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Wow. Tip of the cap to the whole board and Trust Execs! We salute you. It's difficult to imagine that level of unsolicited stress, but when laid out by the Chairman like that, it bring it home like a hammer blow.
What an interview. Kudos to Leighanne again, she's excellent. The transparency of communication since this new leadership took over has been so good. Simon you're a gem. Next home game bucket collection for a fortnight in the Maldives and some bloody good red wine for the board and Trust to finally start to breathe again!
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Update from the Chairman on 19:54 - Aug 31 with 2485 views
Interesting that they are considering a bond issue to buy back the former MH shares from the Directors. Once the shares are back in the Clubs treasury there could then be another share issue to fans. I guess it also proves that Southall never owned any Rochdale shares.
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Update from the Chairman on 02:36 - Sep 1 with 2000 views
Update from the Chairman on 19:54 - Aug 31 by 49thseason
Interesting that they are considering a bond issue to buy back the former MH shares from the Directors. Once the shares are back in the Clubs treasury there could then be another share issue to fans. I guess it also proves that Southall never owned any Rochdale shares.
Very open interview and thank goodness we had a Board prepared to use their cash to buy back the shares. What we don't know is how much they bought them for. If it was more than £2 each (I seem to recall that Morton House had been offering to buy them at £10) then selling them on will take time. But the chairman was clear that the directors will need to sell them on in order to get some or all of the additional investment back.
I am sure the Trust will now be looking at how they can buy some of those shares and additional fundraising efforts over the next 12 months will help.
One thing Simon wasn't asked about was the legal action against a former director. Now I am aware that he can't talk about that in detail but I am keen to understand whether the claim relates to activities that relate to gross misconduct charges, or whether it relates to losses or costs in incurred through actions to sell the club by those same directors. Any damages won could help the club to buy some of those shares back for example.
Finally I do hope Andrew Kilpatrick chokes on his ill gotten gains and that it haunts him for the rest of his life. His father will have been turning in his grave given the distress and angst caused to his beloved football club.
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