John Fenty Says New Share Issue Likely

By: GTFC Official Statement
Date: 23/07/2001

MR JOHN FENTY, who was recently appointed to the board of Grimsby Town Football Club, today stated that he is delighted to be back in the Blundell Park Boardroom and has issued the following statement to the supporters of Grimsby Town.

The Official Statement

"It is an honour and a privilege to be re-appointed a director of Grimsby Town Football Club. My rejoining the board comes with the assurances that the directors and the club's major shareholder are seeking to attract new investment by unlocking the unissued share capital."

"A successful share issue will benefit the football club, as opposed to a small number of shareholders, by seeing a much needed cash injection and would see a return to a democratic approach to running the club by a settled Board of Directors, all of whom are committed to the sole aim of furthering the interests of Grimsby Town."

"....The Hux offer was meaningless...."

"It is not in the best interests of Grimsby Town that there is a single shareholder, or a small number of shareholders, who control the club and can do virtually as they please, as if it were their own business. It would appear that the club has been run on this basis for the past 18 months until Bryan Huxford's recent resignation, leaving the club with serious financial difficulties. His recent offer to take over the club appears to be a meaningless gesture, as he set a pre-condition of obtaining at least 76% of the share capital, which was always an objective unlikely to succeed."

"I am delighted that the directors are fully committed to the new stadium project and I look forward to being actively involved in progressing this development, which is of paramount importance to the future of the club. It is vital that all of the benefits of the new stadium development should come to Grimsby Town Football Club and not go to investors whose motives are not furthering the interests and development of Grimsby Town but who are perhaps more interested in looking for a return on their investment. Where were these big money investors so interested in Grimsby Town, before the new stadium became a possibility?"

"The directors are trustees of the football club, responsible for ensuring the club's future existence for its supporters and the local community. This can only be achieved by committing yourself to work as part of a team whose sole motive is furthering the interests and continued development of the club, with the ambition to see us play football at the highest level possible whilst at the same time maintaining a sense of realism. This is why I have decided to accept appointment as a director at this crucial time for our club."

"Neither myself, nor my fellow directors, wish to be distracted any further from achieving the objectives for which I have joined the board."

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