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Hearts Admit Sale Of IPO Shares Flop
 
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28-Sep-2011  
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Hearts board chairman Commodore Mensah (left) and Chief Executive Fred Crenstil
 
 
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Ghana Premier League side Hearts of Oak have admitted that its Initial Public Offer (IPO) sale of shares did not meet expectations.

The club have fallen far short of their 10 million Ghana cedis target it intended to reap after making 20 million shares available for sale to the general public on 1 August.

The former African champions secured a two-week extension after the expiration of the original deadline but still could not realize their dream.

The club’s board chairman Commodore Mensah concedes that the initiative was a major blip. “To be very frank we have not been able to reach our target with the trackings we have done and therefore it is our hope that fans take full advantage of this opportunity,” Mensah exclusively told Ghanasoccernet.com.

Mensah, however, noted that fans and the general public cannot wait in perpetuity to get the IPO done with and therefore hinted the latest extension would be the last. “Fans who have bought the shares cannot wait forever and therefore this could be the final extension after 14 October.”
 
 
 
Source: Ghanasocceernet
 
 

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