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Home >Story Index> A Statement From Gary Stones |
| “The Director’s proposal for a Company Voluntary Arrangement was today approved by a majority of 92.4% in value of creditors voting at the creditors meeting and also subsequently by the Club’s parent company. I was appointed to act Supervisor of the CVA. ” The total value of creditors voting for the CVA with certain modifications collectively put forward by the Inland Revenue and H.M. Customs and Excise and also by modifications put forward by Swansea City 2002 Limited were £1,485,963 and the total against was £185,718. ” A formal report on the outcome of the members and creditors meeting will be filed in Swansea County Court on Tuesday and copies therof will be circulated to all known creditors thereafter together with formal proof of debt forms. ” Those creditors who voted against the CVA or abstained from voting are bound by the terms of the CVA with the approved modifications. There cannot be pressure therefore, from CVA creditors to wind up the company and so there is every opportunity of the Club not just being able to survive but also, of being able to move forward successfully with a stable financial position to build from. ” May I sincerely thank all those creditors who have supported the Club in most difficult times, and in particular those creditors, both big and small, who magnanimously voted for the survival of the Club by supporting the CVA proposal, despite the losses they will have suffered. ” I call on all supporters and sponsors to get behind the Club. Ultimately, the future success of the Club relies on the level of support it can generate. There is no time like the present for supporters to come back to the Vetch Field and give the players, management and staff a boost before the end of the season, and detailed planning for next season gets underway. The City needs a football club and support is needed perhaps more than ever before. The only way for the Club is up and I sincerely hope such dark days are never revisited. ” May I also take this opportunity to thank Mr Mel Nurse for his determination to do whatever he could to try and save the Club and professional football in Swansea, when in October 2001 liquidation was becoming increasingly likely. Also, his solicitor Mr Timothy G Jones. Finally, the Club’s solicitor Mr Steve Penny of Messrs John Collins & partners, the Director Mr David Morgan and the Club’s Management Committee and other volunteers all of whom have worked unstintingly, and last and by no means least my staff at Stones & Co. who have worked tirelessly behind the scenes on the Club’s behalf.” Gary Stones Stones & Co. 25th March 2002 |
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