Monday, December 17, 2007

3 Southampton Board Members Resign

Some may label this as a shakeout after Wilde, Lowe and others rejected SISU's bid (original bid info, here). I'm not sure it's that simple. It's clear that the Chairman Dulie, Hone and Oldknow were brought in to a get a deal done. With SISU's offer withdrawn as they've now purchased Coventry and with no other known courters, they had failed at their task. Or is it that they still had a lot of work to be done? If you go with the stock markets reaction today, the story is that they're abandoning ship. Shares in Southampton Leisure Holdings PLC (LON:SOO) dropped $5 today to close at $36 / share. Could administration be around the corner for Southampton?

International Herald Tribune

Chairman Ken Dulieu, chief executive Jim Hone and commercial director Andy Oldknow quit after a deadlock with shareholders on the future of the club.

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