League Two Form Guide
Question of the Week
Do you support Cleethorpes Town?
Time For The Share Issue
By: Martin Copass
NOW that the club's financial plight has worsened, perhaps it is now time to bring up the old chestnut of the club's share capital.
There are still over Â£300,000's worth available, and it could even be increased to a Million if the ex and current directors could only get together and come to some sort of agreement.
Although this would not solve all Town's immediate problems, it would certainly be a step in the right direction and give everybody a chance to do their bit to help the club.
As a very small shareholder myself, I have been to the annual general meetings, and it seems quite clear to me that the differences are still there between current and ex directors and this is doing no good to the club at a time when everybody should pull together to sort out this major crisis.
"...at a time like this then every little would help..."
I often get the feeling, that when you tell someone that you have a 'few' shares in the club then you have pots of money! This is not the case, as I merely bought my few at a time when they first became available, but unfortunately it seems that not many others Town fans did at the time. This led to a large amount being unsold and this is why I believe now is the time to put them back on sale to let the average Town fan like me buy them to show their support for the club. This would obviously also make them available to anybody who wanted to invest larger amounts. It may only be a drop in the ocean, but at a time like this then every little would help.
As we are all unaware of what the plans the board have, we can only hope that this will be one of the options they are considering. Unfortunately this would probably mean a meeting of the clubs shareholders, and getting them to agree to the shares being put on sale again which may take time, but if they were to decide to go down this road, then it may give the supporters some hope, as well as their chance to do their little bit for the club.
Billo Says: This is the move I have been espousing for some time now. There are 260,000 shares issued, leaving 340,000 of the 600,000-share equity unissued. The club could increase the share issue to a million or even 2 million to sell at their face value of one pound each. Even if it was a million that would bring 740,000 pounds to the club and that is a significant amount today.
They also might revive the idea of issuing non-voting shares that will bring a dividend to the buyers and are usually short term over 5 years. Some clubs are doing this now. But it received very little support at Grimsby Town last time round
The problem is that 75% of the shareholders would have to vote in favour of any proposal and that will not be easy.
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