Breaking News Club Statement

[The Big Dady]

Oh Dear

Club Statement

The official website of Southend United FC

www.southendunited.co.uk

The sale of the Club to the consortium led by Justin Rees is progressing, however, for the reasons explained below, the target completion date of 1 November is going to slip.

It is a condition of the sale, requested by the consortium, that the share capital in the Club be increased. The Club’s shareholders have been invited to a meeting to consider a debt to equity resolution to facilitate this. My group of companies holds sufficient voting rights to ensure that the resolution is passed, but legal formalities need to be followed, including a statutory notice period of not less than 21 days, which means completion cannot be considered until 17 November.

Once the resolution is passed, and other due diligence items are successfully completed, the Club will be acquired by the consortium.

Ron

 

[TJC]

Any other shareholders had an invite? Nowt here, but only have a handful

 

[SeldomSeenShrimper]

Heard rumors of something like this a week ago ... was hopeful it was just paranoid fans

We are well and truly still in the mud

 

[Jmayhew32]

Before we all get on Ron's back, this is highly unlikely to be his fault.

It's probable that the meeting couldn't be called until certain DD items had been completed / ticked off, and this is a requirement of the consortium. It's rubbish but the ends really do justify the means in this case.

 

[JCB]

League need to pull their finger out now and finally consider player welfare

 

[Spaceman Spiff]

Nothing to panic about, but the extra time is a bit of pain to say the least. Especially for the embargo

Surely if all shareholders agree (or above a certain %) then the 21 day statutory period could be waived?

On the plus side, this is just a technical / procedural thing and nothing to worry about. Clearly things are still progressing with the sale and we should take further confidence from this that the sale process will ultimately complete and the rat will be gone.

 

[AlfaShrimper]

So when do protests start again?

 

[palexander]

So when do protests start again?

Why would they? What you protesting against, the process of law?!

 

[AlfaShrimper]

Why would they? What you protesting against, the process of law?!

What do you mean why would they? Do we really think Ron hasnt done this on purpose?? The blokes a spiteful ****

 

[* ORM *]

League need to pull their finger out now and finally consider player welfare

Why??? It sets a precedent for future conduct.

 

[kentblues]

Unless this is a new condition (surely unlikely?) then I do worry about the competence of those advising the parties in this process.

The statutory notice period of not less than 21 days cannot possibly be a surprise to either party. Its the basics. Janet and John. Truly. How can it be that this process was not kicked off earlier? The consortium must (or should) have been advised that it's needed. Ron should have known it was needed. What am I missing?

What exercises me greatly is meanwhile the embargo remains in place, and the players, whose welfare no-one appears to care about, and the management team, suffer.

 

[SeldomSeenShrimper]

Unless this is a new condition (surely unlikely?) then I do worry about the competence of those advising the parties in this process.

The statutory notice period of not less than 21 days cannot possibly be a surprise to either party. Its the basics. Janet and John. Truly. How can it be that this process was not kicked off earlier? The consortium must (or should) have been advised that it's needed. Ron should have known it was needed. What am I missing?

What exercises me greatly is meanwhile the embargo remains in place, and the players, whose welfare no-one appears to care about, and the management team, suffer.

This is why I'm starting to think this excuse is all bollocks.

Something else must be happening behind the scenes for this to be the only reason why

 

[SeldomSeenShrimper]

Ron: "Go get the 'It's not my fault' excuse statment"

 

[andykn]

Surely the real scandal is our shares will be worth less! :-)

 

[kentblues]

Why??? It sets a precedent for future conduct.

I'm sure its not suggested they lift the embargo if it is still warranted. But the way its administered and implemented is a complete disgrace. And given they only follow their own rules when they feel like it, some relaxation to protect player welfare shouldn't be beyond their wit. Indeed their rules should at the very least be changed to bring them in line with the EFL. As a minimum.

 

[Shrimper]

Why??? It sets a precedent for future conduct.

At the very least they should let us use youth players

 

[kentblues]

Why??? It sets a precedent for future conduct.

Says it all that considering player welfare would for the NL create a precedent....

 

[kentblues]

At the very least they should let us use youth players

Absolutely. As they do in the EFL. And, of course, if they did we maybe wouldn't have let some of our better youngsters leave as they could of bolstered the senior 16. Even now it would help. Of course, the FA agreed to it too. So that leaves the NL alone..

 

[LeedsSUFC]

At the very least they should let us use youth players

Why? We used youth in the FA cup and everyone blamed the use of them (or the lack of 1st team players) for us losing 2-0 to a team in the league below…

In the league, we have 3 players that were cup tied that will play instead of the youth?

 

[meerkat54]

And still the pain of waiting goes on and on. Will it happen, it’s not a nailed on certainty yet.