So why is the EGM being held back until after the play offs

Seems a bit strange to me.

You'd think they'd want everything sorted sooner rather than later?

Also, if the funds are not going to be made available until the EGM, what happens in court next Weds? Is the club going to go there and say "look, we've got the investment we promised but it's a couple of weeks away"?

Seems a bit strange to me.

You'd think they'd want everything sorted sooner rather than later?

Also, if the funds are not going to be made available until the EGM, what happens in court next Weds? Is the club going to go there and say "look, we've got the investment we promised but it's a couple of weeks away"?

Because it has to be. You have to give a legal notice period for such a meeting.

The money has been pledged by the new investors subject only to shareholder approval of the proposals to be put to the EGM and they already have over 82% (which is more than enough) legally pledged to vote in favour. This position has undoubtedly been made known to HMRC who will therefore be able to wait just a few weeks at most to get their money and can withdraw their petition to be heard in court next week.

Seems a bit strange to me.

You'd think they'd want everything sorted sooner rather than later?

Also, if the funds are not going to be made available until the EGM, what happens in court next Weds? Is the club going to go there and say "look, we've got the investment we promised but it's a couple of weeks away"?

Because it has to be. You have to give a legal notice period for such a meeting.

The money has been pledged by the new investors subject only to shareholder approval of the proposals to be put to the EGM and they already have over 82% (which is more than enough) legally pledged to vote in favour. This position has undoubtedly been made known to HMRC who will therefore be able to wait just a few weeks at most to get their money and can withdraw their petition to be heard in court next week.

The legal notice has to be 14 days though not 28, which is my point.

HMRC are being promised jam tomorrow again. They could easily argue in court that the club has been given 2 months to sort this out and are blatantly using delaying tactics in the hope of promotion.

Given the HMRC lawyers attitude and judges comments from the last court hearing is it really wise to go into court on this premise?

Question: If HMRC/the judge allow the delay in payment but the club lose in the play offs, can the Malaysians withdraw their offer prior the the EGM?

Seems a bit strange to me.

You'd think they'd want everything sorted sooner rather than later?

Also, if the funds are not going to be made available until the EGM, what happens in court next Weds? Is the club going to go there and say "look, we've got the investment we promised but it's a couple of weeks away"?

Because it has to be. You have to give a legal notice period for such a meeting.

The money has been pledged by the new investors subject only to shareholder approval of the proposals to be put to the EGM and they already have over 82% (which is more than enough) legally pledged to vote in favour. This position has undoubtedly been made known to HMRC who will therefore be able to wait just a few weeks at most to get their money and can withdraw their petition to be heard in court next week.

The legal notice has to be 14 days though not 28, which is my point.

NOT ACCORDING TO THE CLUB` S OWN INTERNAL RULES AND REGULATIONS. Besides , 14 days would also take it well beyond the court hearing .

HMRC are being promised jam tomorrow again. They could easily argue in court that the club has been given 2 months to sort this out and are blatantly using delaying tactics in the hope of promotion.

NOT IF THEY ARE IN POSSESSION OF EVIDENCE THAT THE FUNDS ARE SAT IN A BANK ACCOUNT TO BE PAID OVER AS SOON AS SHAREHOLDER APPROVAL IS RECEIVED

Given the HMRC lawyers attitude and judges comments from the last court hearing is it really wise to go into court on this premise?

Question: If HMRC/the judge allow the delay in payment but the club lose in the play offs, can the Malaysians withdraw their offer prior the the EGM?

NO - IT WOULD APPEAR THAT THEY ARE LEGALLY BOUND TO INVEST PROVIDED THE SHAREHOLDERS APPROVE (AND OVER 82% HAVE ALREADY COMMITTED TO DO SO)PROVIDED THE OTHER PARTIES (PMG ETC) STICK TO THEIR SIDE OF THE BARGAIN SWOPPING DEBT FOR SHARES ETC.

Keith

P.S.Apologies for the caps. but wanted to highlight answers to specific questions you raise.

Thanks Keith.

Wasn't the last EGM called at 14 days notice? I'm not saying it HAS to be 14 days notice but I'm saying if the club wanted it to be 14 days notice, it could be. Also I appreciate that takes it beyond the court date but that would be prior to the completion of the play offs.

Also......"It would appear they are legally bound" is not exactly water tight I'm sure you'll agree.

Out of interest if they refused to see through the investment if the club lost in the play offs, and seeing as they are foreign based, how could it possibly be enforced that they had to stump up the cash?

I don't mean for my questions to sound negative, It's not meant that way but I'm just after clarification of the reality rather than the headlines as I'm sure that's what HMRC lawyers will be doing.

Thanks Keith.

Wasn't the last EGM called at 14 days notice? I'm not saying it HAS to be 14 days notice but I'm saying if the club wanted it to be 14 days notice, it could be. Also I appreciate that takes it beyond the court date but that would be prior to the completion of the play offs.

Also......"It would appear they are legally bound" is not exactly water tight I'm sure you'll agree.

Out of interest if they refused to see through the investment if the club lost in the play offs, and seeing as they are foreign based, how could it possibly be enforced that they had to stump up the cash?

I don't mean for my questions to sound negative, It's not meant that way but I'm just after clarification of the reality rather than the headlines as I'm sure that's what HMRC lawyers will be doing.

Anyone?

Anyone at all?

Is there any danger of anyone answering this?

Thanks Keith.

Wasn't the last EGM called at 14 days notice? I'm not saying it HAS to be 14 days notice but I'm saying if the club wanted it to be 14 days notice, it could be. Also I appreciate that takes it beyond the court date but that would be prior to the completion of the play offs.

Also......"It would appear they are legally bound" is not exactly water tight I'm sure you'll agree.

Out of interest if they refused to see through the investment if the club lost in the play offs, and seeing as they are foreign based, how could it possibly be enforced that they had to stump up the cash?

I don't mean for my questions to sound negative, It's not meant that way but I'm just after clarification of the reality rather than the headlines as I'm sure that's what HMRC lawyers will be doing.

Anyone?

On the first point I think you have answered the question yourself. Why hold an EGM right in the middle of the play-offs which could be a huge distraction at a vital time to the playing staff? IMO (yours might be different) it is common sense to delay until the first opportunity after 22 May.

Secondly in theory you could pursue legal action against a foreign based company provided you have an address to serve the summons on, that kind of thing happens all the time although it would be hugely expensive and I would doubt the club would have the means to do so.

That said the Malaysians would lose a lot more than £6m if they pulled out for no good reason. They jealously guard their business reputations so it is highly unlikely they would damage their imagine by making promises they have no intention of following through.