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Darryl Keys Takeover Q & A: Part 2

Darryl Keys Takeover Q & A: Part 2

The second part of Wednesdayite chairman Darryl Keys' question and answer sessions with the Vital Sheffield Wednesday members...

gudetehowl: Do you have any idea what GS wants to do with the team? Is he going to take us over and give us very little, or is he going to do everything he can to make us sucsessful?

DK: He has always said he wants to make investment available for the team and enough to make us successful.

But I think it is first things first and the deal has to be done. I understand concerns that the delay in completing the deal causes concern about future funding of the team.

Skeggy Owl: You are aware, I presume, of a poster called Billsaja who has accused Geoff Sheard of being a fraud and a crook. Is GS aware of this and what do you think Billsajas motives could be?

DK: Yes, both I and GS are fully aware.

Billsaja posts very articulate and interesting posts but I have to say he has let himself/themselves down by the 'glassing' post and also if he was so sure of what he is saying then why hide identity?

I did speak to who I thought was him whilst I was in the US but because of discrepancies later on, I am not now sure if it was him or not.

I also wanted to speak with him more and sent an email to that effect to follow up our call, but he didn't want to and the mobile number he provided did not work.

It's a shame that these little things cast doubt on some very interesting posts and the glassing post apart, I think he is a welcome addition to the debate.

davidioso: Did the original letter from GS presented to DA (and I belive copied to W'ite) as proof of funds (prior to the actual formal bid) bear the name of the convicted money launderer Richard Frank Downes as reported in YP?

DK: No - Richard Francis.

gudetehowl: So many figures have been branded around, i just wanted to know what was the most accurate. I personally can't see him pouring 100million into the club, maybe a few million a season for transfers and extra loans.

DK: I have heard many figures - and as we have not seen proof of funds, then it is impossible to say. What we do know is that the 29.9% can be bought for around £3m in terms of the shares alone.

Skeggy Owl: Have the board of Wednesdayite discussed giving an ultimatum to GS and is he aware that this could be the next step from the major shareholders.

DK: It is fair to say that of course we have indeed considered a range of different options and GS is aware of the increasing concern.

An ultimatum is a real option as it can't go on forever - but there is a lot happening behind the scenes and we have to be very careful not to be precipitous and frighten a genuine investor away. Its a fine line and one which is difficult to judge due to constantly changing underlying circumstances.

But there has to come a time at some point...

Radders60: If the takeover goes through with it be GS or another investor. Will wednesdayite have any role within s6 . A member on the board, will you be welcome back at s6 with a clean slate to help with what needs to be done to help the club go forward.

DK: Any role we play is down to the Board of the club at the time.

Of course, we feel that it is important for the club to be fighting as one unit against the rest of the world as opposed to fighting within - and I would say that any investor would see the benefit in making sure everyone was aware of the part they can play in the bigger picture.

I believe we can help - I feel that was demonstrated in our meeting with the club last week - but we don't have to have a seat on the board to do so. Regular high level formal dialogue is as much as it needs.

We won't agree on everything - but there's no harm in agreeing to differ - it doesn't mean all dialogue has to cease.

There are also a lot of common interests - we all worry about the attendances and it is important that all parties must listen and involve the fans and the season ticket holders in the solution.

I am very confident about the divide being a thing of the past - either with the current board or any future one.

David Hirst: So the funds not being delivered is the problem behind the takeover. Has GS therefore given you an understanding of why the funds have not been delivered?

DK: No - it appears to be complicated in terms of when funds might be released. This is why we offered addtional assistance this week via expertise to try and get a greater understanding and to see if it was possible to push matters along.

This has still not led to us having a better understanding of if and when the funds might be provable and available. GS is resolute it will take place in the next 15 working days but we have yet to see something which is tangible which supports this.

For balance, as it is rumoured he does not want our shares and is only after the Director holdings, it could be that we are not seeing everything the other parties are seeing - but at this stage we have seen no proof or verification of funds to our satisfaction.

Sheridan37: Has GS explained to you the reason for the delay (i.e. the reason the funds are proving difficult to obtain)? Can you share any of this information if so?
If not, then (strictly your opinion only), does it seem like a plausible reason?


DK: No- we have not seen any evidence which suggests the deal can be done so it is impossible for us to understand the reason for any delay.

We have tried to understand the transaction by GS giving us more access to documents and the investors this week, but it remains unclear to us at a time when we would love to say we have seen a complete tight audit trail and we have a thorough understanding of the source and timing of funds. That is not the case, but GS knows a lot more about it than we and our limited access to the investors has afforded us up to now.

--------------------------------------------

Vital Sheffield Wednesday would like to give a big thanks to Darryl for taking the time out to come and talk to the fans on Vital Sheffield Wednesday - much appreciated!

Big thanks also goes out to Skeggy Owl for sorting it out, and for everyone who took part - cheers!

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Click here to join in the debate on the club forum.

Writer:Nick
Date:Saturday September 27 2008
Time: 9:00AM

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Comments

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Thanks to DK. It is appreciated that you have spent the time to answer some of the questions that many SWFC fans have been wondering about.
abudabi owls
27/09/2008 16:10:00
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