Watford - £5m by 5pm today or else...
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£5m by 5pm today or else...

Watford Leisure PLC have today issued the most damning statment yet confirming that if £5m isn't found for the Russo's by the close of trading today, they could have place the company in administration.

Following the resignation of the aforementioned directors, the Board received a written demand from Valley Grown Salads for the repayment of its £4.88m of loans (made to the Company) on or before close of business on 16 December 2009.

"The Board continues to consider indicative proposals from both Valley Grown Salads and Fordwat Limited. However, pending resolution and clarification of its financial position the Company has requested that its shares be suspended from trading on AIM. In the event that a funding solution cannot be obtained then the Company may have to be placed in administration. A further announcement will be made in due course."

Hopefully we can use the snow as some sort of 'delay' ploy...

Click here to join in the debate on the club forum.

The Journalist

Writer: wfc123 Mail feedback, articles or suggestions

Date:Wednesday December 16 2009

Time: 11:40AM

Your Comments (oldest first)

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Hope it all gets resolved amicably, it would be a real shame if you went into Administration...the damage that would cause.....
Our Kids Dad
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16/12/2009 13:20:00

I'm *****ting it.. Our club is crumbling before our eyes... Where's EJ now.. If I was a multi millionaire who loves my club I would lend to keep us afloat.. Interest free.. Although I would want to know that the finances are transparent and upfront and everyone know where the money is and how it's being spent.. Lord Ashcroft is a pr*ck. he would sell for his money back surely.. Let's hope that EJ loves the club as much as he sayes and he just doen't love Watford because it looks good on his CV to be "from the people".. Please please help EJ....
Report Abuse
16/12/2009 15:56:00

I've got my fingers crossed for you. As a Pompey fan I know how ***** all of this news is… I don't think we're far away from going into administration either.
Report Abuse
16/12/2009 15:57:00

Problem is Ashcroft will not get his money back; he purchased his shares via the 2006 Rights issue fronted by Simpson and the share price was around 20p then. By my reckoning he stands to be down around £5M at the suspended share price and I doubt whether the Salad Bros have even offered that much. Would love to know the contents of the 2 proposals under consideration. I wonder if the Ashcroft one involves the complete redevelopment of Vic and us moving to be tenants elsewhere?
Report Abuse
16/12/2009 16:48:00

Interesting thoughts RFB and could well be on the cards, but the fact they are now talking suggests a glimmer of hope, we wait and see.
Report Abuse
17/12/2009 09:41:00


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