A statement has been received from the Board of Directors of Inverness Caledonian Thistle Football Club that reads as follows....
Ken Mackie said: "Members of the board met for the first time with Ian Fraser and Dougie McGilvray late on Friday, where a full and frank discussion took place over the issues surrounding the re-registering the club to a private limited company.A number of proposals, which would secure the funding required to consolidate the clubs current position and ensure the playing of SPL football in Inverness next season, were discussed. Further information has been sought by both parties and another meeting will take place to discuss the questions raised."
The latest statement from the Board of Directors of Inverness Caledonian Thistle indicates that the two major shareholders who voted against the AGM proposal have not submitted any alternatives.
Statement from Inverness Caledonian Thistle BoardThe board received a response from the shareholders who voted against the re-registering of the club to a private limited company, however unfortunately they offered no alternative proposals as were sought.
Therefore, the board is at this moment in time unwilling to meet with these shareholders as there are currently no new options to discuss. We have answered the queries that they raised and would be available for discussions when they present us with alternatives.
David Sutherland, has sent a letter to the website and asked that we publish the Tulloch viewpoint. We will happily do so. We will also be happy to publish comments from other pivotal figures involved in Monday night's meeting if they wish to submit them so that fans can decide for themselves.
David Sutherland, has sent a letter to the website and asked that we publish the Tulloch viewpoint. We will happily do so. We will also be happy to publish comments from other pivotal figures involved in Monday night's meeting if they wish to submit them so that fans can decide for themselves.
Message from David Sutherland, Tulloch plc
Understandably, considerable comment has been forwarded to the website following on from last Monday night's club AGM. I felt it was appropriate to comment on the situation from the Tulloch viewpoint.
For many years, we have contributed to the continuing finances of our club without any hidden motives and always with best intentions. Our investment is viewed by our board as contributing to the club's continuing role as a success story for the city of Inverness. We wish to continue supporting the club and are prepared to invest further to help bring SPL facilities and SPL football home.
At present, we are unable to do so as plc rules dictate that we and/or any party associated with the company and/or its directors cannot purchase shares without offering to buy out other shareholders and subsequently mount a takeover bid. We are not prepared to line the pockets of other shareholders at the expense of investment in the club.
We very much appreciate the support shown for the club's proposals by the overwhelming vote in favour at both the Member's Club and the AGM; on the website and by the numerous telephone calls we have received to date. Please continue to support the case for change to secure a viable future for our club once and for all.
We will not go away and will continue to assist the club, supporters and the vast majority of likeminded shareholders in ensuring that the fabulous success achieved on the field is matched by corporate stability if we are permitted to do so.
Many thanks
David F Sutherland
The Board of Inverness Caledonian Thistle FC met at lunch time today (Wednesday 9th November) to discuss last night's AGM vote to register the club as a private limited company.
The Board of Inverness Caledonian Thistle FC met at lunch time today (Tuesday 9th November) to discuss last night's AGM vote to register the club as a private limited company.The Board has now written to those major shareholders who opposed the motion and has asked them to table alternative proposals by noon tomorrow (Wednesday 10th November).
The Board is more than happy to meet with these shareholders, however in view of the seriousness of the situation they are being urged to act quickly.
All shareholders were given a month's notice of the AGM and the proposed motion to re-register the club, providing adequate time to consider the proposals and voice any concerns.
Following last night's AGM, Chairman Ken Mackie expressed his enormous disappointment that a minority of shareholders has opposed what the majority desire, which was to change to a private limited company, which in turn would facilitate further investment and help secure SPL football in Inverness next season.
Inverness Caledonian Thistle now finds itself at a crossroads and the Board is anxious to find a way for the club to move forward. Failure to quickly identify a solution could seriously undermine the stability of the club and jeopardise its aspirations on the field.
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."
The Board of Inverness Caledonian Thistle is urging shareholders to back a move to re-register the organisation as a private limited company at next Monday's Annual General Meeting.
ICT shareholders urged to back move to private limited company
The Board of Inverness Caledonian Thistle is urging shareholders to back a move to re-register the organisation as a private limited company at next Monday's Annual General Meeting.
The company is currently registered as a public limited company and the alteration in status is required to facilitate the private investment required to ensure ICT remains financially viable and able to compete in the Bank of Scotland Premier League.
