NCFC Plc Accounts to 31/5/09 - some observations

[lappinitup 629]

[quote user="Tangible Fixed Assets anyone"]Mind you the Share Trust will not get a seat on the board without the majority shareholders approval.[/quote]Good. I can''t think of a single reason where it would benefit anyone by having a supporter on the board.

[Tangible Fixed Assets anyone? 0]

Tangy

 

Some observations relating to the latest Accounts:

 

a)       Value per ordinary share based on Net Assets (Book value)

 

2008:  Net Assets £15,245k (per Consolidated Balance Sheer on page 8 of the 2009 Accounts)

/ 535,442 ordinary shares (per note 23 on page 26 of the 2009 Accounts)

= £28.47 per ordinary share

 

2009: Net Assets £9,212k (page 8) / 535,526 (note 23 on page 26)  = £17.20 per ordinary share.

 

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Just to clarify, the £30 (minimum when PC came calling) per ordinary share was based on the book value, which was £28.47 as at 31st May 2008 but fell to £17.20 at the 31st May 2009. 

Using a different valuation method such as net realisable value, it could be argued that the ordinary shares are worth nothing.

So you should see a share price as being along a range of £s (£0 to £17.20 + any premium if you think one is justified) depending on your viewpoint.

 

 

 

 

 

[Tangible Fixed Assets anyone? 0]

[quote user="lappinitup"][quote user="Tangible Fixed Assets anyone"]Mind you the Share Trust will not get a seat on the board without the majority shareholders approval.[/quote]Good. I can''t think of a single reason where it would benefit anyone by having a supporter on the board.[/quote]

Blimey, Capt Ludd, we agree!

[Tangible Fixed Assets anyone? 0]

I see Mr McNally is working away on lowering the non playing cost base of the club. Well done.