Quote: Cibaman "If I was thinking of buying a company that had recently been in Administration, had a significant source of funding halved, had just announced that the existing owner had made some sort of loan totalling £900k and was reported to have had recent problems paying the wages, I would want to see a lot more than annual accounts before I went public announcing I was buying that company. To assume control of the company without having gone through the books with a fine tooth comb, and then find that there are major financial problems, seems to fall into the "well what did you expect?" category of disappointing outcomes.
What I don't understand (among many things I don't understand) is that the "new", now "old", directors say that they have put significant money into the club, even though they don't appear to own the shares. What was the basis of that funding? New loans? Why would they do that if OK was holding on to the shares? I could sort of understand them assuming control pending completion of due diligence, but would expect them to keep their brass firmly in their pockets until they knew what they were buying.
All very bizarre.'"
I really hope Mr Khan is at work today, as the impasse is his choice in refusing to sell or pass on the shares (whichever is true)
I can only think that Mr Khan wants to make money and will hold on to them till a purchaser pays a price that is acceptable.
My opinion is that his position is untenable.
It will be interesting what the next statement from the club will be.
