Nothing more than an exercise in mathematics surely?

It seems to assume that no other shareholders will want to sell - which seems unlikely to me. Most obviously Jimmy Jones owns at least 9% if he decided to sell (and he wanted to in 2001) and some others do then Cullum might well end up over the 50%.
Similarly it requires Shandy to sell their shareholding thus ending their involvement in the club, but it also requires them not to call in the ?2 million loan - from their point of view that would surely seem an unattractive and unfair proposition.

Posted By: Mr Creosote, Jul 2, 09:45:02