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CVA PROPOSAL GETS GREEN LIGHT
Yesterday morning's meeting of the Club's Creditors to discuss the proposal for a Creditors Voluntary Arrangement (CVA) went totally unopposed.

Proxy voting representing more than ?230,000 of the Club's estimated ?400,000 debts voted for the proposal, representing 100% support under the terms of the CVA.

The Club's major shareholders, John and Alan Husk, were also present to vote for the motion. They have unequivocally backed the actions taken by the Board, which I see as the first major step to securing the long term future of the Football Club and I will be writing to them thanking them for their support and agreeing details of the Life President packages we would like them to accept, which will make them more visible around the Club next season.

The hard work starts now to ensure the Club is run on a sound economic footing within very tight budgetary constraints. In his web-site article last weekend, Roger Knight offers sound advice and, while suggesting he may not have followed the CVA route, his words of support are also gratefully received.

Without a backer of the extent that Jim Gleeson supported the Club during the past two seasons, the Club's supporters must face up to their responsibilities, where a large tranche of the Club's shares will find their way to the Supporters Trust as a rather complex process of replacing Bank guarantees now moves into its final phase.

It is hoped and expected that the supporters will turn up in force at Crabble on Saturday afternoon (at 4pm) to attend the first Fans Forum where Micky Kemp, John Farringdon and I will attempt to answers all their questions. The meeting is open to ALL fans, not just Trust Members.

See you all Saturday.


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