So is this how it was supposed to work?

Enough new shares are created to give Cullum control.
He buys them and has to offer for the rest.

The current board recommends that people don't take him up on his offer - but perhaps the holders of 10% do and that costs him another ?1.6 million.

The current board allow their loans to run on.

The securitisation loan is renegotiated.

Whatever is left of the ?20 million is then used to buy more shares, or becomes an interest free loan to the club.

Cullum has spent his ?20 million, has control, and Glenn has the vast majority of it to spend.

Posted By: Mr Creosote, Jul 11, 13:26:18