Update from the Chairman

In an endeavour to share as much information as quickly as possible I will try to address some of the concerns of members who have emailed me and made requests on the forum.

The Trust is being asked to gift their shares and all other shareholders have been requested to do likewise, but that is a matter between them and Munto.

Haydn Green's estate are the Head Lease holders of the stadium, nothing changes in this regard. The Club is the sub-leaseholder. Also Haydn Green's estate has loans in the Club which are covered by a legally binding facility agreement. Another non shareholder third party also has a loan in the Club, again covered by a legal agreement. Both will be honoured.

Supporters raised funds to be invested in the Club towards helping us out of administration, it was never anyone's intention that these funds would rest anywhere other than in the Club where these funds have rested, rightly, ever since. All other loans are an entirely different matter and with members approving the proposals they demonstrate their wholehearted welcome to the investment. It will be for Munto to resolve loans to all other parties.

The Trust has done its job since coming out of admin. Together we have restored some stability at the our Club and have put the building blocks in place to kick-on and look forward to some success, which can only realistically be achieved with the kind of substantial investment being offered by Munto.

The Munto consortium is looking for a 100% stake in our football club. so all present Club directors will be required to stand down. The Trust Board have already established that the Trust and all supporters will have a role to play in the new structure. A conduit of communication will be put in place with the consortium when the proposed takeover is concluded.

The Trust Board are busy preparing the documentation which will include further answers to questions raised by members. This is being collated at this time.


Glenn Rolley
Trust Chairman

----------------------------------------------------------------------------------------
A message to Trust Members from the Club Chairman John Armstrong-Holmes

A new, more successful era beckons for Notts County Football Club

At a special meeting of the Club Board last Tuesday (02 June) evening, Roy Parker and I presented a proposal from Munto Finance Ltd to acquire Notts County Football Club. At that meeting, unequivocal proof of funds was supplied to the Club Board, whose members unanimously agreed to propose to shareholders that the deal should be accepted.

The Football Club has four shareholders and three of these – Roy Parker, John Mounteney and Peter Joyce – have already agreed to accept the proposal. That means it is now in the hands of the Supporters’ Trust, the major shareholder, and for its members to decide whether to do the same and enable the investment to proceed.

Throughout the history of Notts County we have always struggled in financial terms, and of course, had false dawns some years ago with the Albert Scardino-Peter Storrie episode and Bhatia & Strang.

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 you to agree with this proposal unless it was in the very best interests of Notts County Football Club.

There has been considerable media coverage about the fact that we were talking for some months to a ‘local’ consortium. Although we were criticised for the length of time involved, we were determined to proceed with caution. As time went on, it became clear to Roy Parker and me that they did not have the financial substance to take this club where we all want it to go and retain long term sustainability.
Whilst dialogue with this ‘local’ consortium continued, in the background, Roy and I were quietly and confidentially in discussions/negotiations with Munto which culminated in our unveiling Munto’s proposals to both the Club and Trust Boards.

In football terms, it is always foolish 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 Limited are prepared to invest in Notts County. They are substantial, and will sustain this club for the foreseeable future - and beyond.
This Group of investors 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 have since decided on a change of plan, looking instead for a club that have no major debts and considerable potential.

Notts County, in its restructured form following the re-introduction of both the Centre of Excellence and Youth Scholarship Programme, perfectly fitted the bill and 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 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.

Trust members now have the opportunity to make a historic decision on behalf of Notts County and on behalf of the Club Board I appeal to all Trust members to vote in favour of the proposals.

John Armstrong-Holmes
Chairman
Notts County Football Club/Blenheim 1862 Ltd

I don't mean to harp on about this Glenn, but I don't think you've clearly answered my question about the money which the Trust owes to the Green estate.

"All other loans are an entirely different matter and with members approving the proposals they demonstrate their wholehearted welcome to the investment. It will be for Munto to resolve loans to all other parties."

Does this mean that the Trust debt to the Green estate will fall on Munto to repay, or will the Trust still owe that debt? I think a lot of fans want to be sure that Haydn Green's estate will get its money back from the Trust and are unsure how that will happen if we are gifting our shares.

quote:

Originally posted by Trust Board:
Update from the Chairman

The Trust is being asked to gift their shares and all other shareholders have been requested to do likewise, but that is a matter between them and Munto.

The Munto consortium is looking for a 100% stake in our football club. so all present Club directors will be required to stand down.

In fairness, I though it was quite a good attempt at answering the questions I had, at least, and I've quoted the relevant bits above.

I'm glad Munto are looking at 100% ownership of the club.

The bit about other shareholders being asked to give up their shares too is fair enough, but I'm not sure that is just a 'matter between them and Munto'. To be fair, I think Trust members really ought to know before the vote.

Having said that, I think anyone voting No to the takeover needs their head examining, but you have to anticipate people's objections, don't you?