From the Wrath site, re Cullum

[YankeeCanary 0]

[quote user="Camuldonum"][quote user="Paint Me Yellow"][quote user="BringBackIwan"]

Now, I''m not a financial genius & I don''t understand all the ins & outs of what Delia has or hasn''t invested / given to the club.

 

But, let me give you a Peter Cullum type offer.

I''ll give you £20,000 towards your house, but you MUST spend it on a new Sun Lounge.

Once I''ve given you this £20,000, I want full control of your house, but I don''t want anything to do with the mortgage or any loans you have.

Probably a bit too simplistic, but is that a fair offer ?

 

I await to get shot down, but I cannot see that Peter Cullum cares one iota about Norwich City Football Club.

Peter Cullum cares only about Peter Cullum

 

 

 

 

[/quote]

You obviously missed the explanation of his "offer".

He wanted new shares in exchange for his £20mill, not the whole club.

[/quote]

 

Goodness me.  We keep doing down this pathway.  Norwich City is not Abdul''s bleedin Corner Shop that he wants to sell to his mate Ahmed.  You are a PLC with shareholders and governed by the Stock Exchange City Code of Conduct.  Mr C said he wanted to be in charge of the club, retaining Delia as a figurehead and at the time retaining Roeder and putting his own people to run the club on a day to day basis.

There is only one way to go with a PLC.  That is to acquire the majority of the shares from the current shareholders at an agreed price.   He could have made a hostile bid hoping to acquire shares from other people aside from Delia/Michael and hoping it might put pressure on them by stirring up shareholders and supporters alike.  He didn''t,  possibly because if he had done he would not have had access to the company books.  None.  So if you buy it and then discover a black hole that no one told you about it comes into the category of "Jolly bad luck there, Rog." 

If he had wanted to make a serious offer to take over Norwich City the formalities, as he well knows, are quite simple.

You can''t put in people to "run the club on a day to day basis" by simply lobbing £20m in the direction of a company.

[/quote]

Exactly! However, as he well knew, such a honey-laden lob will get all the anti-Delia bees well worked up into a frenzy. Here we are, all this time later, and they still haven''t settled back down in their hives. Are you smiling Peter?

[WeAreYellows49 0]

[quote user="YankeeCanary"][quote user="Camuldonum"][quote user="Paint Me Yellow"][quote user="BringBackIwan"]

Now, I''m not a financial genius & I don''t understand all the ins & outs of what Delia has or hasn''t invested / given to the club.

 

But, let me give you a Peter Cullum type offer.

I''ll give you £20,000 towards your house, but you MUST spend it on a new Sun Lounge.

Once I''ve given you this £20,000, I want full control of your house, but I don''t want anything to do with the mortgage or any loans you have.

Probably a bit too simplistic, but is that a fair offer ?

 

I await to get shot down, but I cannot see that Peter Cullum cares one iota about Norwich City Football Club.

Peter Cullum cares only about Peter Cullum

 

 

 

 

[/quote]

You obviously missed the explanation of his "offer".

He wanted new shares in exchange for his £20mill, not the whole club.

[/quote]

 

Goodness me.  We keep doing down this pathway.  Norwich City is not Abdul''s bleedin Corner Shop that he wants to sell to his mate Ahmed.  You are a PLC with shareholders and governed by the Stock Exchange City Code of Conduct.  Mr C said he wanted to be in charge of the club, retaining Delia as a figurehead and at the time retaining Roeder and putting his own people to run the club on a day to day basis.

There is only one way to go with a PLC.  That is to acquire the majority of the shares from the current shareholders at an agreed price.   He could have made a hostile bid hoping to acquire shares from other people aside from Delia/Michael and hoping it might put pressure on them by stirring up shareholders and supporters alike.  He didn''t,  possibly because if he had done he would not have had access to the company books.  None.  So if you buy it and then discover a black hole that no one told you about it comes into the category of "Jolly bad luck there, Rog." 

If he had wanted to make a serious offer to take over Norwich City the formalities, as he well knows, are quite simple.

You can''t put in people to "run the club on a day to day basis" by simply lobbing £20m in the direction of a company.

[/quote]

Exactly! However, as he well knew, such a honey-laden lob will get all the anti-Delia bees well worked up into a frenzy. Here we are, all this time later, and they still haven''t settled back down in their hives. Are you smiling Peter?

[/quote]

Bet he''s grinning like a Cheshire Cat YC

[Mr.Carrow 376]

No there is not only one way to go for a PLC Cam.  If the current majority shareholders wanted £20m invested in new shares and accepted that they would lose their power at the club they could approve it in principle, call an EGM and allow shareholders to vote it through.  And a new investor does not have to make an offer for everyone elses shares if a Whitewash amendment is obtained and voted through.  Do you honestly think Cullum is stupid enough to propose something which can`t actually be done?  What it amounts to is a friendly takeover and it`s only going to happen if it gets the full support and backing from the current majority shareholders.  It didn`t.

[Camuldonum 0]

My belief is, as with many of his acquisitions, he was testing the water to see how cheap he could get you. 

[YankeeCanary 0]

[quote user="Mr.Carrow"]No there is not only one way to go for a PLC Cam.  If the current majority shareholders wanted £20m invested in new shares and accepted that they would lose their power at the club they could approve it in principle, call an EGM and allow shareholders to vote it through.  And a new investor does not have to make an offer for everyone elses shares if a Whitewash amendment is obtained and voted through.  Do you honestly think Cullum is stupid enough to propose something which can`t actually be done?  What it amounts to is a friendly takeover and it`s only going to happen if it gets the full support and backing from the current majority shareholders.  It didn`t.[/quote]

I don''t think any sensible person thinks Cullum is stupid in any sense. However, I think foolishness and naivety is available in abundance for those of you who believe the 20 million for players for NCFC was ever on the cards at all.

As Cam said, Cullum''s stock in trade is to look around for opportunities that he can pick up on the cheap. Some he will do quietly and some he will do publically with harpsichords playing in the background. Fair dues to the skill he has applied in the area of acquisitions. Sometimes his targets will choose to reject his advances, as was the case with NCFC. I suggest the right course of action for those of you who still have your tongues hungrily hovering at the edge of the PC plate is to pull your tongue back in, recognise reality and deal with it.