Lincoln City Chairman Uncle Bob Dorian & Vice Chairman Chris Travers have both put their money where their mouths are. With both investing in the Imps by recently purchasing 20,000 new shares (£10K each ) they deserve a massive pat on the back. Well played chaps.
On the one hand this sets an example, but it also draws a line in the sand as far as investment is concerned. Up until now, last year included, the practice was for the directors, shareholders and fans representatives to buy shares on the cheap from existing shareholders. Thus the club and first team squad never saw the benefit. Only new shares see funds hit the club bank account.
Last year did see 49,190 shares issued by the club whilst the board and Trust increased their shares by 87,654. This at a time when the club has lost £546,000 in the last 5 years compared to £746,000 profit between 2003 and 2005. Fans should not be massively alarmed with last years loss, most was down to asset depreciation with the impact on cash flow negligible. Let us hope we do not reduce the value of our assets too much however as we try to court investment.
Of the new purchases, Eddie Samuel, an associate director appointed by Steff Wright in July 2008, finally purchased some of his requisite shares. The 32,000 shares (£16,000) are of course still well short of the required 50,000 (£25,000) amount even if you include the ones he bought in the Impetus days. Shorter still given he surprisingly chose to sell those shares to members of the board 3 months later.
Shareholders should take a look at the shareholder register on a regular basis; they will find it a most illuminating experience. Indeed in the interests of attracting further investment perhaps it could be published on the official site. Now that Bob and Chris have shown the way people will surely feel proud and want to see their name in print.
Let’s start the role of honour with last years new share purchases and this.