TWTD understands that Town will announce at least one significant new investor after the share issue closes on Friday. The deadline for purchasing shares was recently extended for two weeks while the club concluded talks with several people keen on investing six-figure sums.
Up to £1.75 million in shares are available to existing shareholders, season ticket holders and Silver Club members with the minimum purchase set at £100. The original cut-off date for investment was June 23rd. All funds raised will go towards new manager Jim Magilton's budget for the season ahead.
In addition to shares, the club is able to issue a maximum of £840,000 in loan notes, much of which has become available after the conversion of existing loan notes, including those held by members of the club's board. The conversion of these was one of the terms of the debt renegotiation agreed with Town's three big lenders (Norwich Union, Barclays and the Bank of Scotland) earlier this year.
Town's two biggest shareholders, director Holly Bellingham and city businessman Michael Spencer, may seek to add to their shares up to the club's self-imposed limit of 15%. The pair's stakes each currently stand at the 15% mark but will be diluted by the issue of the new shares.