Rumourmill: Vale seek new chairman

Rumourmill: Vale seek new chairman

Rumours reaching OVF Towers suggest that the board are desperately trying to bring a new majority shareholder/chairman onboard.

The much-criticised board is subject of a proposed EGM and legal action from the Supporters’ Club (with the intention of removing all directors) and despite near universal criticism from fans, the board has remained silent during recent weeks.

An internal memo to staff from Club CEO Perry Deakin suggested that the club were set to make a major announcement last week, but that failed to materialise.   It now appears that news could have been the announcement of an mystery businessman as the club’s “majority shareholder”. However, it appears that the news cannot be released by the club, until the individual’s bid has been backed by major shareholders.

If true, this news will be treated with caution by many fans.

Many questions will need to be addressed including:

1. Surely this would break the club’s own 24.9% ruling (which can only be changed by a majority of shareholders voting it out)?

2. Would a newcomer who has been recommended by this board be voted onto the board by shareholders? After the Miller/Deakin debacle this is unlikely unless (as seems to be the case) the club aim to obtain the backing of several major shareholders and therefore win a “poll” vote

3. Would the unpaid “shareholdings” of Messrs Deakin/Miller and BSI be used in such a poll vote?

4. How will the club prove that the individual has paid for their shares? Has due diligence been undertaken on them? What are their long-term plans for the club?

5. How can shareholders be assured this deal is genuine and not just an attempt by board members to maintain their positions and simply remain in office under the new man?

Many more questions will doubtless be asked but if this turns out to be anything more than a rumour, OVF feels that fans should be concerned.

This information reached OVF via a reliable source and while we understand this is only a rumour, we simply cannot trust the board to do the right thing and we remain deeply worried about any possibility of this becoming reality.

With that in mind, OVF continues to back the Supporters’ Club call for the entire board to leave Vale Park and if necessary via an EGM and individual legal action.

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