The best compromise for all parties involved

[Blofield Canary 12]

What would be the best negotiated position for all parties involved and Norwich City?

1. Peter Cullum gets 51% of the shares giving him the control he wants

2. Peter Cullum puts £20 million into player purchase as indicated in his press story

3. Michael and Delia sell enough shares to PC to give him the control at £25 each, the price they paid for them. No profit but a fair price.

4. No other share holders insist on selling their shares to Cullum. At £25 a share this might not happen anyway.

5. Peter Cullum pays off all the debt. If not it just transfers to the new board. Not an issue

6. Delia and Michael (£1 million) Foulger (£1 million) Turners (£2 million) all leave the interest free loans in place.

This would require Peter Cullum to pay M and D £6.82 million for 272,850 shares leaving them with a share holding of just under 10%. The other option would be that Cullum could buy less of their shares and buy up the 6% unsold shares which would leave them with 15 % shareholding.

 

In summary then it would cost him £26.82 million  to take control and put £20 million into players. Doesn''t sound too much to hope for really when his first offer was £20 million.

[First Jedi 0]

Ding!Sensible post... I''m sure/hope/pray that this thing is going on in the background!

[Robert N. LiM 6,299]

Mr Cullum seems like a pretty ruthless man. I''m sure he''ll get what he wants eventually.

[Yelverton Yella 0]

Couldn''t agree more, jbghost!Even if Delia insisted on the full £30, under this scenario, PC would only have to find something less than another £2m to do the deal.I guess the only unknown would be the reaction of the minority shareholders to the offer and whether they would exercise the option to bale out for £30 per share.In an ideal scenario, of course, PC would pay off the loans and leave the club debt free but I can''t really see this happening!

[blahblahblah 2]

[quote]In an ideal scenario, of course, PC would pay off the loans and leave the club debt free but I can''t really see this happening![/quote]

I''d imagine that they''d have to pay the interest whether or not they settled early on that loan, so there would probably be no benefit to doing so.

[Inch High aka Inchy.. 417]

Slight hitch. I have it on good authority that(for the moment) Mr Cullum has walked away.

[blahblahblah 2]

[quote user="IncH-HigH"]

Slight hitch. I have it on good authority that(for the moment) Mr Cullum has walked away.

[/quote]

An excellent tactic if he has done so.  Create a manure-storm, and then let the current owners scrape it off the fan.  If we get off to a bad start next season, he can pick the club up for a song.  And probably not even a good song, one of those god-awful country and western numbers about a tralier-park, I''d imagine.

[KeelansGlove 0]

It really makes no sense to pay off the debt with new finance as it would make the company surely liable for tax on any profits should we get to the prem and be successful.

Much better to keep it an restructure paying it off when we have more money than sense in the prem.

Foregive me if what I am saying makes no sense

[First Wizard 0]

[quote user="IncH HigH"]

Slight hitch. I have it on good authority that(for the moment) Mr Cullum has walked away.

[/quote]

If this is true inch high, then we really are, 100% well and truely f*cked![:(]

[Robert N. LiM 6,299]

Wiz, Mr Cullum is playing you like a pipe.

[Show Me What You Gooot! 0]

[quote user="IncH-HigH"]

Slight hitch. I have it on good authority that(for the moment) Mr Cullum has walked away.

[/quote]

Some are guessing this business will take ages to resolve. It''ll probably be at least january before we''d see any cash injection become a reality.

[Yelverton Yella 0]

You could well be right about the debt although I would imagine that the business could be organised in such a way that only a minute profit would be declared.I shall be furious if PC does walk away now. As blah says, it would smack of cynical manipulation of the media and fans and destabilisation of the club in an attempt to gain control of the club for less than its worth.Having gone this far he owes it to the supporters he claims to care about to at least try to do a deal. If he tries and it doesn''t happen because of the intransigence of the current owners, then we really will know where to direct our angerWith everything I have heard about PC I find it difficult to believe he would do this so I hope the information about him walking away is wrong.

[Blofield Canary 12]

It will really show how serious he is or is he just after undermining the club he claims to support.

 

It''s quite simple really - you offered £20 million - increase it to £26.5 million and it could and should be yours.

[Chrisr 0]

[quote user="Yelverton Yella"]You could well be right about the debt although I would imagine that the business could be organised in such a way that only a minute profit would be declared.

I shall be furious if PC does walk away now. As blah says, it would smack of cynical manipulation of the media and fans and destabilisation of the club in an attempt to gain control of the club for less than its worth.

Having gone this far he owes it to the supporters he claims to care about to at least try to do a deal. If he tries and it doesn''t happen because of the intransigence of the current owners, then we really will know where to direct our anger

With everything I have heard about PC I find it difficult to believe he would do this so I hope the information about him walking away is wrong.
[/quote]

Agreed. Especially given that it appears the "offer" / "expression of interest" was recieved after the AGM I really wonder just how serious this was initially and what real proposals have since been put forward. I too will be livid given the timing of the EDP article, just before pre season. If PC is serious about the best interests of the club he will be prepared to pay a fair price,  not a knowckdown price after stiring up external pressure from the media and fans.

