Norwich City AGM passes resolution to attract investment
Norwich City shareholders tonight voted in favour of amendments to the way shares are allocated in order to make it easier to attract investors.
The changes, which mean the club can allot extra shares should a major investor come forward, were passed at the club's annual general meeting at Carrow Road, attended by at least 300 people.
Explaining the move, chairman Alan Bowkett said: 'At present, if we were able to find a substantial investor in the football club, we would have to offer similar terms to all investors.
'That would firstly cost a lot of money, secondly take a lot of time and thirdly would only generate a small amount of money compared to that from a major investor.
'We would like to change this process to give us greater flexibility should we be able to find a new investor.
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'It is perfectly normal procedure for a PLC and I should stress that there is no new substantial investor on the horizon at present.'
The meeting also saw the re-election to the board of Delia Smith, Stephan Phillips and Stephen Fry. As he was unanimously re-elected, Mr Fry joked humbly: 'Oh, thank you very much.'
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A presentation of the state of the club's finances and future strategic direction was ongoing as of 8pm tonight. It is to be followed by a question and answer session.
For full coverage of the meeting, see tomorrow's newspaper.