Nottingham Forest have some 12.2 billion shares in issue after a series of moves by owner Evangelos Marinakis to convert debt to equity.
The Forest owner has made a number of moves in recent years to convert owner funding into equity in the club through penny shares, the most recent being £11m worth of loans being converted to shares in December last year.
Prior to that, the Forest owner had done the same with a £41m debt to equity move during the 2021/22 financial year, with conversions of £12m and £20m happening in the two years prior.
- As a result of the moves made in recent seasons, which have proven to be a sign of commitment in Forest for the long-term by Marinakis, reducing the financial burden on the football club in the process, the amount of shares in issue stand at over 12.2bn, according to a confirmation statement filed with Companies House on July 5.