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League Two Table

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1Luton334067
2Wycombe331962
3Accrington Stanley331962

4Mansfield331859
5Notts County331958
6Swindon34557
7Lincoln City331253

8Exeter31552
9Crawley Town34051
10Coventry32950
11Colchester34550
12Newport County33-247
13Carlisle33245
14Cambridge Utd33-1045
15Stevenage34-342
16Cheltenham34-439
17Yeovil33-838
18Grimsby34-2036
19Port Vale33-1234
20Crewe33-1833
21Forest Green33-1933
22Morecambe32-1232

23Chesterfield33-2727
24Barnet33-1826

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Next Grimsby manager?

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Gary Caldwell
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Anthony Limbrick


 

Rights Issue Goes to AGM

By: Rob Sedgwick
Date: 23/07/2000

Rights Issue Goes to AGM

News From 22nd May 2000

Brian Huxford

Grimsby Town FC's board have decided to go ahead with plans to raise £500K from shareholders to contribute towards the cost of the new ground. The board have decided to take the two for one rights issue to July 26th's AGM.

The results of a survey of shareholders has given the board enough encouragement to press ahead with the proposal.

The club had sent out a questionnaire to major shareholders asking if they would be prepared to support the rights issue. Last Friday's deadline for their response has now passed.

Vice-Chairman Bryan Huxford (pictured) said:

"Although there were a lot of people who did not reply, those that did gave us enough encouragement to go ahead."

Most of the former board have sent back their forms saying that they would be prepared to support the rights issue provided it is underwritten by the current board - i.e. any shares not taken up should be bought by the current board.

However, this appears too open-ended for the present directors to agree to.

A suggestion made by former director John Fenty that only a 51 per cent majority is needed to get the rights issue through has been dismissed by Mr Huxford.

While it is true that a basic rights issue does need only a simple majority, the proposed issue is different.as it would take the number of shares past the authorised issue level of 600,000. There are currently 236,900 issued shares and, providing two for each one held takes up the issued shares, the number would rise up to 710,000.
To issue more shares than the authorised ceiling of 600,000, there has to be approval of 75 percent of the shareholding at the AGM.


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