WEYMOUTH CEO Paul Maitland has cooled talk of a takeover after the Terras announced sweeping proposals to alter the structure of the club.

The Terras have called an Extraordinary General Meeting (EGM) for Tuesday, May 30 (7pm) with a number of eye-catching plans.

Among them are to increase the share capital of the club from 1,206,000 to 5,000,000 at 50p per share, in theory generating £1,897,000.

Perhaps most importantly, the Terras are seeking to ditch the 7.5% maximum shareholding in order to encourage investment needed to compete in the National League and beyond.

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The Weymouth FC Trust has backed the proposals, which are all theoretical and must be supported by shareholders.

And Maitland moved to quash any hint of an imminent takeover.

“There isn’t one,” he told Echosport.

“There’s nobody in the wings waiting to come in, certainly not to the knowledge of myself or the board. 

“This is not something that’s new. It is radical but it’s been a point of discussion for as long as I’ve been involved as the club’s started to rise back up the leagues.

“There clearly is a need to attract some investment to the club. Whilst we’re very keen to make sure any investment is with the right intentions, in its current guise it is quite limited.

“If you’re not a supporter then is it attractive to only be able to buy 7.5% shareholding of the club?

“It’s not like anyone is trying to clear out the remaining shares of the club. It’s how do we make it a more attractive proposition if someone wants to invest.

“It’s significant money that may well allow the club to progress. It’s well documented what’s happened over the last year. We don’t want to go back down that route.

“This isn’t us trying to take a shortcut to recover money. It’s literally can we open it up more so people can come in and buy some shares.

“The share value of the club was probably lower than the value of the club before we tried to do this, so it’s more realistic.”

Despite previously distancing himself from a long-term place on Weymouth’s board, Maitland and lieutenant Simon Etherington are now seeking to become directors.

The club is also proposing to reduce the minimum number of directors from six to four, keeping the maximum at eight, and has announced a fans’ forum will take place on Monday, May 22 (7pm).

Maitland added: “We’re hoping that by Simon and I agreeing to join the board that that would keep people assured.

“We’re also hoping that we’re showing there’s a lot more transparency in place. We’ve opened a fans’ forum so non-shareholders and shareholders can attend and ask questions.

“We felt now was the time to try and do something now we’ve come through this year.

“We believe these are the right next steps to take. But the most important thing is that there isn’t anyone sat in the wings, to our knowledge, that is wanting to buy a controlling interest in the club.

“We’re not particularly looking to do that, either. We’re looking at the whole business overall and how we shape the business going forward.

“It does need to have economic growth as well as growth on the pitch. We need to generate more income into the club.

“It’s also worth pointing out that people came forward in the summer with donations to help the club. Some of those have almost reached the 7.5%.

“Without those people, we wouldn’t have a football club. 

“I completely understand if people think this has got the potential to be some of what we’ve seen before (past ownership troubles).”

Weymouth are also seeking to remove a clause which requires an 80% vote in favour of constitutional changes. This would be replaced by a special resolution, meaning 75% majority.