Akkeron provides the following update in relation to the potential acquisition by Akkeron Leisure Limited ('ALL'), GP's parent company, of the assets and undertaking of PAFC:
*other than the sale and purchase agreement ('SPA') to be entered into
between ALL, PAFC and the Joint Administrators, all non-employee related agreements have been agreed.
*ALL understands that the SPA is agreed in relation to all matters other than the Joint Administrators' fees and expenses.
*on Tuesday 25th October 2011, GP made a best and final offer to the Joint Administrators for settlement of their and their advisers fees and expenses.
*all agreements required from non-playing staff (current and previous) to complete the acquisition have been received, as have all those required from current players.
*a small number of agreements need to be signed by previous players for the deal to proceed. Akkeron has been assured that these deeds are in the process of being signed and hopes that they will be received today.
*Akkeron understands that the waiver/deferral agreements entered into between the Joint Administrators and current employees, expire tomorrow, 28th October 2011.
James Brent, Chairman of Akkeron said: 'My colleagues (current and prospective), advisers and many, many other parties have worked tirelessly to rescue PAFC. They have my sincere thanks.
The combination of the dire financial position that the Joint Administrators found the Club in and the protracted administration has created many losers and no winners. I recognise the level of losses that the Joint Administrators will suffer if they proceed with the transaction, but believe that these losses will be higher again if they do not.
ALL will not improve on the terms of its best and final offer. I call on the Joint Administrators to follow the example set by PAFC's employees (current and past) and creditors (unsecured and secured) and accept their losses and allow the Club to move forward. Please let today be the last page of a dreadful chapter in the Club's history and tomorrow the first page of a bright new beginning'.
Ends
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