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Date Set for Share EGM

By: Rob Sedgwick
Date: 03/11/2001

GRIMSBY TOWN have set a date for the Extraordinary General Meeting of shareholders to debate two proposals to unlock the unissued share capital of the club.

The resolutions would if passed bring in up to £350,000 of additional funds to the club, and possibly new investors into the company.

The meeting, to be held on Monday 26th November at the Inn on the Park (10:30 am) will consider two options as to how the share capital might be released.

The first option would be to allow the club to issue shares to any party who is interested in buying them, with the second choice being to allot shares for existing shareholders on a one-to-one basis in a Rights Issue.

The club have estimated that the second option would cost in the region of £30,000 to prepare the prospectus and supporting documents, whereas the first option would cost just £1,000 as no documents would need to be prepared.

Both special resolutions require a majority of at least 75% of the shareholders in order to be passed.

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