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Huxford Takeover Bid Faces Crisis

By: The Fishy News Team
Date: 12/07/2001

BRYAN HUXFORD's bid to take over Grimsby Town is reported to have hit a hitch because a major shareholder has asked for more than the offer price. The former Town director will be forced to ask his backers if they are prepared to stump up more cash to enable the change of ownership to go through.

The major shareholder, who the airline chief refused to name explicitly, is believed to be Dudley Ramsden, the largest investor in GTFC with a 26% stake. Huxford told Radio Humberside: "It was made known to me that one shareholder required a larger sum for his equity.

"It will put the cost of the takeover from £600,000 to nearly £1 million. That really throws the whole thing into doubt. This may well take the acquisition cost to a level which I cannot afford to pay."

Needing 76 per cent of the shareholding to effect the takeover, Huxford had initially hoped to secure the required funding himself, but now may need financial aid from his backers at an earlier stage than had originally been antipated.

"...If the answer's no then I will concede defeat and that will be in the next 24 hours..."

Although the deadline has been put back to July 21st, Huxford claims that the takeover issue will stand or fall within the next day. "I think I'll know the answer to the question long before then. If the answer's no then I will concede defeat and that will be in the next 24 hours".

An exclusive poll for The Fishy showed over 80% support from Grimsby's fans for Bryan Huxford's takeover bid.



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