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Heart of Midlothian FC Winding-up Petition Press Release

November 07 2012

The Board Statement – Winding Up Petition:

Heart of Midlothian plc (the “Club”) today wishes to make supporters and potential share offer investors aware of this most recent financial matter for their consideration in conjunction with the Share Offer 2012 brochure.

The Club has been served with an Order to wind up Heart of Midlothian plc by the Court of Session on behalf of the Commissioners for Her Majesty’s Revenue and Customs (the “Petition”).

The Club is, however, endeavouring to agree a suitable payment plan with HMRC for the outstanding amount of £449,692.04. It should be made clear that this has only recently been presented to Heart of Midlothian. The Petition is unrelated to the Club’s potential liabilities included in the Risk Factors section of the Share Offer 2012 brochure.

The Board is hopeful that a suitable agreement can be reached with HMRC to provide a suitable repayment plan.

A Club spokesperson said: “We have guaranteed future revenues from forthcoming games and related broadcast income as well as additional guaranteed transfer income which will more than cover the outstanding amount stated in this Petition. We would therefore be hopeful that HMRC will accept that winding up the Club would be totally unnecessary.”

Facing a Winding-Up Petition or owed monies? Our Winding-Up Experts are able to give specialist legal information and advice in this area of law. Contact our leading Solicitors or Barristers for a free initial Winding Up Case Assessment or call 0845 8622 529.

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