Watford Football Club has confirmed the £6.2m Rights Issue has been approved by its shareholders, and that trading in the shares will commence on the London Stock Exchange when it reopens for business on Monday 10 April 2006.
The terms of the issue mean that Lord Ashcroft, Deputy Chairman of the Conservative Party is likely to become the majority shareholder of Watford Leisure PLC - parent company of the Golden Boys, owning up to 42% of the club's shareholding.
However, Lord Ashcroft maintains he is not interested in running the club and Watford Chairman, Graham Simpson speaking to the official website, watfordfc.com this afternoon was clearly pleased with the outcome,
“I am delighted that the issue has been supported so overwhelmingly,
“The rights Issue is an important milestone for the club. It will enable us to clear a significant amount of debt and inject working capital that will benefit all areas of our business.”