ICT Move To Go Private Blocked

Inverness Caledonian Thistle shareholders tonight (8th November) voted against re-registering the organisation as a private limited company - a move aimed at increasing further investment to ensure the club remains financially viable and able to compete in the Bank of Scotland Premierleague.

---

Inverness Caledonian Thistle shareholders tonight (8th November) voted against re-registering the organisation as a private limited company - a move aimed at increasing further investment to ensure the club remains financially viable and able to compete in the Bank of Scotland Premierleague.

The change in status would have paved the way for potential investors to increase their support of ICT without fear of controlling 30% or more of the voting right at which point they would have previously been required to make an offer for the remaining shareholdings in the company.

On a show of hands, the proposal was backed by 81 votes to 10 while the influential Member's Club, the group that holds the voting rights for the former Inverness Caledonian and Inverness Thistle clubs, also voted in favour by 47 to 15.

However, when the proposal went to a written poll, where votes are weighted dependent on number of shares owned, the motion received only 65% backing, 10% short of the three-quarters majority necessary.

Chairman Ken Mackie said: "This is a real setback to the club that does put into doubt our long term consolidation and expansion plans. As a Board, we will have to now take careful stock before determining our next move. What happened this evening could be construed as a vote of no confidence in the current Board and to say we are disappointed is a gross understatement. A lot of people have worked extremely hard to ensure our top flight status and there is no doubt the outcome of tonight's meeting has made moving to the next level very difficult indeed, particularly coming at a crucial time in terms of the development of the stadium and the recruitment of John Robertson's replacement."