The Share Issue - Is It Worth It?

By: Bill Osborne
Date: 03/04/2003

GRIMSBY Town's bid to release the shares presently in limbo will be put to the vote next week. Town have an authorised share capital of 600,000 £1 shares but only 236,900 have been issued and the club to sell the remaining 363,000 unissued shares.

A 75% majority is needed for the bid to go through and the club are relying on the major shareholders to vote in favour of the proposal saying that the release of these shares would inject cash into the business as well as increasing its borrowing capacity.

Director Michael Rouse told the Grimsby Telegraph; "This has been an extraordinary year for Grimsby Town in many ways. Against the odds we were successful in maintaining our first division status, an achievement we are currently striving to repeat."

"Crucially, boardroom changes mean that, hopefully, for the first time in many years, the running and financing of the club will not be spoilt by shareholder disagreements."

"The directors are supporting the club with loans and guarantees in excess of £1 million. It is my view that a major community asset such as Grimsby Town should be supported financially throughout the community." END

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