Lets get this Cullum thing straight - ?56M is worst case.....

assuming he takes 100% control of the club, that is what he would need to put up to do it AND add ?20M tot the transfer budget.

We know he has to offer all the shareholders the same deal if he wants 30% or more of the shares and has to have the finance in place to do so if necessary.

However, Delia, Michael, the Turners etc can still retain an interest AND some of their shares. Cullum only needs 50.1% of the shares to control the club and on the given figures that would cost in the region of ?8M!

This kind of horse trading is indicative of these kind of business transactions. ?20M and ?56 are just the respective starting points and Cullum has said that he wants to sit down with the club and discuss this.

IF a deal is done, I think you will find that Cullum will clear the debt etc (which he has to do to take control) add the ?20M for players and buy enough shares to take control, all of which he could do for a figure below ?50M!

Bargains positions will have to shift, if they don't, there don't be a deal - end of!

Posted By: Kirrie on July 1st 2008 at 11:05:42

Message Thread

Lets get this Cullum thing straight - ?56M is worst case..... (NCFC) - Kirrie, Jul 1, 11:05:42
- I doubt he would have to clear the debt (n/m) (NCFC) - Jim, Jul 1, 11:25:06
  - Its a simple refinance for a man of his net worth. (n/m) (NCFC) - usacanary, Jul 1, 11:34:39
    - he will probably refinance all 4 million of loans to directors too (NCFC) - phrankin, Jul 1, 11:50:41
- The thing that gets to me about all this (NCFC) - pants, Jul 1, 11:06:48
  - Lets say he only get ?10M instead of ?20M.......... (NCFC) - Kirrie, Jul 1, 11:11:44
  - how do you know? (n/m) (NCFC) - Rofl_Harris, Jul 1, 11:09:48
    - pants= half empty (n/m) (NCFC) - TheHoolahanElement, Jul 1, 11:11:49
      - Being realistic, in an new age where football clubs are being asset stripped, shut down (NCFC) - pants, Jul 1, 11:13:13
        
        LOL the irony................... (NCFC) - usacanary, Jul 1, 11:25:00
        
        This is worrying... (NCFC) - TheHoolahanElement, Jul 1, 11:18:21
        
        The whole time Delia has been here, she said she invested 9m and described it (NCFC) - pants, Jul 1, 11:23:00
        
        and she will be getting 10 million back on shares and 1.5 million loan (NCFC) - phrankin, Jul 1, 11:46:20
        
        How much did St. Delia pay for the NCFC shares in the first place. Not 20 Million ! (NCFC) - Army Boy, Jul 1, 11:40:09
        
        I think that's the jist I'm making though (NCFC) - pants, Jul 1, 11:47:38
  - Thanks for clarifying that (n/m) (NCFC) - Holden Caulfield, Jul 1, 11:07:55
- Why would he clear the debt? (NCFC) - Holden Caulfield, Jul 1, 11:06:27
  - The bank may have made it a condition of the loan if the club changes hands! (n/m) (NCFC) - Kirrie, Jul 1, 11:12:58
    - Then he would refinance it elsewhere (NCFC) - Holden Caulfield, Jul 1, 11:14:09
      - Depends...... (NCFC) - Johnny Comecardiff, Jul 1, 11:34:03
        
        You refinance then write down if you get to the............. (NCFC) - usacanary, Jul 1, 11:35:56
        
        ANd Mr Cullum, being the in the top 40 richest people in the UK (NCFC) - phrankin, Jul 1, 11:43:35
      - Of course he could, i was talking worst case - it depends... (NCFC) - Kirrie, Jul 1, 11:33:54
  - He could do either, it depends on the terms negiotated by and with the bank! (n/m) (NCFC) - Kirrie, Jul 1, 11:07:56

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