As a result of those concerns a report was prepared by Gray Smith, one of the CPO Directors. He concluded, broadly, that whilst steps could be taken to ask the purchasers of shares to identify whether or not anyone else held an interest in them, it was very unlikely that taking those steps would result in any substantive solution to the concerns raised.

As the Board made clear at the last AGM, that is a view held by all of the Directors. As Gray also explained, even if the company were satisfied that a "concert party" existed the legal implication of such a finding would be that those in the party would be required, by the City Code, to make an offer for all of the company's issued shares.

That was not a step it was anticipated anyone would want to take. Nevertheless, the company has now (27 February 2013) issued letters pursuant to section 793 of the Companies Act requiring all those who bought 10 or more shares in the financial year in which shares were oversold to identify interests held by others over the shares they own.

The Directors are conscious that the aim of CPO is raise money and that they must, when considering what action to take, have regard to the proportionality of any costs that might be incurred.

The Board's view remains that the best way forward is to build on the recent success in selling shares to individual shareholders. If that can be done it will not only dilute any concentration of control over existing shares, it will mean a greater number of fans will be participating in the vital role that CPO plays.

We will update shareholders further on this matter in due course.