Club Statement
May 22, 2017 2171 Views

Club Statement

Club statement from James Treadwell and Adrian Shandley

Following public comments from a party who appears to be interested in taking control of the Club and statements issued by Trust In Yellow, the Board are happy to offer clarification to supporters over a number of points around which there seems to be some confusion.

The Board are committed to engaging with all stakeholders to grow and develop a plan for the football club where everybody feels they have a say. A sustainable, open, honest and transparent football club which is run by fans with the interests of fans at heart. In the short term, the priorities have been to ensure stability and appoint a new management team, an announcement on which will be made shortly.

Phil Hodgkinson submitted a one page letter dated 28 April 2017 expressing an interest in acquiring a majority shareholding in Pinewise Limited which was received an hour before the Board meeting held on 3 May 2017. It should be made clear that this letter was not accompanied by Mr Hodgkinson’s proposal document which has now been released by Trust in Yellow. A reply was sent by the outgoing Board to Mr Hodgkinson confirming that a majority shareholding was not available.

It should be noted that Mr Hodgkinson’s bid was made to the outgoing Board of the Club and, since completing their investment, the new Board have received no further offer of investment from Mr Hodgkinson. The new Board are not in a position to answer for decisions taken by the Club’s previous Board.

As the only clear offer made that the outgoing Board could accept, which was to sell the available shares in the Company, the outgoing Board chose to accept the offer of investment made by James Treadwell and Adrian Shandley which has seen an initial subscription for shares taking the issued share capital of Pinewise Limited to its current authorised maximum of £500k.

A resolution at the forthcoming shareholder AGM/EGM, to be held on 5 June 2017, is proposed to remove the limit on the maximum issued share capital thus allowing further shares to be available for issue.

The Board are aware of a number of parties interested in investing in the club and will give consideration to any reasonable offers that are submitted. Offers of investment can be submitted in writing or via email to clearly stating the number of shares desired to be purchased at £1 per share.

In the interests of allowing TIY to remain independent, as they have stated to be the case, the Board do not think it appropriate to attend the open meeting to be held tomorrow but will provide a response to any questions that are raised either before or after the meeting.

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