ACCRINGTON Stanley will aim to raise £1m from a share issue currently pencilled in to take place towards the end of next month.

Ilyas Khan completed his takeover of the club in early April and has long expressed his desire to issue new shares and put the ownership of the club in the hands of the fans.

Discussions about the share issue have continued and it is initially hoped it will be signed off at the next board meeting, currently scheduled for the week commencing June 20.

That will make shares available to fans and anyone else interested, with Stanley hoping to raise funds to keep the club running on a stable basis.

The Reds have tentatively set a target of raising a seven-figure sum, although they intend to limit the number of shares bought by any one person to prevent a shareholder owning more than 50 per cent.

Stanley are currently waiting for responses from a host of out-of-contract players over new deals, although Ray Putterill had yesterday still not been informed whether he will be offered a contract.

The club say the midfielder missed Monday’s squad meeting because of illness and he is now due to meet John Coleman on Thursday once the manager has returned from holiday, with Stanley wanting to hold face-to-face talks with all players.

Craig Lindfield’s name has been advertised on the PFA’s transfer list but the club hope he will accept the new deal he has been offered.