The Courier & Advertiser (Fife Edition)
Supporters society to retain shares and rights
The Dundee Football Club Supporters Society Ltd (DFCSS) board have decided to retain their “A Ordinary” shares that guarantee certain entrenched rights established when Football Partners Scotland took over the club in 2013.
The society has been involved in lengthy discussions with American owners Tim Keyes and John Nelms who are working on plans to move out of Dens Park to a new stadium development at Camperdown.
The duo are also looking to take their shareholding in the club over the 75% mark from the 68.2% they hold at the moment. In the summer they also began negotiations to purchase the “A” shares from the society.
The entrenched rights they guarantee include veto over the sale of the club, dividend payments, any borrowing by the club in excess of £50,000, change of stadium location, changes to home club colours or badge, stadium sharing, amalgamation or merger with another club.
Now though following a consultation process with their members, the society have released the following statement to their members:
“Final decision: At a society board meeting on Thursday January 31 2019, the directors reviewed all the available information and ‘in the best interests of the society as a whole’ the directors agreed on the following:
“Hold on to the ‘A Ordinary’ shares. “Maintain a positive position with regards to negotiating a ‘shareholders agreement’ with FPS.
“In addition, the directors agreed to: “Confirm the society’s support in principal for the proposed new stadium development at Camperdown.
“Highlight the board’s view that the society’s shareholder rights should not be an impediment to the club’s new stadium plans.
Consider the board’s willingness to consider proposals from the club on their merits and as appropriate relax certain shareholder rights to facilitate the new stadium development.
Finally, the board is of course also informing DFC/FPS of these decisions and will keep members informed about all future developments.”