Can a 'Group' of fans sell their shares to Cullum?

[norfolkbroadslim 223]

Sitting here having a drink and thinking of all the posts I have read and people''s reactions.

Right there are lots of If''s here -

If come the start of the season we reach December with a threadbare squad, club refusing to talk to Cullum, and the team really struggling.  Delai and MWM refusing to step aside, despite protests from fans and the only thing to look forward to is relegation.

Is there anything stopping a ''group'' of fans who have shares getting together and offering to sell their shares to Cullum?  What are the restrictions on selling shares? 

If this happened and Cullum got 10%, 15% or 20% of shares what, if any ''power'' would this give him?  And would it make any difference whatsoever?

Sorry have been drinking and when I read this tomorrow it''ll probably be a load of ****.

[Canary4Ever 0]

Thats a good point though..............

[Camuldonum 0]

[quote user="Canary4Ever"]Thats a good point though..............[/quote]

On quoted companies (which you aren''t) I don''t think you are allowed to do that.  I am not sure about "private" PLC''s but I suspect the same rules apply.  It''s to stop people mounting a takeover bid "from the inside" as I understand but several other posters on here have far greater knowledge of this sector and may be able to give you a better answer.

[Carrow89 0]

" club refusing to talk to Cullum"MORE LIES !It is Cullum who is refusing to talk to the shareholders.Since the conditional loan offer was made through intermediaries Cullum has refused to talk to the main shareholders.Spouting sh*te about the board or club not talking to him is absurd. It is those that own the club who will make the decision NOT those appointed to administer the club. IT IS NOT THE BOARDS DECISION TO SELL THE CLUB, OR NOT - THAT RESTS WITH THE SHAREHOLDERS (OWNERS)He needs to put an offer to those shareholders. As of this morning  he has NOT or NEVER done soWHY ?WHY HAS HE NOT PUT A FORMAL OFFER TO THE SHAREHOLDERS ?

[PurpleCanary 5,554]

There is nothing generally speaking to stop fans selling their shares to Cullum. However:

There are rules against what are known as concert parties. Someone who acquires 30 per cent of a company, listed or otherwise, must bid for 100 per cent of the shares. The concert party rule is designed to stop someone getting hold of, say, 25 per cent and a co-conspirator buying 15 per cent rules, so neither individually has 30 per cent but their combined holding is above that mark.

In this case, though, it’s all a bit theoretical, partly because NCFC is not listed and a corporate raider acquiring a significant minority stake - whether above or below the 30 per cent mark - still would probably not have much leverage. I won’t bore you with why that would be so. The Smith/Jones partnership has around 60 per cent of the shares, and that is the key to control of NCFC. Unless that block of shares is broken up, which is unlikely in the extreme, assuming that we’re now talking about a hostile bid, anyone wanting to run NCFC has to buy those shares.

If NCFC were a listed company the situation might be different, but it isn’t, so it isn’t.

[Mark .Y. 351]

[quote user="Ralph Wright"]" club refusing to talk to Cullum"

MORE LIES !

It is Cullum who is refusing to talk to the shareholders.

Since the conditional loan offer was made through intermediaries Cullum has refused to talk to the main shareholders.

Spouting sh*te about the board or club not talking to him is absurd. It is those that own the club who will make the decision NOT those appointed to administer the club.

IT IS NOT THE BOARDS DECISION TO SELL THE CLUB, OR NOT - THAT RESTS WITH THE SHAREHOLDERS (OWNERS)

He needs to put an offer to those shareholders. As of this morning  he has NOT or NEVER done so

WHY ?

WHY HAS HE NOT PUT A FORMAL OFFER TO THE SHAREHOLDERS ?


[/quote]

 

It can''t be a lie Ralph - he used the word "if" at the beginning. He didn''t state his words as fact at all.

 

Mark .Y.

 

[Baldyboy 0]

what a surprise ralph defending delia and her cronies. who are he majority shareholders again ralph?thats right delia and her cronies.

[Ncfc4ever 0]

That is a good idea norfolkbroadslim. I think it could work, but only if we work together and people are willing to sell up for the good of the club.

[TIL 1010 4,722]

From memory i think Delia,Michael and his company Crane Publishing own 357,000 shares and the second largest shareholder is Michael FULGER with a mere 18,000.

NCST own less than 1,000 according to my maths based on the info in Mike REYNOLDS recent letter to the press.

We have around 5,000 shareholders in total so even if what has been suggested is possible it is a logisical nightmare.

Maybe DONCASTER with his 100 shares and MUNBY with his 200 ( yes you read it correctly) would like to move aside and sell their shares to P.C.

[lucky green trainers 0]

[quote user="TIL 1010"]

From memory i think Delia,Michael and his company Crane Publishing own 357,000 shares and the second largest shareholder is Michael FULGER with a mere 18,000.

NCST own less than 1,000 according to my maths based on the info in Mike REYNOLDS recent letter to the press.

We have around 5,000 shareholders in total so even if what has been suggested is possible it is a logisical nightmare.

Maybe DONCASTER with his 100 shares and MUNBY with his 200 ( yes you read it correctly) would like to move aside and sell their shares to P.C.

[/quote]how many have the turners got???tbh - donny and muns must go with the majority shareholders on the board - but may have a different opinion in private...who knows...

[Binky 0]

[quote user="Ncfc4ever"]That is a good idea norfolkbroadslim. I think it could work, but only if we work together and people are willing to sell up for the good of the club.[/quote]

Am I missing something? I thought Mr C had already declared that he was not interested in buying shares. He wants to make £20m available for new players (our hero, saviour and friend!) but as a condition he wants full control at the club - but wants Delia to remain as a figurehead, and a major investor but without control. Presumably he means he wants to acquire her shares on the cheap - or at the very least, for not very much. Even if all the shareholding fans made their shares available, at what price are they expected to hand them over to this very wealthy man? And as they still represent a minority share, what would be the point?

If he''s worth anything like the reputed £1.5bn, then his annual return on that wealth should be of the order of £150 million (at 10% pa) or say £75 million (assuming 5% pa - but he''d be a very silly busineess man if he''s only making 5%  - you could get that from cash at the bank). Now I know reported figures may be wrong, and I''m not suggesting he could make all this money available to the club. But his offer of £20m has to be put in this context (like the reported offer last year of £5m but which was apparently tainted with a payback clause in the event of relegation).

Suppose we welcome him in and Delia complies. The £20m is spent but for whatever reason, promotion doesn''t happen. Cullum controls the club (if we accept his terms) and presumably all the real estate - but he refuses to invest more. He has already warned that he would not be a bottomless pit of money (fair enough).Where would that leave us?  My joy at Archant''s initial disclosure has diminished the more this saga continues and until Cullum puts up a proper offer that the board would be duty bound to consider on behalf of ALL shareholders, my support is being kept in reserve. What is he waiting for? Why don''t the journalists ask him that?