Following the meeting, it remains the intention of the board to continue to develop the business which includes potential further investment in both the regional team and structure. We are now actively progressing with this investment strategy and are exploring several options to strengthen the core business.

One of the options widely publicised has been of a possible merger with another region. After reviewing the commercial and political viability of such a merger, this option was unanimously rejected by the board and no further discussions will take place.

Contrary to any misconception, the heritage at the Arms Park was, and will remain, of paramount importance to the board.

The board is fully committed to strengthening and developing regional rugby through the Cardiff Blues and Cardiff RFC. The investment strategy for future years is scheduled to be fully debated at the next board meeting and if recommended will be placed before the shareholders at the earliest opportunity thereafter.

We firmly believe any major decision that relates to the future well being of rugby at the Arms Park is a matter for all shareholders and supporters and not for any individuals or unrepresentative bodies, including the board. To this end, the board unanimously agreed that there is a pressing requirement for continuing dialogue with the landlords (CAC), and as a consequence, a request is to be made for a meeting to clarify matters.

We remain committed to a negotiated settlement of the current differences with our landlords. However, as a board we re-iterate to all supporters that we will vigorously defend any action taken against us that would jeopardise the playing of regional and premiership rugby at Cardiff Arms Park.

The current board and its executive officers were at the forefront of the creation of regional rugby in Wales. The Company's success in being awarded one of the new regional teams protected both shareholders' and supporters' interests. The board remains committed to defending these interests, whilst at the same time developing a strategy for further investment in its respective teams.