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Article: Hearts cut debt by GBP 1m a minute Romanovs both absent, but shareholders unanimously back debt-for-equity plan to slash GBP 12m from deficit
- Article from:
- The Scotsman
- Article date:
- August 1, 2008
- Author:
CopyrightCopyright 2008 The Scotsman. Provided by ProQuest LLC. (Hide copyright information)
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HEARTS slashed their debt by GBP 1million per minute during
yesterday's brief and harmonious extraordinary general meeting.
Director Sergejus Fedotovas convened the meeting in Tynecastle's
Gorgie Suite at 11am, and by the time he called proceedings to a
halt at 11.12am, shareholders had voted unanimously to approve a
debt-for-equity conversion which has removed GBP 12m from the club's
debts.
The meeting agreed to create 34,285,714 new ordinary shares in
Hearts, valued at 35p each. All those shares are now owned by Ukio
Bankas Investment Group (UBIG), Hearts' parent company, who in
exchange have cleared that GBP 12m.
As the last audited accounts disclosed net debt of GBP 36.25m,
that ...