[Tealeaf]

Originally Posted by Whalley Red

That is not the case under company law. Boards of Directors have the power to issue new share issues, it is not EW's decision. The only case in which Board of Directors are not allowed issue new share would be if the sole purpose was to undermine a voting majority. So long as the new share issue was to raise capital (which is clearly needed), it would be 'proper' and so EW cannot block it.

OOps! My comment in red:
Boards certainly do have the power to issue new shares - that is one of the reasons they're there. But who elects the Directors? Last time I looked it was the shareholders and as there is technically still one majority shareholder then that means he has the clout. However there are certain minority shareholder rights which togeather with the Directors duties in protecting the interests of the company(club) suggest that EW would not take any action to undermine this. But after the events of the last few years, nothing would surprise me any more in what could happen.
As outlined earlier and in previous threads, Ilyas is leading a full and proper investigation of the Club's financial affairs. Given the ad hoc nature these affairs in the past, this has clearly taken some time to complete. Unless you think that Ilyas has no incentive to find out the truth, there is no issue here other than for us to trust Ilyas' judgement when the facts become clearer. Because of the nature of what may be uncovered, not all the information may be put in the public domain, so once again, the issue to trust Ilyas with this.

I certainly have every confidence in Ilyas sorting this mess out. But what surprises me is this - if the books are as bad as is now suggested by the time scale of the investigation and audit, how the hell were they deposited at Companies House?