I have been emailed my shareholder AGM do dah/thingy by the club last week. Reading through the initial paragraph the following statement surprised me:
Following discussions with the Company’s auditors, and after careful consideration, the Board has concluded that the £500,000 valuation of our shareholding in ITFC can no longer be sustained, given the Club’s relegation to League 1 and the extent of loans outstanding to Marcus Evans Group companies. Accordingly the valuation has been written down by £500,000 to nil.
Can anybody any of you financial types explain the consequence (if any) of this?