Town chairman David Sheepshanks has said that the proposed 15% limit on individual purchases through the club's share issue could be waived at the discretion of the board.

The 15% limit is designed to prevent any one person gaining too great a stake in the club with Sheepshanks keen that the club's shareholding become wider not narrower.

However, the chairman said at the EGM on Thursday night that the 15% cap could be dropped at the board's discretion should a "benign" investor appear.

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