Ashley close to completing Newcastle buy-out
New owner Mike Ashley is set to complete his buy-out of Newcastle shares after triggering a compulsory purchase of the remaining stock.
St James Holdings Limited, Ashley’s company, this morning revealed to the London Stock Exchange that they had reached agreement to buy almost 95% of shares by yesterday afternoon, and that they would now take up their option to force the remaining stockholders to sell up.
It is expected that the remaining purchases will be completed by the end of next month.
After buying more than 40% of shares in May, the Newcastle board recommended Ashley’s bid to takeover the Barclays Premier League club on June 7 and he had increased his stake to almost 80% by the middle of that month.
