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Watford shares suspended


Liam Liam Liam O
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Watford Football Club stands on the brink of administration after asking for trading in their shares to be suspended this morning.

 

The club's financial turmoil spilled into the boardroom yesterday when directors Jimmy and Vince Russo and Robin Williams told the club's AGM they were resigning with immediate effect. The club has now issued a statement to end trading of their shares on the Alternative Investment Market (AIM).

 

"Pending resolution and clarification of their financial position, the company have requested that their shares be suspended from trading on AIM," a statement read. "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 Russos had already injected more than £4 million in loans from their company, Valley Grown Salad, however they have now demanded repayment by the end of business today. The move comes a fortnight after Jimmy Russo, the chairman, had lent Watford's holding company £1 million last month in order to keep the club going until December 22.

 

Non-executive directors David Fransen, Stuart Timperley and Graham Taylor and CEO Julian Winter were all re-elected to the board.

 

 

http://www.timesonline.co.uk/tol/sport/football/article6958557.ece

 

They want the money out by close of business today!?

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Guest Roger Kint

So by saying the last thing he wants is administration he really means screw you all i want the fatal blow? :shifty:

 

If they refuse and go into admin anyway would he lose the lot?

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Guest Roger Kint

So by saying the last thing he wants is administration he really means screw you all i want the fatal blow? :shifty:

 

If they refuse and go into admin anyway would he lose the lot?

 

Nah, I would imagine there will be some pretty hefty security attached to the loan.

 

Just seen part is against the ground so should be safe

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Guest ProudToBeAGeordie

Meaning the 3 points we gained from defeating them are deducted from our total?

 

That would kinda suck...

 

West Brom beat them also so would still be 7 clear.

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