"Billy Bowie has also converted £76,502 of his shareholder loan into equity and now indirectly holds an aggregate of 4,000,000 shares in the capital of KFC.

"As part of the transaction and on the same date, Michael Johnston also transferred his entire holding of shares in the capital of The Park Hotel Ayrshire Limited ("TPHAL") to Billy Bowie, who now indirectly holds an aggregate of 1,000,000 shares in the capital of TPHAL, with the club continuing to hold the remaining 20,000 shares."

Johnston was on the board for 14 years, most of them as chairman.

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