Pompey Trust shareholders given October date for money return

The Trust's AGM tonight approved a motion for the Community Share Withdrawal Scheme.

Operating for 12 months until September 30, 2018, it allows shareholders the option of applying to withdraw their share.

From tomorrow, letters will be sent to shareholders offering them the choice of receiving the £1,000 they spent per Trust share or donating the sum to other schemes.

Alternative funding options include Pompey in the Community, the Pompey History Society or a donation to the Trust.

In addition, there is the opportunity to instead allow the money to be retained by the Trust for use in future projects.

And, according to treasurer Simon Colebrook, shareholders could receive their money back as early as next month.

He told The News: ‘The letters to shareholders will go out tomorrow.

‘There will be an explanation about the process and an application form for them to choose what happens to their share.

‘They can withdraw it and choose what happens to the proceeds. That can be whether the money is returned to them or given to Pompey in the Community, the Pompey History Society or a donation to the Trust.

‘The second choice will be for the Trust to retain their share for use on a future project which we don’t really have a firm grip of yet.

‘For those who would like their £1,000 back, they will get all £1,000 back - and our goal is the end of October.

‘The first approval meeting is expected to be the third week of October. Depending on the number of applications we get in that first batch, we would aim to process those within that week and deliver a first payment the week after.

‘We will run these sessions monthly, with the third week of every month to approve payments for the following week.

‘Obviously if we get 2,000 people apply in that first batch we might not get them all done in the first session, but with volunteers and people wanting to help we will be working hard to fulfill them as quickly as possible.’

Outgoing chairman Ashley Brown hosted the Trust's eighth AGM, which took place in the Victory Lounge at Fratton Park.

More than 100 members attended the event - the first Trust gathering since last month's sale to the Tornante group.