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Hereford United shareholders have agreed that the proposed share issue can go ahead.
In a meeting earlier today in the Starlite Room, shareholders voted by 79% to 21% for the two resolutions put forward by the board to give them the power to proceed with the issue.
Including top table around 25 shareholders were present at the meeting.
Before the vote quite a long period was taken up with discussion of matters pertaining to the share issue.
In particular there were questions about the company's articles of association and why the board had decided on 25pence as the value of the 'new' shares.
The present position over the leases of the ground was mentioned as some shareholders felt once the revised leases with the council were finalised this could have a bearing on the share price.
The chairman, David Keyte, noted that the five ideas for the receipts of the share issue as had been proposed in the earlier documents sent to shareholders were not set in stone. There was a feeling that a small proportion should go to the playing budget.
Mention of the loanees to the club was made. More money had recently been put in to keep the club ticking over and the chairman again stressed that the board could not continue to back the club with cash.
Then the result of the vote was annouced. 18192 'shares' in favour and 4832 'shares' against.
So the issue will go ahead and as shareholders left the meeting information about how they can apply for 'new' shares was available.
In a meeting earlier today in the Starlite Room, shareholders voted by 79% to 21% for the two resolutions put forward by the board to give them the power to proceed with the issue.
Including top table around 25 shareholders were present at the meeting.
Before the vote quite a long period was taken up with discussion of matters pertaining to the share issue.
In particular there were questions about the company's articles of association and why the board had decided on 25pence as the value of the 'new' shares.
The present position over the leases of the ground was mentioned as some shareholders felt once the revised leases with the council were finalised this could have a bearing on the share price.
The chairman, David Keyte, noted that the five ideas for the receipts of the share issue as had been proposed in the earlier documents sent to shareholders were not set in stone. There was a feeling that a small proportion should go to the playing budget.
Mention of the loanees to the club was made. More money had recently been put in to keep the club ticking over and the chairman again stressed that the board could not continue to back the club with cash.
Then the result of the vote was annouced. 18192 'shares' in favour and 4832 'shares' against.
So the issue will go ahead and as shareholders left the meeting information about how they can apply for 'new' shares was available.
