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Spanner In The Tynecastle Works?

03 Dec 2013 22:26:45

Spanner In The Tynecastle Works?

Bob Jamieson is trying to pull the rug from under Foundation of Hearts plans for the club

The Foundation of Hearts is hoping to persuade a rival bidder for the club to withdraw from the chase to control the Tynecastle club. Hearts joint-administrator Bryan Jackson expressed concern at the weekend after a bid was made directly to UBIG for its 50 per cent stake in the club. The Company Voluntary Arrangement offer from the Foundation went to a vote on Friday, from which UBIG abstained, and was successful  but the proposal is dependent on the fans' group acquiring the bankrupt Lithuanian firm's shares. No money would change hands if the shares went to the Foundation of Hearts but Borders-based businessman Bob Jamieson claims he has offered cash for the shareholding. The £2.5million put up for the CVA would go to Ukio Bankas, which holds a security over Tynecastle and a 29 per cent stake in Hearts. The firm is also in administration.A Foundation of Hearts statement read: "We note the comments from BDO's Bryan Jackson in Sunday's newspapers and share his concern. This is a very complicated and delicate situation and we would urge any third party who is attempting to place an unfunded and fanciful rival bid to reflect on the potential damage this could do to the CVA process. This is too important to the future of HMFC to have a Walter Mitty character destabilise the progress of getting the club out of administration because of a desire for publicity or attention."If a deal was agreed with UBIG Jamieson would have a 50 per cent stake in a liquidated club as the Foundation's CVA deal is dependent on UBIG handing over its shares. Jamieson described the Foundation's claims as "nonsense" and said: "It's not fanciful, I can assure you."

Source: ScottishFitba


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