Some more information has been released about matters surrounding the Hereford United proposed CVA by the nominee Marc Landsman..
Questions have been raised about apparent breaches in the rules of the company, the Nominee has now received formal legal advice about these. Briefly, the recent share issue appears to be valid, though the manner in which it was conducted has certainly left the company and/or directors open to a fine. Other breaches in the Company's constitution mean that the directors responsible for the mistakes may have also become responsible for dealing with them. The most likely way they would have to be dealt with is by repaying the money, but there are likely to be arguments as to why the payments need not be repaid.
It has been pointed out that the contents page of the Proposal referred to the new Articles of Association being available for downloading. It was originally intended that these would be considered at the Formal Meeting of Shareholders. In the event, however, due to time pressures in order to comply with the requirement that the Proposal be filed in the County Court at Hereford before the hearing of the Winding Up Petition in London it was not possible to prepare an appropriate draft for consideration. The Nominee apologises for any inconvenience caused by this not being removed from the contents page, which was his fault entirely.
Thomas Agombar is no longer associated with the company or club. Philip Gambrill has indicated that he will resign as a director as soon as the final decision on the CVA has been made by shareholders and creditors.
In the absence of any realistic offers from anyone with links to the football club to buy his debts Mr Agombar sold them to an independent third party introduced to him as a purchaser of distressed debts and similar. As at the time of this update (midnight on Thursday 14 August) no claim or proxies had been received from the new owner (a limited company) in relation to these debts. The shares were sold to the same company. They were sold by Mr Agombar since the Football Association had made it clear that if he did not cut all potential positions of power within the club (including the debt owed to him since they considered that this could place him in position of control due to the high level of debt) the football club ran the risk of being suspended or expelled from the Southern Football League.