The future of the old cinema will be discussed at the annual meeting of Clifton Community Arts Centre Ltd, which will take place on July 22, from 6.30pm, at Wellington Civic Offices.
The group has been fundraising in a bid to buy the building, which operated as a cinema from 1937 to 1987 and was later used as a Dunelm store before closing in 2012.
Campaigners want to turn the site in Bridge Road, Wellington, into a community arts venue with a 100-seat digital cinema.
Fiona Hunter, a director for the group, said: "There has been much rumour, speculation and rhetoric concerning the Clifton Community Arts Centre during the past year.
"Suffice it to say that the board have been working hard behind the scenes to be able to establish the exact position with regard to the sale, or otherwise, of the Dunelm former Clifton cinema site.
"Whilst some uncertainty remains, there is news that we will shortly be able to impart.
"And far from giving up on the campaign we are in the process of establishing an exciting, promising and interesting way ahead for the provision of arts and culture for the community of Wellington and surrounding areas.
"We are not able to make any firm announcement at this time as we first have to hold the annual general meeting for our members and shareholders.
"At the annual meeting we will be presenting our report and accounts to comply with our statutory responsibilities and members have received the agenda.
"It is the board's intention to also announce the 'Way Ahead' for the project and if people want to be the first to hear this, they will be very welcome to come along."
The scheme has been backed by playwright and film director Mike Leigh, best known for his 1977 comedy of manners Abigail's Party, and Only Fools and Horses star John Challis.
Members of the Clifton Project had been selling shares in the building in a bid to buy it and have raised thousands of pounds.
Members of the public are welcome to attend the annual meeting