Shares Raise £1.75m
Tuesday, 3rd Feb 2004 13:04
Town's share issue raised £1,746,420, around £400,000 added to the total during the two week extension. The initial public offer of shares was closed last Friday.
The figure is made up of subscriptions for £1,661,420 in shares and £85,000 of new loan notes.
The club have revealed that 2,777 people invested in the club, at an average investment of £629. An investment of £200,000 was the highest individual sum, while 1,900 investors subscribed for the minimum ten shares at £200.
Overall, the club has now raised £3.125 million, including the earlier loan note scheme (£950,000) and debentures (£428,000) - ten and 20-year season tickets purchased in the summer by 128 supporters.
The club's directors have put £482,000 into the club and they are committed to converting all their loan notes into ordinary shares.
Chairman David Sheepshanks told the club site that he is pleased with the way the share issue has progressed: "We are delighted with both the amount raised and the breadth of ownership.
"We have met our objectives in each respect and exceeded our working capital target, which creates a firm financial platform from which the club can now move forward.
"In common with virtually all clubs in today's depressed football economy, our finances will remain tight, however, with fundraising complete we can now focus single-mindedly on football and supporting Joe Royle and his players to achieve the desired results on the pitch.
"By adding new and existing shareholders, nearly 3,500 friends and supporters now share in the ownership of Ipswich Town Football Club. This fits entirely with our core value and strategy of operating as a socially inclusive club that is fully integrated within its community.
"We have come through a difficult and arduous time that has caused all sorts of pressures. However, the success of this fundraising enables a line to be drawn under the events of last year; we can and must now move on to build on the many strengths the club possesses."
Chief executive Derek Bowden added: "Our CVA plan budgeted £3 million in fundraising and this has now been exceeded.
"This is obviously very good news for the club. At the same time other income areas such as gate receipts, season ticket sales, TV income, conferencing and match day hospitality are also tracking ahead of budget.
"Inevitably, performance on the pitch will dictate whether this improves still further. Whilst finances remain tight, firm cost control, together with increased revenue, will continue to improve our position."
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