The following is an open letter from the Board of Directors to the Supporters Trust:
Dear Chris,
Many congratulations on the election of the new committee of the Hereford United Supporters Trust on 14th November 2013.
Ahead of your upcoming board meeting we thought it would be helpful to outline the current situation with regard to the share issue and the opportunity for the Trust to purchase shares.
We also thought it would be a good time to write to you regarding this as we are aware that a number of supporters have been considering purchasing shares via the Trust.
As such, the club would like to state the following information ahead of your next meeting:
· The share issue has so far raised £43,000
· The Board of Directors will be converting a total amount of £365,000 into shares, thereby removing a significant amount of debt from the Club’s balance sheet
We have received a number of enquiries as to whether the club would welcome representation from the Trust on the board, which you will recall we first discussed earlier in the summer, so in the spirit of openness and transparency, we have published this letter on the official website and seek your response regarding the Trust’s position on this as your working group was unable to make such a decision at that time.
Yours sincerely,
Board of Directors
Directors: David Keyte, Grenville Smith, Dave Preedy, Nick Nenadich
Non-Exec Directors: Bob Pritchard, Colin Addison