Non-League reveals ex-chief's loan

Nick Goodway12 April 2012

OUSTED Non-League Media chairman Graham Gutteridge borrowed £569,000 from the publishing company - £292,000 of which was not shown in the accounts and most of which was used to help buy a house for Gutteridge's wife in Acton, the company has said.

It also said that the High Court continued a freezing order on Gutteridge's assets until a full hearing on Wednesday 12 December. Non-League's board, which includes Newcastle United manager Bobby Robson, said it was confident it would recover the outstanding loan which now stands at £310,000. The freezing order covers assets worth £1.25m.

Non-League said it now no longer expected to make a profit in the year to June 2002 even if it recovers the loan. In early October it said: 'The directors of the company are pleased with progress towards achieving profitability and a positive cashflow by the end of the calendar year and profitability as a whole for the year ending 30 June 2002. If trading continues at current levels, the directors are confident that these goals can be achieved'.

The shares, which were suspended a month ago ahead of the removal of Gutteridge and resignation of finance director Fiaz ur Rehman, returned to market today, rising 1/2p to 5 1/2p. They were floated at 24p in June last year.

According to Non-League, Gutteridge sold one million shares 'on or around 10 August' at 11p each but this was not disclosed until the company did so on 16 November. Gutteridge remains the largest shareholder in Non-League with more than 25% of the equity.

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