Shareholders voted in favour of the EGM motion on Wednesday evening.
Shareholders were voting to give approval to Chairman Simon Gauge and Director Richard Knight to lend the club £350,000 at an interest rate of 6% that will be secured on the ground.
The full wording of the motion was: That, pursuant to Article 79(a) of the articles of association of the Company, the directors are hereby authorised to charge the land and buildings forming the football ground terraces and car park situated and known as the Crown Oil Arena in respect of a loan facility to be provided by directors Simon Gauge and Richard Knight (“Lenders”) to the Company for the purpose of raising working capital and as part of these financing arrangements the Company will be required to grant security in favour of the Lenders over the stadium assets to secure the obligations of the Company to the Lenders.
Due to the “Morris resolution”, a majority fo 75% of those present was required for the motion to be passed, and it passed via a show of hands. There were 58 shareholders in favour, with 13 against and 4 absentions.
The Trust voted in favour of the motion following a survey of members. Trust members voted overwhelmingly in support of the motion. We received 319 votes, of which 14 were ineligible. There were 263 votes in favour of the motion (86.2%), and 42 votes against (13.8%).