Inverness Caley Thistle administration nearing conclusion as BDO confirm intention to vote on CVA next month with good progress made on Alan Savage’s bid
Inverness Caledonian Thistle’s joint-administrators have confirmed the day that holds the keys to the club’s future.
BDO have issued a statement confirming that significant progress has been made towards Alan Savage’s conditions for his takeover bid.
Savage was named the preferred bidder to take over the football club earlier this month, and since then work has been ongoing towards finalising the deal.
That means a meeting has officially been called to vote on a company voluntary arrangement (CVA) which, if passed, would see the club exit administration.
The statement reads: “The Joint Administrators were delighted to see the club secure League One safety on Saturday. This is a testament to everyone involved at the club and something all should feel very proud about.
“Now that this has been clarified, the Administrators intend to hold a meeting on Thursday, May 22 to propose a Company Voluntary Arrangement for the creditors’ consideration.
“If the CVA proposal is approved, it will allow the club to exit Administration and retain its place in League One.
“Significant progress has been made to fulfil the key conditions of the offer made by Mr Savage, namely: 100 per cent of the voting shares to be transferred to his purchasing vehicle; all loan creditors to be written off; and an agreement with Inverness Caledonian Thistle Property Company to purchase land around the stadium.
“However, these conditions need to be in place prior to the meeting and we would encourage all shareholders in particular to complete and return their stock transfer forms as soon as possible.
“We would remind any shareholder who may be minded not to agree to the proposal that this may result in the offer being withdrawn, the assets sold to another entity and the club – should it survive – being demoted outside of the league structure.
“The existing entity would then ultimately be dissolved rendering all shares redundant.”
