Members of Notts County Supporters Trust must decide over the course of the next couple of weeks whether we want the multi-million pound takeover bid to go ahead.

Ballot papers will be dispatched during the next few days that require members to vote on two issues:

One is whether we agree to gift our shareholding to Munto Finance Ltd, and the other is whether we agree to write off any loans we might have made to the Football Club.

The Magpies' other three shareholders - Roy Parker, John Mounteney and Peter Joyce - have already agreed to support the takeover bid from the Middle East consortium. But we the Supporters Trust hold a majority 60.16 per cent shareholding - most of which was donated to us by the late Haydn Green - so the decision on whether the deal proceeds is in our hands.

Said Club Chairman John Armstrong-Holmes: "Throughout the history of Notts County we have always struggled in financial terms, and of course, had a false dawn some years ago with the Albert Scardino-Peter Storrie episode.

"In the light of that, I can well understand that some people will feel the need to proceed with caution. But I assure all members of the Trust that we would not be asking them to agree to the proposal unless it was in the best interests of this club.

"It is always foolish in football to talk about amounts of money. What I will say, however, is that members of the Football Club and Trust Boards have seen evidence of the funds which Munto Finance are prepared to invest in Notts County. They are substantial, and will sustain this club for the foreseeable future - and beyond.

"Munto Finance has for some time been interested in taking over a club in this country, and has looked in detail at a number of top clubs. I'm pleased to say that they've since decided on a change of plan, looking instead for a club with no major debts and considerable potential.

"Notts County, in its restructured form, perfectly fits the bill and it is extremely attractive to Munto Finance rather than embarking on heavy expenditure to buy the shares to acquire the club, and pay off debts, the money they invest can be directly spent on taking us forward.

"Let's be honest, none of us thought this day would ever arrive. It's the opportunity for which Notts County supporters have waited for all of our lives, and with the agreement of Trust members the takeover can be completed by the end of this month - certainly well before the start of next season.”

"It is the recommendation of the Club and Trust Boards that the proposal should be accepted and I hope all Trust members will vote in favour."


Glenn Rolley
Trust Chairman

I'm all for the takeover, but why say that Haydn Green donated the shares to the Trust when the truth is that he loaned the Trust the money to buy them? Surely there's still a debt which the Trust owes to the Green estate of around £150k which has to be repaid if the takeover proceeds?

Would "gifting" the shares to Munto not mean that the Trust was £150k in the red? Would this leave the Trust unable to repay the debt owed to the estate of the man who saved the club from oblivion a few years ago?

As I said, I'm completely in favour of the takeover, but some of the language being used does raise big questions about the sale or "gifting" of shares.

Until my suspension from the Trust Board two months ago the rules appertaining to voting on relinquising Trust shares was NOT a simple majority. Because of the potential consequences of relinquising complete control the bar was set much higher.

Can you confirm that you have recently changed the rules in this respect and lowered the bar for acceptance of any such offer.

Bit late telling trust members now!! Its already been released on the Club Official Site!
"Said chairman John Armstrong-Holmes: "Throughout the history of Notts County we have always struggled in financial terms, and of course, had a false dawn some years ago with the Albert Scardino-Peter Storrie episode.

"In the light of that, I can well understand that some people will feel the need to proceed with caution. But I assure all members of the Trust that we would not be asking them to agree to the proposal unless it was in the best interests of this club.

"It is always foolish in football to talk about amounts of money. What I will say, however, is that members of the Football Club and Trust Boards have seen evidence of the funds which Munto Finance are prepared to invest in Notts County. They are substantial, and will sustain this club for the foreseeable future - and beyond.

"Munto Finance have for some time been interested in taking over a club in this country, and have looked in detail at a number of top clubs. I'm pleased to say that they've since decided on a change of plan, looking instead for a club with no major debts and considerable potential.

"Notts County, in its restructured form, perfectly fits the bill and it is extremely attractive to Munto Finance that rather than embarking on heavy expenditure to buy the shares to acquire the club, and pay off debts, the money they invest can be directly spent on taking us forward.

"Let's be honest, none of us thought this day would ever arrive. It's the opportunity for which Notts County supporters have waited all of our lives, and with the agreement of Trust members the takeover can be completed by the end of this month - certainly well before the start of next season.

"It is the recommendation of the Club and Trust Boards that the proposal should be accepted and I hope all Trust members will vote in favour."

quote:

Originally posted by DaveR:
I'm all for the takeover, but why say that Haydn Green donated the shares to the Trust when the truth is that he loaned the Trust the money to buy them? Surely there's still a debt which the Trust owes to the Green estate of around £150k which has to be repaid if the takeover proceeds?

Dave is right, as this link makes clean:

There are some ambiguities here which could do with being clarified, if it's not to be made clear in the ballot paperwork that's going out. If the Trust is to survive in any form, it has to be in a financial state to do so, and debts potentially owed as a result of the share sale do relate to that.

Gareth

How can it be a "multi-million pound takeover bid" if we are proposing to gift the shares and write off any debts?

Why, again, is the Trust wasting its resources on distributing propoganda when its duty is to inform members?