Hearts target GHC 10 million in second shares floatation

Hearts of Oak has resolved to raise GHC 10million through the issuance of new shares to support the financial demands of the club. The move, expected to take off next year is to raise a substantial amount of money to invest in infrastructure amongst others and also put the club in a good stead towards the realization of its goals. Togbe Afede XIV, Board Chairman at the club’s Annual General Meeting (AGM) on Friday explained that the targeted amount will be raised through rights issue, which entitles existing shareholders to buy additional shares in proportion to their existing holdings within a fixed time period. This means that non-shareholders can only get involve if the opportunity is not fully exhausted by existing shareholders. He said the idea will also enhance the club’s brand and image and make it attractive to the corporate world. A resolution which was passed unanimously also authorizes the Board to list all outstanding shares and also list the club on the Ghana Stock Exchange. Togbe Afede added that the shareholders will be given ample time before the exercise takes off next year. On the sidelines of the AGM, Neil Armstrong-Mortagbe, Managing Director of the club was officially accepted unto the Board, by virtue of his position as the head of the day-to-day administration of the club. The AGM, the highest decision making body of the club also saw the approval of financial statements for the year ending August 31, 2012; infrastructure, accounts as well as general issues related to the progress of the club. This was the second AGM under the Togbe Afede led-Board, which came into effect two years ago.