Gloomy times on the coast. KV Oostende must submit its license file on Friday, but that does not seem to be possible. Possible acquirer Apex Capital Global still pulls out, leaving the financial well untouched. “Without a takeover it will be impossible to obtain a license,” says temporary administrator Werner Van Oosterwyck.
“I have always been transparent in my communication and want to be so now,” Werner Van Oosterwyck opens his text and explanation on the KV Oostende website.
“The issues that arose last week surrounding the takeover have unfortunately not been resolved. That is why the potential acquirer Apex has dropped out.”
Particularly bad news for the coastal team, which had to look for a capital increase as quickly as possible to close the financial hole.
“Without a takeover, there is no possibility of obtaining the license. Unless a miracle solution presents itself in the next 24 hours,” the temporary administrator puts it bluntly.
Where does the shoe pinch for KVO?
“First and foremost, the transfer of the shares has still not happened. An agreement about this was reached with all shareholders, but this has not yet been reached with Paul Conway.”
If there is no takeover, there is no license and you drop to the amateur class.
Werner Van Oosterwyck
“Nevertheless, it is to his advantage to accept our proposal,” says Van Oosterwyck. “A possible bankruptcy of KVO will have a serious legal impact for him.”
Conway owns 50.1% of the shares. He got some of that for free by the withdrawal of other shareholders. As long as he does not sign the transfer, KVO cannot look for a solution.
And so the mountain of debt grows: “If you add everything up, it amounts to 10 million euros.” Bankruptcy is gradually appearing unavoidable.
“If there is no takeover, there is no license and you drop to the amateur class. With this mountain of debt, bankruptcy cannot be averted.”
“I am legally obliged in my position as temporary administrator to file for bankruptcy,” concludes Van Oosterwyck, who sees the seconds ticking away to the detriment of KVO.
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2024-05-15 11:31:51
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