They are basing it on

1. 100% of the shares. He has to offer for 100% of the shares but no-one knows how many he will actually have to buy. So the "minimum" at current price is actually ?8 million - it is the maximum that is ?16 million so the club statement is deliberately misleading. And bear in mind they altered the price up in October - nothing stop them altering it back.
2. Directors' loans being repaid. Which means that if Cullum comes in the current directors will demand repayment. Which exposes what the Turners had to say at the AGM as weasel words.
3. That he will somehow have to pay off the debt that they have accrued. Not really. He will just have to re-finance it.

Posted By: Mr Creosote, Jul 1, 09:27:27