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Heart in debt reduction plan
Scotland - 09 July, 2008
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Vladimir Romanov, owner of Scottish Heart of Midlothian , has devised a strategy to reduce the club's debt by GBP 12 million.
The plan will commence with a 'debt for equity' system that is to reduce the club's debt by 30 percent. The reduction will bring the club's total dues down to approximately GBP 24.5 million, from GBP 36.5 million. The proposal would also relieve the annual interest debt of GBP 600,000.
There will be a general meeting held at the end of July. Should the proposal be approved, monies due to Romanov's investment company Ukio Banko Investicine, an amount of GBP 12 million, will convert into 34.2 million shares. This will deem Romanov 95 percent stakeholder of the club, up from 82 percent.
The plan will commence with a 'debt for equity' system that is to reduce the club's debt by 30 percent. The reduction will bring the club's total dues down to approximately GBP 24.5 million, from GBP 36.5 million. The proposal would also relieve the annual interest debt of GBP 600,000.
There will be a general meeting held at the end of July. Should the proposal be approved, monies due to Romanov's investment company Ukio Banko Investicine, an amount of GBP 12 million, will convert into 34.2 million shares. This will deem Romanov 95 percent stakeholder of the club, up from 82 percent.
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