Hemmings Completes Takeover

04 June 2010 02:04
Preston announced to the stock exchange that the Trevor Hemmings backed company, Deepdale PNE Holdings has aquired just over a 51% share in Preston North End. DPNE has purchased shares from the Friends of PNE, HR sutton and a small personal alliocation of shares from Mr Shaw himself. Added to the shares already owned by Guild Ventures which now transfer to DPNE, Hemmings has more than a 50% stake in the club. This now means he has to issue an official takeover bid to own the company as a whole. Letters will be sent out to all other shareholders including Mr Hussein and Paul Wilkinson amongst others. These shareholders will either have to accept the offer of 5p a share otherwise if they block any move then Hemmings can still force the club into liquidation by refusing to pump any much needed capital into the company. It is thought that this process will be done through the next week or so in order for Hemmings to clear the HMRC bill and allow Ferguson to bring in new players. Hemmings has indicated this is only a short term measure but with him at the helm he emphasised that he will be looking for a serious investor into the football club to take it forward.