Airdrie News
Wed 1st December 2004

 This is a letter sent to the share holders and creditors of Airdrieonians Football and Athletic Club.

It states "Further interests were sought (in the purchase of AFC's interests in the stadium, as they owned the bricks & mortar, but NLC owned the land) and following a closing date set for 7/5/04, 3 formal offers were received. Following detailed discussions with the highest bidder, we concluded the sale of the stadium to HMS (528) Limited on 25 June 2004. At that time, we received a total of £326,800 for AFC's interest in the stadium and the marketing costs incurred."

It further states that the club shop on Clark St was sold for £40k on 13/8/03.

Liquidator's fees came in at £680k plus £119k in VAT for period 1/2/00 to 31/5/02; a further charge of c.£277k for fees covering the 2 years & 4 months since 31/5/02 cannot be met as there are insufficient funds available

Legal fees came to £328k, but will be settled at £300k (ex VAT).

It concludes with "There are insufficient funds available to meet all the professional costs incurred in this case. In accordance with previous expectations, there will be no dividend to any class of creditor. This has been an extremely absorbing and at times difficult case for my firm to deal with. With the sale of the stadium now concluded, every effort will be made to resolve the outstanding issues and to bring the liquidation to an early conclusion."

Signed B C Nimmo, Joint Liquidator.

It leaves a few questions though the main one being who are HMS (528) Ltd?

Update by Chris Mac