No panic from FoH as creditors’ meeting is delayed

Hearts fans will have to wait another seven days before learning the fate of their club

Hearts fans will have to wait another seven days before learning the fate of their club

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FOUNDATION of Hearts remain resolute in their attempts to gain control at Tynecastle as next Friday becomes the day when the club’s future will be decided.

A creditors’ meeting scheduled for lunchtime today has been adjourned for seven days at the request of Ukio Bankas and Ukio Bankas Investment Group (UBIG), who between them are owed almost £24million by Hearts.

The Lithuanian companies – both in administration like Hearts – want more time to study the proposed Creditors’ Voluntary Arrangement (CVA) which, if accepted, would see Foundation of Hearts own the club for £2.5m.

The Foundation are urging fans not to panic about the delay and stressed that their plan to seize control of Hearts and run the club on behalf of its supporters remains on track and viable.

A Foundation of Hearts spokesperson said: “We note the news that the creditors meeting to consider a CVA is to be adjourned at the request of the administrators of Ukio Bankas and UBIG.

“Whilst we understand this is an anxious time for everyone involved in Hearts, we fully understand the request for the administrators to have more time to consider the proposal.

“The overall timescales do not change, and we remain calm, steadfast and focused towards our objective.

“The continued patience of the supporters is appreciated as we do all we can to get Hearts out of administration.”

There will now be two pivotal meetings next Friday. First, a creditors’ meeting at 10am to vote on the CVA, followed by a shareholders’ meeting immediately after at 12pm to discuss the transfer of shares. Ukio have a 29.9 per cent shareholding in Hearts, while UBIG have 50 per cent.

Bryan Jackson, business restructuring partner with Hearts’ administrators BDO, explained: “The meeting of creditors planned for November 22 has been adjourned at the request of the administrators of Ukio and UBIG who require more time to consider the CVA proposal.

“As UBIG’s appointment was very recent and the administrator of Ukio is liasing with them over the proposal, it was decided that it would be sensible to allow them a further period to look at the details of the CVA document.

“The creditors’ meeting will now be held at 10am and the members (shareholders) meeting at 12pm on November 29 at Tynecastle.”