Well that's another $64,000 question isn't it?

I presume the starting point for valuation is Assets - Liabilities, then adjusted for future profits. Judging by the comment that Downes made about the club being technically insolvent, and Cullum's comments in the EDP on 30th June I'm sure the real sticking point was the valuation of the fixed assets - nothing to do with buying or not buying Delia's shares. I can't see any way that a shareholding of ?20 million WOULDN'T get Cullum control, my guess would be that he felt it would get him the 75% (I think) that he would need to take it private again. If he thinks the property values are hugely overstated then perhaps he thought it should bring him 90%.

Posted By: Mr Creosote, Jul 13, 12:59:18