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Re: Tuesday Meeting
today/tomorrows Observer has a reasonably in depth (full page) bullet point account of what happened at the meeting.
basically Ilyas can do what he wants as far as the share issue is concerned because (and I can't remember the jargon and aint got the paper in front of me) the loans he made to the club were agreed and signed off as 'convertible' to equity. It is (apparently) legally binding and he can convert the loans (thus making the club free of its debt to him) into the agreed (at a Directors and shareholders meeting) 200,000 shares at the drop of a hat. That would make him the 66% major shareholder and Eric/Don would own 51% of the remaining 33%. Peter Marsden has also agreed the same.
That will be why the club wont make a statement until their legal team has formally told them that they have sold themselves down the river (allegedly).
Just to clarify the extra points raised somewhere in this thread;
at the point where Ilyas and Peter legally own the 66%+ they will donate them to the Community Trust that is to be set up.
My understanding of that is that if only I sign up to be a member of that Trust I will be the sole trustee (for the princely sum of 1yr membership) of the whole 66% - if a million people sign up then I would own a millionth of 66%.
The Trust would be the principal shareholder but as no one person would be a member of that then the status quo of no single major shareholder would remain.
I think that's it ...
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