Company Voluntary Arrangement meeting to be held on 5 June
The Joint Administrators had previously set out the conditions of the offer from Mr Savage and had indicated that the meeting of creditors to approve the Company Voluntary Arrangement (CVA) would be scheduled for 22nd May.
Huge progress had been made in respect of the conditions. The Joint Administrators are delighted with the responses and confident in proposing a CVA that can be approved.
It is vital that the Joint Administrators can present a clear proposal to creditors. In particular, the purchase of the lease in respect of the land surrounding the stadium, which involves a splitting of the lease, requires a legal agreement involving the club, current leaseholders and Highland Council as head Landlord. All parties are fully engaged and the Joint Administrators thank Highland Council for their swift and pragmatic approach to this.
As a result, and to ensure a proposal is presented to the creditors without unfulfilled conditions, the CVA meeting will now be held on 5 June. The relevant documents have been sent to creditors today [Monday 19 May].
The Joint Administrators would stress that they are confident that a successful outcome is achievable.
A spokesperson at BDO, said: “We would also like take this opportunity to thank the shareholders that have returned their forms agreeing to cede. The response has been remarkable and often accompanied with messages of support for Mr Savage and the club. We would encourage every shareholder that has not responded to do so and assist in the final push to exit administration.”