The Hearts Share Issue – Risk Factors Galore – One For the Die-Hards Only?


Random Thoughts Re Scots Law by Paul McConville

Who would have thought that Hearts would beat Rangers to offering shares in the club to its fans? At this stage let’s ignore the club/company issue. What I want to focus on is the section issued by Hearts detailing “Risk Factors”. It can be found here.

No one can accuse Hearts of “soft soaping” the fans. The Risk Factors are spelt out most starkly. It will be interesting to see the contract with the Rangers Prospectus when it is issued.

Clearly the two organisations are very different, in terms of debt, fan base, finances and reliance on third parties.

Many of the Risks associated with Hearts will not apply to Rangers and vice-versa. However it does give a template for things to be looked at.

General Warning

The statement makes clear that acquisition of shares “involves a significant degree of risk”. It states that “specifically in the context of an…

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