At the last AGM we discussed the possibility of writing to all of those who had bought ten or more shares during the period 10 December 2010 to 20 October 2011 and asking them to declare the nature of their interest in the shares and whether anyone else (and, if so, who) had an interest in them. The Board agreed that the letters should be sent and instructed the company's solicitors, Stephenson Harwood, to advise on the process.

Letters were sent out on 27 February 2013 to 47 shareholders. Forty-three responses were received. It transpired that one shareholder is now deceased, leaving three people who failed to reply. Their combined shareholding amounted to 70 shares.

Further efforts are being made to contact them. The responses received have been entered into a register. Details of how to make an application to inspect the register may be found by clicking here.

Save for a handful of shares which certain individuals hold as nominees for their children, the shareholders contacted have declared that no third party has an interest in their shares.

The process has inevitably involved CPO incurring legal expenses. The expenses have been substantially increased as a result of having to deal with inquiries made by a single shareholder. The unanimous view of the Board is that it is now time to concentrate our efforts on selling as many shares as we can to as many individual fans as we can.

The more fans who become shareholders and join us in having a say in the Club's future, the better. The Board believes that the money generated by share sales is much better spent in repaying the loan than in paying lawyers.

In light of that, and on the advice of Stephenson Harwood, we now intend to take no further action on the S793 notices.

The Board is encouraged by the continued strength of demand for shares. In the last nine months some 700 shares have been purchased. Of those around 550 went to people who were buying ten shares or fewer.

The Board has also approved the re-introduction of the scheme which allows shares to be bought by instalments. A further announcement will be made about the scheme shortly.