As notified yesterday in the Chairman’s update, the Board has approved a strategic fundraising initiative to raise up to £16 million through the issue of new ordinary shares.
This capital raise will support player acquisitions and other club needs.
The resolutions (HERE) seek approval for two matters:
To grant the directors authority to allot up to 80 million new ordinary shares over a five-year period; and
To waive statutory and constitutional pre-emption rights in relation to this share issue.
We recognise that pre-emption rights are an important protection for shareholders. While we are seeking approval to disapply these rights to allow the Board flexibility in how the fundraising is conducted, we want to make clear that existing shareholders will have the opportunity to participate in the share issue on a pro rata basis if they wish to do so. There will be a minimum participation threshold of 1,000 shares.
If shareholders would like to indicate their interest in participating, please email or write to the Company Secretary, Graham Horsman, at [email protected] within 28 days of the circulation date shown on the resolutions.
What Shareholders Need to Do
If you are a shareholder, please review the written resolutions carefully. If shareholders agree to the resolutions, they should sign and date the consent form, which has been posted out, and return it to the to the Company Secretary, Graham Horsman, at [email protected] within 28 days of the circulation date shown on the resolutions.
The resolutions require:
More than 50% approval for the ordinary resolution (share allotment authority); and
75% approval for the special resolution (waiver of pre-emption rights).
If shareholders do not wish to approve the resolutions, they do not need to take any action.
Questions
If shareholders have any questions about these resolutions or would like further information about the fundraising, please contact the Company Secretary, Graham Horsman, at [email protected].
Thank you for your continued support of our club.
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