Town to seek investors
Will big investors ride to the rescue?BIG money investors are being targeted to help Ipswich Town out of their immediate financial problems, writes Derek Davis.
Will big investors ride to the rescue?
BIG money investors are being targeted to help Ipswich Town out of their immediate financial problems, writes Derek Davis.
The club is looking to offer up loan stock and debentures next month and aims to raise a share issue in July or August.
As a club in administration the Blues cannot offer a share issue until the Company Voluntary Arrangement (CVA) is accepted and the balance sheet goes into the black.
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But the Town chairman last night revealed the club is looking to attract a number of certificated, high-worth investors to buy loan stock.
Less than 50 accredited people are allowed to take up the loan stock under stock market regulations.
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Debentures will also be offered when a limited number of seats will be sold for a long term to supporters.
Sheepshanks spoke of the Norwich City share issue, where they raised around £2m, but would not, at this juncture, put a figure on how much Ipswich Town would hope to raise.
"We hope to have more to say later this month with a view to implementing a loan stock in May.
Stock Exchange rules say you may not have a public offer of shares until the balance sheet is right. "It is frustrating as I know a lot of people want to invest but all I would ask is if they want to help the club then buy seats or patronise the club shop or commit to buying season tickets. They all matter to the club, but most of all maintain their enthusiasm because we will have a share issue later in the year.
"The terms of the public share issue have not yet been agreed as they have to first be agreed by existing shareholders."