Margate launch share issue to help pay taxman debt

MARGATE have today offered fans the chance to purchase shares to assist the struggling Ryman Premier League club to pay off its debts to the taxman.

The Blues can expect a rewarding financial pay-day tomorrow when high-flying Dartford visit Hartsdown Park, in what is a vital must-win game for both clubs.

A statement, issued on www.margate-fc.com outlined its plans towards survival both on and off the pitch.

“We are all aware that the planning application was refused by the planning committee of Thanet District Council and together with a combination of circumstances compounded by the current economic recession, has triggered a further long delay before building works to our new stadium will commence.

“The Directors must now set in place a financial structure that will enable the Club to continue to compete at the highest level possible and are able to confirm that as at the end of February, all terms under which the Club had entered with HM Revenue & Customs, have been met.

“The refusal of the consent for a medical centre has out the Club under extreme pressure as the Club relied upon approval in order to release the funds to pay off HMRC by the end of April 2009. These funds were to be provided by our development partner, London & Margate Development Ltd.

“Whilst L&M remain fully committed to the redevelopment, they will not be able to provide the final payment as the consent was not granted.

“In order to protect the Club and raise additional funds to not only meet the payment to HMRC but to provide financial stability for next season, the Directors, in meeting, have approved a resolution to increase the share capital of the Football Club from 500,000 to 1,000,000.

“These new shares will be offered first to existing shareholders and the remaining shares will be offered to anyone wishing to become a share holder of the Club.

“If there are any supporters wishing to register their interest in buying shares, please apply in writing to the Club office.

“Funds collected from the sale of these shares will be kept in a protected account. If the sale of shares does not provide sufficient funds to pay off HMRC, all subscribers will be offered the choice to withdraw and receive their money back instead of a share certificate.

“The mood in the Club and, more importantly, in the dressing room, remains totally positive. Both Terry and Neville are actively attempting to bring in a couple of players, particularly a goal scorer to ensure we keep our place in the Ryman Premier.

“Survival still remains very much in our own control and no one at the Club will concede our position without the mother of all fights.”

Article courtesy of www.margate-fc.com

Margate v Dartford
Ryman Premier League
Saturday 7^th March 2009
Kick Off 3:00pm
At Hartsdown Park, Hartsdown Road, Margate, Kent CT9 5QZ