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SBD Global/April 8, 2014/Finance

Scottish Side Heart Of Midlothian Shareholder To Transfer 50% Holding To BIDCO

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Creditors of Scottish Premiership club Heart of Midlothian's major shareholder UBIG "have agreed to transfer their 50% holding to BIDCO, the Anne Budge-backed vehicle for future fan control," according to Brian McLauchlin of the BBC. The club's administrators "will now aim to persuade the creditors of Ukio Bankas to approve the deal." The collapsed Lithuanian bank "has close to 29% of shares but also holds a charge on Tynecastle Stadium." Faliure could see the club move toward liquidation -- two days after they were relegated from the Premiership. Prior to Monday's meeting of UBIG creditors, Bob Jamieson said that "he was ready to make a late offer" but only in the event that Budge's £2.5M ($4.1M) bid failed. Budge "had intimated that she was ready to walk away if creditors of the failed businesses refused to ratify the transfer of shares, with those owed by Ukio set to receive the bulk of her offer" (BBC, 4/7). The Scotland DAILY RECORD reported the club's future remains in the balance "after talks between the club's administrators and major shareholders Ukio Bankas broke up without any agreement." Creditors of the Lithuanian bank "were due to vote on the approval of the transfer of shares to Anne Budge's BIDCO 1874 group." The "positive news" from the UBIG came after reports emerged of a rival eleventh-hour bid from businessman Pat Munro, "who has failed in several previous attempts to buy the club in recent years." However, "the offer looks set to be dismissed without consideration" (DAILY RECORD, 4/7).
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