Fund-raising proposal: Stock Exchange announcement
Tottenham Hotspur (Spurs) Football Club is located in North London. The club is also known as Spurs. Tottenham's home ground is White Hart Lane. The club motto is Audere est Facere (To dare is to do).
Here is a summary text of the announcement made to the Stock Exchange today.
Tottenham Hotspur plc
(“Tottenham Hotspur” “Company”)
Tottenham Hotspur announces that it proposes to raise £15 million, before expenses, by way of Share Offers of 60,000 Convertible Redeemable Preference Shares. The entire £15 million to be raised under the Share Offers has been underwritten by ENIC Sports.
An Open Offer of 41,853 Convertible Redeemable Preference Shares is being made to Qualifying Shareholders on the basis of One Convertible Redeemable Preference Share for every 2,500 Ordinary Shares held at the close of business on 18 December 2003 (“Record Date”) at a price of £250 per share. Qualifying Shareholders who held less than 2,500 Ordinary Shares on the Record Date (“Small Shareholders”) are nevertheless each entitled to subscribe for one Convertible Redeemable Preference Share pursuant to the Small Shareholder Offer.
ÃƒÆ’Ã†â€™ÃƒÂ¢Ã¢â€šÂ¬Ã…Â¡ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â· Proposed Share Offers to raise £15 million, before expenses, for the Company by the issue of 60,000 Convertible Redeemable Preference Shares at £250 per share
ÃƒÆ’Ã†â€™ÃƒÂ¢Ã¢â€šÂ¬Ã…Â¡ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â· Share Offers to be fully underwritten by ENIC Sports Limited
ÃƒÆ’Ã†â€™ÃƒÂ¢Ã¢â€šÂ¬Ã…Â¡ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â· Proposed transfer from the Official List to AIM
ÃƒÆ’Ã†â€™ÃƒÂ¢Ã¢â€šÂ¬Ã…Â¡ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â· Authority to make market purchases of own shares and approval for waivers of obligations under Rule 9 of the City Code On Takeovers And Mergers
Commenting, Daniel Levy, Chairman of Tottenham Hotspur, said:
”The Share Offers will strengthen the general financial resources of Tottenham Hotspur and, most significantly, they will provide the Club with more flexibility in the player trading market.”