Critical AGM Vote

By: Rob Sedgwick
Date: 08/08/2000

Critical AGM Vote

News from 25th July 2000

Tomorrow the Shareholders of Grimsby Town Football Club Plc meet together and get their first opportunity to bring their Company and the area's only first division football club into the 21st century.

The Chairman Doug Everitt (pictured) together with his fellow directors and the clubs legal advisors are seeking at tomorrows Annual General meeting the shareholders unanimous support for their proposals.

Doug Everitt in making reference to the proposals said

"My purpose in seeking adoption of a modern Memorandum and Articles of Association, as recommended and agreed by the Football Association in accordance with the practice followed by many of the leading Premier and First Division Football Clubs, is to enable the current and any future Board of Directors of GTFC, to take both the commercial and as a consequence the football activities of the Company forward in a positive, professional and dynamic way. These opportunities are not currently afforded to the Board of Directors of the Company under its present Memorandum and Articles, which date back to eighteen ninety one (1891)."

In considering further my Boards proposals to increase the Authorised Share Capital of the Company to £5,000,000.00 I will be asking the Company's shareholders to take into account the following points.

1. The Company's present Capitalisation is far below that which one could reasonably expect a Public Limited Company, of the size of Grimsby Town Football Club, to trade on.

Hence the ability to issue any form of authorised share capital will enable the Directors of the Company to develop football activities and its ambitious new stadium development plans, whilst at the same time strengthening the partnerships that the Company enjoys with its loyal supporters.

2. Being able to attract individuals, with highly regarded professional and or management skills to the Board of GTFC, without the requirements for enforced financial encumbrance, can only go towards strengthening the Company's management structure.

On the positive side and referring once again to our move to a New Stadium, whilst together with the rest of my colleagues at GTFC we were naturally greatly disappointed by the council recent decision, we are all still positive about the future. I sincerely hope that after tomorrows AGM I am able to report to all of our loyal supporters that their club will be going forward with a positive future. A further set back tomorrow could have far reaching consequences on all aspects of The Company's future and its football activities.

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