Owls EGM: No Action Needed

It took the Owls board and shareholders all of 15 minutes to decide that no changes had to be made to the current financial strategy at the extraordinary general meeting today.

Just 40 shareholders arrived at the meeting at Hillsborough, called by Owls chairman Dave Allen last month, with Allen revealing it was simply a procedural matter to satisfy a section of the Companies Act - and nothing more.

He went on to say that the EGM had been called due to the way the Owls balance sheet was presented - a technical detail that was unintentionally overlooked by the board.

Allen said: 'The bank, who are the main players, the auditors and the board are comfortable with the financial situation of the club. I don't say we are happy with it: we'd like to have nil borrowings. But we are comfortable.'

Finance director Bob Grierson did most of the talking, echoing the comments made by the Owls chairman that there was no need for any change to the current financial strategy at the club.

He added: 'Over the last three years, the directors have stabilised the financial position.'

The board do not believe that at this stage anything should be done other the strategy of financial prudence and the search for a potential investor.'

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