YORK Wasps are planning a major restructuring of the club's share capital, the Evening Press can reveal.

Wasps' directors believe the move, to effectively reissue fewer shares at a higher individual price, will put the club on a more sound financial basis and attract more investment.

At next month's annual meeting, Wasps shareholders will be asked to support the resolution to consolidate all the existing £1 shares into new £100 shares.

This effectively means that members currently owning fewer than 100 shares are being asked to sell them at their market price to the directors. Each new share would equate in value to 100 of the current shares, and there would be far fewer shareholders.

If approved, the directors will be authorised to re-sell the resulting fractions of a share - in other words each current share - at a price determined by the club's auditor. That price is expected to be 1p each.

A statement from the club to the current members says the proposal will create a more manageable share register.

Vice-chairman Russell Greenfield said: "The number of people who own shares in the club runs into the thousands but the club is relatively small and it is impossible to run a club with that many shareholders while the club has got such a small value in comparison.

"These shareholders bought the shares all those years ago to secure the future of the club and give the club a capital base. Now, in 2001, to give the club a sound financial base we have to reduce the number of shareholders in order for the directors to manage the club."

For the resolution to be passed, a 51 per cent of the vote will be needed - and it is likely to be successful as the four directors - Greenfield, chairman John Stabler, chief executive Ann Garvey and Rod Lower - own the majority of the shares.

Greenfield stressed: "No individual will benefit from this. Only the club will. It will put the club on a solid financial footing and help bring in new investors.

""Many people bought shares many years ago for the good of the club; now we've got to take the shares back for the good of the club. "We have to reduce the number of shareholders for the club to survive.

"Passing this resolution will greatly assist the club in moving into the 21st Century."

Updated: 10:41 Saturday, October 06, 2001