Sentinel: Duo broke investment rules

Sentinel: Duo broke investment rules

The Sentinel claims that a document shows that BSI were to pay for the shareholdings of Perry Deakin and Peter Miller – in what appears to be a clear breach of the club shareholding rules.

A document obtained by The Sentinel reveals that the US company was to fund the purchase of shares worth £500,000 for Deakin, Miller and BSI CEO Hank Julicher.

Supporters believe the election may have broken club rules which prevent investors from acting together to buy shares.

In April, local businessmen Mark Sims and Mo Chaudry offered to each buy 24.9 per cent of Vale’s shares – the maximum any individual is allowed to own. However, their bid was dismissed because then-chairman Bill Bratt argued they were acting jointly and so contravened the 24.9 per cent rule.

Malcolm Hirst, of supporters’ group North London Valiants, said: “I believe this news casts doubt on whether the deal broke the 24.9 per cent rule.

“If that is the case, I don’t see how the directors are in any position to remain in office.”

Perry Deakin refused to clarify to the newspaper whether he had used his own money to buy shares – or whether the cash had now been paid into the club.

He said: “You are reporting on a contract that didn’t happen. Both sides have said the agreement is dead.

“However, I am extremely upset and angry about the position I have been placed in personally.

“Over the last two or three months I have accepted advice given by certain individuals at the club about what is best for Port Vale.

“I am extremely unhappy about the position I have been placed in through no fault of my own. It has placed me in an impossible position.”

But he insisted he was not considering standing down as a board member or resigning as Vale chief executive.

He also refused to name the people at the club who he claimed had badly advised him.

He added: “I don’t think that would be fair, that is for me to deal with internally.”

Miller was unavailable for comment.

When asked by the paper to confirm that the money for their shares had now been paid, Deakin said: “The chairman has made a statement on that and there is no need for me to add to it.”

Port Vale Supporters Club chairman Pete Williams added: “I urge Mr Deakin and Mr Miller to step down and then stand for re-election.”

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