Sheepshanks: Share issue is vital

BLUES chairman David Sheepshanks has warned the club's future could be placed in jeopardy if the recently launched share issue fails.The Town supremo has called on supporters not to be complacent about the club's finances just becase they have secured Shefki Kuqi and Chris Bart-Williams on a permanent basis from their loan status.

BLUES chairman David Sheepshanks has warned the club's future could be placed in jeopardy if the recently launched share issue fails.

The Town supremo has called on supporters not to be complacent about the club's finances just becase they have secured Shefki Kuqi and Chris Bart-Williams on a permanent basis from their loan status.

In a statement released last night Sheepshanks said: "2003 has been a year of contrasting fortunes and opportunities for Ipswich Town. With exactly half the league season gone, we go into the last two weeks of the year having risen from being bottom of the league on 13 September to a current position of fourth, having now won or drawn 12 of our last 13 matches.

"Financially the group has also been through a turbulent period principally due to relegation from the Premiership. The club was in administration from February to May and there is a continuing need to seek additional funds.

"In November we launched the prospectus to raise a minimum of £1.25 million. In my letter in the prospectus I emphasise that it is crucial that we raise as much money as possible through the share offering.

"Subject only to the restriction retained by the directors that no shareholder may own more than 15% of the company (subject to the discretion of the directors), the directors have the power to issue up to 500,000 shares at £20 a share. On the other hand an unsuccessful share issue could jeopardise the future of the club.

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"As we move towards the close of 2003 and look forward to 2004 I wish to put on record my gratitude to all members of the playing and non-playing staff who have put in so much time and effort this year. We all now have to re-double our efforts to ensure we continue our playing success into 2004. I must also thank our loyal fans whose support is crucial to our on-pitch performance.

"The financial future is not yet secure but a successful share offer creates our best opportunity to achieve an improved financial position. Joe Royle and our players are doing their bit – we now need our fans, supporters and any other friend of Ipswich Town to do their bit."

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