Press Release Article
Thursday 26th July 2007: UNITED TRUST PRESS STATEMENT 26.07.07
Following the EGM of CUFC 1921 Ltd on 24th May 2007 when approval was sought and passed by the shareholders, the United Trust were notified as shareholders of CUFC Holdings Ltd of the decision by the Club to proceed with the transfer of approx. 106 acres of land to a third party for nil consideration.
The United Trust has a director on the board of the football club whose responsibilities include a duty of care towards protecting any asset of the Company. All legal advice received by the Trust to date states categorically that any transfer of the land in question for nil consideration would constitute a breach of duty of care by any company director.
The land belongs to CUFC 1921 Ltd. The Trust understands there is no contractual obligation in place so it is difficult to understand how the proposed transfer of land would be in the best interests of both the Club and its shareholders. In fact, to the contrary, it would clearly be to their detriment.
The Trust will seek to exhaust all available options in order to protect the asset of the Company.