The South London football club, currently enjoying its first season in the Premiership, hopes to raise just over £3.5m via a placing and open offer of 7.08m new shares at 52p a share. The money will go on improving Charlton's ground, The Valley. The club wants to enhance its hospitality facilities there and also tidy up its training ground at Sparrows Lane, where the new youth academy is based. House broker Teather & Greenwood has already received irrevocable undertakings from directors and some shareholders, amounting to 25% of the new shares. The rest has been conditionally placed with institutions as well as other investors. In the year to the end of June the club reported a £2m pre-tax loss. Last time a £1.76m profit before tax was made during the 13 months to the end of June 1997. This was blamed on increased operating costs and the expense of buying new players. Turnover rose £1.5m to £5.8m reflecting the side's successful promotion campaign last season. Last time's 10.86p earnings per share became 8.41p of losses.