If Cullum bought the new shares for ?30...

then the value of Delia's shareholding would only change due to a loss of control. If ?30 is the nominal value of the shares, then this would suggest no premium for control in any case.

I'm not sure my numbers are correct so please feel free to correct me.

Posted By: SimonOTBC on November 13th 2008 at 11:15:11

Message Thread

Well Delia.... (NCFC) - Superstar D J, Nov 13, 10:04:21
- she wants to sell her shares and get some money back, not issues more shares (NCFC) - Tony Martin, Nov 13, 11:26:54
  - Seems like she wants all of her money back (NCFC) - Ben, Nov 13, 13:18:57
  - Share and share alike (n/m) (NCFC) - malkybarkid, Nov 13, 11:31:12
    - She sells steve's shares on the sea shore (n/m) (NCFC) - Ken Dodds Dads Dog, Nov 13, 11:32:17
- 20 Million for a seat on the board is not unreasonable, it only cost the Turners 2 million (NCFC) - John in Texas, Nov 13, 11:19:03
  - my (slightly simplistic) understanding of this situation is: (NCFC) - Dave in France, Nov 13, 11:29:41
  - The Turners took no equity so were perfectly acceptable (n/m) (NCFC) - BerlinCanary, Nov 13, 11:21:55
- This is nothing new..... (NCFC) - SimonOTBC, Nov 13, 10:40:17
  - Which is my point. (n/m) (NCFC) - Superstar D J, Nov 13, 10:56:23
  - All we knew then was that there was 20m on the table for players (NCFC) - BerlinCanary, Nov 13, 10:49:59
    - At the time Cullum said... (NCFC) - SimonOTBC, Nov 13, 11:08:56
      - He would have "control" if he had ?20m worth of shares (n/m) (NCFC) - Jim, Nov 13, 11:15:14
        
        Yep (n/m) (NCFC) - SimonOTBC, Nov 13, 11:20:13
    - And if it was to give him control, the ?16m loan becomes immediately repayable. (NCFC) - Arizona Bay, Nov 13, 10:54:40
      - soon, a 4m injection for players will be an attractive prospect (NCFC) - Dave in France, Nov 13, 11:22:01
      - Erm (NCFC) - Jim, Nov 13, 11:14:27
        
        "he's worth ?1.7 billion quid" (NCFC) - blindasabat, Nov 13, 11:21:41
        
        Because Marcus Evans bought their debt for a fraction of the price (NCFC) - Jim, Nov 13, 11:42:34
        
        that's not a reason at all - all that means is that he wouldn't be able to make such a (NCFC) - blindasabat, Nov 13, 11:49:12
        
        And I think that's basically how D&M see it (NCFC) - BerlinCanary, Nov 13, 11:26:31
        
        cue, "cos he's a business man and he didn't make his money (NCFC) - Smickers, Nov 13, 11:23:57
        
        he could charge interest on it (like Evans does...) (n/m) (NCFC) - blindasabat, Nov 13, 11:28:21
        
        I know. Frustrating, isn't it? (NCFC) - Arizona Bay, Nov 13, 11:20:52
        
        I'm not saying its as simple as that but by the same token (NCFC) - Jim, Nov 13, 11:39:08
        
        which is exactly what happened (NCFC) - Dave in France, Nov 13, 11:44:02
        
        How the hell do you know that? (NCFC) - Jim, Nov 13, 11:50:50
        
        Yes. So have a word with your mates at Archant then, get them to ask the awkward question (NCFC) - Arizona Bay, Nov 13, 11:41:28
        
