Dee4life News: Dundee FC EGM update

[News Bot]

On Monday 3rd June, Dundee Football Club held their EGM at Gardyne.

There were two resolutions on the agenda – broadly that the club board be given the authority to increase the shares available by £13m in value and that they should then have the power to issue those shares. That authority to span the next five years.

Following considerable discussion the Dee4Life board made the decision to vote in favour of both resolutions, effectively allowing the club to attract fresh investment or clear existing loans from the balance sheet.

We would point out that we received no clear guidance on what the new investment will be used for. While the percentage of minority shareholders will be diluted further, including our Dee4Life percentage, it’s important to be clear that it doesn’t affect the rights relating to the ‘A’ shares.

We believe that supporting the club’s plan was the best course of action and we have to acknowledge that the result was in any case inevitable given the high percentage holdings commanded by the majority shareholders.

There were perhaps just less than 20 shareholders in attendance and the actual meeting lasted some 35 minutes including the count of the votes. Dundee FC directors John Nelms and Bob Hynd were at the top table with Mr Darling of Gilson Gray introducing proceedings.

It was a poll vote with shareholdings held by the individual shareholders counting as opposed to the raising of hands.

Dee4Life Finance Director Grant McGregor cast our vote accordingly with fellow director Norrie Price also in attendance.

Both resolutions were passed with around 82% in favour and 0.004% against. The balance would be those shareholdings not cast.

Beyond the actual resolutions, there was no explanation of the club board’s intentions, nor was there the opportunity for shareholders to ask any questions. At the close of the meeting John Nelms offered all shareholders a tour of the facilities at Gardyne Campus.

Regards,
Dee4Life

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