Emphasising the importance of acceptance of the proposal, Chairman Ken Mackie said: "The main aim of ICT on the field is to remain in the SPL and the board's priority is to ensure top flight football is played in Inverness next season at Caledonian Stadium. For this to happen we have to meet SPL stadium guidelines, and through Caledonian Thistle Trust Ltd and with funding packages from Tulloch plc and Highland Council, we have raised the money for this project. Further investment is now required to support the playing and commercial elements of the business including the necessity to ground share with Aberdeen Football Club but this will only be available if the resolution to be put before the meeting is approved.
"Currently the company is hindered in its ability to raise further investment as any single investor is limited to holding not more that 30% of the voting rights with the result that if that figure is exceeded, under the Government's City Takeover Code, an offer would require to be made to acquire all the remaining shareholdings in the company. This therefore proves a substantial disincentive to further investment by existing or potential major shareholders who may be willing to make further investment in the company but do not wish to exceed the 30% mark as they do not want to acquire the remaining shareholdings."
Ken Mackie continued: "While the ICT board is aware of concerns that have been expressed regarding any one shareholder obtaining control of the company, it is strongly felt that any such concerns would be substantially outweighed by the potential value of the additional essential investment.
"Additionally as has been expressed before the board would welcome the creation of a Supporters Trust which would allow them to potentially control a substantial shareholding/voting interest in the company and have direct representation on the company's board."
The AGM takes place in Caledonian Stadium's Kingsmills Suite on Monday evening (8th November) at 8 p.m.
With John Robertson already off to Tynecastle, Donald Park stayed behind to take charge for one game.
It was a gutsy performance which saw Caley Thistle head home with a point. ICT started with the same team that beat Livingston. The main talking point of the day was the referee whose decisions led to much criticism and debate.
The early exchanges saw the home side have good attempts from Craig Brewster and Billy Mehmet with Mark Brown having to be on top form to tip the latter's 30 yard shot over the bar.
Caley Thistle were still finding their feet on the plastic but Juanjo was doing well running at The Pars defence and giving them a hard time of it. Graham Bayne was also working hard and Barry Wilson was making some fine runs down the right wing. But it was the home side who took the lead just before the half hour. Richie Byrne fed a through ball to Craig Brewster who in turn found Billy Mehmet and the midfielder passed the ball to Darren Young and his shot from 25 yards flew into the corner of the net.
ICT should have been level moments later when Richie Hart was left in the clear with only the goalkeeper to beat but the midfielder shot high and wide. Minutes later the referee was embroiled in controversy when Scott Wilson brought down Juanjo it took several minutes to sort things out before the free-kick was taken.
Half Time: 1-0
No more incidents or goals so the second half began and this time the controversy was in the Caley Thistle box when Barry Nicholson went down after Mark Brown had gone for the ball. The referee obviously thought that Nicholson had taken a dive so gave nothing - strangely there was no yellow card.
ICT continued to look for an equaliser and Russell Duncan's fine run and shot and then Bayne's good effort saw Derek Stillie in the home goal having to look lively and make good saves from both efforts.
An equaliser was on the cards and it came in the shape of substitute Liam Fox, a goalscoring hero in the recent Kilmarnock fixture. Roy McBain's corner fell to Fox and his fine shot from the edge of the box took a deflection off Ross Tokely and landed in the back of the net. The goal was no more than Caley Thistle deserved for an excellent second half performance on a pitch that was now really tricky due to the incessant rain.
Full Time: 1-1
During the game we had a tale of two goalkeeping incidents. Firstly Mark Brown pulled off a tremendous save from a back header from Stuart Golabek which the ICT captain eventually managed to scramble back and clear before the ball finally went out for a corner kick and more bizarrely we had the sight of Pars keeper Derek Stillie doing a juggling act with the ball as he attempted to make sure that Barry Wilson did not find the back of the net. In the end a fine away point.
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Dunfermline: 1 (Darren Young 28)
Team: Stillie; Wilson, Skerla (Byrne 19), Shields, Tod (Derek Young 60), Nicholson, Thomson,
Darren Young, Mason, Mehmet (Donnelly 75), Brewster
Subs Not Used: Langfield; Labonte, Bradley, Butler - Booked: Wilson (39), Young (51), Donnelly (84)
