Accrington Stanley cautious over share issue (From Lancashire Telegraph)

Accrington Stanley cautious over share issue

1:30pm Thursday 9th July 2009 in

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ACCRINGTON Stanley hope to negotiate a new deal with the Supporters’ Fund after indicating that they are unlikely to accept a proposal for a share issue.

The fund, which was set up by businessman Ilyas Khan last month in an attempt to help the club overcome financial problems, submitted a formal offer for a minority stake in Stanley on Monday.

But that proposal is still dependent on the issue of new shares – something that Stanley are reluctant to do, given that Dave O’Neill is due to become the club’s 51 per cent majority shareholder next week.

O’Neill has now paid Eric Whalley for the buy-out of his entire shareholding and will officially take over the shares once forms are signed off at the solicitors.

Stanley chief executive Rob Heys, who revealed the club plans to start publishing their accounts on a monthly basis, said: “Firstly we think the fighting fund is a great idea and there are some good business people involved, who have put a lot of money in.

“There are six or seven things they have outlined in their proposal in terms of transparency, being honest and open, that we have no issue with at all. We are happy to offer Peter Shaw (the fund’s chairman) a place on the board.

“But the share issue might be the stumbling block, because it would dilute everyone’s percentages.

“Dave has just bought the majority shareholding and it would be unfair on him to dilute that before he’s had a chance to implement his ideas.

“There are other shareholders, too, who would have to buy more shares just to maintain their percentage.

“But we’d be stupid not to look at ways around it and they’ve invited us to a meeting next Wednesday, which we’ve taken them up on. Ilyas is going to be there too.”