According to newspaper reports today, Hearts main shareholder Vladimir Romanov called a press conference to put forward his plans to increase his stake in the club, which will trigger an offer to buy out the entire shareholding in Hearts FC, and denounce the club from the stock market.
Almost a year to the day, Romanov purchased Edinburgh lawyer’s Leslie Deans 10.3% stake in the club, followed closely by buying out then CEO Chris Robinsons 19.6% for almost £870,000, thus ousting him as CEO and cancelling the contract Robinson had with Cala Homes, and ensuring Hearts rightfully remained at Tynecastle.
At the close of business, Mr Romanov acquired another 30% of shares in Heart of Midlothian PLC, accumulating a now healthy 55% in the club, which made the share price rise by 10%.
Other bridges to cross for Romanov are the SMG group, who own 19.9% of Hearts stock, The SMG press release also states that they have settled the loan stock debt for £1.8M, which initially was £4.5M. They also stated they are settling for a lesser amount as long as the payment is made at once, not in instalments that was agreed by the previous regime. Fallen mortgage supreme Robert McGrail owns 10%. If Romanov manages to purchase 90% of Hearts’ shares, then the remaining 10% of fans / companies will be obliged to sell them to Mr Romanov.
Is everything rosy in the Tynecastle garden? You bet your ass it is!