        What mates at Archant? (n/m) (NCFC) - Jim, Nov 13, 11:43:03
        
        Is it not you that is mates with the Man in the Stands? (NCFC) - Arizona Bay, Nov 13, 11:50:42
        
        it's his other half (NCFC) - blindasabat, Nov 13, 11:58:44
        
        DoY? (n/m) (NCFC) - malkybarkid, Nov 13, 11:52:25
        
        Idiot. (n/m) (NCFC) - Arizona Bay, Nov 13, 11:53:37
        
        Not me no. I do admire his work though! (n/m) (NCFC) - Jim, Nov 13, 11:52:19
        
        DoY? (n/m) (NCFC) - Dave in France, Nov 13, 11:51:22
        
        Idiot. (n/m) (NCFC) - Arizona Bay, Nov 13, 11:53:44
        
        Graham and Rachel (n/m) (NCFC) - malkybarkid, Nov 13, 11:45:13
        
        Exactly right (NCFC) - BerlinCanary, Nov 13, 11:29:57
        
        If he comes in when we go to shit (NCFC) - Smickers, Nov 13, 11:25:39
      - Fair point (NCFC) - BerlinCanary, Nov 13, 11:04:11
      - Wouldn't it be nice if the journalists asked these questions? (n/m) (NCFC) - Holden Caulfield, Nov 13, 11:02:49
        
        It would, wouldn't it? Perhaps there's no will to do so. (NCFC) - Arizona Bay, Nov 13, 11:05:47
        
        Drury looking for extended run (NCFC) - camcan, Nov 13, 11:10:29
    - Seems fairly obvious they didn't want their (NCFC) - Holden Caulfield, Nov 13, 10:52:57
      - Looking after the value of thier shares isn't purely a selfish thing though. (NCFC) - Arizona Bay, Nov 13, 10:57:37
        
        the value of the shares at ?30 a share is ?16m (NCFC) - blindasabat, Nov 13, 11:02:08
        
        Maybe that's why he was offering 5m+15m? (NCFC) - BerlinCanary, Nov 13, 11:08:51
        
        You said the 'o' word (NCFC) - camcan, Nov 13, 11:11:42
        
        I know I did and I'm very sorry (NCFC) - BerlinCanary, Nov 13, 11:15:24
        
        Sets their value at ?13 each. (n/m) (NCFC) - Johnny Comecardiff, Nov 13, 11:06:08
        
        If Cullum bought the new shares for ?30... (NCFC) - SimonOTBC, Nov 13, 11:15:11
        
        The fundamentals of the business are the same. (NCFC) - Johnny Comecardiff, Nov 13, 18:28:09
        
        Is that right? (NCFC) - SimonOTBC, Jan 9, 14:04:26
        
        not necessarily (NCFC) - mr carra, Nov 13, 11:09:18
        
        This is exaggerated greatly in the case of a non-listed company (n/m) (NCFC) - SimonOTBC, Nov 13, 11:10:38
        
        you won't get any marks unless you show your workings... (NCFC) - blindasabat, Nov 13, 11:07:57
        
        I'm sure that where there's a will there's a way (NCFC) - Holden Caulfield, Nov 13, 11:01:52
        
        being a bit dense here (NCFC) - camcan, Nov 13, 11:00:23
        
        from the Official ?56m statement it says change of control (NCFC) - blindasabat, Nov 13, 11:03:15
        
        thanks (NCFC) - camcan, Nov 13, 11:08:53
        
        Indeed (NCFC) - BerlinCanary, Nov 13, 11:12:20
        
        Agreed... (NCFC) - SimonOTBC, Nov 13, 11:16:49
        
        and then more speculation (NCFC) - blindasabat, Nov 13, 11:15:26
        
        tbh they must have been relieved about all the Huckerby questions (NCFC) - camcan, Nov 13, 11:15:15
        
        Yes, exactly what I was thinking yesterday (NCFC) - BerlinCanary, Nov 13, 11:35:16
  - Totally agree. (NCFC) - Ken Dodds Dads Dog, Nov 13, 10:43:35
- both sides need to be willing to negotiate... (n/m) (NCFC) - blindasabat, Nov 13, 10:09:17
- *unable* (n/m) (NCFC) - Superstar D J, Nov 13, 10:04:47

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