CVA agreed
posted by Chris Waters on Tuesday 13th of July 2010 02:00:03 PM
The Trust is delighted that the meeting of creditors to vote on proposals to exit administration by means of a Company Voluntary Agreement (CVA), held at Selhurst Park on 25th June 2010, agreed with the proposals by an overwhelming margin of 91.3% to 8.7%. The only creditor to vote against the proposals was HMRC, who always vote no to CVAs involving professional football clubs, as a matter of principle.
The Trust wanted to ensure that season ticket holders, who are small creditors in comparison to big investors in the failed company in administration, were kept abreast of what was going on, so we decided to mail every season ticket holder outlining the procedure to exit administration. We are delighted at your response to our mailing. Whilst in the end the Yes vote to approve the CVA was overwhelming, it could so easily have been a different story - in these matters it is so difficult to predict the outcome,so we wanted to ensure that we, the fans, did everything we could to make a Yes vote happen. And that we all did, and every season ticket holder who filled out the creditor forms can be proud of that.
What happens next is that the administrators lodge the outcome of the CVA meeting at the High Court - this was done on the 25th June. There will then be a statutory 28 day period for any creditor to appeal the outcome of the meeting. The Football League will undertake their fit and proper persons test to assess the suitability of CPFC 2010 Ltd to run a professional football club. The Football League can then transfer the FL share from CPFC 2000 Ltd to the new owners CPFC 2010. The transfer of the share will formally trigger the official purchase of the club from the administrators. We understand from representatives of CPFC 2010 that whilst there is still a player registration embargo on the club, CPFC 2010 and the coaching staff, led by George Burley, are able to offer players contracts at the club. On completion of the sale of the club they can then register the players when the embargo is lifted.
The Trust will continue to maintain a dialogue with the administrator and CPFC 2010 and will provide updates here, on facebook, twitter and the message boards, as we move towards the end of this chapter in our club's history. We have already developed a good understanding with CPFC 2010, indeed one of the consortium, Stephen Browett, is a Trust member. We look forward to a strong working relationship with the new owners and an exciting future for our club.
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