Current Board to remain, CVA Paid Within A week?

[STFC_Gazzza]

From the Adver

SWINDON Town's £900,000 debts should be paid in full within the next few days after the club administrator gave the clearest indication yet new investment is on the verge of being finalised.

Town non-executive director Bob Holt has confirmed he expects the deal to be done by Friday and predicted "brighter times ahead" with significant money being invested.
While unsure as to the exact details of the investment, Holt revealed he expected the agreement to be some sort of power share with the new consortium expected to be the major shareholders.

With the Company Voluntary Arrangement (CVA) bill still hanging over their heads, more than a month past the deadline, fears were growing of potential league punishment, but administrator Andrew Andronikou insists there is light at the end of the tunnel.
Andronikou has revealed creditors have voted in favour of a meeting to discuss extending the CVA deadline, but is hopeful it won't be necessary with a deal almost done with new investors.
He believes the CVA could be paid within the week, which would negate the need for any further creditors meeting.

He said: "The votes are all in and the creditors were strongly in favour of holding a meeting to discuss the best way forward.
"I have to decide over the next few days whether we will have to hold one now though because it looks as though things at the club will be resolved next week."

Holt, speaking from his sailing boat in Ireland, said: "The deal is as imminent as these things can be. The new consortium want to be in charge by the start of the season.

"It is better to spend a bit more time now to make sure the relationship lasts in the future.

"We have to ensure both parties are happy with the deal.
"It has been very frustrating for both parties. Both parties have signed the deal and it is just a case of releasing the deal now."

The Swindon Advertiser exclusively revealed almost five weeks ago that foreign investors were set to plough millions of pounds into the County Ground to save the club from financial ruin.

It was hoped funds from a new consortium would clear the CVA, pay off remaining debts and provide a substantial transfer kitty.
While negotiations have been continuing, fans have been growing increasingly frustrated at the lack of activity and the problem of the CVA but, with a deal almost finalised, Andronikou is hopeful the club can start a new era.

While details of the new investors are still unknown, the consortium will have a Portuguese influence, although it remains unclear whether the deal will be a full takeover or merely a substantial investment.

The news comes a day after disgruntled investor Bill Power served the club with a writ for £1.2million he believes he is owed.
6:52pm Wednesday 8th August 2007

[magicroundabout]

whilst i'm a bit excited as to the new investment i'm quite a bit dissapointed that, that fat greasy cunt will still be here.

[STFC_Gazzza]

hopefully details will become available today, if not tomorrow!

[magicroundabout]

oooooh statement Friday  

[Simon Pieman]

Speaking from his boat. Hmmm, you must be really up to speed with all this Bob  :-))(

I doubt we'll know who holds what shares until the stuff gets submitted to Companies House and we all know that it can still be open debate and conflicting information - for instance the fact that Holt said Bill Power owned 33% of the club when it was actually a combined total of 23% of the Holding Co with Phil Emmel - and this has even been disputed.

[Iffy's Onion Bhaji]

Hmmm that doesn't sound to good in my book. So the CVA will be paid. Great but that sounds very much like Diamond Mike and SSW will be staying at the very least. Not impressed if that is the case.

[pauld]

This is no more substantial than the stuff Andronikou came out with in May when he was saying there was no need to worry about the CVA because he was confident it would be paid due to new investment well before the June 30th deadline; around the same time Bob Holt was claiming they'd be making an announcement on the new investors "within a week" and he's been saying pretty much the same ever since "next 24 hours", "end of the week", "start of next week" etc etc.

The only concrete thing in the whole piece is that Andronikou's trying to use the potential of new investment as an excuse to wriggle out of holding a creditors' meeting. The rest of it's just the usual "confident that", "very soon", "nearly done", ifs, buts and maybes they've been spouting since May.

[STFC_Gazzza]

regardless what happens people will complain, Swindon Town fans are NEVER happy.

[pauld]

regardless what happens people will complain, Swindon Town fans are NEVER happy.

Well, yes, when nothing happens, we're fobbed off when we and the local media ask some very serious questions about what's going on, the whole future of the club is in doubt and all we get fed is lies and bullshit, then yes people will complain.  :roll:

[Fred Elliot]

regardless what happens people will complain, Swindon Town fans are NEVER happy.

and can you fucking blame us

[Iffy's Onion Bhaji]

regardless what happens people will complain, Swindon Town fans are NEVER happy.

What do you expect Gaz mate? It's hardly a great situation is it? We are all fed up of it now and most of us are sick of being lied to by the board. Why should we be happy?

[genf_stfc]

The only concrete thing in the whole piece is that Andronikou's trying to use the potential of new investment as an excuse to wriggle out of holding a creditors' meeting. The rest of it's just the usual "confident that", "very soon", "nearly done", ifs, buts and maybes they've been spouting since May.

a cynic would also say its a way of getting a creditor's meeting cancelled to buy more time, since i presume it would require at least another 2 weeks notice to organise another one, should all this turn out to be crap..  thats a cynic, you understand, not me

[pauld]

regardless what happens people will complain, Swindon Town fans are NEVER happy.

and can you fucking blame us

Apparently so - sit down, shut up, swallow the bullshit, don't ask any questions, just see the feel-good headlines. And BELIEVE! I've seen American televangelists with more credibility.

[STFC_Gazzza]

I'm not saying about being happy with the current board I am saying being happy with new investment etc, I'm talking in the pre-tense that something DOES happen in the next couple of days. People still will not be happy although if the current board are still involved then I guess that is understandable? How about Bill P try and work with the new investors?  

[pauld]

How about Bill P try and work with the new investors?  

Gosh, we'd never thought of that and Bill and Phil have made absolutely no effort to get in contact with the new investors over the past several months, to be as usual completely stonewalled. If only we'd thought of that.  :roll: