SOO CALL TO ARMS

Tuesday 2 November 2010

Pooling of Major Shareholdings - SA Press Release

Sheffield Wednesday Shareholders Association Press Release
2nd November 2010

Re: The Future of Sheffield Wednesday
Following discussions last night re our clubs future and the imminent winding-up order to be heard in 15 days time, the Shareholders Association would like to urgently propose the following solution.
We would like to call on all 4 major shareholders of SWFC (Wednesdayite, Keith Addy, Geoff Hulley and Dave Allen) to pool their shareholding and make these available to any investor approved by the Bank and prepared to pay a minimum of £600k to HMRC.  This will ensure that on the 18th November we still have a club, established in 1867, playing at its own ground and not subjected to a 10 point penalty in what we still hope will be a promotion season.
We believe this solution offers a number of advantages:

  • It means that whoever keeps the club afloat immediately gains 40% share of the club
  • It means that the Bank are given the initiative in vetting potential future owners
  • It gives the incoming owner the opportunity to purchase additional shares from shareholders who committed to our prior scheme to co-ordinate shares and give a minimum 55% ownership of the club
  • It gives the loan-note holders the opportunity to still receive payment for their loans as the club continues to trade
  • It delivers the immediate survival of our club in a very short timescale


Dave Coupe, SA Chairman says “We sincerely hope that supporters group Wednesdayite can support this initiative as this will give a major indication to all fans of the club that they are prepared to sacrifice their shareholding for the good of our club, and deliver a strong message to the other 3x 10% shareholders.”

Nigel Short, SA Secretary says “This plan is simple, effective, is a win-win for all parties and delivers our club from the abyss, resolves many of the problems of the past, and gives an opportunity for the club to move forward with a new credible owner. The scheme also allows for the admirable work of groups like Save Our Owls 2010 the opportunity to continue to work on their initiatives to deliver funds to our club on an ongoing basis.”

ENDS

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As part of the wider SOO coalition, the SA has proposed a radical short-term solution to safeguard the immediate future of SWFC. For more information on this initiative as part of SOO, please contact info@saveourowls.com.

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