Watford has 56 percent acceptance in rights share offer

Watford Leisure, the company ownes the Championship club, announced it received legitimate acceptances of 17,530,588 rights shares. That total represents approximately 56.59 percent of the 30,978,136 rights shares offered in a rights issue by the company on 14 March 2006.
 
The rights issue was offered to qualifying shareholders at GBP 20 pence a share - on the basis of 12 rights shares for every five ordinary shares - to raise approximately GBP 6,190,000 million, before expenses.
 
Forwat Limited (Fordwat) fully underwrote the rights issue, as agreed upon on 14 March. Fordwat now will try to procure subscribers for the remaining 13,447,548 rights shares. It has committed to subscribe itself for the shares, should it not find subscribers for the remaining ones. An announcement regarding that issue will be made later.
 
The figures are inclusive of rights shares which the company had received to accept the rights issue from Valley Grown Salads, Graham Simpson and Emma Wilson representing, in total, 13,562,553 rights shares. Through Simpson, 2,000,000 rights shares were satisfied by releasing The Watford Association Football Club, Ltd from its obligation to repay a GBP 400,000 loan owed to him. The GBP 500,000 received in cash from Simpson will be used to repay related loans owed by the club. In addition, GBP 350,000 of the subscription monies received from Valley Grown Salads will be used to repay loans of GBP 300,000, and GBP 50,000 loans owed to Jimmy Russo, one of
its directors.

Source: euFootball.BIZ © Copyright 2006 - All rights reserved.