[Hog 0]

Didn''t take people long then to start turning on PC, lets not forget that this offer was made in October and kept from us.

[blahblahblah 2]

[quote user="Salahuddin"]Didn''t take people long then to start turning on PC, lets not forget that this offer was made in October and kept from us...[/quote]

...by both parties.

[Blofield Canary 12]

[quote user="Salahuddin"]Didn''t take people long then to start turning on PC, lets not forget that this offer was made in October and kept from us.[/quote]

There isn''t an offer and there never has been an offer. All we have is somebody saying they would like to put money into the club to buy players. When Mr Cullum makes an offer to buy the controlling interest in the club we can start debating his "offer."

Nobody is turning on PC. What we need is him to make a sensible offer to the right people and the board to get in contact with PC to talk about his intentions.

[Big Down Under 0]

There certainly is an offer, but its not to buy the shares, its for Delia to give them away.I don''t want Cullum AND Delia on the board, I can see why Cullum says he wants her to stay on (an olive branch after a very hard-arsed media manipulation, and she is a great brand for the catering business) but if he wants to take control, make Delia an offer to buy her out and move your people in. If we are going to have a change, and I think the one thing we are all agreeing on is that a change is needed, lets make it a full scale change so the club can move on. And do it quickly too.If Cullum is pulling out, I will be very angry with him. He has placed our whole transfer window in jeopardy with his tactics, and if he isn''t going to make a serious bid, what was it all for?

[CaptnCanary 0]

At the end of the day a billionaire has offered to put £20m into the club in exchange for control. The board, if they have the clubs best interests at heart, should do everything they can to secure that investment. It is not unreasonable for the shareholders to want some money back for their shares. So why not sell 51% of the shares for around £6m. Cullum can then pay that £6m and put £20m into the team or stick at his original budget and put £14m into the team. Either way its a winner for everyone who wants the team to improve. But I fear that the current board do not have the clubs best interests at heart and are only interested in maintaining their current strangle hold on power.

[The Butler 0]

Don''t get carried away. One person says he''s pulling out and off it all goes again!

Called bargaining offer,move, counter offer, make them sweat and so on.

It''s something that happens all the time and whatever is said on here will make NO difference to the outcome.

Signings will happen regardless of what is going on it is not in either parties interests to make the club unviable for whoever wins.

[Pinks 0]

Why didn''t the EDP ask these questions at the interview?

Surely the journo would have done some research and not probed further into Mr Cullum''s offer?

It seems that PC has told the EDP only what he wanted.

[Yelverton Yella 0]

[quote user="WEEN_NASTY"]

Why didn''t the EDP ask these questions at the interview?

Surely the journo would have done some research and not probed further into Mr Cullum''s offer?

It seems that PC has told the EDP only what he wanted.

[/quote]That''s exactly what I''ve been saying since the story broke! BTW I haven''t seen anyone turning on Mr Cullum YET and most of us would welcome him taking over the Club, BUT we have yet to see evidence of a clear intention to do so.If PC wanted to he could table a formal offer to NCFC (subject to due diligence, audit etc, etc) and then announce that he had done so (without revealing the terms if he wanted to keep those confidential). At least that way we would know he was serious and the pressure would be on the current Directors to respond.As an aside, it still seems bizarre that the lad who was in my class at the CNS should hold all this power (and money!). Well done mate.

[Inch High aka Inchy.. 417]

[quote user="The Butler"]

Don''t get carried away. One person says he''s pulling out and off it all goes again!

Called bargaining offer,move, counter offer, make them sweat and so on.

It''s something that happens all the time and whatever is said on here will make NO difference to the outcome.

Signings will happen regardless of what is going on it is not in either parties interests to make the club unviable for whoever wins.

[/quote]

I didn''t say he''d pulled out I said he has walked away for the moment. Anybody expecting anymore exciting transfers are going to be dissapointed,there is no pot of gold. When the season starts and the brown stuff hits the fan after a few months he will then step back in.

[Yelverton Yella 0]

[quote user="IncH-HigH"][quote user="The Butler"]

Don''t get carried away. One person says he''s pulling out and off it all goes again!

Called bargaining offer,move, counter offer, make them sweat and so on.

It''s something that happens all the time and whatever is said on here will make NO difference to the outcome.

Signings will happen regardless of what is going on it is not in either parties interests to make the club unviable for whoever wins.

[/quote]

I didn''t say he''d pulled out I said he has walked away for the moment. Anybody expecting anymore exciting transfers are going to be dissapointed,there is no pot of gold. When the season starts and the brown stuff hits the fan after a few months he will then step back in.

[/quote]I don''t know where you are getting your information from but I really, really, hope that is not what he is planning to do.  I can''t believe anyone with half an ounce of integrity and feeling for their football club would deliberately ignite a firestorm and then be prepared to walk away and leave it to fail before snapping it up for peanuts.Anybody that would be prepared to do that would make the present lot look like angels.

[The Butler 0]

[quote user="IncH-HigH"][quote user="The Butler"]

Don''t get carried away. One person says he''s pulling out and off it all goes again!

