Warwick District Council ("WDC") has issued a press release this afternoon relating to its proposal to buy land located off Gallows Hill / Europa Way from Warwickshire County Council and to build a community football stadium for the club on that land, a proposal that will be considered by a Full Council meeting on 12 April.

As you know, the Board have been holding discussions with WDC for a number of years on the possible relocation of the club to a site that is much closer to the town centre and has better transport links. The Board's negotiations with WDC on the underlying principles and objectives of a possible deal have almost been concluded but some work on a Memorandum of Understanding ("MOU") between the club and WDC setting out those principles and objectives remains outstanding. We are reasonably confident that this work will soon be finalised.

We gave a presentation to club shareholders and fans and held a general meeting on 21 December 2014, the last time we had something of significance to report on this subject. Our intention now is to call another general meeting of club shareholders to update them and fans on progress made in our negotiations with WDC. Authorisation to sign the MOU will also be sought from shareholders at the general meeting. Notices of the general meeting will be sent to shareholders in the very near future. At that time, the date of the presentation and general meeting will appear on this website.

WDC's press release, which we have agreed, refers to a few of the basic principles of a possible deal with WDC. Details of information being provided to WDC Council members attending the Full Council meeting are viewable on WDC's website here. Further details of the underlying principles and objectives will be presented to club shareholders and fans immediately before the general meeting.

The Board believe that this is very positive news for the club and, subject to the requisite approvals from WDC councillors and the club's shareholders, we will now be able to move forward with this very exciting community project. Please be assured that during the proposed development we will continue to update shareholders and fans on progress and, as we have already committed to do, will obtain shareholder approval of all negotiated legally binding agreements we will need to sign.

On behalf of the club I would like to thank our external professional advisers for all the advice and assistance they have provided to help the club get to this point. FWP (architects), Murphy Salisbury (chartered accountants), Lodders (solicitors) and Bromwich Hardy (property agents) all share the Board's vision of developing and expanding our community work and have been outstanding in providing their services. We look forward to continuing to work with them.

In closing we would also like to thank Warwick District Council for the considerable effort and time they have committed to developing these proposals for what is a hugely exciting community project that would benefit the local area and region.

Jim Scott
Chairman

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