TUST

TUST PROPOSAL TO ENTER PARTNERSHIP WITH THE BRYN CONSORTIUM AND TO SECURE A SEAT ON THE BOARD OF TORQUAY UNITED

MEMBER CONSULTATION

The TUST board are sure you will all agree that the news coming out of Plainmoor in the past couple of weeks has been very welcome, positive and exciting. We believe that the club we all love is at a watershed point in its history with a much-needed reset in all areas.

While the bid for the club and subsequent acquisition (subject to approval of the Company Voluntary Arrangement) has been led by the Bryn Consortium, TUST has been involved from the very start of the process, when a few board members met with Michael Westcott before the game at Weymouth. We have worked closely with him and his colleagues since then, sharing the disappointment of not at first being selected as the preferred bidders, but then the joy and anticipation of stepping forward when invited to do so by the administrators.

The TUST board shares the vision of the consortium for the short, medium and long-term future of the club as one that is sustainable, open and fan-owned and believes that this can bring success and ultimately a return to the Football League.

We therefore propose to enter a formal partnership with the Bryn Consortium that will secure permanent supporter representation on the club’s board.

As members may be aware, TUST has over recent years built up a contingency fund to be used to save the club in the event of a crisis, through the launch of a phoenix club for example. This Forever Yellow Fund (FYF) currently stands at approximately £70,000 which includes money raised through our Crowdfunder after Clarke Osborne announced his withdrawal of financial support in February. Your board believes that now is the time to commit a significant portion of the FYF to the new custodians of Torquay United and we propose, upon completion of the takeover after the club comes out of administration on or around 31^st May, to invest £50,000 in the club which will secure an equity stake and shareholding and a first seat on the club’s board. We will retain the balance of the FYF to cover professional fees associated with the partnership and other contingencies but may consider further contributions to the club from the Fund in due course.

In addition to this immediate proposal, TUST will shortly be launching a fund-raising campaign, probably through a Community Share Issue, to raise more money to support the immediate future of the club and to increase our shareholding and secure at least one additional board seat. Details and a launch event coming soon!

We have waited a long time for this sort of involvement and if we do not invest in the club now it will be a missed opportunity.

We hope that you will support these proposals to invest the FYF into the club under its new custodians from the Bryn Consortium, but welcome any comments you may wish to make via our e-mail: info@tust.co.uk .

The deadline for comments is noon on Friday 31^st May.

Thank you for your support. COYY!

JOIN HERE – http://www.tust.co.uk