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Shareholders in Key Vote
By: Rob Sedgwick
GRIMSBY Town shareholders are to decide on the future of the club in a crucial vote. The vote is to re-register GTFC as a private limited company controlled by "1878 Partners Limited".
The proposal is to transfer ownership of John Fenty's shares to the new company which would be jointly owned by Jason Stockwood and Andrew Petit.
The private company would be called The Grimsby Town Football Club Limited and Jason Stockwood would be its chairman for 3 years and Andrew Petit would be a director. John Fenty would relinquish his shares and no longer be a director.
In order for the resolutions to be passed, they required a 75% majority vote of shareholders. However The Trust have 13%, Fenty has 41% (which would transfer to 1878 Partners Limited) and former director Mike Parker has 21%. The Trust has already said they will back the proposal, and Fenty will do otherwise they would be no point going through the motions. Should Mike Parker back the deal it will take the proposal over the line, otherwise, it would require virtually every small shareholder to back the deal.
As the vote is on May 5th, that's just before the final game of the season on 8th, so Town's financial future could be resolved before the season ends. Should the vote not be passed presumably the whole takeover be scuppered and the future of the club would be very uncertain.
Shareholders large and small are encouraged to back the deal and get their votes in promptly.
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