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Hereford United chairman David Keyte was pleased that today's shareholders meeting had given the board the nod to proceed with a share issue designed to bring fresh investment into the club.
"The share issue has been something we've been working at for some months and as the weeks go by we keep saying it's struggle and we're looking for a step-change and now we've got the opportunity to forfill that," Keyte told BN.
"However all we've done is to get to the starting line but a decision to do nothing would have left us exactly where we are which is proving week in week out to be increasingly unviable.
"So we've had to lift the ceiling on the total of shares available to get to that point to find out if there is anybody out there that would want to step forward.
"Very pleased, I hope that we've given everybody the chance to raise their concerns and to discuss them throughly so even if there was somebody who didn't vote for it at least they have left the meeting having had an opportunity to make their case."
Current shareholders now have just over three weeks to decide whether to purchase their entitlement to more shares.
"After 5pm on October 21st, by when we hope that the current shareholders will have taken the opportunity of maintaining their percentage of the ownership, it will then be open to new investment and also to the conversion of loans to shares.
"Hopefully we'll have a busy few months."
Because of the nature of the share issue the board can not advertise that outside investors will be available to purchase shares. How will you get around that?
"Technically as a private limited company we can not overtly advertise the share issue.
"We can't put a big sign up saying come and buy but we hope that there is sufficient publicity from it, from the likes of Bulls News etc, to make everybody who may have an interest aware of the possibility of buying shares.
"And we would like to hear from them.".
