Vale to Avoid Council Loan Recall

[X-Valiant]

PORT Vale will not be asked to repay the balance of their £2.25m loan from Stoke-on-Trent City Council, despite ongoing uncertainty over the make-up of the club's board.

 

A clause in the initial loan agreement meant the council could force Vale to repay the loan on 60 days' notice if significant changes were made to the board which could impact on the club's "financial or trading position".

 

​The June 1 Extraordinary General Meeting effectively left the club in limbo when only three of the club's five directors survived the shareholders' vote. Four directors are needed for the board to function legally.

 

But Councillor Sarah Hill, the cabinet member for finance, has reassured the club that the loans remain secure ... for the time being.

 

She said: "The city council is not, at this stage, considering activating any clauses requiring immediate payment of the outstanding loan to Port Vale.

 

"As things stand, the club are up to date with all their repayments in line with the current agreement.

 

"We are monitoring the situation and we will keep our position under review."

 

Around £1.9m is still outstanding on the loan.

 

Vale have made two payments to the council since the end of April, when the club's two-year arrangement postponing capital repayments expired. They will make a third at the end of this month.

 

The impasse on the board will be resolved if Longsdon-based businessman Mark Sims accepts an invitation to become a director after being elected at the EGM.

 

Shareholders are also voting on whether to elect boss Micky Adams, while Malcolm Hirst, a leading member of fans' group North London Valiants, could also take a seat in the boardroom.

 

Director Bill Bratt and club chief executive Perry Deakin were both unavailable for comment yesterday.

[tisdeano]

so the scaremongering by the club and its muppet solicitor were not true...................suprise suprise

[Jimmy]

PORT Vale will not be asked to repay the balance of their £2.25m loan from Stoke-on-Trent City Council, despite ongoing uncertainty over the make-up of the club's board.

 

A clause in the initial loan agreement meant the council could force Vale to repay the loan on 60 days' notice if significant changes were made to the board which could impact on the club's "financial or trading position".

 

​The June 1 Extraordinary General Meeting effectively left the club in limbo when only three of the club's five directors survived the shareholders' vote. Four directors are needed for the board to function legally.

 

But Councillor Sarah Hill, the cabinet member for finance, has reassured the club that the loans remain secure ... for the time being.

 

She said: "The city council is not, at this stage, considering activating any clauses requiring immediate payment of the outstanding loan to Port Vale.

 

"As things stand, the club are up to date with all their repayments in line with the current agreement.

 

"We are monitoring the situation and we will keep our position under review."

 

Around £1.9m is still outstanding on the loan.

 

Vale have made two payments to the council since the end of April, when the club's two-year arrangement postponing capital repayments expired. They will make a third at the end of this month.

 

The impasse on the board will be resolved if Longsdon-based businessman Mark Sims accepts an invitation to become a director after being elected at the EGM.

 

Shareholders are also voting on whether to elect boss Micky Adams, while Malcolm Hirst, a leading member of fans' group North London Valiants, could also take a seat in the boardroom.

 

Director Bill Bratt and club chief executive Perry Deakin were both unavailable for comment yesterday.

 

Typical...........:rolleyes:

[X-Valiant]

so the scaremongering by the club and its muppet solicitor were not true...................suprise suprise

 

Its a joke aint it?

 

To be honest, I dont think anyone saw through that bull**** and I still amazed how that dope Oliver stood up at the EGM and said what a great deal Ameriturf investment is, so where is the EGM on that one Oliver?

[tisdeano]

Its a joke aint it?

 

To be honest, I dont think anyone saw through that bull**** and I still amazed how that dope Oliver stood up at the EGM and said what a great deal Ameriturf investment is, so where is the EGM on that one Oliver?

 

Its not even funny any more, quite frankly its ridiculous and the vile *******s that control our club are despicable in my opinion.

[IanW]

What a shock!

 

The comments from the council said this at the time though, I can't honestly see why anyone, with an ounce of intelligence could have been taken in by the scaremongering!