Town share offer is revealed
BLUES fans are being asked to invest a minimum of £100 for shares valued at 25p each in the new share offer.Letters have gone out to season ticket holders and Silver Club members inviting them to buy at least five 'Ordinary Shares' at £20 each, although they are priced 25p each.
By Derek Davis
BLUES fans are being asked to invest a minimum of £100 for shares valued at 25p each in the new share offer.
Letters have gone out to season ticket holders and Silver Club members inviting them to buy at least five 'Ordinary Shares' at £20 each, although they are priced 25p each.
The club also intend to ask a number of high net-worth investors to invest a minimum of £5,000 for shares.
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An extraordinary meeting has been called for June 5 to ratify the plans and it is intended that the share issue closes at 5pm on June 23, three days before the players report back for pre-season training.
It is hoped by the Town board that the maximum £1.75million is raised by the issue, although there is no minimum amount. All the money invested is to be handed to the new manager to invest in the squad, new players and salaries, for next season as the club embarks on a two-year push for the Premiership.
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Blues chairman David Sheepshanks said in the letter: “We are very determined to do everything in our power to resource the club as strongly as possible in an effort to regain Premiership status at the earliest date.
“Whatever further support you can give us will be hugely appreciated.”
To ensure players do not have to be sold for financial reasons - although it is possible a player may leave for footballing reasons - the club renegotiated its debt with their three major lenders.
The upshot is that Town do not have to pay interest for two years, saving £3m, in return for giving Norwich Union 10% of shares in the club.