Supplementary Circular Confirms Arrangements

Since issuing the first one on 12^th April 2017, the Board along with the Group CEO Stuart Davies have continued to engage with shareholders and supporters, addressing concerns and providing further explanations on key issues. In addition, Martyn Phillips, the Welsh Rugby Union CEO, attended a second open meeting and fielded a number of questions in respect of the Union’s position on certain matters. 

The circular seeks to deal with the main themes and discussion points emerging from these meetings, and perhaps most significantly confirms some additional provisions for Newport RFC.

These will see the current David Watkins Suite in the Bisley stand being used on Newport RFC match days or for events run and managed by them, with all net profit being retained by the club. In addition, the WRU have agreed that the current ‘Education Suite’ can be fitted out with memorabilia and act as a Newport RFC ‘museum’, as well as being open to supporters on match days and acting as a meeting room or office. The existing right to continue using the current clubhouse on match days for 12 months remains, and the club will consider whether to do this in light of these further concessions and the associated cost implications of ‘taking on’ the clubhouse. It also sets out that Newport RFC have secure playing rights at Rodney Parade for as long as professional rugby is being played there.

The perceived absence of a business plan is also addressed in the document, making it clear that whilst the likely future trading position has been set out based on current figures, it will be for the new management structure within the club to make the decisions on how this is shaped going forward.

The circular also revisits the grave consequences of a ‘No’ vote, whilst re-affirming the position of the main benefactors, Tony Brown and Martyn Hazell, as well as the Board’s belief that the sale of the ground represents the only viable option for maintaining rugby at Rodney Parade. 

Group CEO Stuart Davies commented: “I think the documentation and further discussions have been well received, and we thought it would be beneficial ahead of the vote to capture the main themes in an additional release.

“The extra provisions for Newport RFC are both welcome and significant, and hopefully provide a further assurance that Rodney Parade will continue to be a home for Newport in the event of a ‘Yes’ vote.”

To view the full supplement circular please click here. All of the shareholder documents are on the website and are fully downloadable and printable by clicking here; however, if you are a shareholder and wish to receive copies of these documents then please contact the Company at its registered address.