Mike Ashley takeover

[JimboTheRam]

I work for his company and see him around a bit but I know bugger all about him, only that he's England's 25th richest man and seems like a nice enough bloke, I reckon he'll invest some serious cash in Newcastle and make them more serious contenders, which would make a nice change, and he may even give his loyal staff a nice bonus

[gw]

Mike Ashley has increased his shareholding in Newcastle United to 93.19 per cent.

St James' Holdings Ltd, the investment vehicle operated by Ashley, have bought more shares as they look to gain full control at St James' Park.

Ashley began his bid to buy Newcastle at the end of May when he purchased Sir John Hall's 41.6 per cent holding in the club and he has moved quickly to increase his stake even further.

Billionaire businessman Ashley plans to de-list Newcastle from the London Stock Exchange next month and he is hoping to secure the remaining 6.81 per cent of shares to bring the club into private ownership.

"As announced on 15 June 2007, SJHL intends to procure the making of an application by Newcastle United to the London Stock Exchange for the cancellation of trading of Newcastle United Shares and to the UKLA (UK Listing Authority) for the cancellation of Newcastle United's listing, both of which are expected to take effect on or around 18 July 2007," read the statement.

"Furthermore, if SJHL receives valid acceptances of the offer in respect of,or otherwise acquires, 90 per cent or more of the Newcastle United Shares to which the offer relates (such level will be reached once SJHL owns, controls or has received valid acceptances in respect of Newcastle United Shares representing approximately 94.16 per cent of the existing issued share capital of Newcastle United), SJHL will seek to acquire compulsorily the Newcastle United Shares for which it has not received valid acceptances of the offer or otherwise acquired."

Ashley earlier this week began his new regime with a boardroom reshuffle as two new directors were appointed after four members of the club's board of directors resigned.