Worthless shares eh?

[vos 155]

Ever since Delia and hubby took control the Club has lacked strong business leadership. Delia is foremost a very keen supporter and a celebrity cook. I suspect that throughout her successfull career she has surrounded herself with a number of advisers. Both she and Michael have little "hands on" business experience. I am afraid most business advisers are good at spending other peoples money. Roger Mumby made a tremendous contribution to the Club but he was always a marketing/community man. Doomcaster was a solicitor by profession, again lacking tough business skills.As many posters have indicated under various headings, over the years there has been no tight control of expenditure and there have been amatuerish attempts to jump on the property speculative bandwagon.Whilst I am not in favour of numerous directors neverthless we really do need someone to join the Board with years of experience in the real tough world of business. I have to say it - another Robert Chase !!!  There should be ample scope for Delia and Peter Cullum to do a deal whereby she leaves most of her money in but Peter takes control. Of course the overriding problem is that football finances are in a mess and to buy a football club you must either have money to throw away/ be half mad/ or on a big ego trip.As to share valuations, if the Club survives and muddles along, as most others, then the shares are worth more or less the current book value. However if the Club goes into administration the shares are worthless because as someone else pointed out the cost of demolishing the stands etc would come out at more than the residual site is worth.

[Mello Yello 2,293]

[quote user="vos"]Ever since Delia and hubby took control the Club has lacked strong business leadership. Delia is foremost a very keen supporter and a celebrity cook. I suspect that throughout her successfull career she has surrounded herself with a number of advisers. Both she and Michael have little "hands on" business experience. I am afraid most business advisers are good at spending other peoples money. Roger Mumby made a tremendous contribution to the Club but he was always a marketing/community man. Doomcaster was a solicitor by profession, again lacking tough business skills.As many posters have indicated under various headings, over the years there has been no tight control of expenditure and there have been amatuerish attempts to jump on the property speculative bandwagon.

Whilst I am not in favour of numerous directors neverthless we really do need someone to join the Board with years of experience in the real tough world of business. I have to say it - another Robert Chase !!!  There should be ample scope for Delia and Peter Cullum to do a deal whereby she leaves most of her money in but Peter takes control. Of course the overriding problem is that football finances are in a mess and to buy a football club you must either have money to throw away/ be half mad/ or on a big ego trip.

As to share valuations, if the Club survives and muddles along, as most others, then the shares are worth more or less the current book value. However if the Club goes into administration the shares are worthless because as someone else pointed out the cost of demolishing the stands etc would come out at more than the residual site is worth.
[/quote]

I agree entirely....Strong leadership both on the board and on the pitch - has been severely lacking for many years.

[Camuldonum 0]

[quote user="ryan85k"][quote user="Tangible Fixed Assets anyone"]

If I remember correctly Delia & MWJ have £6.5m in ordinary shares, and £2m in loans and £0.3m approx in B Prefs. -> £8.8m. Theres a question mark as to whether Delia & MWJ will loan another £1m this season.

[/quote]

Thats subjective. My opinion, and by the looks of it Peter Cullums, is that they actually have:-

£1m ordinary shares

£2m loans

£0.05m B prefs.

Hence, a belief that Delias shares are worth £6.8m when in fact they are probably worth about £1m. 

She actually wanted approximately £8.5m I believe? AND her loan repayed?

If Cullum has to find £10m for a club with pretty much no cash assets, no playing squad and in the third tier of football...... I think we can all see why that deal didnt happen.

Any one of us could go to a stock broker right now and purchase a majority share in Millwall football club for a little over £1m.  They might be a smaller club, with big losses, but still...... any impartial investor would see more potential in a london club on the brink of promotion.

 

 

 

[/quote]

What is the Millwall debt which you have to settle after your offer of a little over £1m for the majority share?  Have you done your due diligence?

[Camuldonum 0]

[quote user="Desert Fox"]

TFAA,

Surely you are not suggesting that T is Doomy. He has admonished me many times for this insinuation.

[/quote]

Doomy is a happy bunny hence happy bunny thanks  everyone in final statement.  Lovely out of the door enjoyed every moment of it, already lined up for another job, and you lot paid the money for him to go.  What''s not for him to be happy about?

I have no idea who is who on here but Doomy is happy with your payoff whoever you think Doomy is.

[Mello Yello 2,293]

[quote user="Camuldonum"][quote user="Desert Fox"]

TFAA,

Surely you are not suggesting that T is Doomy. He has admonished me many times for this insinuation.

