The shareholders of CUFC Holdings held a very positive meeting with representatives of the board of CUOSC on the morning of Tuesday 3 May where a range of issues were discussed.
It was confirmed by the Holdings board that the investment offer made in December 2015 will not be pursued as it did not address a number of key issues.
It was indicated that CUFC Holdings are keen to work with CUOSC to find the right direction for the club with mutual respect for constitution, position and structure to be maintained by both parties at all times.
The agreement reached at the CUFC 1921 Ltd board meeting three weeks ago, for a contribution to be made towards the CUOSC membership fee for all 2015/16 season ticket holders, is to be honoured, with payment to be completed at the earliest opportunity.
With a view to opening the door to new investment it was indicated that CUFC Holdings will issue 1,000,000 shares, of which a minimum of 253,700 will be offered to CUOSC in £1 units (under the existing shareholder agreement). CUOSC will have 20 days to accept and six months to complete the transaction. This will leave 746,300 shares available for investment and equity conversion.
More discussions are to take place with regard to the existing 134 shares.
Further to the issue of shares, the make up of the boards of CUFC Holdings and CUFC 1921 Ltd will be reconsidered, from 1 July 2016 onwards, and CUOSC have been asked for their input on the appointment they will make to the 1921 Ltd board going forward from that date.
The board of CUFC Holdings are looking forward to working with CUOSC over the short and long term on the shared desire to bring the success we are all striving for to the football club
Read more at http://www.carlisleunited.co.uk/news/article/club-statement-dated-4-may-2016-3096012.aspx#ctWXpvYIwDGDVdEU.99