and discussions can begin.  If that formal offer is rejected he then has two options: either drop the idea or go ahead with a hostile take over.

[The Fish Seller 0]

[quote user="blahblahblah"][quote user="camuldonum"]

[quote user="PurpleCanary"]Sady I used to have to know this stuff. I think Waghorn has got it wrong. He talks about having to make an offer for the entire shareholding if you''ve already made an offer for 30 per cent ot it. Fairly sure you have to make an offer for the lot once you OWN 30 per cent.[/quote]

 

That is correct.  Once your shareholding reaches 30 p.c. you must make an offer for the whole thing.

[/quote]

...And if I recall correctly, Delia and MWJ have only just gone over 60 per cent.  Hmm.  Looks like that was to block a take-over perhaps ?

So, who owns the other 38% ?  Anyone fancy an EGM ?

[/quote]68% I think they went up to last time they converted loans to shares.But it''s still 68% not 100%,  If Cullum bought 30% he is obliged to make an offer but the other shareholders are not obliged to accept.  .

[blahblahblah 2]

[quote]May I just make the point that Cullum has not actually made an offer.[/quote]

Probably helped to sell a stack of newspapers though - will Her Maj''s Daily Star be running a small article tomorrow Cam ? [:)]

[Camuldonum 0]

[quote user="blahblahblah"]

[quote]May I just make the point that Cullum has not actually made an offer.[/quote]

Probably helped to sell a stack of newspapers though - will Her Maj''s Daily Star be running a small article tomorrow Cam ? [:)]

[/quote]

We''ve done a bit on Delia fighting off a takeover....whether it will make or not is hard to say.  Might make the Mirror or the Express though.

[The Fish Seller 0]

I understand the offer was informal  but coming as it did within less than two weeks of this quote from Delia "“Anyone who can find idiots like us to put money in and get nothing back can have this club tomorrow." you have to understand some of us doubt the womans sincerity. I think she''ll deal but only on her own terms and at her own valuation. I also think she''ll get bitten if she tries to play hardball businesswoman with somebody as astute as Cullum. Either she accepts a deal or suffers increasing hostility from the fans until such time as a hostile takeover becomes the easy option for her.

[Tangible Fixed Assets anyone? 0]

[quote user="camuldonum"]

Down here in Colchester this looks rather like an attempted takeover on the cheep (sorry!).  If Mr Cullum wishes to convince the world that he continues to bleed Yellow and Green he can make a decent offer to the Smiths, do some sort of deal if they wish to retain an interest in the catering side, settle up with the Turners and repay their alleged loan of £2m or so.

Then he either clears your debt of around £20m or so or leaves it as it is.  Then he has to decide how much money he would like to spend on players.

Assuming he leaves the debt that''s probably around £40m - £60m if he wipes the debt out.

[/quote]

1. The debt is around £20m and we have various assets to be sold in due course (land, 30% of the hotel) to finance the capital element of the debt. So what is important to any deal are:

2. How much does Delia & MWJ get for their majority shareholding? No need to buy all the Ordinary shares just those to give you a majority holding. £9.8m if he pays £30 per ordinary share....it may be less (see the thread Delia & MWJ shares)

3. How much money would be available for transfers?  £20m?

 

The catering operations are part of the operations of NCFC and there is no need to hive them off.

 

 

 

 

 

 

[Tangible Fixed Assets anyone? 0]

[quote user="Worst Wizard"]

If Cullum bought 30% he is obliged to make an offer but the other shareholders are not obliged to accept.  .
[/quote]

I don''t think the 29.9% rule applies as NCFC Plc is not a listed company.

 

[Tangible Fixed Assets anyone? 0]

[quote user="yellow hammer"]

Given the timing of Cullum''s bid in October was, I suspect, no accident. He could demand the lowest possible price for Delia''s shares since we were facing relegation and the fact that Delia''s shares would be worth much less in League 1.

[/quote]

Good timing to try and buy at the bottom.

