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SBD Global/August 21, 2013/Finance
Heart Of Midlothian Investors Say Remaining At Tynecastle Vital For Proposal
Published August 21, 2013
CVA NEEDED: In Edinburgh, Barry Anderson reported "everything hinges" on the Foundation agreeing to a CVA with UAB. It is understood to want £5M ($7.8M) for a CVA and "have threatened to liquidate," whilst the Foundation’s current offer is less than £3M ($4.7M). Should a CVA be agreed, Bidco "would have control of hearts, which would then be sold on to the Foundation." Following the announcement of the Foundation as preferred bidder, "a crucial period of negotiation begins with the Lithuanians over a CVA." More than 6,700 fans "have pledged monthly money to the Foundation and will be given a say in the running of Hearts if the supporters’ group gain control." Any money used from the unnamed financers involved in BIDCO "will be paid back over a period of years, depending on funding from pledges." Interest "will be minimal and contractual agreements prevents the money being used to back any other bid." The investors "do not wish to be named right now in case the Foundation’s bid fails and they are fingered for not coming across with enough money." Their names "will be revealed if and when a CVA is agreed" (EDINBURGH NEWS, 8/20).
MAKING A PLEDGE: The BBC reported Murray said that they "had already received 6,700 pledges," worth between £10 ($15) and £500 ($783) per month, from supporters. FoH said that "those contributing will have an immediate influence in the running of the club should the deal go through," with the full transition of ownership "predicted to take between three and five years" (BBC, 8/19).