Livingston have launched a share issue aimed at attracting up to £3.8m of investment in the club.

The offer is part of a move that will see ownership of the Almondvale outfit switched from Livingston 5 Ltd to a new holding company, Opcco6 Ltd.

Up to 3.8 million shares, priced at £1 each, have been made available, but potential investors have been warned there are no plans to offer a dividend to shareholders and that they should seek independent financial advice on the share price.

Possible investors are also informed in the share document that “in the context of an equity investment in a Scottish football club participating in the Scottish Championship in the current economic climate, you should not expect any income from, or return on, your investment” and that no market exists for their resale other than to directors and supporters in the club.

The document highlights that Livingston was burdened by around £1.5m of debt in the last accounts to the end of June 2016, mostly in the form of loans to directors and supporters. But that is expected to reduce to £400,000 with Oppco6’s buyout and an associated debt-for-equity agreement.

The new owners will hold one million shares in the club, with the offer memorandum stating that “if the share issue is fully subscribed, new shareholders together with existing supporter shareholders can own over 60 per cent of the share capital of the club.”

The most likely scenario, however, appears to be a more limited take-up of the shares by individual supporters wanting to own a part of their club.

Director John Ward, part of the Oppco6 consortium, said: “All funds raised shall go towards increasing the playing squad budget and a future all-weather surface.

“None of the monies raised under this scheme are going to pay off historic debt, which is mostly being converted to club stock.”