Shareholders' Meeting Pt 2.............

Despite various requests, the Trust Board has not been able to secure a face to face meeting with the Club Board in advance of the shareholder meeting.

As members will have seen from the Club's letter to shareholders published on the Club website, two options are being pursued: to sell the whole ground to a property company in which the Club will retain a 50% stake; and to sell the main stand and former south terracing to a property company in which the Club will retain a 50% stake. However the Club decides to proceed, there are a number of key areas which the Trust would like to see the Club explain in greater detail:

1. Best Value for Money: It is clear to all that we are sitting at or near the very bottom of the property market. Against this backdrop, what options, other than the sale of all or part of its property assets, have been explored to enable the Club to trade on a break even basis, and to ensure that the Club secures the very best value for money from its property assets?
   
   
2. Effect of Sale on the Club's Ability to Break Even: What is the minimum level of debt reduction which requires to be achieved in order to justify the property deal proceeding? What is the current shortfall between income and expenditure, and to what extent is that shortfall met by the reduction of Bank of Scotland debt achieved throught this proposal?
   
   
3. Lease Protections: What protections will be built into the deal to ensure that the protection offered by the long lease back of the whole ground (under option 1) or the main stand and former south terracing (under option 2) will remain in place regardless of the Club's financial status?
   
   
4. Conflicts of Interest: How will potential conflicts of interest will be addressed in the event, as seems likely, that the Club directors will also be property company directors / investors?

The Trust Board will be attending Wednesday's shareholder meeting on behalf of its members, and will attempt to clarify these and other points of detail with the Club. The Trust Board will report fully on the outcome of the shareholder meeting as soon as possible thereafter.