Whilst this site is not privy to the inner workings of the Board's mind we welcome the information that Yeovil Football & Athletic Club Limited has launched a major share issue, should our interpretation of what is going on prove to be correct.
On April 20th 2005 at the Annual General Meeting of the company the resolution was passed to issue additional £1.00 Ordinary Shares at a proportion of two new shares to each existing £1.00 Ordinary Share already held.
With no disrespect to the minor shareholders, who one hopes will avail themselves of their privileged position of being able to invest a little more in the club, the key to what is going on in our opinion is the position of Jon Goddard-Watts. Whilst holding no official position within Yeovil Town F.C. Mr. Goddard-Watts is in practice the club's 'owner', and it is his money that has allowed the club to invest in a manager, players and improved infrastructure that has seen us advance so spectacularly since his arrival.
Whilst no Max Griggs, the thrower of ridiculous sums of money at Rushden & Diamonds, and subsidising that outfit to the tune of £2,000,000 every season, Mr. Goddard-Watts has put around £1.1 million into The Glovers over the last five years. The share issue will allow Mr. Goddard-Watts to convert £1,046,586 of his loans to the club into shares, leaving a loan residue of £55,033 - in practice this minor residual sum makes the club virtually debt free.
If all the other minor shareholders were to take up their options (or the Board exercises its right under the formulation of the issue to allocate elsewhere those not taken up), a further working capitalisation of £202,274 will be raised. Current shareholders have until 3.00 p.m. on June 3rd 2005 to exercise said options. As Ciderspace recalls the chairman of the club, John Fry, holds around half of these minor shareholdings which total around 100,000 shares, the rest being made up of several hundred individuals currently holding anything from 1 to 5,000 shares. If as a shareholder you have not already received written notification of this share issue from the club for any reason - such as a change of address, or the club is unaware you have inherited said shares - please contact the club in writing immediately, and take appropriate action before June 3rd, or your option will fall.
Whilst an additional £200K of working money is a bonus, in our view this is not the main import of this move by the club and Mr. Goddard-Watts. Treading cautiously into as sensitive areas as retirement and mortality, the transfer of the loans from Jon Goddard-Watts into shares will mean that when his withdrawal from the scene does occur the future of his holding will be a known event that he will be free to allocate as he sees fit. Shares are a tangible asset that can be moved on in a pre-organised way. A million pound debt would have been an unknown quantity, and a potential loose cannon hanging over the club.
If this interpretation is close to the reality of what is happening, Ciderspace congratulates the Board and Mr. Goddard-Watts on their planning ahead and helping to secure the future of Yeovil Town F.C.
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14 May 2005 : 
