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Question of the Week
Do you support Cleethorpes Town?
Rights Issue Goes to AGM
By: Rob Sedgwick
Rights Issue Goes to AGM
News From 22nd May 2000
Grimsby Town FC's board have decided to go ahead with plans to raise Â£500K from shareholders to contribute towards the cost of the new ground. The board have decided to take the two for one rights issue to July 26th's AGM.
The results of a survey of shareholders has given the board enough encouragement to press ahead with the proposal.
The club had sent out a questionnaire to major shareholders asking if they would be prepared to support the rights issue. Last Friday's deadline for their response has now passed.
Vice-Chairman Bryan Huxford (pictured) said:
"Although there were a lot of people who did not reply, those that did gave us enough encouragement to go ahead."
Most of the former board have sent back their forms saying that they would be prepared to support the rights issue provided it is underwritten by the current board - i.e. any shares not taken up should be bought by the current board.
However, this appears too open-ended for the present directors to agree to.
A suggestion made by former director John Fenty that only a 51 per cent majority is needed to get the rights issue through has been dismissed by Mr Huxford.
While it is true that a basic rights issue does need only a simple majority, the proposed issue is different.as it would take the number of shares past the authorised issue level of 600,000.
There are currently 236,900 issued shares and, providing two for each one held takes up the issued shares, the number would rise up to 710,000.
To issue more shares than the authorised ceiling of 600,000, there has to be approval of 75 percent of the shareholding at the AGM.
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