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Statement From The STFC Board

Statement From The STFC Board

Statement from the STFC Board regarding the CVA

When the CVA was structured five years ago it was envisaged that by now a new stadium would be in place. If this had taken place, as part of the agreement for the financing of the new stadium and the restructuring of the football club, the CVA would have been settled.

In recent days a rights issue has been launched to raise further funds to finance the cash shortfall that is forecast at the end of the season. This rights issue is within the holding company and not the Football Club. There will also be in the very near future a rights issue within the Football Club, thus restructuring the Football Club`s finances and creating further shares.

The Board have for some time been discussing with the administrator the requirement for a variance of the CVA. With the additional problem of this years overspend, this years payment has been, with agreement, delayed until the rights issue is completed. The Board are also taking the opportunity to see if they can include this year`s payment in the variance.

These negotiations have been ongoing for a number of months, commenced prior to the AGM, and will be concluded in the very near future.

All relevant parties have been kept informed at all times. The Board is acting in the best interests of the Football Club, and The Board are confident that we will achieve a satisfactory solution.

24th November 2006


Click here to join in the debate on the club forum.

Writer:Moonraker1969
Date:Friday November 24 2006
Time: 2:45PM

Comments

0
Here we go again, this is deja vou.
red_gilly
24/11/2006 18:56:00
0
true, but wait until the club announces their arrangments for clearing this. We have been here before and got out. No reason why we cant again!
STFC_Editor
24/11/2006 20:10:00
0
yes but why are we still not learning from past mistakes instead of continually having all this bad press, once maybe a mistake but to keep happening !!!!!!!!!!!!!!!!!!!!!!!!!!!!!
red_gilly
24/11/2006 22:03:00
0
This 'roller-coaster' ride is beginning to make me feel sick !! There can't be many other clubs who have to suffer this.
APG_STFC
25/11/2006 08:49:00
0
If we have the money like the board says we do, then why not just pay it instead of playing stupid mindless games and jepodise the club.
red_gilly
25/11/2006 18:56:00
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