0Amarillo<P><FONT color=#cccc00 size=4><EM> º¤ø,¸¸,ø¤º°`°º¤ø,¸ Amarillo ¸,ø¤º°`°º¤ø,¸¸,ø¤º°`°<EM><FONT><P>ddMMyyyy0Falseen-US<P><FONT color=#cccc00 size=4><EM> º¤ø,¸¸,ø¤º°`°º¤ø,¸ Amarillo ¸,ø¤º°`°º¤ø,¸¸,ø¤º°`°<EM><FONT><P>True 0 Posted July 4, 2008 I''ve not posted on this subject until now, but the way I see it - Cullum is offering to put 20m in for players in return for a controlling interest, but without paying for that controlling interest. A bit like the Wolves chap who bought the club for £10 on the proviso that he invested £10m or whatever in players.That''s fine, and it''s a fair question to ask Delia to walk away from her £9m investment by ''selling'' her shares for next to nothing. BUT, remember that the fans own 33% of the club - and I was one of the ones who put up £100 a few years back for some shares. If Delia''s shares are valued at practically nothing, then so are ours. We don''t have to sell of course, but there are a lot (thousands) of small investors involved in the club and Delia has to respresent all of them.As I recall, the Turners bought a modest number of shares and then gave the club a 2m loan. They got a seat on the board but not a controlling interest. I would imagine that Cullum could do the same, but he has said he wants a "controlling interest", so he''ll need to own, what, 51% of the shares? Share this post Link to post Share on other sites
Mr.Carrow 378 Posted July 4, 2008 If new shares are issued for Cullums £20m then he would have the controlling stake and Delia and MWJ will have a minority stake. I think the main argument is how much that minority stake then be worth bearing in mind all the new investment/ increased chance of success etc. Share this post Link to post Share on other sites
Faded Jaded Semi Plastic SOB 1,036 Posted July 4, 2008 I also bought shares, and I get a dividend each year (which I never cash in). Presumably Delia and Co also get a dividend on each share they hold, which amounts to a fair bit of cash, where does this dividend come from?...... Share this post Link to post Share on other sites
SuperWesIrishWizard 0 Posted July 4, 2008 [quote user="Sons of Boadicea"]I also bought shares, and I get a dividend each year (which I never cash in). Presumably Delia and Co also get a dividend on each share they hold, which amounts to a fair bit of cash, where does this dividend come from?......[/quote]The Dividend comes from the operating revenue and is decided by Delia and MWJ at current, who are the majority shareholders. Would be interesting to know whether or not they cash theirs wouldnt it?Out of interest, how much is the dividend that you get? since I was a student it wasnt financially viable for me to buy any. Share this post Link to post Share on other sites
Fat Barman 0 Posted July 4, 2008 [quote user="Mr.Carrow"]If new shares are issued for Cullums £20m then he would have the controlling stake and Delia and MWJ will have a minority stake. I think the main argument is how much that minority stake then be worth bearing in mind all the new investment/ increased chance of success etc. [/quote]Maybe a bit simplistic, but as the club values itself at £16million, Cullum''s £20 million (converted to newly issued shares) would be worth about 55% of the newly valued £36 million company. Delia & Michael would own 61% of the remaining 45%, so about 30% of the club (the fans share would now amount to around 15%). I know the club would still be worth much the same in any business valuation, but it seems a reasonable way to allocate the shares, using the club''s own £30 a share valuation. If Peter Cullum was happy to receive only a 51% holding of the total shares issued, then all of the other shares would be slightly higher percentages of the new total. Share this post Link to post Share on other sites
Faded Jaded Semi Plastic SOB 1,036 Posted July 5, 2008 ryank - I only have one share, my last dividend cheque was £4.05 for that one share, so multiply that by the number of shares held by the likes of Delia/MWJ and that is a sizeable wedge. IF they take the dividend or even a portion of it, that is a fair chunk of cash leaving the club year on year. Is there a way, for those of who want to, to return the cash to the club to invest in players, I have tos say the City rules around PLCs leaves me bamboozled. Whilst I understand the origins/reasons for Norwich City becoming a PLC (to enable the share issue that raised so much money for the club) I am beginning to think it was the worst days work we have ever done.... Share this post Link to post Share on other sites
nutty nigel 7,573 Posted July 5, 2008 Don''t know what shares you have SOB but there''s never been a dividend paid on the voting shares in all the years I have had them. Share this post Link to post Share on other sites
Whats a right winger 0 Posted July 5, 2008 The dividend is only paid on the preference shares not the ordinary shares. I don''t believe there has ever been a dividend on them. It is the ordinary shares that control the club, don''t think Pref shares have voting rights, so no D & M don''t get a massive dividend cheque each year. But hey why let the facts get in the way of a bit more bashing Share this post Link to post Share on other sites
nutty nigel 7,573 Posted July 5, 2008 [quote user="Whats a right winger"]The dividend is only paid on the preference shares not the ordinary shares. I don''t believe there has ever been a dividend on them. It is the ordinary shares that control the club, don''t think Pref shares have voting rights, so no D & M don''t get a massive dividend cheque each year. But hey why let the facts get in the way of a bit more bashing[/quote]Thankyou, I thought it was probably that. I think it was a mis-understanding and not bashing though. Share this post Link to post Share on other sites
Faded Jaded Semi Plastic SOB 1,036 Posted July 5, 2008 NN - I am the Registered Holder of 1 fully paid "B" Preference share in Norwich City Football Club PLC. I get sent a cheque and a Tax Voucher for the dividend every year. The season we got promoted the cheque was for £13.05 (Still not cashed in) which was the dividend and a one off bonus of 10% for the team achieving promotion. Altogether the cheques I have receieved amount to over £20 for my one share, if there was a way that I (and others in a similar position) could let the club have the mony back I am all ears....... Share this post Link to post Share on other sites
nutty nigel 7,573 Posted July 5, 2008 SOB - As I have said elsewhere I believe that this can only be resolved by the parties involved. I know I am out of my depth on this one and don''t pretend to knpow all the answers. The shares that control the club are the ordinary shares (voting shares) and I believe these are what Cullum needs to take control. If he buys them from Delia the money goes to her and not on the team. If she gives them away she loses her investment. People have come up with various "plans" to get the 20m wand control without anyone losing but I doubt it''s possible. Share this post Link to post Share on other sites
Faded Jaded Semi Plastic SOB 1,036 Posted July 5, 2008 WIARW - Who is bashing who here?NN - So what is a voting share? This has lost me. I am also the Registered Owner of 4 fully paid Ordinary sharesOh bugger it I am going back on the fence........[:D] Share this post Link to post Share on other sites
