Togbe Afede XIV is looking to convert the whopping GHc 21m owed him by Hearts of Oak into securing more equity in the club.

The Executive Board chairman will be revealing the club’s massive indebtedness to the gathering of shareholders at the Annual General Meeting (AGM) on Wednesday.

The AGM will also be used to secure the mandate for the club to undergo its second rights issue in an audacious bid to raise a whooping GHc 30m.

Sources have revealed to FootballMadeInGhana.com that the club chairman will be substituting the massive amount owed him to secure more equity in the club.

Hearts don’t have the money to pay off its massive debt hence the option to offer more equity to its debtors including Togbe Afede XIV.

It is unclear at this point whether shareholders will vote massively to endorse the plan for the club to float shares again especially after failing to achieve its target of raising GHc 10m in its first rights issue almost a decade ago.

The Phobians only realized just about GHc 2.5m in that issue that saw Togbe Afede XIV emerge as the club’s major shareholder.