Deepdale PNE Holdings Limited now own 75 per cent of Preston North End, paving the way for a full takeover.
Last major shareholder agrees to sell stake to Hemmings
Deepdale PNE Holdings Limited now own 75 per cent of Preston North End, paving the way for a takeover.
Hussein Patel has agreed to sell his shares to Trevor Hemmings, parting with a 6.53 per cent stake.
He felt the takeover bid was 'the best possible option' for the Championship club and was happy to stand aside.
Patel becomes the last remaining major shareholder to accept the five pence-per-share offer.
The agreement takes Hemmings from 68.04 per cent to marginally past the 75 per cent mark, and he is expected to take full control in the near future.
The latest statement to the London Stock Exchange, published on the club's
official website, read: "The board of Preston North End confirms that they have been notified that Hussein Patel has disposed of his entire holding of 215,251 ordinary shares (representing 6.53% of the total issued ordinary shares in the company) to Deepdale PNE Holdings Limited at a price of 5p per share.
"Accordingly, Hussein Patel no longer holds any ordinary shares in the company.
"At the same time, the company has been notified that Deepdale PNE Holdings Limited has acquired 215,251 ordinary shares from Hussein Patel, and a further 18,286 ordinary shares from other shareholders; and accordingly, now holds 2,476,179 ordinary shares, representing 75.13% of the total issued share capital of the company."