[Tangible Fixed Assets anyone? 0]

[quote user="chicken"]

I would also allow a sort of election process for the so called "fan" for the board. Personaly I would vote for Roy Blower. Infact I think he is the precise man for the job, he only stopped being the spokesperson for NCISA to concentrate on his role as mayor and has also been a politician for quite a long time now. I think he would be capable of representing the fans.

But lets just see what pans out. If it is meant to be then it is meant to be - if he is a real fan Cullun could still throw some money our way, maybe even butter up the board a bit before taking over in the future after he has gained more trust.


[/quote]

Roy Blower would be a good choice.

Furthermore Cullun has a real connection to Norwich.

[PurpleCanary 5,561]

[quote user="Canary Nut"]

[quote user="Worst Wizard"]

If Cullum bought 30% he is obliged to make an offer but the other shareholders are not obliged to accept.  .
[/quote]

I don''t think the 29.9% rule applies as NCFC Plc is not a listed company.

 

[/quote]

Sadly I seem unable to spell "sadly" anymore. Anyway, it is a while since I had to know all this nonsense but the point of the City Code on takeovers is to protect shareholders (which Norwich City plc certainly has) and my memory was that the rules applied to all public companies whether traded on one of the UK stock markets or not. However, not trusting to memory, I''ve just ploughed through the relevant bit of the City Code, with all its clauses and sub-clauses, and I think that is what it says!

[Mr Brownstone 0]

Just to compilate matters further, from what i have heard The Deeds to Colney are not in the name of Norwich City Football Club. They are in the name of a certain Mrs D Smith.

[InLambertWeTrust! 0]

[quote user="Mr Brownstone"]Just to compilate matters further, from what i have heard The Deeds to Colney are not in the name of Norwich City Football Club. They are in the name of a certain Mrs D Smith.[/quote]

Dennis Smith?[:S] Whos that then? [:P]

[Mr Brownstone 0]

[quote user="C.T"]

[quote user="Mr Brownstone"]Just to compilate matters further, from what i have heard The Deeds to Colney are not in the name of Norwich City Football Club. They are in the name of a certain Mrs D Smith.[/quote]

Dennis Smith?[:S] Whos that then? [:P]

[/quote]

I meant complicate not compilate! Damn the lack of an edit post button!

Mrs Dennis Smith??? Damn those Cross Dressing Land Owners too!!!![:D]

[The Fish Seller 0]

[quote user="Mr Brownstone"]Just to compilate matters further, from what i have heard The Deeds to Colney are not in the name of Norwich City Football Club. They are in the name of a certain Mrs D Smith.[/quote]I really hope that''s not true.Certainly would blow a few of her supporters arguments right out of the water if she saw fit to sign over Club assets to herself be it as security or not. All monies put into the Club by her have been converted to shares, I see no valid reason why she should have these deeds in her name.

[Mr Brownstone 0]

[quote user="Worst Wizard"][quote user="Mr Brownstone"]Just to compilate matters further, from what i have heard The Deeds to Colney are not in the name of Norwich City Football Club. They are in the name of a certain Mrs D Smith.[/quote]

I really hope that''s not true.Certainly would blow a few of her supporters arguments right out of the water if she saw fit to sign over Club assets to herself be it as security or not. All monies put into the Club by her have been converted to shares, I see no valid reason why she should have these deeds in her name.
[/quote]

I should just empasise that is what i was told (around the time Delia was hoovering up shares) and i can not guaruntee the accuracy of it. Surely there must be some way of finding this information out?

[g00se 21]

[quote user="Mr Brownstone"]I should just empasise that is what i was told (around the time Delia was hoovering up shares) and i can not guaruntee the accuracy of it. Surely there must be some way of finding this information out?[/quote]£3 to the land registry and you get a copy of the deedsThere''s a website to order it online - but use the land registry site as there are others that stick on a huge markup. And make sure you look for freehold and leasehold details too if you''re up for the expense :)

[Mr Brownstone 0]

[quote user="fleckmatic"]
£3 to the land registry and you get a copy of the deeds

There''s a website to order it online - but use the land registry site as there are others that stick on a huge markup. And make sure you look for freehold and leasehold details too if you''re up for the expense :)

[/quote]

Thanks for the info! Someone who''s not skint (ie not me!) should do that[:D]