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Share Issue Agreed

Share Issue Agreed

Watford have finally set the ball rolling for the future with the news that shareholders have agreed to back the planned share issue, instigated by majority shareholder Lord Michael Ashcroft.

The Tory declared a number of months back that he would be prepared to underwrite the £7.5m rights issue and now has the backing of Watford Leisure PLC shareholders meaning the process can begin.

Non-executive boardmember, David Fransen (he who lent the Hornet`s 500k by way of January transfer kitty to fund the Buckley, McGinn and Taylor signings), former chairman Graham Simpson and Valley Grown Salad (Boys) Jimmy and Vince Russo were amongst the 75% of shareholders prepared to back the plan.

The share issue will see Watford replace over £8.63m of the clubs existing debt whilst also creating £1.5m in 'working capital`.

An EGM will be held on May 17th at 10am where the club`s short and longer term financial future will be discussed whilst existing shareholders will be given the opportunity to invest further in the clubs parent company.

If you want to read the story from a more full and knowledgeable perspective, then you`d best click

HERE




Click here to join in the debate on the club forum.

Writer:wfc123
Date:Saturday May 1 2010
Time: 12:26AM

Comments

0
hmmm it anyone of you VW'ers out there know what this whole share issue means more than WFC123 and DrWatford then please holler... its all a big ball of mumbo jumbo to us and we could do with a fans insight
DrWatford
01/05/2010 08:05:00
0
The style of this allows shareholders to add interest to their investment when/if a buyer is found. I have no problems with it and I see that our shareholders ( inc Russo `s this time) are acting in WFC interests whilst protecting their own.
Dirk Thrust
10/05/2010 10:03:00
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