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Title: Statement in full Post by: Panda Paws on Thursday, December 6, 2007, 14:24:59 Just in case it was missed in the other thread ... The statement on the collapse in full.
Quote On 16 October 2007 a consortium of investors led by Andrew Fitton signed a Heads of Agreement with the major shareholders of Swindon Town Football Company Limited (the Club) under which detailed terms were agreed for the acquisition of a 75% interest in the Club in return for a substantial cash investment. The cash investment would have enabled the Club to eradicate its debts, in particular those to HM Revenue & Customs and the remaining debts due under the Corporate Voluntary Arrangement, and would also have provided resources to develop the Club. On 16 November 2007, following due diligence, Swindon Football Holdings Limited, the company formed by the consortium for the purpose of making the investment, issued a draft contract to the vendors. Since that time there has been no substantial progress on the transaction and a number of deadlines have been passed and, based on a conversation with the vendors' advisors this morning, it has become clear that it is unlikely that this matter will reach a satisfactory and rapid conclusion. Accordingly Swindon Football Holdings Limited has today informed the vendors that it has no other option than to withdraw from the transaction. Swindon Football Holdings Limited regrets that, given the amount of time, effort and money that has already been expended, the transaction has failed to complete and gives the Club, its staff, players and fans its best wishes for the future. |