PST to table counter-offer in coming days.
POMPEY SUPPORTERS TRUST STATEMENT IN RESPONSE TO PORTPINS OFFER TO CREDITORS - 08/06/2012
Following the release today of the details of the Proposal to Creditors for a Company Voluntary Agreement by the Administrators of Portsmouth Football Club (2010) Ltd by PKF (UK) LLP and by Portpin, the PST would like to take the opportunity to respond.
The details of the proposal are not unexpected and were discussed at a meeting this morning of the PST Bid team, it is by no means certain that this offer will be accepted by the Creditors. Having now seen the detail of Portpins bid and offer to Creditors, we would like to announce the following.
Early next week Antony Fanshawe of Begbies Traynor, acting on behalf of the PST, will have formal discussions with Trevor Birch and PKF with a view to presenting a bid from the PST on behalf of the Community within 7 days.
We are confident that this counter-offer will deliver a better return to creditors than the offer made today by Portpin.
We would also like to urge all Pompey fans and supporters of the PST and the Community Buy-Out to stand behind us during this process and continue the great support we have had throughout the past few months.
We are still accepting Pledges towards our Pre-Share scheme and every one will help if our bid is successful and it will guarantee that the majority Shareholders of Portsmouth Football Club through a Community Buy-Out will be the Fans themselves.