Fenty Resigns!!!

Quoted Text

Director John Fenty has decided to resign from his role as the Chairman of Grimsby Town Football Club PLC which has been provoked by the Take Over Panel investigation.

On the 17th of September Mr Fenty was questioned by the Take Over Panel, who were interested to know if Mr Parker remained in concert either with the Club or Mr Fenty, at the time when Mr Parker increased his shareholding in the Club, to just short of Fifty Four Percent.

The Take Over Panel are trying to ascertain if an obligation has been triggered under rule 9 of the take over code, where by if it had, Mr Parker could be obligated to make an offer to purchase any issued shares in the Grimsby Town Football Club PLC.

Following Mr Parker leaving the Board of Directors on the 1st of March, he publically pledged continued financial support for the Club and then in a further interview, this pledge of funding was to be in the form of a share purchase, effectively giving him overall control.

Mr Fenty felt it was best that he resigned his current position, while the investigation is conducted. Furthermore he also recognises that Mr Parker is now the controlling shareholder of the Grimsby Town Football Club and felt that his position as Chairman had become untenable, with effective control of the Club, now resting outside of the Board of Directors.

Mr Fenty explained that the Club continues to lose money and whilst he had held a controlling interest in the Club, he felt obliged to ensure the Club remained a going concern by providing the funds himself.

Mr Fenty further explained he had made considerable effort in trying to encourage Mr Parker to rejoin the Board of Directors which had not succeeded.

He went on; there are some very important decisions to be made in the near future. Given Mr Parkers stake in the Club it is only right that he is a party to them. My standing down will give an opportunity for him to seek re-election to the Board if he wishes and also put himself forward for Chairman. Mr Fenty confirmed he would support that.

If this issue is not resolved prior to the AGM on the 24th of November, then shareholders will be asked how they would like the Board to proceed. If the matter is not resolved by this date, Mr Fenty will most likely stand down from being a director joining the ranks with other shareholders at the meeting.

Mr Fenty is most concerned that the company must be able to meet the test of remaining a going concern. Although he added that there is some breathing room to find a solution, as the Club does not have an immediate financial problem.

The Club will not be rudderless and until a Chairman is appointed as the Chief Executive, Ian Fleming will speak on behalf of the Club and Directors. As always the Directors will continue to work in the best interests of Grimsby Town Football Club PLC.

Mr Fenty said he leaves the role of Chairman, with a very heavy heart and would like to pay special thanks to the Board of Directors, staff, sponsors, and fans that have all been terrific during his 7 years tenure as Chairman.

END

Quoted from cleethorpes_mariner

it will now be interesting to see who will stand up and be counted,
So many fans on here have wanted him out and where for so long spouting there are plenty of people where waiting in the wings.
They have now got you wished for, Lets hope their right.