Present at Meeting :- Begbies Traynor - Louise Langley, Rob Sadler, Peter Sargent HTSC - Kit Walton, Chris Neatby HTST - Pam Burton, Gavin Butler 1) Outline of Current Position The Administrators explained that the (post CVA) total owed to creditors of Halifax Town FC is approximately £1,100,000. This consists of: HM Revenue & Customs - £250,000 General Traders - £50,000 Loans - £800,000 2) Overview of Administration Process a) Advertisement offering the Club for sale to appear in the Financial Times newspaper on Tuesday 25th March. b) Expressions of interest to be submitted (up to 2 weeks later). c) Offers to be submitted (1 week later). d) Company Voluntary Arrangement (CVA) to be published (1 week later) e) Meeting to approve CVA (2 weeks later). The whole process will take around 6 to 7 weeks if everything goes smoothly. It should however be stressed that delays would be incurred if additional time is required by potential purchasers, the proposals are challenged, or they fail to gain approval in votes by Creditors and Shareholders. 3) Envisaged Outcome Subject to approval, it is likely that a new Company will be formed by whoever purchases the Club. The distribution of shares in this Company would be a matter for the new owners. The existing Company would cease to exist. 4) Other Information - There are no footballing creditors, which reduces the likelihood of problems with HM Revenue & Customs or the Football Association. - There is no reason to assume the Football Conference will administer penalties other than the standard ten point deduction. - The cost of running the Club while in administration, and the Administrator's costs have been underwritten by the consortium interested in purchasing the Club. This means there is no need to terminate the employment of any staff, although new contracts cannot be signed until the process is complete. The two supporters organisations represented at the meeting wish to place on record that they share the confidence of the Administrators that the Football Club will emerge at the end of this process in a financially healthy state & in a position to view the future in a positive light.