BURNDEN Leisure -- the company which owns Bolton Wanderers -- believes it is making progress in its battle against debt problems.

Chairman Phil Gartside told shareholders at the AGM at the Reebok yesterday: "We are on target with our business plan."

The company's net debt position at the end of the last financial year was £26.1 million, including £7.5 million needed to finance the building of the De Vere Whites hotel.

Land sales -- including £2.8 million for part of the old Burnden Park site -- and good housekeeping reduced losses during the year from £5.4 million to £2.7 million.

Resolutions were passed which gives the board flexibility to raise more equity in the future.

The authorised share capital of the company could be increased from £16, 518, 186.80 to £57,430,060.50 by the creation of 818,237,474 ordinary shares of five pence each.

Each of the 138,237,474 Ordinary Shares of 10p in the capital of the company are to be sub-divided into one ordinary share of five pence each and one "A" deferred share of five pence. Trading in the company's shares is to transfer this month from the London Stock Exchange official list to the Alternative Investment Market.

Mr Gartside said after the meeting that there were no immediate plans, but there would be a campaign in the future to attract more shareholders.

He said decisions by the meeting gave the board "flexibility to raise more money as and when we require it."

Other positive moves reported to the meeting included:

A £2 million interest-free loan from director Eddie Davies' Bermuda Trust company.

Negotiations which could result in Reebok locating its European Design office -- and 50 to 60 people -- in offices which would be created in the Reebok's North Stand.

Confidence that the new De Vere Whites hotel at the Reebok (owned 80 per cent by Burnden Leisure and 20 per cent by the De Vere Group) will be a successful prospect.

This year's Oasis pop concerts made £300,000 and negotiations are continuing for two different gigs next year -- one involving "an Irish girl band."

Mr Gartside, who is the executive chairman of the Warrington-based Locker engineering group, paid tribute to fellow directors.

The Chief Executive is Allan Duckworth and the three independent non-executive directors are Mr Davies, chairman of the STRIX Group, Warburtons managing director Brett Warburton and Ian Currie, the Managing Director of Manchester-based Altium Capital Ltd, a European corporate finance and stockbroking operation.

Mr Davies, a life-long Wanderers fan, is a former Farnworth Grammar school pupil who received the OBE earlier this year for services to industry.

STRIX, which is based on the Isle of Man, is a global company which makes controls and connectors for small domestic appliances.

He said after his loan: "It is because I am a Bolton fan.

"I am glad to help out -- it's for the benefit of the club."