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Old 03-06-2010, 16:12   #81
Redash
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Re: Coley & Jimmy Demand Contract Resolution

Quote:
Originally Posted by Tealeaf View Post
Err...it makes one hell of a difference if he has the majority shareholding. The other creditors, are of course Ilyas, PM et all. The problem lies in the process of converting their loans into equity. I mentioned this in my earlier post - No 63 on this thread. It all boils down to the legal procedures to be followed if he EW decides to hang on.
At a board meeting earlier this year, the board Ilyas, Peter and Do'n voted for a £200,000 share issue, whereby, Ilyas can convert his financial aid into £200,000 worth of shares.

As it stands, EW has 51% of the shares, he agreed a price with DO'N to buy these shares, EW has said he lent the club £xxx but can't prove it. DO'N or the club don't want to pay EW for the £xxx loan until it is proved how much and when was lent. Hence the share transfer stalling.

If EW decides he wants the club back with his 51% of the shares, then Ilyas will exercise is option to make his financial aid into shares, instantly making EW's holding 25% and worthless on it's own.

Can everyone follow that.
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