The Orphan Share
News release: 3rd November 2007 - Danny Fiszman presents Orphan Share to the AST
Arsenal Board member and largest shareholder Danny Fiszman presenting one Arsenal share (the Orphan Share) to the Arsenal Supporters' Trust on the pitch ahead of the match against Manchester United.
The presentation marked the culmination of a campaign by the Trust to find a "good home" for the one remaining authorised but previously unissued ordinary share in Arsenal Holdings plc.
Nigel Phillips of the Arsenal Supporters' Trust said:
"The Arsenal Supporters' Trust is delighted that the Arsenal Board responded positively to our campaign to give Arsenal's orphan share to a good home".
Following the second stage issue of the new equity to ITV / Granada in 2005, created to help with the new stadium project, it was noted that Arsenal Holdings plc had one authorised but unissued share. This occurred at the time the club created new equity for ITV, who invested £57m for 9.99% of the club, originally agreed in 2000.
A decimal point in the calculations had meant that one share was in effect left in limbo. It existed, but no-one owned it.
The Trust quickly dubbed this share the orphan share, and began a campaign to have the Board transfer it to the Trust for safe keeping.
We were delighted when the club subsequently agreed to our request. Their decision is symbolic of their recognition of the important role the AST plays in giving small shareholders and supporters a real say in how the club is run.
Every share in Arsenal is precious. The gesture by the Arsenal Board demonstrates once again the importance they place on their custodianship role, and ensuring there is a plurality of ownership.
The AST particularly thanks Danny Fiszman for supporting this initiative and taking the time to present the share to us ahead of such an eagerly awaited match.
- Arsenal Holdings plc has 62,217 ordinary shares in issue.
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Arsenal's Orphan Share Finds a Good Home