He has finally purchased chairman Freddy Shepherd's 28.01% share, taking Ashley over the 75% required to de-list Newcastle from the London Stock Exchange.It's Bye Bye Freddy!
He has finally purchased chairman Freddy Shepherd's 28.01% share, taking Ashley over the 75% required to de-list Newcastle from the London Stock Exchange.Once he reaches the 90% mark, he will be able to force any remaining shareholders to sell up.
A statement from Ashley's investment vehicle, St James Holdings Limited: "SJHL now intends to procure the making of an application by Newcastle United to the London Stock Exchange for the cancellation of trading of Newcastle United shares and to the UKLA [UK Listing Association] for the cancellation of Newcastle's listing."
This is expected to take effect on July 18.
On reaching the 90% mark, the statement added SJHL planned to "acquire compulsorily" the remainder of the shares if necessary.
We still don't know the situation with Shepherd. Ashley is said to have conducted business with Shepherd, saying he can still stay on as chairman, but we also understand the man has ideas of who he ideally wants in the job.
Watch this space.