Called bargaining offer,move, counter offer, make them sweat and so on.

It''s something that happens all the time and whatever is said on here will make NO difference to the outcome.

Signings will happen regardless of what is going on it is not in either parties interests to make the club unviable for whoever wins.

[/quote]

I didn''t say he''d pulled out I said he has walked away for the moment. Anybody expecting anymore exciting transfers are going to be dissapointed,there is no pot of gold. When the season starts and the brown stuff hits the fan after a few months he will then step back in.

[/quote]

I think that''s what I was saying as far as stepping in was concerned. Only the first tentative shots have been fired from both sides. Time to dig the trench and hold your hat!!

 

[Inch High aka Inchy.. 417]

I doubt it is through choice.  If the present board have dug themselves into the trenches why stand and fight when they could be left to orchestrate their own downfall.

[Mr.Carrow 394]

[quote user="Yelverton Yella"][quote user="WEEN_NASTY"]

Why didn''t the EDP ask these questions at the interview?

Surely the journo would have done some research and not probed further into Mr Cullum''s offer?

It seems that PC has told the EDP only what he wanted.

[/quote]

That''s exactly what I''ve been saying since the story broke! BTW I haven''t seen anyone turning on Mr Cullum YET and most of us would welcome him taking over the Club, BUT we have yet to see evidence of a clear intention to do so.

If PC wanted to he could table a formal offer to NCFC (subject to due diligence, audit etc, etc) and then announce that he had done so (without revealing the terms if he wanted to keep those confidential). At least that way we would know he was serious and the pressure would be on the current Directors to respond.

As an aside, it still seems bizarre that the lad who was in my class at the CNS should hold all this power (and money!). Well done mate.
[/quote]

The trouble is if he does this and understandably keeps the details confidential then some pillock on here will claim he`s offered £0 per share with absolutely no evidence.  If he doesn`t want to buy Delias shares, but wants a majority stake, then he is obviously asking for his £20m to go into new shares which will dilute the others holdings- but then each shares worth will theoretically by boosted by the new investment/greater chance of success and the cash that goes with it.

It seems to me he wants a majority stake and seat on the board for his £20m, but Delia wants a total buy-out or nothing.  Lets hope they can compromise......

[yellowngreen 0]

IncH-HigH wrote the following post at 03/07/2008 10:38 AM:

Slight hitch. I have it on good authority that(for the moment) Mr Cullum has walked away

 

 

 

27/04/2008, 9:43 PM
IncH-HigH Joined on 12/10/2007 Posts 681	Re: Peter Cullum Rich list
	Peter Cullum has stated many times that he has no interest in investing in NCFC or any other club.         SAME RELIABLE SOURCE INCH HIGH? Tell you what if he isn''t a NCFC player by the end of the week then I will stop posting on here forever

[Inch High aka Inchy.. 417]

He has on many occasions stated the above. Your point being?

I don''t care if you believe it or not, it makes no odds to me. I know what I was told this morning and I have no reason to doubt it.If you do then good on ya.

Believe me the Cullum story came as much a shock to me as anybody else. All I''m saying is that I had an interesting chat with a very fed up member of NCFC this morning who is gutted that the money looks like walking away.

I have no source etc just an interesting chat today that I didn''t expect I ever would have had.

[Big Down Under 0]

[quote user="Mr.Carrow"][quote user="Yelverton Yella"][quote user="WEEN_NASTY"]

Why didn''t the EDP ask these questions at the interview?

Surely the journo would have done some research and not probed further into Mr Cullum''s offer?

It seems that PC has told the EDP only what he wanted.

[/quote]That''s exactly what I''ve been saying since the story broke! BTW I haven''t seen anyone turning on Mr Cullum YET and most of us would welcome him taking over the Club, BUT we have yet to see evidence of a clear intention to do so.If PC wanted to he could table a formal offer to NCFC (subject to due diligence, audit etc, etc) and then announce that he had done so (without revealing the terms if he wanted to keep those confidential). At least that way we would know he was serious and the pressure would be on the current Directors to respond.As an aside, it still seems bizarre that the lad who was in my class at the CNS should hold all this power (and money!). Well done mate.[/quote]

The trouble is if he does this and understandably keeps the details confidential then some pillock on here will claim he`s offered £0 per share with absolutely no evidence.  If he doesn`t want to buy Delias shares, but wants a majority stake, then he is obviously asking for his £20m to go into new shares which will dilute the others holdings- but then each shares worth will theoretically by boosted by the new investment/greater chance of success and the cash that goes with it.

It seems to me he wants a majority stake and seat on the board for his £20m, but Delia wants a total buy-out or nothing.  Lets hope they can compromise......

[/quote]Mr Carrow I presume that ''pillock'' remark is aimed at me. Why do you constantly resort to name calling when someone tries to engage you in debate? Why don''t you just address those points I made on the other thread?BTW has Cullum really admitted in the EDP that he doesn''t want Delia''s shares and hasn''t made an offer for them? It isn''t in the online version.