- Co-op sale of shares Archived Message
Posted by mattyovrio
on 23/6/2020, 4:58 pm
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This is an email sent to all members. I understand why Stott and co have demanded secrecy, but at the AGM the amount paid will be for all to see in the Co-ops accounts. Good decision IMVHO to split the money with HTH. As shareholders ,on behalf of County Supporters in the Club, in January of this year the Stockport County Supporters Cooperative board ,after meeting with Mark Stott and his team, and getting satisfactory answers to the questions we had raised regarding future plans for County, agreed to sell our shares on the terms being offered. Mr Stott’s offer for the club was conditional upon securing all of the share capital, so whilst we would have preferred to have rolled over our shareholding into the new entity this proved not to be possible. As is normal with any private sale, all the parties to the transaction are required to sign up to a confidentiality clause significantly restricting the disclosure of any material facts concerning the transaction, hence the lack of information on the subject from ourselves which has been frustrating to us as we always wish to keep our members, and the broader County fan base, fully informed as we work to represent their interests to the Club. Having sold our shares in the Club, we needed then to agree how to handle the proceeds from that sale. Fully mindful of the important role that Help the Hatters had played in raising the moneys to facilitate the original purchase of shares in the Club, we felt that , whilst no legal obligation prevailed, a very strong moral imperative existed to ensure that any proceeds were shared equally with Help the Hatters. It is important at this juncture to reiterate that due to the confidentiality clause we are not at liberty to publish the sums involved, but we can confirm that we have now made a substantial donation to Help the Hatters , and a second donation will follow when and if we receive any further amounts from the sale of our shares. We feel that dealing with this important aspect in this way was the correct path to take, and we hope that you agree with us. As far as the remainder of the money is concerned the Supporters Cooperative board have decided to allocate this to the Guardian Account, and continue to grow the account for the future. Thank you for your patience in awaiting information from us, that has not been thick on the ground, but we hope that you appreciate the constraints we have been under in this respect. We will endeavour to give further / better update(s) when we can. Stockport County Supporters Cooperative |
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