Leyton Orient EGM
The club has called an EGM for Monday 8 May 2006, to discuss two major property transactions;
- To sell off the remaining 30% profit share in the West Stand office space to Samuel Beadie (Leyton) Ltd ("SBLL"), the company formed with Barry Hearn to buy out the West Stand office space last year, for £400,000.
- To sell the strips of land behind the South Stand and the proposed North Stand to SBLL, with a view to residential development, for £1.25 million.
The money raised by these transactions is to be used mainly for building the North Stand.
LOFT voted against the proposal at last year's EGM to sell off the West Stand space to SBLL (known at the time as a consortium involving Barry Hearn and a 'property developer friend'), partly due to the resulting severe reduction in future income streams to the club. LOFT is very concerned at this further and complete sell-off of future income streams from the West Stand office space, and calls upon the club to expand on what, if any, plans it has for the long-term future of the club.
LOFT is consulting with its members about how it will vote at the EGM. If you are a shareholder but are unable to attend the EGM, and would like LOFT - the only democratic supporters organisation associated with Leyton Orient - to act as your proxy, please contact firstname.lastname@example.org or leave a message on 07944 954771 and we'll come back to you.