• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

My Football Writer

My Football Writer Norwich City news… comment… analysis

Norwich City – news, comment and analysis

Find the best betting sites
  • Home
  • About us
  • The Team
  • Archives Index
  • Patreon
  • ADVERTISE
  • Contact us

Sorry. It’s just old Ferret toying with a few more numbers…

2nd October 2008 By Ferret Leave a Comment

Please share

We've already done a few numbers this summer. But old Ferret reckons there's at least two more that need to be lodged safely somewhere before it all kicks off again on the takeover front.

11.1 and 29.9.

For those of you that have missed all the fun and games before, two other key numbers are �56 mill – the price the Canaries all but valued themselves at – and �20 mill. The price that Towergate chief Peter Cullum reckoned he'd whack into Roeder's palm if he got control of the club. For nothing.

In amongst those two are other little gems – here we go.

From the club's original statement itself: 'The figure includes �16 million to buy up shares at the current issue price of �30 each, �16 million to pay off the club's bank debt, which would be called in if a takeover went through, and �4 million to repay loans from directors.”

Now, courtesy of this week's accounts, we now know what number triggers those repayments. The �20 million – �16 mill to the banks, �4 million to the directors.

50%. That the repayment of the Turners loan happens earlier than 18 May 2017 if 'Ms D A Smith and E M S Wynn Jones ceasing between them to be the registered holders of at least 50% of the ordinary share capital of the company….

OK, so Delia and Michael currently own 61.2% of the shares in the club – therefore they can afford to 'give away' an 11.1 per cent stake in City before any of that is triggered. That way it would leave them with 50.1% of the shares and it would leave both the Turners and the banks to wait for their cash.

Cos it ain't rocket science to work out these days that if you offered either HBOS or AXA the merest whiff of a chance to get their share of that �16 million back, they'd take it. Now. No questions.

Delia and Michael whittle down their shareholding to 50.1% and City save themselves, potentially, the best part of �20 million.

So that's 11.1.

What's 29.9? That's the old Carson Yeung figure. Go back to last season's fiasco at Blues and that 29.9 is still imprinted on the minds of every Bluenose; tattoed across the forehead of the Sullivans and the Golds.

Because you own more than 29.9% of the shares in a Plc and you have to make a full, takeover bid. Yeung got to 29.9% and stopped – he never raised the finance to complete his takeover; he never bought out the remaining 70.1% of the shares.

So for any potential new investor, that's another key figure; whether you'd settle for taking a 29.9% stake in the Canaries in the knowledge that the Smiths still – in theory – enjoyed a controlling interest with their 50.1% 'bloc'.

Do it that way, however, and again you avoid triggering that �16 million bank repayment; flood some unissued shares into the system and those numbers can be made to work; you can get there without giving either HBOS or AXA a sniff.

Interesting stuff – for those who like a few late night numbers.


Please share

Filed Under: Column, Ferret

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

FIND MY FOOTBALL WRITER ON

As featured on NewsNow: Norwich City news” style=

Norwich City News 24/7

#NCFC LATEST

vorlon1812 Tom💛💚 @vorlon1812 ·
1h

Does the Man City cheating thing mean our 3-2 win over them doesn't count anymore? #ncfc

Reply on Twitter 1622711759613165570 Retweet on Twitter 1622711759613165570 Like on Twitter 1622711759613165570 Twitter 1622711759613165570
fan_banter Fan Banter @fan_banter ·
1h

Stewards struggle to control epic limbs from Hartlepool in late winner at Doncaster - https://fanbanter.co.uk/stewards-struggle-to-control-epic-limbs-from-hartlepool-fans-for-late-winner-at-doncaster/

#watfordfc #ncfc #twitterclarets #safc #rufc #wafc #bcfc #rovers #utmp #bristolcity #ccfc #pusb #htafc #hcafc #coyh #boro #millwall #qpr #readingfc #twitterblades #scfc

Reply on Twitter 1622709217378402317 Retweet on Twitter 1622709217378402317 Like on Twitter 1622709217378402317 Twitter 1622709217378402317
lucylundblad Lucy Lundblad 26 @lucylundblad ·
2h

Friendship is not to be taken for granted. #grateful #friendship #lucylundblad #ncfc #2026wsoccer

Reply on Twitter 1622701728888922113 Retweet on Twitter 1622701728888922113 Like on Twitter 1622701728888922113 Twitter 1622701728888922113
saund65 Canaries Caption It @saund65 ·
2h

Winter keeps tweeting about Leeds as if a dispassionate observer of the club, whereas for years now, it's been blatantly obvious he's a supporter of them.
Remember this beauty from the end of the 18/19 season when #NCFC, Leeds & Sheff U. were battling for the top 2.
Why pretend?

Reply on Twitter 1622700945632280577 Retweet on Twitter 1622700945632280577 Like on Twitter 1622700945632280577 1 Twitter 1622700945632280577
mezza_79 Mick @mezza_79 ·
2h

“Blackburn Rovers vs Wigan Athletic” Sinani playing well 🤪💩#ncfc #Rovers #wigan
https://twitter.com/i/events/1606084514907795457

Reply on Twitter 1622696611615805458 Retweet on Twitter 1622696611615805458 Like on Twitter 1622696611615805458 Twitter 1622696611615805458
Load More...

Copyright © 2023 21VC Ltd | All rights reserved | Not to be reproduced without prior permission.

Disclaimer: The information on this website consists of personal opinions. Whilst we have taken all reasonable steps to ensure that the information contained on these Web pages is accurate and correct at the time of writing we do not accept any liability whatsover for any loss or damage caused by reliance on this information.

We do not accept any responsibility for information contained in other websites to which this site links. We strongly advise users to check any information before acting or relying on it.

Developed and Hosted by