Source: FOOTYMAD
Trust calls for debate on finances at EGM
Cardiff City Supporters' Trust has written to Cardiff City Football Club (Holdings) Ltd in the wake of the decision to call an Extraordinary General Meeting on February 24th, 2009. In a letter to Club Secretary and Board member Alan Whiteley, Trust Secretary Geraint Jones said that the Trust welcomed the decision to call the meeting.But Geraint Jones added: "We note with concern that Cardiff City Football Club (Holdings) Limited has not called the meeting to clarify the company's financial situation, but instead seems to have been forced into this position as a result of the decision to sell a valuable asset to an existing director (Mr Steve Borley), this being the only item in the order of business for the meeting."The Trust urged the club to ensure that sufficient time was made available during the general meeting for a full and open explanation of the directors' plans to ensure the financial future of the club in the short, medium and long-term. "This would help to placate the concerns that have recently been expressed by shareholders and supporters alike," added Geraint Jones.He said that if time was not made available the Trust would continue to campaign to achieve support from five per cent of shareholders in order to call an additional General Meeting. "We feel that the best course of action for the company's directors would be to allow sufficient time at the meeting on 24th February to discuss the club's financial position, rather than having to spend more time and money on organising a second meeting, when all attention should be focussed on the team achieving promotion."Around 25 per cent of the club's 100 major shareholders have already backed the Trust's call for an EGM.The EGM has been organised to approve plans for Bluebirds' director Steve Borley to take over responsibility for building the House of Sport.
