"I want to announce that I have purchased 28,050 shares from Paul Thompson," Peace said at a Thurday afternoon press conference.
"As a result I, together with Kappa Limited who form a concert party, now own just over 50 percent of the club's shares.
"I would like to thank Paul Thompson for his contribution. He was chairman of the club for two years and saw them through the play-offs in one season and then automatic promotion the next.
"I think his contribution should not go unmissed.
"I think it is good where we have a situation where the club is under control as a shareholder group that can take it forward and provide a platform for the club to hopefully establish itself in the Premiership.
"Our aim is to do that over the next five years and I hope this gives us the basis to do that."