City Call EGM

Last updated : 15 June 2007 By Covsupport

Coventry City FC Holdings Limited have called an Extraordinary General Meeting which will be held at the Arena on Friday July 6th at 7pm. The meeting for shareholders only will vote on the following 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."

In a covering letter to shareholders, Geoffrey Robinson said that "over the last 4-5 years, the club has survived only because of loans made by me personally to the club and my personal guarantees to the Club's Bankers - The Co-operative Bank PLC. Such direct loans total in excess of £11,000,000 and my personal guarentees amount to £8,000,000.

"I agreed to provide additional and extended guarantees to the club following the said Bank's requirements on condition that the club's options over shares in Football Investors Limited pursuant to a Joint Venture Agreement dated 19 December 2003 was assigned to me absolutely. The material value of such option is quite insufficient to cover my current risks."

Robinson who has declared himself invalid to vote at the meeting said that the club were waiting for an offer from Manhatten Sports Capital Partners which they believe will be made at the end of June and he was hopeful that at the EGM,he could give an up to date progress report on negotiations.