Hornets' shareholders rallied to the aid of the cash-strapped club at an extraordinary general meeting held at Spotland on Thursday night.

They have given the board per-mission to issue one million 50 pence shares to raise £500,000 for the rugby club.

And, at the end of the meeting, many shareholders pledged cash and promised to buy the new share issue in order to give the club a life-line.

The shareholders also agreed shares in the Denehurst Park (Rochdale) Stadium Company Ltd owned by Hornets could not be sold by the board for less than £2 per share. This conflicts greatly with a value of 30 pence per share offered by Rochdale Council.

It is not the only bone of con-tention between the council and the Hornets' board. They also disagree strongly on the amount of money owed to the stadium company by Hornets. The Council estimate is around £70,000, while the rugby club's figure falls a long way short.

Hornets company secretary Paul Reynolds was upbeat at the response the board's proposals received from those who attended. He said: "Tonight we had the opportunity to put the shareholders in the picture.

"The short-term financial prob-lems we have had have been well documented. We've listened to the shareholders' views and they have been very positive, which was a great boost to the board.

"It's been positive in that we've heard a great deal of outrage from the shareholders at the price the local authority put on the Denehurst Park (Rochdale) Stadium Company Ltd shares, which was 30 pence.
"The shareholders have mandat-ed the directors, after listening to the auditors, accountants and legal advice, not to consider any offers in Denehurst Park (Rochdale) Stadium Company Ltd under £2 per share.

"They have also directed us to issue a new share issue in Rochdale Hornets Rugby Football Club Ltd. The usual 21-day notice period will be given as soon as we have tidied up the legal issues.

"It is then the intention of the company to issue one million shares at 50 pence each in Rochdale Hornets Rugby Football Club Ltd, with the intention to raise £500,000.

"The debt to Denehurst Park (Rochdale) Stadium Company Ltd, the auditors and accountants con-firmed, is nowhere in the region of that which has been publicly dis-cussed by the chairman of the stadi-um company "The meeting set out a full resume of what the actual debt is, which is considerably less than what Rochdale Metropolitan Borough Council believes.

"It's true to say everybody gave their full support to the board of directors and congratulated the offi-cers in having taken the club as far as they have on the resources avail-able."

Reynolds emphasised the spirit of the meeting and the resolution shown by the shareholders. He added: "It showed the determina-tion to continue the long history of the club and to try and provide the resources to ensure the financial future is secured.

"People have come and given pledges. Provided those pledges stack up in the next two to three days then I'm confident we will be able to confirm to Martin Hall he can go ahead and make playing plans for the coming season."

Reynolds aims to settle the club's most pressing debts next week if everything goes according to plan.
"All being well, Hull KR will get paid the money they are owed on Monday and the remaining players' wages will also be paid on Monday Then we'll be straight."

The board will now put into place the necessary legal requirements for the new share issue which include 21 days' notice before holding another shareholders' meeting in approxi-mately four weeks time.

It is hoped this meeting will secure the future of the club, but Reynolds added a note of caution. "We still might go to the wall. No-one knows at this point," he said.

Hornets' chairman Ray Taylor when asked if Hornets would start next season said: "I would think so, yes."