Wouldnt want anyone to miss this one....

Camberwick Green on the official site makes an excellent point about the ?56m valuation (and Camberwick is a highly-qualified accountant by trade)

"'fraid not.... I posted this in another thread but there is no way that the price is ?56m.. this is pure smoke and mirrors from the club shareholders, who after proclaiming that were willing to sell, actually aren't becuase ego has a big value....

OK technically the bank loans in the ?56m would be repayable but the club cannot seriously be suggesting that a man of Cullums wealth could not re-finance these deals, even in the current era of lending uncertainty... if it came to it, he could organise for his business to loan the money.... Cullum has more collateral than Delia and the Turners put together, he's one of the 40th richest people in Britain, and people are worried that the loans won't be renewed??? That is totally laughable.... so lets wipe ?16m off that immediately shall we???

Purchase of shares ?16m - Based on buying 100% of the shares?? well yes ok, but Cullum doesn't have to buy 100% of the shares, under listing rules he only has to offer for them and pay who takes his offer - who says everyone will accept?? he's not compelled to buy ALL shares until he gets to 95% (or so) - so in reality he offers for Delia's shares and maybe a few others want out too... he ends up with 60% maybe... so call it ?9m not ?16m, and he can afford that.

Directors loans - valid, they're repayable on demand, cannot see that as a hurdle.

So, the cost of the buyout far from being the ?36m (excluding player investment) the clubs suggests is actually ?13m.....

The club's statement is laughable and exists solely as an example of how they don't want their delicate, precious, comfy world disrupted.... which is precisely what our club needs.

I don't doubt that the timing of this is raining on someone's parade, but I'm glad that it is - our complacent board need this kick up the backside. I'd like to see Cullum go for the overhaul where its most needed.... he is precisely what our club needs, the fact that the club still doesn't see this just speaks volumes, and is precisely why we need change.

The club should be as ashamed of its statement, it's a joke and demonstrates precisely why we need Cullum and his planned overhaul.

- and I bet we sign players tomorrow !"

Posted By: phrankin, Jul 1, 00:35:13