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TERRAS: NGS Plc named as potential investors
THE directors at Weymouth FC are keen to put the record straight on their negotiations with potential investors at this Sunday’s EGM.
The club’s board has finally confirmed the potential investors as NGS Plc, who are leading white salt importers, based in Southampton, and are ready to field any questions shareholders may have surrounding the issue.
However, due to allegations surrounding the legality of the EGM, the directors are also proposing to postpone the vote to lift the limit on share purchases in the club, which they proposed earlier this week.
A statement from the board reads: “There are now serious considerations as to whether the EGM should go ahead as there are allegations that the procedure in calling the Emergency General Meeting is not compliant with the Companies Act 2006, and that the proxy form provided is illegal, which would mean all proxy votes delivered to the club, whether for or against the motion, are inadmissible.
“Bringing that in mind the board has a serious decision to make as to whether the meeting should go ahead at this moment or whether to use it as an opportunity for shareholders to listen to what is on offer before another EGM is called, which is compliant with the regulations.
“What the board do not want to do is to go ahead with the meeting and then later discover it has been incorrectly called and run, which would then cause embarrassment to the club and its directors.
“The board can now confirm the potential investors are NGS Plc, who have been open all the way down the line.
“They have met the board and representatives of the Weymouth FC Supporters Association (WFCSA), and an offer of a meeting was also made to the trustees but this was declined.
“NGS Plc has not tried to hide. It has just been a simple need of waiting to tell the shareholders the full story at Sunday’s EGM.
“As a board we are disappointed with some of the comments that have been put out in the public domain about ourselves and NGS Plc, and we look forward to clarifying and putting these right on Sunday.
“It is our belief that WFC shareholders and fans deserve better than the information that has been provided to them through other means, and the investors, NGS Plc, remain open to further discussions.
“As a board we want to put the record straight, and want the vote on the special resolution postponed on Sunday, so instead we can answer any questions the shareholders may have. We may not have the answers to every single one but we will answer them as fully as we can.
“Unfortunately all supporters cannot attend because the rules of an EGM state they are only for shareholders. As a result, we ask all fans to give their questions to any shareholders they may know.
“The board also plans to discuss with the Weymouth FC Supporters Association the possibility of calling a fans’ forum in the near future.”
This latest development is likely to please the WFCSA and others, who have been campaigning for more information on the board’s proposals all week.
Up until now the board have been unable to release the potential investors’ name due to a commercial confidence agreement.
The EGM is set to take place at the Bob Lucas Stadium on Sunday at 11am.
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