Both resolutions were passed at this morning's EGM called to ratify the new share issue. New manager Jim Magilton was reintroduced to shareholders prior to the official business.

The first resolution asked shareholders for the power to issue up to 170,130 shares with an overall investment ceiling of €2.5 million (£1.75 million, the highest figure at which the club does not have to incur the cost of producing a prospectus and face other technical requirements) plus the issuing to Norwich Union of shares as agreed as part of the debt rescheduling late last year.

In addition, the resolution makes provision for the issuing 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, another term of the debt renegotiation.

Resolution two allows the club to issue of shares to those who are not currently amongst the club's shareholding, namely season ticket holders and Silver Club members.

The first resolution received unanimous support from the around 150 shareholders in attendance at the meeting held in the Galleria, while there were three votes against the second resolution in the formal part of the meeting which only lasted around 10 minutes.

Photo: Action Images

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