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view re the takeover part 1

30 May 2013 12:43:59

view re the takeover         part 1

from the texans

i have decided to post harry's view on the situation,before anyone goes off on a tangent i will also happily post any of the other people mentioned views,just drop me a lineposted without predudice towards any partyHello MateCould you do me a favour and throw me a red on Mad please so I stop posting, when I see some of the nonsense I can't help answering but by now people should really see what's going on.For your information (and you can use any of it you like including cutting and pasting the whole lot ) the current situation in my eyes can be summed up as follows:-For over a year Steve Martin and Scot Gardiner have been cultivating a possible youth development link with the Texans, after they approached Dundee FC.DFCSS Board members were well aware of this and in fact met the people involved on at least two occasions, the friendly derby and the youth tournament in Aberdeen which our kids won back in July 2012.These discussions have eventually progressed to talking about investment, perhaps not with exactly the personnel now involved, I think one guy isn't involved now.All of the Club Board signed up to non disclosure agreements including the DFCSS guys and conversations continued culminationg in the Board meeting in Paisley on 20th April this year where Fraser's stance was continually "This Club is not for sale" and where the tone was basically just give us the money if you want to help and haven't they heard of community ownership.Eventually DFCSS guys intimated what percentage they may consider going to in the event of an offer and getting a deal done.Whilst all of this going on Scot Gardiner under increased pressure in the job as his failings in many other areas coming to light including staff complaints to the Board.Consortium make a private and confidential offer to DFCSS guys and get limited response, presumably they never though a genuine offer would come.This offer was for £650,000 new cash into the Club and the conversion of Bill Colvins £100,000 worth of bonds into shares, in return for an increase in the share capital which would eventually mean the share structure of the club would be 140 million shares of nominal value 1p each.At acceptance of deal the consortium between them would have around 55% of the Club, DFCSS 25% others about 10% and unissued about 10% allowing for further capital injections in future.DFCSS would retain one seat on the Board.Dens Park in the meantime was a side discussion not central to the overall plans but keyes had intimated a willingness to buy it and offer it to the fans at cost price in some sort of sharesave scheme.This information was leaked to Sky just prior to Board meeting which was due to take place and at which it was likely the future of Scot Gardiner would be discussed, at least that's the information that was coming out of Dens. Who it was leaked by and why is anybody's guess but we know that from then on the only discussion that has taken place is about investment not prior matters!I've seen the offer and it looks reasonable enough to me, I'd have some questions but I presume the DFCSS guys have asked them.I've seen the replies, and although some of the replies are also reasonable due to our history, my overwhelming feeling was that Dave Forbes was answering with Frasers words, which probably gives you an idea of the flavour.In a****st all of this I feel that the DSA (DFCSCA) are being manipulated through George Harris by Scot Gardiner to back the bid as Gardiner feels he'll have a stronger chance of personal survival if it all goes through. This is leading to Dundee fans being at each otherss throats through accusation and counter accusation which is exactly the sort of turmoil that could be manipulated by interested parties.The solution for me is as follows:-Investors offer a bit more meat on the bones in their proposal.DFCSS accept/reject the bid with reasons whyI hope the bid goes through as the Club needs to look forward now and I hope that sense prevaills and a workable structure found for everyones satisfaction. I don't think that future structure can involve Scot Gardiner, George Harris, Steve Martin or any of the current three DFCSS Club Directors.A sweep right through DFCSS with perhaps Colin Reid as their rep or Peter Campbell and an invitation to the community at large and local business to get involved could see DFCSS become what it should be.These are just my personal thoughts so I guess anyone is free to challenge them!!Take Care mate and thanks for allowing my sometimes nippy posts on Mad over the years. I realise I'm not everyone's cup of tea but when it comes own to it I'mjust a Dundee fan with an opinion like the rest,

Source: Dundee Mad


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