[/quote]

Doomy is a happy bunny hence happy bunny thanks  everyone in final statement.  Lovely out of the door enjoyed every moment of it, already lined up for another job, and you lot paid the money for him to go.  What''s not for him to be happy about?

I have no idea who is who on here but Doomy is happy with your payoff whoever you think Doomy is.

[/quote]

So Mr Informative, where''s Doomy off to then?.....You don''t know do you.....I do.

[Camuldonum 0]

[quote user="Mello Yello"][quote user="Camuldonum"][quote user="Desert Fox"]

TFAA,

Surely you are not suggesting that T is Doomy. He has admonished me many times for this insinuation.

[/quote]

Doomy is a happy bunny hence happy bunny thanks  everyone in final statement.  Lovely out of the door enjoyed every moment of it, already lined up for another job, and you lot paid the money for him to go.  What''s not for him to be happy about?

I have no idea who is who on here but Doomy is happy with your payoff whoever you think Doomy is.

[/quote]

So Mr Informative, where''s Doomy off to then?.....You don''t know do you.....I do.

[/quote]

Okay.  I don''t know.

You tell everyone.

Where is he off to?

 

[Mello Yello 2,293]

[quote user="Camuldonum"][quote user="Mello Yello"][quote user="Camuldonum"][quote user="Desert Fox"]

TFAA,

Surely you are not suggesting that T is Doomy. He has admonished me many times for this insinuation.

[/quote]

Doomy is a happy bunny hence happy bunny thanks  everyone in final statement.  Lovely out of the door enjoyed every moment of it, already lined up for another job, and you lot paid the money for him to go.  What''s not for him to be happy about?

I have no idea who is who on here but Doomy is happy with your payoff whoever you think Doomy is.

[/quote]

So Mr Informative, where''s Doomy off to then?.....You don''t know do you.....I do.

[/quote]

Okay.  I don''t know.

You tell everyone.

Where is he off to?

[/quote]

I thought you knew?

[Tangible Fixed Assets anyone? 0]

[quote user="Mello Yello"]

[quote user="vos"]Ever since Delia and hubby took control the Club has lacked strong business leadership. Delia is foremost a very keen supporter and a celebrity cook. I suspect that throughout her successfull career she has surrounded herself with a number of advisers. Both she and Michael have little "hands on" business experience. I am afraid most business advisers are good at spending other peoples money. Roger Mumby made a tremendous contribution to the Club but he was always a marketing/community man. Doomcaster was a solicitor by profession, again lacking tough business skills.As many posters have indicated under various headings, over the years there has been no tight control of expenditure and there have been amatuerish attempts to jump on the property speculative bandwagon.

Whilst I am not in favour of numerous directors neverthless we really do need someone to join the Board with years of experience in the real tough world of business. I have to say it - another Robert Chase !!!  There should be ample scope for Delia and Peter Cullum to do a deal whereby she leaves most of her money in but Peter takes control. Of course the overriding problem is that football finances are in a mess and to buy a football club you must either have money to throw away/ be half mad/ or on a big ego trip.

As to share valuations, if the Club survives and muddles along, as most others, then the shares are worth more or less the current book value. However if the Club goes into administration the shares are worthless because as someone else pointed out the cost of demolishing the stands etc would come out at more than the residual site is worth.
[/quote]

I agree entirely....Strong leadership both on the board and on the pitch - has been severely lacking for many years.

[/quote]

Agreed

[Tangible Fixed Assets anyone? 0]

[quote user="T"][quote user="Tangible Fixed Assets anyone"][quote user="Desert Fox"]

However, I am still very curious to undertstand the motives of T as he/she is always very quick to intervene in any debate reagrdinbg the calamity of our off the field activities. I simply refuse to believe that any City fan would care so passionately about this in a a favourable way and he/she cleary knows more about these schemes than has been published in the public arena.

[/quote]

Exactly!

[/quote]

 

The irony is that I based my analysis on downloading the accounts but also mainly on  figures helpfully dug out  by TFA which showed that the off-field activities make sense! [/quote]

1. It doesnt make sense to have £6.4m (as at 31st May 2008) tied up in land and struggle to find money to improve the squad.

2. It doesnt make sense to spend money on offices unless you have guaranteed occupancy  for the length of the loan.

3. To quote Desert Fox: ''he/she clearly knows more about these schemes than has been published in the public arena