minutes from Saturday part 3

04 June 2013 04:35
penman lounge

Despite the short notice, myself, Fraser and DFCSS Director Grant Cook attended the meeting with John Nelms, and following a short presentation by him, also attended by Ian Crichton, Scot Gardiner and Manager John Brown, the Society asked for some private time to engage with Mr. Nelms. This extended to 11.15p.m.During the meeting, we informed Mr. Nelms we had not seen the 3 year budget plan, and he seemed genuinely surprised this was the case, and saw no reason for it.Disappointingly, as we talked, details of the bid appeared on Sky Sports News.The following day, 21st May, we were surprised to read quotes attributed to Mr. Nelms that he had not met DFCSS, as they did not have enough notice.The Society statement responding to the offer was released the same day, stating the requirements of The Society regarding its members, and that the timescales were prohibitive.  As you now know, despite the Society being asked for, and giving their time requirements, pointing out the earliest date these could be achieved was 15th June, an extension of only one week was given.On 24th May, the Society intimated to the investors that it would welcome further dialogue.On 28th May, the Society once again asked for further dialogue and information, pointing out we still did not have sight of the 3 year budget plan, but also offering an accommodation, by way of issuing DFC 50’S to the consortium, something which the U.S. members had had previously found acceptable, which would allow the manager immediate funds. On 29th May, amidst lurid headlines, the deal was taken off the table, and 3 Directors resigned.

Source: Dundee Mad