CUOSC Statement:
John Nixon & Andrew Jenkins invited the board of CUOSC along to a meeting on Friday 17th July at Brunton Park. We had met with both the directors on a couple of occasions recently, but had not received any concrete information regarding the investment situation at either of those two meetings.
John Nixon had also asked us to invite a representative from each of the supporter groups which we were pleased to do and as such reps from The London Branch, Away Travel, West Cumbrian Travel and the Cumbrians.net Message Board attended along with us at one of the meetings.
There were actually a series of meetings throughout out the day yesterday involving the club board (CUFC 1921), CUOSC, the supporter groups and the club staff.
With regard to the Andrew Lapping deal, we were both surprised and shocked by the situation and the allegations. In all our dealings with Mr Lapping he always conducted himself with the utmost professionalism; however, we are clearly not party to all the facts and as such it would therefore not be prudent to comment any further on this matter at this stage.
However, the meeting did include a number of positive points:
1. It was confirmed by John Nixon & Andrew Jenkins that any new investment deal/share issue will require a new CUOSC board recommendation and member vote regarding issuance of new shares and the potential dilution of CUOSC's 25.37% shareholding. This decision would then form the basis of the CUOSC vote within the holding company. Hopefully this will reassure supporters that a deal cannot be steam-rollered through without supporter agreement.
2. CUOSC will shortly have, as a result of the restructure, a seat on the holding company board and we warmly welcome this development. This will be backed up by an additional supporter representative on the operational board of the club
There is a need for stability at the club now, especially given that we are now just weeks away from the beginning of a season where so much is at stake. We will continue to meet with John Nixon & Andrew Jenkins in the coming weeks and hope to have further information regarding the potential investor shortly.
We wish to assure all supporters that we are working to get the best deal possible for the supporters and the club in the future and look to stand as one with supporters and supporter groups on this issue.
We welcome any queries you may have and given that the CUOSC AGM takes place next Sunday (26th July) this would form an excellent platform for such queries to be aired. Current non-members can attend the AGM simply by joining CUOSC on the day for the cost of just £10 per year (cash only at the AGM)
Nigel Davidson
(On behalf of CUOSC board)
CUOSC AGM 11.30am Sunday 26th July 2015, Foxy's Restaurant, Brunton Park