Hearts share certificates to be issued after AGM

By BARRY ANDERSON
Published on 21/03/2013 10:35

HEARTS fans who invested in the club’s share issue should receive their shareholder certificates after the forthcoming Annual General Meeting, due to take place in late April.

Formal registration of all ordinary shares purchased is to be done by Hearts officials at the AGM and certificates will then be posted to shareholders. Thereafter, Companies House will be informed that the club has allotted new shares to 
comply with legal procedures.

When a company registers new shares, it must inform the authorities of the allotment within one month. Ukio Bankas Investment Group (UBIG), Hearts’ parent company, has already approved the process.

A Hearts spokesperson told the Evening News: “The club is currently finalising the annual accounts for the period to 30 June 2012 for publication. The 2013 AGM will be held mid to late April and one of the resolutions will be to ratify and finalise the allotment of the shares acquired by fans at the end of 2012 (which UBIG has already undertaken to approve). Once the share issues have been ratified the share certificates will be finalised and issued out to all purchasers.”

Hearts raised £1.1million through the share issue, which ran from October 27 until December 19 last year. A total of 16,325,000 ordinary shares were offered priced at 11 pence each, with the stated aim being to raise £1.79m. Fans rallied at a time when Hearts were threatened with closure due to unpaid tax bills. Their efforts secured the club’s future and helped bridge a funding gap of nearly £2m.