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Trust looks to future
Trust looks to future

Supporting City


Thank you to those people who attended the meeting on Tuesday evening and thanks to everyone who contributed in whatever way to the organisation of the event.


Following approval of the motion by 78% of voting Trust members at the SGM, the Trust Board will now progress towards completion of the legal arrangements whereby JM Packaging will become the majority owners of York City in return for 1 million of cash investment, with the Trust retaining a 25% stake in the Club along with special additional shareholder rights. The 1 million of permanent investment in the Club will be entitled to a rate of return (set at 11% per annum), although that interest will not be payable to JM Packaging until the ground is sold.


Commenting on the result, Trust Board Chairman and Club Director Steve Beck commented: "We're pleased that a good majority of the members have supported the proposal. This will enable the cloud of uncertainty to be lifted and for the Club to focus on preparing for next season. There's been a lot of debate amongst the supporters about the pros and cons of the changes. We hope that people can now focus on being united in supporting the Club into the future."


The SGM was held on Tuesday evening at the Barbican Centre (after a change of venue from the Tempest Anderson Hall). There were around 240 attendees at the meeting.


In respect of the motion to members, 78% voted in favour and 22% voted against.
Total votes cast = 679 (53% turnout) - 479 by proxy and 200 at the meeting)
Votes in favour = 529 (399 by proxy and 130 at the meeting)
Votes against = 145 (75 by proxy and 70 at the meeting)
Spoilt papers = 5


Reflecting on recent events, Steve Beck also added: "The last few months have been a challenging time for the Club and its employees, for the supporters in general, and for the Trust Board members working to put forward a workable solution. It is refreshing to have a number of supporters who have recently volunteered to serve on the Trust Board, and to help us reflect on recent events and work towards a positive future. As ever, there's plenty of opportunity now and in the future for other supporters to also actively contribute to help make a difference."

 
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