Landmark Day

Clyde Football Club today announced the formal conclusion to the Company Voluntary Arrangement (CVA) entered into in March 2004, with creditors voting to accept the Club’s proposal for a final dividend of 11p in the pound.

The outcome now means that Clyde can move forward virtually free of historical debt and any overdraft facility. Acting Chairman John Taylor, who attended the meeting, acknowledged the significance of the CVA’s completion.

“It’s a landmark event for the Club and an outcome that paves the way for a brighter future. We are indebted to the creditors for their support in reaching this stage. I’d also like to pay particular credit to our three financial Directors, John Alexander, Len McGuire and Jim Murray for their exceptional efforts over the last fifteen months and also to Frank Dunn for his tireless work in attracting new investment to the club. Not forgetting, of course, our supporters who have rallied round to ensure The Bully Wee can look forward with confidence.

“The Board would like to thank Bryan Jackson and Penny McCoull of PKF for their first class professional support and guidance during what has been a very difficult period in the Club’s history.”

Bryan Jackson, senior partner of PKF (UK) LLP Accountants and business advisers in Scotland, said:

“I am pleased with the outcome of the creditors’ and members’ meetings, and now look forward to paying the second and final dividend to creditors.

“I would like to pay tribute to the Board of directors, staff and supporters who have remained positive and co-operative throughout. Their support greatly assisted our efforts to restore the Club to financial health and allow its proud history to continue. I also wish to thank the creditors for their patience, understanding and co-operation.”