The claim of Libertad VCF against Valencia CF for Lim’s loans, the salaries of the directors and the number of shares to participate in the meetings is admitted
The colective Freedom VCF has announced that the Commercial Court No. 1 of the City of Valencia has admitted for processing the lawsuit filed on January 10, 2021 against Valencia CF to challenge the Social Agreements that they consider detrimental for small shareholders, such as the agreement of the Board of Directors, by which Valencia CF contracts a loan with Meriton Holdings (Peter Lim) de 16,500,000 euros whose term expires in 2021 and whose guarantees there are four players from the first team, for being abusive and for incurring a conflict of interest. The lawsuit also requests the nullity of the Agreement of the General Meeting regarding the salary level of Senior Management Valencia CF SAD, for being abusive with respect to the financial situation of the entity. Finally, it requests the nullity of the modification of Article 11 of the Bylaws of Valencia CF, by which it rises from 11 shares to 3,598 to participate in meetings “for being abusive and serving exclusively the interest of the maximum shareholder.” The club has 20 days to respond.
– OFFICIAL COMMUNICATION –
The claim is admitted for processing by the Commercial Court of Valencia.https://t.co/4WTmuAYrgf pic.twitter.com/L9uS0N24Ab
– Freedom VCF (@LibertadVCF) February 3, 2021
The full statement of Libertad VCF
The group has reported the admission in an extensive statement in which it ensures the following:
The Valencia CF Freedom Association (Libertad VCF) has been working selflessly for several months with the your sights set on the active defense of Valencia CF shareholders who have trusted us and have grouped their actions through the Freedom VCF website in order to monitor the management of Meriton and prevent them from further weakening our club.
In reference to this point we want to show that:
- Thanks to the union of Valencianism and having reached 1% of the shares, Libertad VCF, on January 10, 2021, filed a claim to challenge the Social Agreements that we consider detrimental to Valencia CF and its minority shareholders.
In this challenge action it is requested:
a) The nullity of the Agreement of the Board of Directors, for which Valencia CF contracts a loan with Meriton Holdings of 16,500,000 euros whose term expires in 2021 and whose guarantees are four players from the first team, for being abusive and for incurring a conflict of interest.
b) The nullity of the Agreement of the General Meeting, corresponding to the Approval of the Annual Accounts of the Company, regarding the salary level of Senior Management Valencia CF SAD, for being abusive with respect to the financial situation of the entity.
c) The nullity of the Agreement of the General Meeting, corresponding to the point of the modification of Article 11 of the Valencia CF Bylaws, by which the threshold corresponding to the number of shares required to participate in the General Shareholders’ Meeting is raised from 11 shares to 3,598 for being abusive and serving exclusively the interest of the maximum shareholder.
- Regarding the demand, on this day, the Commercial Court No. 1 of the City of Valencia transfers us that the claim has been accepted for processing, and, therefore, transmitted to the Valencia CF Council for a reply within 20 days.
As we have been acting to date, we decided to file this lawsuit to stop the maximum shareholder and challenge some agreements that we understand have been made exclusively by and for your own benefit.
This is the result of the true union of Valencianism that, selflessly and anonymously, has gone to work side by side to liberate Valencia CF. We must to thank to those who have dedicated time of their life to grouping, in administrative tasks, in dissemination tasks, in research tasks and of course in drafting this demand.
With the fans, by the fans and for the fans, this is the only way to guarantee our independence, that is why we will continue working on our commitment to get the freedom and democratization of our Valencia CF.
Finally, we want to address all of Valencianismo to ask from the heart for your help, we need to group 5% of the actions of Valencianism and for this we have made available to all Valencia shareholders the new website of Libertad VCF to be able to do the process 100% online, fast and secure. You just have to enter www.libertadvcf.com and follow the steps we ask you to do. If you have already censored your actions freely, updating your group will only take a couple of minutes.
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