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EGM Called For GTFC Share Issue Bid!
By: Bill Osborne
Date: 17/03/2003
GRIMSBYTown Football Club are to call an extraordinary meeting of shareholders for Thursday, April 10, at 10.30am at the Inn On The Park where the directors will be seeking the authority to issue more shares.
The club has a share capital of 630,000 £1 shares but only 236,900 have been issued because attempts to release the shares have been blocked by the shareholders. A 75% majority is needed for the bid to go through.
The club want to sell the remaining 363,000 unissued shares to raise cash.
The Grimsby Telegraph states that the release of the 363,000 'dormant' shares would inject cash into the business as well as increasing its borrowing capacity and there is some optimism that this time it could go through.
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