£1.7Million In Shares

By Aston
May 16 2006

Up to £1.7million could be raised for Town’s next manager if the planned share issue is a success.

All the money raised from the planned share issue would go towards the transfer fund for Town’s next manager would have to spend in preparation for next season.

 

Also today it emerged that Norwich Union will be buying almost 10% of Town instead of receiving interest on the £27million they are currently owed by Town over the next two seasons, Norwich Union will buy 4.99% of club in September and another 4.99% next September but Norwich Union have decided against putting their own director on the board, which they are entitled to do under the terms of the CVA.

 

Town chairman David Sheepshanks: “It is fantastic news for the club and represents great value for us. It indicates Norwich Union's commitment and support for what we are trying to do and for that we are very appreciative.”

 

Town called an EGM to be held on the 5th of June where it is expected that shareholders will vote in favour of the share issue and Norwich Union buying a stake in the club.

 

Source: EADT

 

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