21 Oct 2005 08:00
Heart Of Midlothian PLC21 October 2005 HEART OF MIDLOTHIAN PLCHeart of Midlothian plc ("Hearts")Sale of Loan Stock The Board of Hearts announces that on 20 October 2005 it was advised by SMG plc("SMG") and UAB Ukio Banko Investicine Grupe ("UBIG") that a conditionalcontract had, with the consent of the Board, been entered into between SMG andUBIG for the sale of SMG's entire holding of Secured Convertible Loan Stock 2007in Hearts ("Loan Stock"). The Board understands that completion of the sale and purchase of the Loan Stockis conditional upon: (a) UBIG sending an offer document to shareholders of Hearts offering toacquire the issued shares of Hearts which are not already owned by UBIG or anyparty acting in concert with it; and (b) Compliance with any conditions or requirements imposed by the Panel onTakeovers and Mergers in relation to such offer prior to posting the relatedoffer document. The Board is advised that the consideration payable by UBIG to SMG is£1,820,067.45 plus an amount equal to accrued but unpaid interest and that SMGhas agreed to assign to UBIG its existing security in respect of the Loan Stock. SMG holds 19.9% of the issued share capital of Hearts and UBIG holds 29.9% ofthe issued share capital of Hearts and is the largest shareholder of Hearts.The resignation as a director of Hearts by David Archer has also been acceptedby the Board, effective 20 October 2005. This announcement is being made for the purposes of section 118C of theFinancial Services and Markets Act 2000 and under Disclosure Rule 2.2. END This information is provided by RNS The company news service from the London Stock Exchange