Saints chairman Rupert Lowe, along with directors Guy Askham, Andrew Cowen, Michael Richards and Dave Windsor Clive.
The directors have stepped down with immediate effect. They will be replaced on the board by Ken Dulieu, Michael Wilde, Jim Hone, Lee Hoos, Patrick Trant and Leon Crouch who have been appointed as directors of the company with immediate effect.
As a result of this dramatic development the EGM scheduled for 11.30 am on Monday has been cancelled.
Now that the off field problems at Saints have subsided fans will no doubt be hoping that there will be a greater emphasis on the footballing side of things.