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DFCSS AGM


thegen65

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52 minutes ago, Generic0201 said:

How can they steal there own content? The club decided to run it themselves and get the money directly rather than through the society. Nothing worth with what they done 

I'm led to believe it went against a 'gentleman's arrangement' between the club and the Society. As Dayster has said above, The Soc had spent a lot of time and effort to improve the 'product'. The Soc are always at a disadvantage because (in this case) FPS know that The Soc don't want to do anything to harm the club, even if it harms themselves.

The way they went about it was quite hostile. You could argue they're taking the same approach with the current 'kerfuffle', "We'll buy your superdooper shares then we'll let you spend the money on the stuff we have to fund but can't be arsed with".

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51 minutes ago, Chomp my root said:

I'm led to believe it went against a 'gentleman's arrangement' between the club and the Society. As Dayster has said above, The Soc had spent a lot of time and effort to improve the 'product'. The Soc are always at a disadvantage because (in this case) FPS know that The Soc don't want to do anything to harm the club, even if it harms themselves.

The way they went about it was quite hostile. You could argue they're taking the same approach with the current 'kerfuffle', "We'll buy your superdooper shares then we'll let you spend the money on the stuff we have to fund but can't be arsed with".

Was a legal agreement rather than a gentleman’s..

but to the guys point what they done was fine, how they went about it wasn’t imo

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https://twitter.com/DundeeFC/status/1085162762500784128

Statement from Dundee FC - 15th January

Quote

It has been brought to the attention of the club that the Supporters Society Consultation document was circulated prior to the Society AGM raised questions to the motivation of the club owners wishing to acquire the ‘A’ shares currently held by the Society.

In January 2017, during a minuted meeting with the Supporters Society, the club owners informed the Society of their plan to acquire a 75%+ shareholding in the club through a share issue. The Society were briefed on the reason for this acquisition, which was to provide tax relief for the club owners and their development company, Dark Blue Property Holdings.  This tax relief would be beneficial as they moved forward with the new stadium project. 

In January 2018, the club owners informed the Supporters Society of their intention to proceed with the acquisition of the 75%+ shareholding in the club through the share issue, as previously discussed. The share issue is a lengthy and costly exercise for the club.  The sole motivation of the owners is to offset the losses of the club against any gains made by Dark Blue Property Holdings. 

The club met with the appropriate solicitors to discuss this matter over the following months in order to move the process forward.  In July 2018 the Supporters Society enquired whether within this process they could move their class rights associated with the ‘A’ shares into a shareholding agreement.  The owners of the club took into consideration this request, as taking on the Society shares would save time and money needed for the share issue process, and therefore began negotiations in good faith to purchase the ‘A’ shares from the Society.  The acquisition of the ‘A’ shares has potential benefits for both sides, and while the negotiation of the finer details has yet to transpire, one such benefit is that the club could operate in a more commercial manner, which would allow for dividends to be paid. This could also allow for greater investment into the club. 

It is disappointing to see that the Society has chosen not to make it clear that at no time has the merging of the Dundee clubs ever been discussed in any of these meetings, nor has it ever been contemplated by the owners of the club. 

The owners of the club will continue to take informed and proactive decisions that are best suited for Dundee Football Club.

 

 

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2 minutes ago, Harry94 said:

Second last paragraph is very poor - they society couldn't release their information until the club approved - so how can the moan about the content? Also its impossible for society to rule out FPS motive of merger if they haven't been told the plans..

 

If the club statement is correct then the society can look at selling the ordinary share and the issue of the A share and the entrenched rights can be dropped - society seemed clear on Saturday that there was desire from club to take ordinary shares..

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It is disappointing to see that the Society has chosen not to make it clear that at no time has the merging of the Dundee clubs ever been discussed in any of these meetings, nor has it ever been contemplated by the owners of the club.

FFS! Surely as the major shareholder of the club FPS should be the ones coming out and clarifying their position

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Just now, Cornerstone said:

That's basically where it should sit, though?

Not at all. The society has several vetoes as part of the entrenched rights, not just the merger one. Should they also have come out and said that it wasn't about changing the club colours or badge? Don't see what they've done wrong here and tbh the club don't come off too well in that statement, reads very petty.

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