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We are grateful to the fans for the generous support we have received during recent days. After very careful consideration we beieve that a successful refinancing offers greater security for Q.P.R than a sale and leaseback. Furthermore, the latter will result in a potential capital gains tax liability for Loftus Road Plc.
In our opinion, the so called MBO is clearly not a management buy out. It is a refinancing of Rangers Stadium that will meet the two principal needs of ending the administration and ensure long-term security of tenure for Q.P.R. It will also provide a means of paying off Chris Wright an agreed 50p in the pound. Whilst we are not privy to the proposed agreement it appears that after clearing all debts, approximately £3,000,000 will be available for Q.P.R. An 8 per cent fixed mortgage for 10 years must be better business than a 10% lease with no buy-back provisions. We are now preparing a fund-raising document for “We Are QPR”. Subscription will ensure our future. Supporters and fans will have a personal interest in a number of players, recruited by Ian Holloway and also have an influential role with Loftus Road Plc. It is our intention to invite representatives of Q.P.R First and Q.P.R L.S.A to join the executive board of “We Are QPR”. We realise that all shareholders appear to have lost their investment in Loftus Road Plc (since the company is not only suspended but also delisted). In simple terms it will not be requoted. We have therefore resolved to offer one share in “We Are QPR” for one share in Loftus Road Plc. The new shares will be quoted on the Offex market.