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“We would remind any shareholder who may be minded not to agree to the proposal that this may result in the offer being withdrawn, the assets sold to another entity and the club – should it survive – being demoted outside of the league structure.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.”
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