Cambridge United announced today that it has issued a Circular to shareholders in connection with the previously announced Proposals that Paul Barry become the sole owner of the Football Club.
The Circular sets out the background to and reasons for the Proposals and explains why the Board considers the Proposals to be in the best interests of the Club and Shareholders as a whole and sets out why the Board unanimously recommends Shareholders approve the Proposals.
Subject to securing the requisite shareholder approval, the Board expect the transaction to be completed in early September.
Shaun Grady, Chairman of the Board said: “There have been detailed discussions between the Board and Paul Barry and respective advisers over the last few weeks. The Board has also been in regular contact with CFU through this period.
“As has been previously announced, the Board has initiated a shareholder consolidation arrangement to give effect to the Proposals given the large number of small shareholders. We do however hope that all shareholders will feel able to give their positive support to the Proposals which the Board unanimously recommends are in the best interests of the Club."