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Woolworths up for sale for £1...

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except the 56m included money to pay off the £19m loans

and the woolworths buyer will be taking on a lot of debt, which will cost them in the same way as someone taking on NCFC.

 

The 56m was not a figure that was the asking price for the club, it was the figure used to express how much it would cost someone to take control as the loans would need repaying!

 

so your point doesnt quite work.

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[quote user="That article"]The biggest shareholder in Woolworths last night revealed that he will not back a £1 offer to buy the retailer.[/quote]

You also forgot to mention that the offer was turned down.  So it''s not for sale for a pound. 

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[quote user="blahblahblah"]

[quote user="That article"]The biggest shareholder in Woolworths last night revealed that he will not back a £1 offer to buy the retailer.[/quote]

You also forgot to mention that the offer was turned down.  So it''s not for sale for a pound. 

[/quote]Yet!! [:D]

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[quote user="Lol Morgan"]

http://business.edp24.co.uk/content/news/story.aspx?brand=BIZOnline&category=Business&tBrand=BIZOnline&tCategory=Business&itemid=NOED20%20Nov%202008%2008%3A37%3A45%3A590

But surely it''s worth a lot more with all its "assets"?

Oh that''s right, it''s losing money so it''s worth bugger all...

£56m anyone?

[/quote]

Whatever happened to "keeping prices below sixpence"[:@] They promised this in the 30''s and now they are going back on their word demanding 20 times more. Just lining their till at our expense[:@]

That''s the wonder of Woolies![;)]

 

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[quote user="The Prisoner"][quote user="blahblahblah"]

[quote user="That article"]The biggest shareholder in Woolworths last night revealed that he will not back a £1 offer to buy the retailer.[/quote]

You also forgot to mention that the offer was turned down.  So it''s not for sale for a pound. 

[/quote]

Yet!! [:D]
[/quote]

By then, only Bill Gates will have pound coins as a result of massive deflation.

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[quote user="Lol Morgan"]

http://business.edp24.co.uk/content/news/story.aspx?brand=BIZOnline&category=Business&tBrand=BIZOnline&tCategory=Business&itemid=NOED20%20Nov%202008%2008%3A37%3A45%3A590

But surely it''s worth a lot more with all its "assets"?

Oh that''s right, it''s losing money so it''s worth bugger all...

£56m anyone?

[/quote]woolies shares have been in deadmens territory for a while, struggling as they are to make money with what appears an unsustainable debt,,,so not surprised to see a cheeky peppercorn £1 bid,,,as for city - i wonder what our shares would be if quoted publically???  £35 or 25p??? sure, our debt isn''t huge, but could only be renegotiated in the current market if personally guaranteed by the maj shareholders now - cos the club is loss making,,,and is likely to be making more losses as this recession unwinds - make no mistake,,,we''re in a weak position, likely to becoming weaker???i see the forums accountants types are arguing on another thread - but haven''t had the bottle to offer an opinion on when the club should be sold or what the maj shareholders should do (bar bobert)...why is that??? [8-)][:#]    

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As has been mentioned, the measly offer is down to the level of debt that Woolies is carrying. These things can be looked up via advfn.com so i have.

And the net debt figure is quite impressive - £965 million. Almost a BILLION quid of debt! So, not really comparable to NCFC.

Yet!

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[quote user="a1canary"]As has been mentioned, the measly offer is down to the level of debt that Woolies is carrying. These things can be looked up via advfn.com so i have.

And the net debt figure is quite impressive - £965 million. Almost a BILLION quid of debt! So, not really comparable to NCFC.

Yet![/quote]

Quite correct there''s no comparison at all. The Woolworths debt represents 4 months of gross turnover at £3bn pa and the Norwich debt represents a full 12 months of gross turnover.

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[quote user="Jimmy Smith"]dont c why u''d have to pay the loans back in order to give the club £20m to spend on players to become majority shareholder
[/quote]

Because the terms of the loan say so. if there is a change of ownership of the club then the loans become immediately repayable (think i remember this correctly from the summer)

 

on another note didnt the 56m include the 20m for players?!

I''d be willing to bet that if you take into acount woolworths debt it would be a lot more than 56m!

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[quote user="The Colonel"]

[quote user="Jimmy Smith"]dont c why u''d have to pay the loans back in order to give the club £20m to spend on players to become majority shareholder[/quote]

Because the terms of the loan say so. if there is a change of ownership of the club then the loans become immediately repayable (think i remember this correctly from the summer)

 

on another note didnt the 56m include the 20m for players?!

I''d be willing to bet that if you take into acount woolworths debt it would be a lot more than 56m!

[/quote]correct - but as in the case of g. watlings estate - what if the maj shareholders waived their rights to the loans???

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[quote user="lucky green trainers"][quote user="The Colonel"]

[quote user="Jimmy Smith"]dont c why u''d have to pay the loans back in order to give the club £20m to spend on players to become majority shareholder
[/quote]

Because the terms of the loan say so. if there is a change of ownership of the club then the loans become immediately repayable (think i remember this correctly from the summer)

 

on another note didnt the 56m include the 20m for players?!

I''d be willing to bet that if you take into acount woolworths debt it would be a lot more than 56m!

[/quote]

correct - but as in the case of g. watlings estate - what if the maj shareholders waived their rights to the loans???
[/quote]

True, they could waive their right but i think there is quite a lot of bank loans and cant see the bank manager waiving his right!

to be fair to the directors also I dont think i would want to waive 4mil! 

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Poor old Woolies, when I was young I used to love going there and getting my pick and mix....lol. I then worked there as a Saturday girl (away Saturdays only of course!!).

