Hearts to raise GH¢10m
Barely two years after their maiden floatation on the Ghana Stock Exchange, Accra Hearts Oak are nurturing another bid to raise GH¢10 million from the capital market.
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At the club’s Annual General Meeting in Accra last Friday, Hearts Board chairman, Togbe Afede XIV, dropped the hint about the need to raise a substantial amount of money to invest in infrastructure and also put the club in a good stead towards the realisation of its goals.
He explained that the targeted amount would be raised through rights issue, which entitles existing shareholders to buy additional shares in proportion to their existing holdings within a fixed time period.
This means that non-shareholders can only get involved if the opportunity is not fully exhausted by existing shareholders.
Hearts’ maiden floatation yielded GH¢2.5 million and has been the source of the club’s finances for the last two years.
But the man who spearheaded the first floatation, Afenu Apiigi, says the new bid is as a result of a huge request for the club’s shares and the quest to raise additional funds for some new projects for the club.
He told Graphic Sports yesterday the second floatation would be initiated early next year and the first option would be to create an opportunity for the existing shareholders to acquire additional shares, saying if that proved insufficient, other prospective shareholders would be considered.
Explaining the new interests that have been generated over Hearts shares recently, Mr Apigii said recent developments within the Phobian structure had engendered public and investor confidence.
The governance structure of the club, with the appointment of Neil Armstrong-Mortagbe as its managing director, has improved the corporate image of the club and brought about transparency in its operations.
Story: Andy Quao/Graphic Sports/Ghana