Chesterfield fans offered chance to buy more shares in club after proposal approved
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The five million new shares will be offered at £1 each and any money raised will be used for ‘football-related activities, including capital projects,’ the Spireites said.
Last month the club put forward a plan to convert £10m of debt into shares.
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Hide AdThe £10m sum comes from the debt owed to former Blues owner Dave Allen, which he donated to the community trust as part of the purchase of the club in 2020.
![Chesterfield fans have been offered the chance to buy more shares in the club.](https://www.derbyshiretimes.co.uk/webimg/b25lY21zOjdlYjk0NzU3LTc4NmQtNDRmYy04Y2FiLTk4MWUyYTBkYzk3NjphYzViM2NlMS1hZDFhLTRmNjctYWQ1Yy02MTRjNjVkNzFlMjQ=.jpg?crop=3:2,smart&width=640&quality=65)
![Chesterfield fans have been offered the chance to buy more shares in the club.](/img/placeholder.png)
“The trust has made it clear that it did not intend to call in the loan; effectively it is money owed from a subsidiary company to the parent company,” the Spireites said in a statement in June. “The debt does not reflect the accepted value of the football club and means the trust accounts have been skewed this year.
“As part of the recent investment in the club, it is intended to capitalise this debt by turning it into shares.”
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Hide AdShareholders were asked to cast their votes and the proposal has now been passed.
Chesterfield said this was ‘always the expected outcome’ because the trust’s holding in the club was 84 per cent and, following the resolution, now stands at 92 per cent. More than 200 other shareholders submitted their votes with all but one agreeing with the debt to shares arrangement.
“A further five million shares in CFC 2001 Ltd have been issued to Chesterfield FC Community Trust,” the club said in a statement.
“The holding with the charity now far exceeds that required for control of the football club. As a result, the trust is expecting to offer some of the shares for sale.
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Hide Ad“It is intended to offer those shares at the face value of £1 each with a minimum purchase number of 250.
"Any money raised this way will be used by the community trust for football-related activities, including capital projects.
“Details of how people can apply for shares will be issued shortly.”