Quote:
Originally Posted by Revived Red
.... I'm not sure how the proposals are to be aligned with the club's present debts. If the aim of the new company is "to seek a greater control of the club through board representation and/or share issue", what are the mechanics by which this will take place?
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I'll have a go, RR, but am prepared to be corrected by anyone else that was there.(I see Valairian is a quicker typer, but the posts complement each other, I think)
As I understand it the "fighting fund" will be placed with a new company, and this company will buy a controlling interest in Accrington Stanley. Those that put themselves forward at Friday's meeting, plus any others who are interested, will be meeting with a legal firm this week to clarify matters. The response from HMRC will be known by then and this obviously comes into the equation.
From the initial fighting fund committee, 3 or 4 new directors will then sit on the board, David Lloyd would be prepared to act as the public face of Stanley for a year. This in itself would raise Stanley's profile, plus he is a friend of Eric's, as well as Ilyas, as well as a much respected Accy lad.
So, hopefully with a repayment plan agreed with HMRC, and a fresh £0.5 million, and a board that would push the commercial side through, Stanley would be in a stronger position, and hence Eric's shares would become worth something.
I think that's the gist, I wasn't exactly taking minutes.
At the risk of repeating myself, the meeting was conducted in a real spirit of putting the Club first, but as Ilyas stated, this must include being fair to Eric for everything over the years.
It won't be straightforward, but there was a general feeling of optimism, and let's hope it's seen as the way forward.