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Bryan Huxford's Offer for GTFC Shares Goes Out
By: Fishy News Room
Date: 26/06/2001
FORMER Grimsby Town Vice Chairman Bryan Huxford has now sent out his offer to all shareholders in his attempt to gain overall control of GTFC. Mr Huxford has confirmed that, with his backers, he is looking to buy all existing shares from current shareholders.
With only 270,000 shares on the market this means that the current board will have to agree to sell their shares to Huxford for him to gain control. In a statement earlier to The Fishy Mr Huxford revealed that he is hoping to secure 76% of the 270,000 shares currently on the market.
There are no details yet of what price Mr Huxford is offering but it seems that his need to secure 76% is to avoid the necessity to seek the approval of shareholders for his plans. Presently the constitution of the Plc dictates that to initiate changes in issues such as equity and changes to the Articles of Association, approval is needed by at least 75% of shareholders.
This will not be an easy task with major shareholder Dudley Ramsden previously declining an offer for his shares from some of the previous board members. Bryan Huxford, on the other hand, is hoping that shareholders will sell their shares in order for him to move the club forward and in previous statements has called upon them to "act in the best interests of the club"
"This isn't me playing games - I want to buy the football club and take it up to the next level. It will not work in this day and age with a committee running it. There has to be one boss and he has to be prepared to gamble to move the club on."
Shareholders should expect to receive their offer over the next few days.
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