Post by Golden_Boy™ on Dec 16, 2009 9:34:09 GMT -1
Watford have asked the London Stock Exchange to suspend trading in the shares of their parent company after the Russo brothers demanded repayment of their £4.88m loan "on or before close of business" today.
The announcement comes after last night's dramatic annual meeting of Watford Leisure Plc when chairman Jimmy Russo and his brother and vice-chirman Vince resigned.
The company has also formally warned the Alternative Investment Market that it may be “placed in administration” if a “funding solution cannot be obtained”.
The statement reads: “Watford Leisure announces that immediately prior to the Company's Annual General Meeting, held yesterday evening, Jim Russo, Vince Russo and Robin Williams resigned from the board of Watford Leisure ("Board") with immediate effect. All other resolutions, including those to reappoint the remaining members of the board were duly passed. Both Valley Grown Salads and Fordwat Limited abstained from voting on the resolutions to re-appoint the non-executive directors to the Board.
“Following the resignation of the aforementioned directors, the Board received a written demand from Valley Grown Salads (a company in which Jim and Vince Russo have an interest) for the repayment of its £4.88m of loans (made to the Company) on or before close of business on 16 December 2009.
“The Board continues to consider indicative proposals from both Valley Grown Salads and Fordwat Limited. However, pending resolution and clarification of its financial position the Company has requested that its shares be suspended from trading on AIM. In the event that a funding solution cannot be obtained then the Company may have to be placed in administration. A further announcement will be made in due course.”
The announcement comes after last night's dramatic annual meeting of Watford Leisure Plc when chairman Jimmy Russo and his brother and vice-chirman Vince resigned.
The company has also formally warned the Alternative Investment Market that it may be “placed in administration” if a “funding solution cannot be obtained”.
The statement reads: “Watford Leisure announces that immediately prior to the Company's Annual General Meeting, held yesterday evening, Jim Russo, Vince Russo and Robin Williams resigned from the board of Watford Leisure ("Board") with immediate effect. All other resolutions, including those to reappoint the remaining members of the board were duly passed. Both Valley Grown Salads and Fordwat Limited abstained from voting on the resolutions to re-appoint the non-executive directors to the Board.
“Following the resignation of the aforementioned directors, the Board received a written demand from Valley Grown Salads (a company in which Jim and Vince Russo have an interest) for the repayment of its £4.88m of loans (made to the Company) on or before close of business on 16 December 2009.
“The Board continues to consider indicative proposals from both Valley Grown Salads and Fordwat Limited. However, pending resolution and clarification of its financial position the Company has requested that its shares be suspended from trading on AIM. In the event that a funding solution cannot be obtained then the Company may have to be placed in administration. A further announcement will be made in due course.”
Forever without exception. x
