The Orphan Share
News release: 3rd November 2007 - Danny Fiszman presents Orphan Share to the AST
Arsenal Board member and then-largest shareholder, Danny Fiszman, presenting one Arsenal share (the Orphan Share) to the Arsenal Supporters' Trust on the pitch ahead of a 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".
The Orphan Share came about as a result of the club creating new equity for ITV in 2005 as part of the attempts to fund the stadium move. ITV invested £57m for 9.99% of the club and shortly after it was noted that Arsenal Holdings plc had one authorised but unissued share. 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 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 back in 2007 demonstrated the importance they placed on their custodianship role, and ensuring there is a plurality of ownership, a value set that is sadly being eroded by the current owners.
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Arsenal's Orphan Share Finds a Good Home