Shrimp's Trust Statement on meeting with Sarb Capital
Posted: Wed Feb 15, 2023 5:32 pm
Just go this email from the trust.
They could have made this easier by sending text instead of an email but I've transcribed it here.
They could have made this easier by sending text instead of an email but I've transcribed it here.
On Monday representatives of the Shrimps Trust met with Sarbjot Johal and Saidi Kawooya from Sarb Capital, and Jason Whittingham of Bond Group regarding the proposed sale of Morecambe Football Club Limited.
During the meeting, we were able to raise some of the concerns that have arisen over the last few weeks. Sarb Capital have told us that the accusations of any involvement in a crypto-based investment platform are wholly untrue, and that an investigation is ongoing into the website alongside legal action taken with the allegation of copyright infringement and defamation.
Sarbjot was also keen to impress to us that the financial position and performance of the trading entities within the Sarb Capital group are vastly changed from the financial statements currently on public record at Companies House.
Whilst no further evidence was provided in the meeting, in our discussions it was mutually understood that the evidence to support the financial viability of the takeover will be provided to the EFL, who will perform the appropriate due diligence through the EFL Owners and Directors test. We understand Sarb Capital have already invested an amount of equity into the club, and their intention would be to invest further equity through share issue.
As part of the due diligence process, we would expect the EFL to clarify the source of the investment funds given that this information is not publicly evident from the financial results of Sarb Capital, its group and associated companies.
Sarbjot told us of his ambitions for the club, subject to approval from the EFL, which was aspiring and would involve significant investment both on the pitch and off it. Sarbjot is also keen to maintain a close relationship with supporters, if his application is successful, and build on our community foundations.
Our understanding is that the process is now with the EFL and the Trust look forward to a diligent and decisive response in due course. While we await further information after a constructive meeting, the Trust is in continued close dialogue with the Football Supporters' Association.