Coventry City FC Holdings Limited tonight held an EGM at the Arena.
With no accounts again present,there was only one item on the agenda and that was to discuss the resolution:
"That the shareholders do approve the Assignment of the company of all its estates and interest in the Option Agreement dated December 19 2003 in so far as it relates to shares in Football Investors Limited to Geoffrey Robinson who is a director of the Company."
With Mike McGinnity chairing the meeting,it was clarified by that £5.7m of the debt was owned by Craigavon.
The seconders for the vote were not present and Joe Elliott was then nominated as a seconder.
On whether Mr Robinson would make any money out of this option. It was stressed that there is no cash consideration and anyone in the deal is not going to receive any more than they have put in.
Mike McGinnity is owed according to Mr Robinson is owed around £1m and Sir Derek Higgs £660,000.
Back to the motion that this was not a legal requirement and it was a deal that to satisfy the lender and the club.
The vote came and not surprisingly was carried unamimously.
And after eleven minutes the meeting was closed.
Mr Robinson took further questions and thanked those by saying that he would not get back what he invested and that was no-one was getting any interest on the monies loaned to the club.
Regarding the takeover Mr Robinson said that if this did not go through then plan B was to find another investor.
A statement was read out which said that the club was in regular negotiations and Mr Robinson had been in negotiations with Shaun McDerritt today.
The board expressed regret that the deal had not been completed but were confident that this would be completed.