Watford have finally set the ball rolling for the future with the news that shareholders have agreed to back the planned share issue, instigated by majority shareholder Lord Michael Ashcroft.
The Tory declared a number of months back that he would be prepared to underwrite the £7.5m rights issue and now has the backing of Watford Leisure PLC shareholders meaning the process can begin.
Non-executive boardmember, David Fransen (he who lent the Hornet`s 500k by way of January transfer kitty to fund the Buckley, McGinn and Taylor signings), former chairman Graham Simpson and Valley Grown Salad (Boys) Jimmy and Vince Russo were amongst the 75% of shareholders prepared to back the plan.
The share issue will see Watford replace over £8.63m of the clubs existing debt whilst also creating £1.5m in ‘working capital`.
An EGM will be held on May 17th at 10am where the club`s short and longer term financial future will be discussed whilst existing shareholders will be given the opportunity to invest further in the clubs parent company.
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