Inverness shareholders urged to back CVA proposal in bid to exit administration
Inverness shareholders have been urged to back a Company Voluntary Arrangement (CVA) proposal aimed at allowing the club to exit administration and continue playing in William Hill League One.
Caley Thistle were hit with a 15-point deduction in October as a result of their financial issues but Saturday's 3-0 win over Arbroath meant Scott Kellacher's side avoided relegation.
Their next big hurdle is to get a CVA approved in May, with former chairman Alan Savage having been named as the preferred bidder earlier this month after his funding kept the club going this season.
'The Joint Administrators were delighted to see the club secure League One safety on Saturday,' read a statement from administrators BDO on Monday. '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 22nd May 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.'
Savage's bid is subject to 100 per cent of the voting shares being transferred to his purchasing vehicle, all loan creditors being written off and an agreement with Inverness Caledonian Thistle Property Company to purchase land around the stadium.
BDO reported that 'significant progress' had been made to fulfil the key conditions of the offer but that they all had to be in place prior to the meeting on May 22. The administrators warned shareholders that if they did not back the proposal, it could have grave consequences for the club.
'We would encourage all shareholders in particular to complete and return their stock transfer forms as soon as possible,' continued the statement.
'We would remind any shareholder who may be minded not to agree to the proposal that this may result in the offer being withdrawn, the assets sold to another entity and the club – should it survive – being demoted outside of the league structure.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.'
Get all the latest news from around the country Follow STV News
Scan the QR code on your mobile device for all the latest news from around the country
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Scottish Sun
2 hours ago
- Scottish Sun
The Original Factory Shop launches closing down sale at yet another store – see full list of locations closing in June
Has a retailer near you closed down? We'd love to hear from you please email: money@ CLOSING TIME The Original Factory Shop launches closing down sale at yet another store – see full list of locations closing in June Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) THE Original Factory Shop has launched a closing down sale at yet another store. A branch in Heswall is the latest store to announce its closure, leaving shoppers heartbroken. Sign up for Scottish Sun newsletter Sign up 1 The Original Factory Shop is closing down another branch The Merseyside branch has launched closing down sale to help shift stock before it shutters for good. Shoppers have a chance to grab up to 70% off selected lines, and 50% off electrical products. The Henswell store opened two years ago in June 2023. The exact date the store is closing has not yet been confirmed but The Sun will update this piece when we hear more. Up to 11 TOFS stores are already to set to close this month, including sites across Worcestershire, Durham and Cumbria . Meanwhile, another five stores across Nairn, Market Drayton, Troon, Blairgowrie and Castle Douglas have been placed up for sale. The Original Factory Shop has told The Sun that negotiations are ongoing with landlords - making it unclear whether these shops will remain open. It comes as part of a major restructuring carried out by new owner Modella Capital with a number of loss making stores having to close as result. Over June nine of these stores will close, including sites in Dorest and Durham. Another site in Middlewich is also set to close however a date is yet to be confirmed. Popular retailer to RETURN 13 years after collapsing into administration and shutting 236 stores You can see the full list of store closures here: Milford Haven, Pembrokeshire - June 26 - June 26 Perth - June 28 - June 28 Chester Le Street, County Durham - June 28 - June 28 Arbroath, Angus - June 28 - June 28 Kidwelly, Carmarthenshire - June 28 - June 28 Pershore, Worcestershire - June 28 - June 28 Normanton, West Yorkshire - June 28 - June 28 Peterhead, Aberdeenshire - June 28 - June 28 Shaftesbury, Dorset - June 28 - June 28 Staveley, Cumbria - July 12 - July 12 Middlewich - TBC - TBC Heswall - TBC The following stores are also up for sale: Nairn Market Drayton Troon Blairgowrie Castle Douglas What's been happening with The Original Factory Shop? Private equity firm Modella bought The Original Factory Shop back in February and has since launched a restructuring effort to renegotiate rents at 88 TOFS stores. Modella is known for picking up struggling retailers, having also recently acquired Hobbycraft and WHSmith's high street shops. It is set to rebrand all WHSmith high street stores to TGJones, and has brought in advisers to look at potential options for Hobbycraft. At the end of April, Modella drew up plans to initiate a company voluntary arrangement (CVA) for TOFS. Companies often use CVAs to prevent insolvency, which could otherwise result in store closures or the collapse of the entire business. They allow firms to explore different strategies such as negotiating reduced rent rates with landlords. TOFS previously told The Press and Journal that a "number of loss-making stores will have to close" as part of the restructuring. It said at the time: "Closing stores is always a tough decision and we are committed to keeping as many stores open as possible. And it is not only TOFS that is facing hard times. Hobbycraft is set to close nine stores come June 21.
The National
7 hours ago
- The National
When are the 2025/26 SPFL fixtures due to be released?
Clubs across the country are preparing for the new campaign, which begins in less than two months. When are the 2025/26 SPFL fixtures released? The SPFL will publish the full list of matches for the new season across the Premiership, Championship, League One and League Two on Friday, June 20, at 9am. In the top flight, only the first 33 of 38 rounds of fixtures will be released, due to the annual split which takes place in the final weeks of the campaign. Read more: The first round of games across all four top divisions in Scotland then takes place on the weekend of Saturday, August 2. Celtic will unfurl the Premiership flag in their first home league match of the new campaign after they were confirmed as champions for the fourth consecutive year in May. Rangers ultimately ended the season 17 points behind their city rivals, although new head coach Russell Martin is now at the helm ahead of 2025/26. Both sides have lengthy pre-seasons to come through before domestic action returns. Celtic must also negotiate a Champions League play-off in August. Their city rivals will have to make it through three rounds of qualifying to make it to European football's premier club competition for the first time in three years.
The Courier
11 hours ago
- The Courier
Freed Dunfermline midfielder could return to old club as Pars announce 2 more pre-season friendlies
Freed Dunfermline midfielder Joe Chalmers could be on his way back to Inverness Caley Thistle. The 31-year-old is out of contract after being released by the Pars last month and is being trailed by a number of possible suitors. He was one of 14 players who said goodbye to the East End Park club in the wake of a disappointing campaign. The Fifers avoided relegation to League One late on, in part thanks to the 15-point deduction suffered by Hamilton Accies. Chalmers made three appearances after the arrival of Neil Lennon as manager for the final seven matches. The pair had worked together previously at Celtic. However, after 30 outings across the season – and 125 during his three and a half years at the club – he was not offered a new contract. The experienced play-maker's availability has alerted rival clubs in the Championship. But it is understood Caley Thistle have held talks with the former Motherwell and Ayr United player and made clear their interest. He previously spent two seasons with Inverness after joining in the summer of 2017 and racked up 96 appearances before departing for Premiership football with Highland rivals Ross County. The Caley Jags are expected to be able to make new signings from next week after a deal to come out of administration was agreed. Chalmers could join up with former Dunfermline team-mate Paul Allan, who spent last term with the Highlanders and is in talks over a contract extension. He would also be heading in the opposite direction from Charlie Gilmour who left Inverness to sign for the Pars on a three-year deal earlier this month. Meanwhile, Dunfermline have announced two more pre-season friendlies to complete preparations for the new campaign. The Pars will kick off their warm-up games with a first-ever trip to K-Park to face SPFL newcomers East Kilbride on June 28. They will then make the shorter journey across the Kingdom to take on neighbours East Fife on July 8. The East End Park men could also fit in another friendly during the midweek window prior to their previously-announced meeting with Kelty Hearts on July 5.
