Vital Football

Out of Admin - 28 Days and Counting

Out of Admin - 28 Days and Counting

I can't put a lot of comment up but just so we have something and somewhere to discuss the issue of the day

Pompey are heading out of adminstration.

Chix

CVA Approved

News is just reaching us at Vital Towers that Pompey`s creditors this morning voted to accept the Company Voluntary Agreement (CVA). This means those owed money by the club will receive a minimum of 20p in the pound and opens the door for the club to exit Administration.

The News report that 81.3 per cent voted in favour of the deal, with 18.63 per cent against and 0.07 per cent abstaining. Most Creditors voted by proxy with only a small number present at the meeting.

The decision now has to be ratified by the courts after a twenty eight day cooling off period when objections can be raised. Certainly it seems the HMRC will be one creditor who will object to the decision.

HMRC who had initially started the winding up process some six months ago claimed then they were raised in the region of £17m but had recently raised that figure to £37m, an amount that had been questioned by Joint Administrator Andrew Andronikou. That claim has now been reduced to £24m according to Andronikou.

Pompey Chief Executive David Lampitt told the Clubs official site "This is a hugely significant day for the club - I`m very pleased the vote has gone through.

"The deal reached between the administrators and the creditors provides us with the first step towards the rebuilding of the club.

"One of my tasks is to bring stability to the club so that it has a long-term future. This should make it a more attractive proposition for new investment. I believe this has to the best way to bring long-term success."

Manager Appointment

With the CVA agreed expect an announcement shortly on the appointment of Steve Cotterill as our new manager. Hopefully too we will see the transfer embargo lifted and the possibility of any further points deduction disappear over the horizon.

We welcome the news of the CVA approval but there may still be rough waters ahead!

eastneydave

PUP



Click here to join in the debate on the club forum.

Writer:Chix
Date:Thursday June 17 2010
Time: 12:26PM

Comments

0
Just read the blurb on the official site, Lampitt has said it, so I actually beleive it, this is awesome news.......At last
NZ_Portsmuff
17/06/2010 12:30:00
0
LAMPITTS QUOTE: Chief executive David Lampitt said an agreement with creditors to take Pompey out of administration is the first vital step towards creating the clear landscape on which the club can be rebuilt. At a meeting at Fratton Park today creditors voted to accept a Company Voluntary Agreement (CVA), paving the way for the club to exit administration. Lampitt said: “This is a hugely significant day for the club – I’m very pleased the vote has gone through. “The deal reached between the administrators and the creditors provides us with the first step towards the rebuilding of the club. “One of my tasks is to bring stability to the club so that it has a long-term future. This should make it a more attractive proposition for new investment. I believe this has to the best way to bring long-term success.”
NZ_Portsmuff
17/06/2010 12:32:00
0
Daily Echo are reporting that HMRC can still file an appeal against this.......F***ers....
NZ_Portsmuff
17/06/2010 12:34:00
0
Brilliant News!
pompeyfcmad
17/06/2010 12:37:00
0
the scum echo would tho wouldnt they...
those that have voted for CANNOT change their vote against as far as i understand, HMRC will 'probably' fight this but we FINALLY have some good news!
'word on the street' that i hear is that a press conference, even before the CVA approval announcement being made came, is a press conference was being scheuled for monday re: the managers position, almost certainly cotterill...
pompeyrug
17/06/2010 12:51:00
0
Rug, info update, legally now in the 28 day cooling off period a creditor can change their mind but unless some extra money arrives from somewhere they never do. you would have to think if a buyer was around or Chan wants to do the job properly they would buy the day after the 28 days expires. HMRC have to prove a legal precedent to object as it seems by their own rules they cant get to 30+ million to block the process.
russellm
17/06/2010 13:18:00
0
I hope the next 28 days passes with not too much incident!!!!!
NZ_Portsmuff
17/06/2010 13:31:00
0
NZ- apart from the incidents of managerial appointments, loan players being ready to come in and embargo's being lifted in July to allow that to happen.
russellm
17/06/2010 13:55:00
0
Some good news at last even if there is a very long road ahead. Here's hoping HRMC have done their worst & we can rebuild. I still would like an enquiry into where all the money went?
storagematt
17/06/2010 13:57:00
0
So do we have to wait 28 days before the embargo is lifted and we can sign or re-sign a player?
wellyit
17/06/2010 14:05:00
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