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These resolutions were fundamental to establishing a more appropriate capital base for the Club recognising since formation in 1992 turnover has risen from £180,000 to well over £1,000,000.
During this period the Club has had to rely upon debt to fund its operations and for its long term well being liquidity needs to be restored and this term debt capitalised.
This is best achieved by existing shareholders and/or new investors injecting additional equity into the Club.
Doug Wilson, Chief Executive provided an outline of capital raising proposals at the Club's AGM held in February and all present voted unanimously to develop these proposals and bring them to an EGM.
During more detailed research into these ideas it became clear the concept of a rights issue to existing shareholders was not possible and accordingly this resolution was not tabled at the EGM in April.
At this meeting it was suggested a further EGM be called to consider an alternative approach but this will not now be taking place.
However, it remains vital for the Club to restore its capital base before the 30th June, the end of our current Financial Year.
As a result a communication will shortly be going to all shareholders notifying them of the freeing up of unissued shares so that they may consider further support for the Club at this time through subscribing for additional shares at par value (£1).
It will be appreciated by all shareholders and supporters that shareholders in the Club are shareholders because they wish to be closely associated with and be able to influence the affairs and operations of the Club rather than through expectation of future financial gain.
A number of supporters have indicated in the past their desire to become shareholders and the freeing of the unissued capital and the increase in Authorised Capital to 1,000,000 shares enables the Directors to carefully consider any new applications.
Should any supporter feel they would like to be more associated with the Club they should in the first instance consider joining either the Supporters Club and /or Shots Trust or they may contact the Club Office directly to express their interest in subscribing for shares.
The announcement of our new Team Sponsor, Ezylet.co.uk and the appointment of our new Team Manager, Gary Waddock last week, plus the inauguration of the Setanta Cup next season are important building blocks which when combined with a successful restructuring of the Club's capital and a balanced operating budget for next season will enable Aldershot Town to look very positively to the future.
Doug Wilson
Chief Executive