The Deloitte report is in. Watch this space.

[Anglofile 0]

Thank you.  I couldn''t have said it any better.....Really

 

 

[morty 0]

So, basically, just another attention seeking bore has joined the message board.Yay.

[Anglofile 0]

Diluted meaning the existing value of the shares are very much diminished and that the new investor would get the lins share of voting and economic return.

 

Anglofile

[Anglofile 0]

Or perhaps a person who has taken too many footballs to the head in your case!

[morty 0]

Case rested.[:)]

[PurpleCanary 5,560]

Anglofile, don''t take this antagonistically, because I am certainly not generally against you on this. Far from it. But I do know what it means to dilute a shareholding. Trust me, I really do - it has happened to some of my own shareholdings!

It was just the "fully dilute" that made no sense to me, but this is not a serious criticism.

[Jack Barak 46]

[quote user="Anglofile"]

Now having completed my role at Sheffield Wednesday FC, I want to concentrate a bit more on Norwich City: 

What the "elevator analysis" from Deloitte will probably show are a bunch of nice colorful pictures that they are good at producing in their desktop publishing area of the firm.  Not much critical thought or any real thought provoking analysis as they were hired by Mr. McNally and they know which side their bread is buttered.  If the book is anything like the one produced for Derby County a couple of years ago, it will be nice, heavy and look impressive but contain very little of value to an investor.

What the report will show is a quite a bit of red ink produced by current and past management and boards.  It should also show that the club is way over-levered for the amount of turnover it generates.  Norwich could be a good club but it needs significant changes to be on a stable financial footing:

1.  Any new investment would have to fully dilute the existing shareholder base (Are you talking aout a fundamental and complete change of ownership?, when a business is highly leveraged it is actually preferable to have a higher equity investment - it brings the gearing ratio down- so this can''t be right, can it?)  as the club is losing money and up to its ears in debt;

2. Wages need to be trimmed to a level of less than 60% of overall turnover in line with responsible financial metrics (in line with all media comments on this very subject, not really a revelation);

3. Any new moneys (Do you mean ''monies''?) would need to be applied to indebtedness with the caveat that the lender renegotiate the terms allowing for some level of forgiveness with an equity kicker if the club is promoted again to the EPL;

4. The management and board has  has proven that they cannot run a profitable operation with responsible debt levels even with the generous gate and turnover they now enjoy (the old management and the old board yes, but this ignores the new board in the form of super Mc and Blow) ;

5. It needs to be communicated to the fans that wages and spending will have to be curtailed in order to stabilize the club''s finances.  This may or may not lead to poor performance as wages have little or no  correlation to success in the CCC; and

6. Due to the above, I''m not surprised that Mr. McNally is continuing to dodge our firm (please name the ''firm'', sounds a bit made up!) as he wants an investor that will show up, shut-up and buck-up.  Regardless, as I continue to be for the Owls fans, I''m here for the supporters of Norwich City FC.

Best,

Anglofile

 

[/quote]

[morty 0]

Looks like you''re reading this the same way as me Kent.

[WeAreYellows49 0]

[quote user="morty"]Looks like you''re reading this the same way as me Kent.
[/quote]

Me 3

[singing canary 0]

loved the overwrite in red ..... !!!  bit like my english at school ..!!  should have put  c- on the end of it though .

[Anglofile 0]

Also no offense taken.  Totally dilute was a very strong word and I should apologize to any shareholders who are not board members.  I any situation I''ve been involved, all should be treated fairly.  We are not known as hatchet men.

 

Best,

 

Joe

[Jack Barak 46]

[quote user="singing canary"]loved the overwrite in red ..... !!!  bit like my english at school ..!!  should have put  c- on the end of it though .[/quote]I think it might have done well in creative writing!He knows the right terms...just not exactly how to use them...

[Jack Barak 46]

[quote user="morty"]Looks like you''re reading this the same way as me Kent.[/quote]It makes a nice change from the usual ''Lamberts leaving'' and ''I hate Lappin'' threads.[;)]

[Anglofile 0]

Let''s tackle it one at a time:

1.  Gearing ratio is a relative tem.  I deal in "real".  The debt on an actual and real basis is way too high.  New investment should be used to repay indebtedness;

2.  In fact, what I''ve posted on my blog previously.  It''s been ignored at NCFC.  I''m not here to impress you or till new ground...take it as you may;

3.  Gee, if my firm needs a profreader, I''ll make sure to give you a jingle;

4.  I would strongly recommend my clients to jettison both.  IMO, why leave a guy who has lost an estimated 5 million quid (per unsubstantiated press reports) on board.  Lee Strafford at Wednesday does with far less and still makes money!

