Members will recall that, earlier this year, the Chairman of the Club entered into two new debentures, providing security over loans made by his Australian companies.
Those debentures created a charge over the Club’s shares in the Joint Venture company which owns the freehold of the Nigel Eady County Ground. On behalf of supporters, TrustSTFC raised strong objections to this arrangement and sought amendments to ensure the debentures did not conflict with the provisions of the Joint Venture Agreement.
Following two months of constructive discussion between TrustSTFC and the Club’s legal representatives, we are pleased to report that:
- Clem Morfuni’s companies, Axis Plumbing NSW Pty Ltd and Sixa Mechanical Pty Ltd, have executed legal documentation releasing the following assets from the debentures securing their loans to Swindon Town Football Club:
- the Club’s shareholding in the Joint Venture with TrustSTFC; and
- the 250-year lease granted by the Joint Venture to the Club in respect of the Nigel Eady County Ground.
- Axis Plumbing NSW Pty Ltd, Sixa Mechanical Pty Ltd and Swindon Town Football Club have each provided formal undertakings to TrustSTFC that the debentures will not be transferred to any third party, except as part of any future sale of the Club. This is intended to ensure that ownership of the Club and the associated debentures cannot become separated, avoiding a situation in which they are held by different parties.
- Swindon Town Football Club has also provided a formal undertaking that any future debenture entered into by the Club will contain the same restrictions on transfer, subject only to certain limited exceptions which TrustSTFC have agreed are reasonable.
Companies House have been updated with the amendments made to the debentures.
The Trust has pursued this matter solely to protect the long-term interests of the Joint Venture and supporters of the Club. We believe the amendments and undertakings secured represent an important safeguard for the future and demonstrate the value of independent supporter representation on matters of significant governance and ownership.