Caley Thistle creditors' meeting on hold - but Alan Savage 99% confident of takeover bid success

Press and Journal

19-05-2025

Caley Thistle's crunch Company Voluntary Arrangement (CVA) meeting this week has been postponed until June 5 – but owner-in-waiting Alan Savage remains 99% sure that's the date the Highlanders will put administration behind them.
The CVA meeting was due for this Thursday, with former chairman Alan Savage's £800,000 bid on the table for the League One club as they seek to get out of administration.
Joint administrators had previously set out the conditions of the offer from Savage and had indicated the meeting of creditors to approve the CVA would be scheduled for May 22. The conditions were:
In a statement, administrators BDO have this afternoon Monday said: 'Huge progress had been made in respect of the conditions.
'The joint administrators are delighted with the responses and confident in proposing a CVA that can be approved.
'It is vital that the joint administrators can present a clear proposal to creditors.
'In particular, the purchase of the lease in respect of the land surrounding the stadium, which involves a splitting of the lease, requires a legal agreement involving the club, current leaseholders and Highland Council as head landlord.
'All parties are fully engaged and the joint administrators thank Highland Council for their swift and pragmatic approach to this.
'As a result, and to ensure a proposal is presented to the creditors without unfulfilled conditions, the CVA meeting will now be held on June 5.
'The relevant documents have been sent to creditors today (Monday, May 19).
'The joint administrators would stress that they are confident that a successful outcome is achievable.'
In addition, a spokesperson at BDO, said: 'We would also like take this opportunity to thank the shareholders that have returned their forms agreeing to cede.
'The response has been remarkable and often accompanied with messages of support for Mr Savage and the club.
'We would encourage every shareholder that has not responded to do so and assist in the final push to exit administration.'
Last week, Savage confirmed to the Press and Journal, 95% of those shareholders asked to cede their shares had done so.
This afternoon, Savage told the P&J he believes the 31-year-old club – Scottish Cup winners a decade ago this month – are still closing on their administration exit.
He said: 'All going to plan, we're coming out of administrator on June 5.
'That's when – subject to what the press release has stated today – I will expected to announce a way forward. It should be straight forward.
'The SPFL (Scottish Professional Football League) and the Scottish FA have said that's okay and that looks like the way we're going.
'As far as I'm concerned, it's full steam ahead.
'Even today, we're looking at new ideas and (a new) Nessie (mascot) suit has been ordered!
'I'm 99% confident we won't have any problems.'