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Bryan Huxford Must Name Names To Succeed

By: The Fishy Team
Date: 13/07/2001

WITH the news that Bryan Huxford's bid to take over Grimsby Town has hit a hitch because a major shareholder has asked for more than the offer price, now would be a good time to look at the whole deal and the effects or repercussions if it goes through.

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The offer relates to the 270,000 shares that are in the market place inasmuch as they have been issued to shareholders, with another 730,000 in limbo and it is these latter shares that are the major factor in this takeover bid.

Huxford is seeking to gain 76% of the 270,000 shares which is 205,200 at a price of 2.50 per share amounting to 513,000 pounds.

If he is successful in his bid it will place him in a position to control the 730,000 unissued shares too without additional cost. In fact the offer itself is to buy a football club with a 20 million pound asset waiting in the wings, for just over half a million pounds.

Some would say that this was a cheap price and as all the shares will be in the hands of one man, if there is ever dissatisfaction with the way the club is run, there is no safety valve. There cannot be a shareholders meeting to depose him as he will be the only one with any real equity in the club. That in itself may be viewed as dangerous.

On the other hand, the club is struggling to keep its head above water and Huxford's offer is that in exchange for a controlling interest he will bring much needed funds to the club through his backers.

If this is the case, then shareholders should have no hesitation in selling their shares to him if the club is to be successful. It is rumoured that the major shareholder, asking for more than 2.50 for his shares is the major shareholder, Dudley Ramsden. If that is so it is not surprising. Dudley Ramsden paid more than 2.50 for some of his shares and has been keeping the club in funds until the new season starts and it is not unreasonable for him to want some return for his money.

There is a solution.

Mr Ramsden has said he wants the best for Grimsby Town Football club and if Mr Huxford is willing to disclose his backers and state exactly how much they will bring to the club, Ramsden may well change his mind and accept the original offer.

One thing is clear. Huxford must name his backers if he wants the shareholders to accept his offer. There is much anticipation amongst shareholders and fans in the belief that the Mariners are to see better days under his leadership. But there is also disbelief in that shareholders are being asked to part with their shares for something they know nothing about.

Bryan Huxford could get the indication he wants today. But to do so he must now come forward and start naming names. It can do no harm. If his offer is accepted he will have to name them and, as the offer is reaching a critical time, it will help his bid if he now announces who is backing him.

Some shareholders are hanging back to see what announcements are made and without them, Huxford may well fail in his bid, and that will be bad news for Grimsby Town Football Club.

The next 24 hours according to Bryan Huxford will be crucial. We await in anticipation.

The Fishy Asks: Do you agree with us? Your replies to the Pontoonites Message Board. If you have an article please submit it to us for publication.

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