5.  Dornoch Capital Advisors.  Google it along with Sheffield Wednesday and Club9Sports.

 

[BlyBlyBabes 0]

[quote user="Anglofile"]

Also no offense taken.  Totally dilute was a very strong word and I should apologize to any shareholders who are not board members.  I any situation I''ve been involved, all should be treated fairly.  We are not known as hatchet men.

Best,

Joe

[/quote]

And just how far would you recommend that my 4 shares be diluted?[:''(]

So I could become a member of the One Hundred ? Or would it be more likely a seat at the One Million Round Table?

OTBC

 

[Anglofile 0]

Not to worry, I''m used to trading jabs with congenital idiots/morons such as yourself.

[Anglofile 0]

Have to take a look at the last report which your so called "super Mc" has refused to provide.

Excellent move on his part along with the "drive by" character assasination he did on me in his BBC bit!!

 

[singing canary 0]

talking to fans that way wont win you many friends ...

i think what people are asking you is fair enough to be honest .

surely if you wished, or wish to ,or have working for a company that had interest in a football club using a message board is not the right method .

failed or not .

[morty 0]

Lol, sure.Real professional way to behave, coming onto a football forum and trading insults with people.Makes you all the more credible.[Y]

[Anglofile 0]

Oh I forgot....Next time I''ll phone to ask YOU what YOU think is appropriate for a businessman.

[morty 0]

[quote user="Anglofile"]

Oh I forgot....Next time I''ll phone to ask YOU what YOU think is appropriate for a businessman.

[/quote]I think that may be a good idea to be honest.[:)]

[Jack Barak 46]

[quote user="Anglofile"]

Let''s tackle it one at a time:

1.  Gearing ratio is a relative tem (it is also a reasonable measure of the balance sheet health of a business).  I deal in "real"(hhhmmm).  The debt on an actual and real basis is way too high (on what basis, the only measure of whther or not a business is over leveraged is its ability to service that debt, the club has prove it can do this, as such it is right to say the debt is way too high).  New investment should be used to repay indebtedness;

2.  In fact, what I''ve posted on my blog previously.  It''s been ignored at NCFC.  I''m not here to impress you or till new ground...take it as you may;

3.  Gee, if my firm needs a profreader, I''ll make sure to give you a jingle;The irony here is genius, if youdid this on purpose then ''kudos''!

4.  I would strongly recommend my clients to jettison both.  IMO, why leave a guy who has lost an estimated 5 million quid (per unsubstantiated press reports) on board.  Lee Strafford at Wednesday does with far less and still makes money! (this shows a lack of understanding about the facts, the last FS cover the period before he took office).

5.  Dornoch Capital Advisors.  Google it along with Sheffield Wednesday and Club9Sports.(I could only find reference to the Tranmere on ebay incident...please don''t do that, it''s hard enough being a City fan as it is sometimes, let alone with it being listed next to a pile of tosh).

I would like to believe you but you are making difficult at the moment. 

 

[/quote]

[Anglofile 0]

Gee in your opinion.  You must me head of global investment banking at "one o dem bulj brakit firmz"

[morty 0]

My, what an american bell-end.I have a few suspects as to who is behind this lol.

[Anglofile 0]

His behavior post a positive article was enough for me!

 

Frankly, I wont wait up late at night wondering if you do believe me.

[Jack Barak 46]

[quote user="Anglofile"]Gee in your opinion.  You must me head of global investment banking at "one o dem bulj brakit firmz"[/quote]Made me laugh, I am still trying to work out the ''bulj brakit'' bit? Any help?

[Anglofile 0]

JMJ!!!!!!

You must be kiding.

 

Bulge Bracket Firms:

Goldman, Morgan Stanley, JP Morgan, Merrill

Large full service I-banks now commercial banks also for all the crap they shoveled and took bailout.

 

Joe

[Anglofile 0]

Dripping with sarcasm if you didn''t notice.

[Anglofile 0]

BTW, grammar.....priceless

[BlyBlyBabes 0]

[quote user="BlyBlyBabes"][quote user="Anglofile"]

Also no offense taken.  Totally dilute was a very strong word and I should apologize to any shareholders who are not board members.  I any situation I''ve been involved, all should be treated fairly.  We are not known as hatchet men.

Best,

Joe

[/quote]

And just how far would you recommend that my 4 shares be diluted?[:''(]

So I could become a member of the One Hundred Club? Or would it be more likely a seat at the One Million Round Table?

OTBC

[/quote]

Hey Joe! You didn''t answer my cotton-pickin'' question.

Or are you avoiding numbers?

OTBC