Cardiff City Football Club is pleased to release the following statement regarding the Club’s ongoing process of debt reduction.
On 18th May 2018, by way of an Open Offer, qualifying shareholders (those holding in excess of 100,000 Ordinary 10p shares) were invited to subscribe for additional shares on the basis of five additional shares for every two held at a price of 10p per Ordinary Share.
Accordingly, on the 25th May 2018, Tan Sri Vincent Tan, subscribed for 664,152,868 10p Ordinary Shares, at a total subscription price of £66.4m.
The subscription price was paid by repayment of loans outstanding to Tan Sri Vincent Tan to that value.
This reduction in the loans due to Tan Sri Vincent Tan follows on from the loan to equity conversion carried out in June 2017, whereby Tan Sri Vincent Tan converted £12.6m of outstanding loan to equity.
Therefore, for the year ended 31st May 2018, Tan Sri Vincent Tan has converted a total of £79m of his loans to the Club into equity.
This is a continuation of the process of delivering on our Owner’s previous public statement to reduce the level of debt being carried by the Club.
On behalf of Cardiff City Football Club, Executive Director & CEO, Ken Choo, said: “We would once again like to thank Tan Sri Vincent Tan for his generosity.
“Following our recent successes on the pitch, we are extremely pleased that these continue to be mirrored by financial stability off it.
“As fans, staff and players alike eagerly await the upcoming 2018/19 Premier League campaign, we also look forward to the continuation of this ongoing process in the future.”