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| Surrey bond to fund Oval cricket stadium redevelopment | Surrey bond to fund Oval cricket stadium redevelopment |
| (34 minutes later) | |
| Surrey County Cricket Club is to issue a bond as part of plans to modernise its Kia Oval ground in London. | Surrey County Cricket Club is to issue a bond as part of plans to modernise its Kia Oval ground in London. |
| As well as the bond, it will finance the rebuilding of the new Peter May Stand, which will add 1,300 seats, through club reserves and a bank loan. | As well as the bond, it will finance the rebuilding of the new Peter May Stand, which will add 1,300 seats, through club reserves and a bank loan. |
| The club hopes to raise £3.5m from the Surrey County Cricket Club Bond - a fixed five-year term investment offered at 5.5% gross interest per annum. | |
| There will be a priority application period for club members. | There will be a priority application period for club members. |
| They can apply from the opening of the bond on Monday, 17 August, until Monday, 14 September, before it is then offered to the club's wider supporter base. | They can apply from the opening of the bond on Monday, 17 August, until Monday, 14 September, before it is then offered to the club's wider supporter base. |
| The new Peter Lake Stand stand will take the venue capacity to beyond 25,300. | The new Peter Lake Stand stand will take the venue capacity to beyond 25,300. |
| In addition, Surrey says that spectator facilities will be improved with extra catering units, toilets and much-needed circulation space and undercover areas. | In addition, Surrey says that spectator facilities will be improved with extra catering units, toilets and much-needed circulation space and undercover areas. |
| The neighbouring Lock Stand is to be demolished, but the Club is renaming the Laker Stand as the Lock/Laker Stand, in honour of the famous spin partnership of Tony Lock and Jim Laker. | The neighbouring Lock Stand is to be demolished, but the Club is renaming the Laker Stand as the Lock/Laker Stand, in honour of the famous spin partnership of Tony Lock and Jim Laker. |
| The development will cost in the region of £10m, with work starting and the end of the current season, and set for completion by May 2016. | The development will cost in the region of £10m, with work starting and the end of the current season, and set for completion by May 2016. |