Hemmings whose DPNE Holdings now own over 91% of the company along with around 30 others who retained small shares met in the boardroom this morning. They agreed to de-list the company (something Hemmings could have done on his own as he has a 91% shareholding) and re-list as a private company.
The thinking behind de-listing is so that future finances of the club are not revealed publicly on an annual basis and it is easier to attract investment if the club is owned privately by one major player instead of various shareholders.
It was advised that Hemmings would not be buying out the remaining shareholders through a compulsory purchase but asked them to sell up just to make the transition financially a lot easier for the club.