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Newcastle exits from stock market

Newcastle United withdrew from the London Stock Exchange this week after being taken over by billionaire Mike Ashley. The Lillywhite’s and Sports World owner took over the Premiership club in June after chairman Freddy Shepherd agreed to sell his 28% stake for £37.6m. Subsequent share purchases took Mr Ashley’s holding over the 75% mark, which triggered a full takeover. Mr Ashley’s 101p a share takeover offer, made by his company St James’ Holdings, valued the club at £131m.

A spokesman for the firm said: “The directors of Newcastle United wish to announce that, following an application to the UK Listing Authority, the listing of the company’s ordinary shares of 5p each on the Official List has been cancelled. The shares have ceased trading on the London Stock Exchange, in each case with effect from 8am this morning.”

News of the delisting was a formality after Mr Ashley’s stake in the club passed the 90% level. Last week, Mr Ashley announced that he had amassed a 94.5% stake in the club, but he also said he would extend his share purchase offer to remaining shareholders until August.

This was posted in Bdaily's Members' News section by Ruth Mitchell .