RUPERT Lowe yesterday threw down the gauntlet to Michael Wilde by demanding answers to a series of questions.

In an open letter to Wilde initially released to the Stock Exchange, Lowe said "the stark reality is we, as a board, know little about your intentions in relation to the company in the event that the change of board control that you envisage takes place."

Lowe's questions are as follows:

  • Are the five directors you are proposing to elect to the board of the company the only directors that you propose to elect or are you considering making further appointments following the EGM?
  • If so who would these appointments be?
  • Who would be managing director of the board and how would the company be managed?
  • What would your role be within the company and the football club?
  • Why do you believe that your nominees are better able to manage the affairs of the company than the current board?
  • Could you please detail the experience that the new proposed board would bring to bear which is not already contained within the experience of the existing board?
  • Will the football club have a different board and, if so, whom?
  • What is the future for George Burley and Sir Clive Woodward?
  • What commitment will each of your proposed directors make to the company in the form of acquiring shares?
  • What plans do you have for the employees of both the company and the football club?
  • You have mentioned that you will be able to introduce new funds to the company. How much will these funds be, when will they be available, will they come from you, and if not, from whom?
  • Your advisors have indicated that if your proposal to take board control is successful then you intend to conduct a rights issue in the near future. Is this the case?
  • If it is, how much do you intend to raise, will any issue be underwritten and by whom, and what will be the dilution of existing shareholders who do not exercise their rights?

Lowe added: "It would be helpful and informative if you could share these plans with us and, therefore, all shareholders so that all stakeholders in the company can consider the merits and demerits of your proposal.

"I would be grateful if you could provide answers to these questions as soon as possible so that the board can consider its position and any advice to shareholders."

Read Mike Richards public statement in today's Daily Echo