Trio standing for re-election
Three of Norwich City’s seven directors are up for re-election at the club’s annual meeting at Carrow Road tonight.
Joint majority shareholder Delia Smith and Stephan Phillips are retiring by rotation and standing for re-appointment. And new director Stephen Fry, who joined the board in August – since the last annual meeting – must retire and stand for re-appointment by shareholders.
The formal business of tonight’s meeting also includes proposals to revoke the maximum amount of shares that can be allotted by the club, and to allow the directors to allot new shares up to a nominal value of �1m.
City’s annual accounts, published at the end of November, showed that the club incurred losses of �5.75m in the year ending May 31, 2010.
The club’s net debt has been reduced to �20.9m by the sale of car park land to Broadland Housing Association for �2.1m – after a financial restructuring with lenders AXA and Lloyds Banking Group extended the repayment schedule to 2022.
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The business part of the meeting will be followed by shareholders’ annual question and answer session with the top brass.
The meeting will be held in the Norfolk Lounge at Carrow Road (7.30pm).
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