WBA "Takeover" completed

10 April 2003

Albion Chairman Jeremy Peace has completed the purchase of 28,050 shares from his predecessor, Paul Thompson, at a price of £55 each. This makes a total outlay of just over £1.5 million, and the deal gives a combined holding for Peace and his associates, Kappa Ltd, of 70,000 shares - just a fraction over 50% of the total number of shares in issue.

Peace is now obliged to make the same purchase offer to all shareholders, and will be doing so in due course. In the official release to the Stock Exchange, he states that he has no desire to hold any more shares in the club than he now has, and that he intends to sell any shares that he does become obliged to buy through shareholders taking up his offer. Indeed, he also states that he will be talking to a small number of larger shareholders and seeking their undertaking not to accept his offer.

Despite what some may have believed would happen, the deal still leaves Thompson with a sizeable holding of just under 10% of the club's shares, which means that he remains the second largest shareholder in the Club - but with Peace now holding over 50% of the total, the ability for any other shareholders to have any control over the running of the Club has been removed. Although Peace states that he wants the Club's share ownership to remain widespread, the last year has seen the relations with shareholders' organisations seriously reduced - and the Clubs 2,000 or so small shareholders may well be wondering exactly why they should continue to hold those shares.

Previous Stories:

  01 April 2003:  WBA "Takeover" latest

  31 March 2003:  Thompson to sell up?

  27 March 2003:  WBA announce half year loss

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