FANS have been warned that they will find it harder to buy shares in the Gills following the club's decision to quit a dealing scheme.

Gillingham chairman Paul Scally surprised shareholding fans by announcing its withdrawal from Ofex, an exchange that lists Arsenal, Bradford City, Manchester City and Rangers, as well as Faversham brewer Shepherd Neame.

It is generally regarded as a useful first step for companies wanting to progress to the Alternative Investment Market (Aim) or a full Stock Exchange listing.

Mr Scally said the decision had not been taken lightly but following a "strategic review," directors had decided that the Ofex listing "has not served the club as was originally envisaged and is unlikely to assist the club over the coming years in its development."

The directors complained that the value Ofex placed on the club, £3.5 million at the end of December, was "unrealistic."

Mr Scally said the "de-listing" would benefit the club in its fund-raising efforts by removing the valuation.

He was due to explain the move further at the club's annual meeting at Priestfield this evening.

Gillingham's love affair with shares soured when the value plunged from 30p to 7.5p in just 18 months.

However, John Morton, boss of financial advisors Ashcourt Asset Management based in Maidstone - an advisor to Premiership club Charlton Athletic - said that fans would find it harder to buy and sell shares.

"No one enjoys losing money but equally the share price of a lot of football clubs have gone down," he said.

"Normally one would see growing companies going from Ofex to Aim to even possibly a full listing. This is a bit unusual."

"One of the reasons for going to Ofex perhaps was so the fans had the ability to buy the shares and that has been taken away. The decision to de-list makes it more difficult for the ordinary fans."

Gillingham made pre-tax profits of £348,000 on turnover of £6.6 million in the year to May 31, 2001.

Mr Morton said it was good to see a football club making a profit because such clubs were difficult to run as conventional businesses.