TOPIC: CUOSC Statement - 13/05/16

To keep supporters up to date with the current investment situation we have prepared the following statement :

Possible new share issue by CUFC Holdings

Following the reported events of last week, CUOSC has now received a letter concerning a possible new share issue from the directors of CUFC Holdings.

The information we have received in the letter gives little information other than that which has already appeared in the local media regarding the possible issuing of 1,000,000 £1 shares.

In particular it is still completely unclear:

(i) how any monies raised by CUOSC would be used (although £250,000 would appear to be needed to merely “stand still” at the current level of CUOSC shareholding) and specifically could or would the monies raised by CUOSC be used to pay off existing loans to the Club from other shareholders in CUFC Holdings?

(ii) whether there would [be] any new investment at all (other than from CUOSC) and if so how much would it be?

(iii) if there were to be any such new investment then from whom would it come?

(iv) which of the existing loans might be converted to new shares and to what extent?

The proposed share issue cannot proceed without CUOSC’s approval under the 2006 Shareholders’ Agreement although our approval can’t be unreasonably withheld and of course it wouldn’t be; as demonstrated by events of last year when in principle a dilution to 10% was agreed subject to completion of “the Lapping deal” new investment of over £1.2m and new CUOSC protection.

Clearly, in the circumstances, the board have had no choice other than to again take legal advice. We are being advised by John Wilson a corporate lawyer and Managing Partner at Baines Wilson LLP.

John is an original member of CUOSC helping to form the organisation in 2001, he was also a founder of the Carlisle United Business Club.

To enable CUOSC to take any decision regarding the proposed share issue a detailed letter has been sent by our lawyers requesting the information needed by any sensible investor to make such a key decision and also requesting an urgent meeting after receipt of such information.

We originally anticipated holding a members information meeting sooner rather than later, but it is with much regret we must put that on hold as first it is imperative we have answers to the questions we have raised with CUFC Holdings

As I said on another thread who is advising/putting them up to this . Anyone hearing AJs speech at the Awards dinner will certainly be in no doubt its not our dear leader's idea!

As I said on another thread who is advising/putting them up to this . Anyone hearing AJs speech at the Awards dinner will certainly be in no doubt its not our dear leader's idea!

It seems to be that Jenkins and Nixon are expecting the supporters to put money in to pay off the Jenkins and Pioneer debt that has been built up under their regime.

Anyone who expects me to put money in to give to a millionaire who is largely culpable for that debt in the first place, is quite frankly off their tits.

They might also want to remember Fred Story writing his loan off for the good of the club ahead of the now dead Lapping deal.

As I said on another thread who is advising/putting them up to this . Anyone hearing AJs speech at the Awards dinner will certainly be in no doubt its not our dear leader's idea!

not surprising

A couple of weeks ago I was on holiday with very little/no internet access, and didn't post on here.

Can you quote me where I said there was a statement on it's way to members so I can refresh my memory?

Maybe there's a valid reason why there's 'not a peep' from any of them. Have a bit of patience. There is no problem.

Investment Update

On May 13, we issued a statement outlining the latest position in regard to a plan by CUFC Holdings directors to issue 1m new shares. We had concerns about this plan, due to a lack of information about what form of investment it might bring, and if any new money would in fact come into the club. Since then we've had a meeting involving ourselves, Holdings directors and our respective legal representatives. An agreement was reached and we are currently working on a joint statement that will appear as soon as possible.

By the way - it was last Tuesday (8 days) ago I mentioned about a statement coming, and that it wasn't for me to say anything.

As per the CUOSC briefing that's gone out tonight to members, I can confirm that both parties are working to release a joint statement, having reached an agreement on the matter resolving the issuing of new shares.

By the way - it was last Tuesday (8 days) ago I mentioned about a statement coming, and that it wasn't for me to say anything.

As per the CUOSC briefing that's gone out tonight to members, I can confirm that both parties are working to release a joint statement, having reached an agreement on the matter resolving the issuing of new shares.

cufcdeano wrote:
So the Trust havnt just told him to get fucked then ? I think we could all see that coming.

"I can confirm that both parties are working to release a joint statement, having reached an agreement on the matter resolving the issuing of new shares" I.m sure the members will have been waiting with baited breath to hear that..

It is a joint statement because there will have been agreement on at least some of the matters under discussion. AJ and JN withdrew unilaterally from Lapping's plan so they just put out their own statement.