Scottish League One Side Livingston Seeks £3.8M In Investments
Scottish League One side Livingston "launched a share issue" aimed at attracting up to £3.8M ($4.9M) of investment in the club, according to Iain Collin of the HERALD SCOTLAND. The offer is part of a move that will see "ownership of the Almondvale outfit switched" from Livingston 5 Ltd. to a new holding company, Opcco6 Ltd. Up to 3.8 million shares, priced at £1 ($1.29) each, have been made available, but "potential investors have been warned there are no plans to offer a dividend to shareholders and that they should seek independent financial advice on the share price." The document "highlights that Livingston was burdened" by around £1.5M of debt in the last accounts to the end of June '16, "mostly in the form of loans to directors and supporters." But that is expected to be reduced to £400,000 ($517,700) with Opcco6's "buyout and an associated debt-for-equity agreement" (HERALD SCOTLAND, 5/17).