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CLUB: The door is open to anybody who is interested

A third update from the Monday press conference

2 March 2018

In the third of our updates from this week's press conference some more general club matters are discussed.

Succession planning is something which remains a topic. Has there been any further progress made on that front?

NC – There is nothing new to report really. We’ve had no approaches externally and everybody knows the position. The door is open for anybody who is interested in coming and getting involved in the football club. The owners have said consistently that they need and want to see succession.

No further developments or clarification on the relationship with EWM in terms of what that long-term future might look like?

NC – There is no change on that one at all. There is nothing new to add. As soon as there is I would obviously come out and say it.

Are the NDAs up on the overseas investor now?

NC – Yes, and as I’ve said before, these things traditionally last a year. We’re obviously past that and that’s why I say we’re getting to a point where we can deal with this issue now. I don’t want to say too much more now because when I’ve done that in the past I’ve ended up with threatening letters. We’ve got to be careful because I’d much rather spend our cash on club stuff than lawyers. Nobody is seeking to hide away from any of this. The reasons for the journey and things ending up as they did won’t change by us naming that person. Sometimes people want to hear those reasons from the horse’s mouth, so to speak, and I think everybody gets that.

What about naming the potential overseas investor? Are we at the point where the club are able to do that now?

NC – I think we’re getting very close to that, we just need official sign off from solicitors. When we get that I’m sure that will be done.

Can you not give the date for when that will be?

NC – It will be some time soon. We’re not in March yet but I would be surprised if it drags on far into March. We’re just waiting for some formalities.

You’re hopeful that will all be signed off in March?

NC – Yes, it will be dealt with. I’m sure it will raise a thousand more questions, some of which we’ll have answered many times before, but that’s the way of the world. I know for some people it’s important, so we need to get to the point where everyone is comfortable with where we are.

In terms of accounts, and an AGM, is there a date when we can expect those to be made public?

SK – The accounts were approved at our last board meeting, so they’re finalised now. My AGM notices are going out this evening [Monday] and that will provisionally be held on Friday 23 March.

Is the EWM loan facility ongoing?

NC – Yes, there has been no change to that.

Is there any limit to that which the club could run the risk of reaching at any time soon?

NC – There’s a limit to it, so you can get to it, and that’s when you have to have other conversations. The broad principle of their support for the club is essentially unchanged.

Could the club meet that at any time soon?

NC – My instructions are really clear on this, I can’t comment any further. That comes from the fact that we need to respect the position of the EWM on this, as a club.

There was a recent share posting at Companies House which suggested there had been a share conversion?

NC – Yes, the debt to Andrew Jenkins has gone down by £450,000 through a debt for equity swap. John Nixon and Lord Clark did the same for £20,000 and £10,000 respectively. That means that £480,000 of director and shareholder debt has been converted.

How would you say the club’s debts are standing at the moment?

NC – They’re unchanged at this moment in time.


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