At a joint meeting of the Trust and Club Board last night the club informed the Trust that they wished to call an EGM to reinstate pre-emption rights to sell shares as they had done in the past. The motion to grant pre-emption rights had been blocked by a significant amount of shares at the last two AGMs.
As the largest shareholder in Lincoln City Football Club the Supporters' Trust has a big influence and responsibility when shareholders come to vote on resolutions at AGMs and EGMs. Holding near 26% of the clubs issued shares means that the decision has to be carefully considered by the Trust Board and in the opinion of the Trust Board to be in the best interest of the club.
At a meeting of the Trust Board following the joint meeting the proposal was discussed by the whole board. Having listened to comments and feedback from a large number of supporters and having weighed up the arguments for and against the motion the Trust Board members eligible to vote backed the Club Board's decision to call an EGM and will vote to support the motion.
Trust Board member and chairman of the Lincoln & District Football Supporters Club, Mike Pryor, indicated that it is likely that his organisation will follow the Trust and back the motion with their large shareholding. Whilst not holding shares themselves the Redimps Association through Chris Ashton also pledged their support.
The Club EGM is to be held on 29th May in the Trust Suite starting at 7.30pm.
