Press Release Article Tuesday 30th March 2004: Supporters Trust behind club share issue
The board of Carlisle United fans group CCUIST voted on Friday night to
recommend to its members that they support of a share issue, which will
enable substantial and immediate investment in Carlisle United.
The trust, which has already secured an option on 20% of the shares in
United's holding company, has further options on a second 20% block and a
third 9% block of the available shares.
The CCUIST board will this week recommend to its members that they
relinquish their option on this second 20% block of shares to CUFC Holdings.
The move will enable Chairman John Courtenay to offer these shares in the
holding company to individual investors and there has already been
significant interest from local business people and individual supporters.
CCUIST Vice Chairman Dick Young said:
"One of the main aims of CCUIST was to secure shares in CUFC to ensure that
the fans have a strong voice and influence in the future running or our
football club. We have done fantastically well in a very short period of
time and have control of an initial 20% block of shares and a fans
representative in the boardroom.
John Courtenay now has a great opportunity to give the club real financial
stability for the start of next season and beyond and the board feel that it
should support this initiative by the Chairman.
In retaining our option on the third block of 9% of the shares available we
will eventually own over a quarter of the available shares in CUFC Holdings
and under company law this gives us a very strong influence over what
happens at board level now and in the future.
There is no real short term benefit to the supporters trust in having
options on any more shares than absolutely necessary and by relinquishing
our second option we are giving the Chairman a great opportunity to attract
new investment into the club which can only be a good thing".
Under the proposal the voting rights that come with the share issue will be
retained by the purchaser however both CCUIST and Chairman John Courtenay
are hopeful that any new shareholders would continue to support the work of
the trust by exercising the option to give their proxy to the trust.
Details of the share purchase scheme have been made available by the club
today and details of the CCUIST Initiative will be sent to CCUIST members
for approval at a special meeting to be held on Sunday 18th April at Brunton
Park at 11.00 a.m.
Dick Young added:
"We are in the enviable position of having a chairman that has given his
whole hearted support to the formation of a supporters' trust at Carlisle
United. It is important that fans realise the opportunity that has been
generously given to them and that they also continue to support the work of
the Trust by joining in numbers and by continuing to donate towards the
purchase of the first and third share options. It is important that we
fulfil our obligations to raise the money required to pay for these options
as only then will the fans of the club be able to guarantee a real say in
the future running of the club - we can only do this with the continued
support of the fans".
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