Peace increases Baggies stake
West Brom chairman Jeremy Peace has increased his majority stake in the club to 76.4 percent with the purchase of a further 905 shares.
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Peace, through his company West Bromwich Albion Holdings Ltd, last month made an offer of £3,000 per share to shareholders in the hope of taking his holding over the legally-significant 75 percent-mark.
The club has now announced that Peace, who had held 67 percent, has surpassed that figure and he could yet increase his stake further. The initial deadline of July 3 for shareholders to respond to the tender offer has been extended by two weeks.
By owning more than three-quarters of the company, Peace now has greater powers at The Hawthorns. Notably, he now has the authority to call an extraordinary general meeting to make changes whereas he previously had to wait for an annual general meeting.
A statement from the club read: "On June 10, 2014, WBAH issued a tender document as it offered to acquire up to a further 770 ordinary shares in West Bromwich Albion Group Ltd ('WBAG') at £3,000 per ordinary share.
"At the first closing date of July 3, 2014, 130 shareholders, representing 905 shares, had submitted tender forms accepting the offer.
"WBAH has exercised its discretion to buy all 905 shares, taking its total stake in WBAG to 76.4 per cent.
"WBAH has now extended its tender offer until July 17, at 3pm, and will exercise its option to acquire further shares at its discretion."