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Club News

A Message For Shareholders Of The Grimsby Town Football Club Plc

29 April 2021

A General Meeting of The Grimsby Town Football Club Plc is to be held on Wednesday 5 May 2021 at 3pm.

Notice of the meeting is being sent to shareholders by post and in addition, a copy can be seen by going to https://www.grimsby-townfc.co.uk/club/ownership/ and for shareholders by going to https://www.gtfcaccounts.co.uk/notice2021.

There are two resolutions to be considered. The first is to re-register The Grimsby Town Football Club Plc as a private limited company. The second is that if the first resolution is passed to adopt new Articles of Association. Under the current Coronavirus regulations, the meeting will be held electronically with no one present other than the Chairman. Shareholders are therefore advised to carefully consider the notice of meeting document and ensure that their proxy forms are returned by 3pm on Monday 3 May 2021.

Chairman Philip Day commented “I am pleased to report that following discussions with Jason Stockwood and Andrew Pettit a way forward has been found for Jason and Andrew to acquire the shareholding of John Fenty through their company 1878 Partners Limited. As explained in the document being sent to shareholders the Board has long been of the view that it is in the best interests of GTFC to convert to a private limited company. If this is accepted, it follows that new Articles of Association appropriate to a private company are required. Full details of the background to and the reasons for the general meeting and the recommendation of the Board are set out in the document.

“The document sets out in full the implications for shareholders on the conversion from a public to a private company generally and the loss of the protection afforded by the Takeover Code in particular. However, the new Articles do contain for the benefit of shareholders tag-along rights in the event of a sale of a majority interest in the company (full details of these are contained in the document). It also confirms that in the event of the resolutions being passed 1878 Partners Limited will acquire the shareholding of John Fenty, Jason and Andrew will become directors of GTFC with Jason taking over as Chairman and John Fenty will resign as a director.”

Jason added “Andrew and I are delighted that a way forward has been found after the disappointment of last week. We hope that shareholders will carefully consider the contents of the document that signals our intent as new custodians of the Club. All being well, we will be able to complete the transaction immediately after the general meeting and start a broader conversation with all supporters about the future of the Club.”


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