The Board of Inverness Caledonian Thistle is urging shareholders to back a move to re-register the organisation as a private limited company at next Monday's Annual General Meeting.

The Board of Inverness Caledonian Thistle is urging shareholders to back a move to re-register the organisation as a private limited company at next Monday's Annual General Meeting.

The company is currently registered as a public limited company and the alteration in status is required to facilitate the private investment required to ensure ICT remains financially viable and able to compete in the Bank of Scotland Premier League.

Emphasising the importance of acceptance of the proposal, Chairman Ken Mackie said: "The main aim of ICT on the field is to remain in the SPL and the board's priority is to ensure top flight football is played in Inverness next season at Caledonian Stadium. For this to happen we have to meet SPL stadium guidelines, and through Caledonian Thistle Trust Ltd and with funding packages from Tulloch plc and Highland Council, we have raised the money for this project. Further investment is now required to support the playing and commercial elements of the business including the necessity to ground share with Aberdeen Football Club but this will only be available if the resolution to be put before the meeting is approved.

"Currently the company is hindered in its ability to raise further investment as any single investor is limited to holding not more that 30% of the voting rights with the result that if that figure is exceeded, under the Government's City Takeover Code, an offer would require to be made to acquire all the remaining shareholdings in the company. This therefore proves a substantial disincentive to further investment by existing or potential major shareholders who may be willing to make further investment in the company but do not wish to exceed the 30% mark as they do not want to acquire the remaining shareholdings."

Ken Mackie continued: "While the ICT board is aware of concerns that have been expressed regarding any one shareholder obtaining control of the company, it is strongly felt that any such concerns would be substantially outweighed by the potential value of the additional essential investment.

"Additionally as has been expressed before the board would welcome the creation of a Supporters Trust which would allow them to potentially control a substantial shareholding/voting interest in the company and have direct representation on the company's board."

The AGM takes place in Caledonian Stadium's Kingsmills Suite on Monday evening (8th November) at 8 p.m.