Ukio transfer of shares to Hearts expected to go through

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HEARTS have received good news off the field, with the administrator of their largest creditor confirming that he expects there to be no hitches with the transfer of Ukio Bankas’ shareholding in the club to Bidco, the Foundation of Hearts’ purchase vehicle.

Ukio Bankas’ creditors are due to meet in Lithuania on Friday and Gintaras Adomonis, who works for Ukio administrators Valnetas, is confident that they will approve the transfer of their 29.5 per cent shareholding in Hearts.

“It is considered that the creditors of Ukio Bankas will approve the deal of Hearts sale to Bidco,” he said. “There are no reasons to believe in any other decision, as no alternatives have been proposed to be included in the agenda.”

If the Ukio sale is approved, Hearts will then just require the transfer of the 50 per cent shareholding owned by their former parent company Ubig in order to complete their Company Voluntary Agreement (CVA) and come out of administration.

Ubig have yet to confirm a date for their creditors’ meeting, but Adomonis again expects that transfer to go through when the relevant meeting is held.

“As far as we know, Ubig’s creditors’ meeting is planned at the end of the next week, but it is still to be confirmed,” he said. “We believe that the creditors of Ubig will also approve the deal.”