Breaking News Club Statement

[THE SEVENTIES NORTH BANK]

Nothing's changed. It's never over until it's over, with Southend United.

 

[Holy Joe]

So wonder how much existing shareholders will be diluted by? If Ron is converting his £20m of debt into equity is it likely the existing 30% not owned by Ron will fall substantially? New consortium to own 99% of club shares?

 

[tommy tucker]

Why on eath was this not done weeks ago .When the sale was agreed pry tell me in at a loss to undertand it .

 

[Supa Shrimpa]

Why on eath was this not done weeks ago .When the sale was agreed pry tell me in at a loss to undertand it .

Cos the rat is still trying to pull the strings ?

 

[Holy Joe]

Cos the rat is still trying to pull the strings ?

It says requirement of the consortium. Although as someone else has stated, could this have been done post takeover rather than pre?

 

[Stuart W]

Two questions.
1) If the statutory notice period can be no less than 21 days, then why can the meeting not take place on Friday November 10th?
2) Assuming all other due diligence has been dealt with, and the debt to equity resolution is the formality Ron says it is, then presumably on the 17th all of us shareholders will be there to see the consortium signing the acquisition documents?

 

[annie1954]

Big celebrations then at the chesterfield match

 

[Gremlin]

Everyone, take a deep breath and remember that Joe Pigott's equaliser came in the 122nd minute.

 

[CaptainSmudger]

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

Absolutely Dead Right Comment National League Should remove Embargo so that we can start to protect them. COYB, UTB

 

[Yorkshire Blue]

In terms of the embargo it’s only one extra match.

I’m a bit surprised that this has only cropped up now. If this was part of the 3rd October deal shouldn’t this have been done earlier?

One consequence of this is that the new regime will now start with back to back home games including a big game against the leaders first up rather than away at the other end of the country. I wonder if that was a factor.

 

[Shrimpergonzo]

Is it not the case that at least one director has loaned the club a substantial sum? Not impossible that it's debt held by an individual(s) (not corporate debt) being converted to shares? One director, at least, is already part of the consortium.

I did think this too, I also wonder if there is merit in Ron's debt being converted to equity (and then subsequently transferred as part of the sale) rather than simply being written off?

I'm sure some company experts will confirm whether or not this is a good idea.

Still surprised this wasn't all agreed and notices served weeks ago.

 

[Richard Hearn]

Is this going to decrease the value of my shareholding?

Those 50-odd shares are my retirement fund!

 

[tommy tucker]

aPlese asure me that Ron is not up to his old tricks .And this is a normal was of doing the sale of the club And not more smoke n mirrors .

 

[Suffolk Blue]

Two questions.
1) If the statutory notice period can be no less than 21 days, then why can the meeting not take place on Friday November 10th?
2) Assuming all other due diligence has been dealt with, and the debt to equity resolution is the formality Ron says it is, then presumably on the 17th all of us shareholders will be there to see the consortium signing the acquisition documents?

I think 21 days here refers to working/business days which takes us to 17th November I believe.

 

[TITSUP]

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

I haven’t received anything

 

[TITSUP]

A real shame from the playing perspective. Means that it will probably be December before Kevin is able to properly start strengthening the squad. Given the fixture list, guess the play offs could be out of reach this season.

I just want the club to be in existence and in this league at the end of the season.

 

[TJC]

For once, I think this is not a real concern, just due process. Delays are frustrating and concerning given our recent track record, but there must be process and timelines in calling share holder meetings. I suspect you can't call a meeting without certain notice period and the request seems likely to warrant a shareholder meeting.
As others have suggested though, this process could have been started a couple of weeks back to fit within the proposed time line; even if DD hadn't completed, as surely it would then just get cancelled?
No expert, but just my thoughts.

Don't Panic! At least its a sign its still progressing

 

[Hadleigh-shrimper]

Seems a nothing to see here statement to me

 

[Shrimper83]

My worry is Ron was happy to sell because he got what he wanted ie Fossetts Land to build houses on. This week there was an article of concern regarding the traffic build up that would be caused by having all these new homes. So if the council stop the building of houses due to this is Ron throwing his toys out the pram and stopping the sale?

 

[KevinJH]

A formality it may well be but I'm really concerned about the mental and physical well-being of the players and coaching staff (and all other employees too of course).

Perhaps a well worded statement from the Trust, posted here, along with the relevant email address to whoever's of note in the specific area of the NL, so that they can step in and alleviate the incredible stress on those at the coal-face by allowing KM to bring in some loanee's on a temporary basis.

After all, receiving emails from x-number of (hundreds/thousands of) supporters highlighting this health issue might hit a nerve in the NL corridors.......?