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Board Looking To Free Up Shares And Increase Total
By: Bill Osborne
GRIMSBY TOWN's board of directors are bringing forward plans to raise money through new share issues. The intention is to first free up the unissued shares which are presently locked in by factional differences and then to increase the total share capital of the club.
The Grimsby Telegraph reports that an extraordinary meeting of shareholders will be called to gain the current shareholders approval for the plans.
Only Â£236,900 of the Â£600,000 authorised share capital has been issued and a 75% vote in favour is needed to unlock the current shares which will bring in Â£363,000 and the same 75% vote will be needed to increase the total share equity in the club which will be dependent on positive news on the club's new stadium.
"...We can't generate sufficient income from our facilities at Blundell Park to keep pace with the ever-increasing costs..."
Attempts to change the share structure in the past have not been successful due to factional in fighting but the board, said to be looking for stability, is hoping the current plan will be successful.
The board said today: "The financial statements released to the shareholders yesterday clearly illustrate that the financial demands of maintaining a first division football club continue to increase dramatically, and that we cannot generate sufficient income from our facilities at Blundell Park to keep pace with these ever-increasing costs."
"Taking the club forward will require fresh investment and while at present the directors have made substantial loans to the club, it is the board's wish to make available the company's existing unissued shares to provide permanent capital, rather than loans which can be withdrawn."
"The directors are committed to progressing the development of the club, but in order to do so we shall require the support of all the shareholders to enable us to work together, and with this in mind we trust that our proposals to unlock the existing unissued share capital when placed before our shareholders will receive their support."
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