Ashley nears complete Toon buy-out

Billionaire businessman Mike Ashley is on the verge of completing his buy-out of Newcastle after increasing his share in the company.

In a statement to the Stock Exchange, Ashley's takeover vehicle St James' Holding Limited (SJHL) revealed they owned, controlled or had received valid acceptances in respect of a total of 124,043,657 Newcastle United shares, representing approximately 93.19% of the existing issued share capital of the club.

That puts Ashley on the brink of being able to compulsorily purchase the remaining shares and so de-list the Magpies from the Stock Exchange.

"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% 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% 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."

As a result, SJHL have extended their offer for all of the issued and to be issued share capital of Newcastle until further notice.