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minutes from Saturday part 4

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04 Jun 2013 16:37:28

minutes from Saturday part 4

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Since the three Directore resigned, we have been involved in discussions with Bill Colvin, as the first point of contact.Following those discussions and negotiations, last night we reached a point where we thought a deal could be done, and I contacted fellow Club Board and Society Board members to update them.The Club Board has always unanimously felt there was a good deal of merit in the bid and that it should be considered.All parties now agree due diligence should be done, (and is now in fact underway), a ballot of Society members held, and a General meeting of Club Shareholders held.A Heads of Terms and conditions document will be sent to Bill, but having gone through those verbally with him, although there is still to be negotiations on, for example, the number of Society seats on a new Board, no major obstacles are envisaged.The bid has been moved on primarily because of the personal assurances, given by Bill, regarding his long-term vision and commitment to the Club.Bill will also give an undertaking to give the Society first option on his shares, at the price he paid at no profit to himself.Also, the commitment to accommodate the need for due diligence and a member’s ballot shows a willingness for cooperation.Whilst not so much is known about Keyes Capital, comfort is provided by the fact Bill will have invested almost half a million pounds once the deal is done, and the fact an existing and local Club Director is also investing.I do believe there has been a lot of unnecessary acrimony surrounding how the bid has been handled, from the unworkable timelines, to the quite frankly scandalous leaking of information and private e-mails including the resignations and the bid itself, which appeared in Thursday’s Tele, as I was tipped off on Wednesday it would.The person responsible did the Club no credit and should simply be ashamed.However, aside from all that, I have talked to Bill once again this morning, and we believe it is now in the interests of both parties this is moved on to an ea

rly conclusion.

 

While no notes were taken at this meeting, the Society replied to a number of questions received in advance, and will look to publish both those the questions and the answers given as soon as possible.

Source: Dundee Mad


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