Takeover Speculation Continues At Pace
The Manchester City Supporters Trust has noticed the continued speculation surrounding our Club. We cannot comment on any of the current investment/ takeover stories circulating until we are aware of the full details or a formal offer has been made.
It is clear that our Club needs investment at the moment but it also needs the right investment to move in the right direction. We strongly feel that our Club requires a long term sustainable plan that fully involves the shareholders, community and most importantly supporters. If, for example, someone wanted to invest in City but didn't want any involvement from the supporters, then you might have to question their motives. It is therefore vital that the the supporters and shareholders interests in the future of our Club are taken into consideration at a very early stage in any investment/ takeover process.
Many shareholders/ supporters have contacted us who wish to pledge their voting rights (known as a "proxy") from their shares in Manchester City Plc to the Trust. In such circumstances the shares remain the property of those shareholders, however an element of power would be ceded to the Trust. Please note that proxying your shares does not affect your right to attend the AGM or any other general meeting of shareholders. What it does, is give the named proxy the ability to cast your vote as part of a block that includes all other shares proxied to that named party. We are currently preparing the documentation to enable this proxy to happen. We will publish an update here and will be forwarding the appropriate forms to the many who have contacted us shortly.
We have also had a number of supporters offering to donate their Manchester City Plc shares to the Trust. We have made our position clear on this before and confirm that this action is not actively encouraged by the Trust. The donation of shares is admirable and would be gratefully received if the donor was adamant with reference to their intent, but for now we would recommend that those shareholders/ supporters who share the Trust's aims (link here) and identify with the Trust's mission statement (link here) consider proxying their shares to the Trust.