Hearts Sell Club

From today August 1, 2011, champion club Accra Hearts of Oak will get into the history books as the first club in Ghana to float shares to the Ghanaian investing public. The Phobians will be inviting interested Ghanaians to become part owners of the club. However, the priority is to allow supporters of the club to own their team. The 20-time winners of the Ghanaian elite league are expected to sell 20 million shares at 50 pesewas per share to raise GH�10 million. However, in the event of oversubscription, the club will be entitled to release additional shares. Commodore Mensah, Board Chairman of the club, said the Securities and Exchange Commission (SEC), regulator of the capital market, has given the Phobians the nod to raise additional monies if the demand for shares exceeds the number floated. Speaking on Joy Sports Link Saturday, Mr. Mensah said the monies raised will be used to settle debts to the tune of GH�3.6 million and undertake certain important projects to give the club a facelift. Some of the projects to be undertaken include construction of a club house to accommodate players and officials and training pitch among others. Mr. Mensah also mentioned that part of the proceeds will be used to revive Hearts News (newspaper) to become the undisputed mouth piece of the club. Per the SEC regulations, the number of board members, which currently stands at 22, will be reduced to nine. Some supporters who spoke on the network including Mawuko Afadzinu, Head of Marketing at Stanbic Bank Ghana and Egbert Faibille, a lawyer and Managing Editor of Ghanaian Observer newspaper, expressed delight at the initiative, urging the supporters to purchase the shares. Meanwhile, a former director of the club, Bright Akwetey, has issued a strong warning to the club�s directors to desist from going public. Mr. Akwetey, a lawyer and leading member of the CPP, speaking on the same network, said there were pressing issues which needed to be addressed first, adding the matter was before the Supreme Court. He therefore stressed that he will seek a court injunction to restrain the club from selling the shares.