I am afraid its role in the high street has been taken over by Argos and the pound shops. It''s not kept up with the times. The store on Riverside is an appalling mess and frankly is painful to shop in. If I want anything they might sell now, guess what, I go to Argos or the pound shops.....sorry Woolies.

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[quote user="The Colonel"][quote user="lucky green trainers"][quote user="The Colonel"]

[quote user="Jimmy Smith"]dont c why u''d have to pay the loans back in order to give the club £20m to spend on players to become majority shareholder[/quote]

Because the terms of the loan say so. if there is a change of ownership of the club then the loans become immediately repayable (think i remember this correctly from the summer)

 

on another note didnt the 56m include the 20m for players?!

I''d be willing to bet that if you take into acount woolworths debt it would be a lot more than 56m!

[/quote]correct - but as in the case of g. watlings estate - what if the maj shareholders waived their rights to the loans???[/quote]

True, they could waive their right but i think there is quite a lot of bank loans and cant see the bank manager waiving his right!

to be fair to the directors also I dont think i would want to waive 4mil! 

[/quote]quite correct C - and in ordinary times i would agree with you 100%,,,alas, these are extra-ordinary times, and its not too difficult to imagine our current annual loss doubling to £4-6m down the line as the recession bites...in these circumstances, what would be your advice to the board re ther proposed sale???

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[quote user="The Prisoner"][quote user="blahblahblah"]

[quote user="That article"]The biggest shareholder in Woolworths last night revealed that he will not back a £1 offer to buy the retailer.[/quote]

You also forgot to mention that the offer was turned down.  So it''s not for sale for a pound. 

[/quote]Yet!! [:D][/quote]And the shareholders are now a pound down.There that didn''t take long now did it? Silly old majority shareholder thought the Company was worth a lot more than it actually was. Ho hum.... Whoops crikey there goes MFI again too."Sometimes nothing can be a real cool hand"

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[quote user="Lol Morgan"]

http://business.edp24.co.uk/content/news/story.aspx?brand=BIZOnline&category=Business&tBrand=BIZOnline&tCategory=Business&itemid=NOED20%20Nov%202008%2008%3A37%3A45%3A590

But surely it''s worth a lot more with all its "assets"?

Oh that''s right, it''s losing money so it''s worth bugger all...

£56m anyone?

[/quote]

 

Update: into admin along with MFI.

Others to follow........................[:|]

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[quote user="Camuldonum"][quote user="Lol Morgan"]

http://business.edp24.co.uk/content/news/story.aspx?brand=BIZOnline&category=Business&tBrand=BIZOnline&tCategory=Business&itemid=NOED20%20Nov%202008%2008%3A37%3A45%3A590

But surely it''s worth a lot more with all its "assets"?

Oh that''s right, it''s losing money so it''s worth bugger all...

£56m anyone?

[/quote]

 

Update: into admin along with MFI.

Others to follow........................[:|]

[/quote]

Quite clever when you think the majority shareholders business is developing city properties.

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Thats a shame about Woolies and their 30,000 staff, we have one in Cromer and Sheringham and I''ll be sorry to see them go.

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Smith has been using the Woolies "pick ''n mix" principle with our management over the years...and she''s close to administration too.

 

 

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[quote user="cityangel"]Thats a shame about Woolies and their 30,000 staff, we have one in Cromer and Sheringham and I''ll be sorry to see them go.[/quote]

I think "Thats a shame" might become quite iconic in the next 18 months or so.....including one or two football clubs.

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CA: not forgetting North Walsham too! If not, it is one of the bigger stores and hubs of attention in all three towns! It''s going to be a bit ghostly without them!

Cam: I agree, it''s all getting a bit scary really!

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[quote user="Camuldonum"][quote user="Lol Morgan"]

http://business.edp24.co.uk/content/news/story.aspx?brand=BIZOnline&category=Business&tBrand=BIZOnline&tCategory=Business&itemid=NOED20%20Nov%202008%2008%3A37%3A45%3A590

But surely it''s worth a lot more with all its "assets"?

Oh that''s right, it''s losing money so it''s worth bugger all...

£56m anyone?

[/quote]

 

Update: into admin along with MFI.

Others to follow........................[:|]

[/quote]Scooped again Cam.[:D]

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[quote user="The Prisoner"][quote user="a1canary"]As has been mentioned, the measly offer is down to the level of debt that Woolies is carrying. These things can be looked up via advfn.com so i have. And the net debt figure is quite impressive - £965 million. Almost a BILLION quid of debt! So, not really comparable to NCFC. Yet![/quote]


Quite correct there''s no comparison at all. The Woolworths debt represents 4 months of gross turnover at £3bn pa and the Norwich debt represents a full 12 months of gross turnover.
[/quote]

That doesn''t matter.  The problem is, Woolworth''s debt is greater than their assets.  City''s debts are less than their assets.

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[quote user="lucky green trainers"][quote user="The Colonel"]

[quote user="Jimmy Smith"]dont c why u''d have to pay the loans back in order to give the club £20m to spend on players to become majority shareholder
[/quote]

Because the terms of the loan say so. if there is a change of ownership of the club then the loans become immediately repayable (think i remember this correctly from the summer)

 

on another note didnt the 56m include the 20m for players?!

I''d be willing to bet that if you take into acount woolworths debt it would be a lot more than 56m!

[/quote]

correct - but as in the case of g. watlings estate - what if the maj shareholders waived their rights to the loans???
[/quote]

You would still have to pay the £16m of loans that is with the bank (only £4m was with shareholders)

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