AFC Telford confirm share relaunch sales
AFC Telford United have offered an update on the club's share offer, confirming an extra 177 sales of shares.
The Bucks experienced financial issues over the course of the season, and saw just 32 per cent of the total shares on offer sold in the first batch of sales.
The club had offered 5,000 shares at £100 each in a bid to raise £500,000. In total 139 supporters bought 1,600 shares raising £160,000.
However, the Bucks have issued a statement detailing the results of the relaunch of the share offer.
"During the relaunch period we sold a further 177 shares at £17,700. Overall the response to the relaunch of the share offer was disappointing though, with the per cent of authorised share capital moving from the 32 per cent sold in the first share offer, to just 35 per cent now." read the club statement.
"Although the second tranche of the share offer is now formally closed, we would still welcome interest from potential investors, with 65 per cent of the authorised capital still unsold at this point.
"Any interested investors should contact the club chairman or the company secretary at AFC Telford United.
"Additionally we do need additional directors to share the workload and to help explore and help action new initiatives and anyone interested should apply to the Club Chairman at AFC Telford United.
"Any new directors plus those current directors that decide to stand for re-election, would be subject to a shareholder vote at an EGM to be held before the start of the new season 2017/18.
"Although the share offer is only 35 per cent subscribed, it has given us clear ownership, one board, clear accountability, a model that can accommodate new investors going forward and also the former trust ownership model was only bringing in capital of 260 members x £5 per annum.
"Additionally a significant number of trust members have become shareholders.
"Although we didn’t attract any major new investors at this time, our planning is going well for the new 2017/18 season and we will continue to update supporters during the close season."
Previously, a 20 per cent cap on shares was put in place for individual buyers, a restriction which was scrapped for the relaunch.
