Dundee FC have written to the club’s Supporters’ Society in a bid to push the shareholding held by Football Partners Scotland (FPS) to over 75%.
The letter, which was signed by Dundee finance director David Gray, has been made public via the team’s official website.
Two proposals have been put to the Dundee FC Supporters’ Society (DFCSS).
The first is for FPS, who own the club, to “buy a sufficient number of the Society’s Ordinary shares to achieve a 75% shareholding (which is the club’s preferred option).”
The second is for DFCSS to “agree to support resolutions which increase the club’s share capital and then allot shares specifically to FPS.”
A deadline of March 14 – a week on Thursday – has been put on the request.
The club statement, which had a link to Mr Gray’s letter, read: “As previously stated, FPS wishes to increase its shareholding to 75% or more of the Dundee FC’s shares.
“This will enable FPS to claim Group Tax Relief and offset the trading losses of the club against its other business activities which will be helpful to FPS as part of its ongoing commitment to the club.
“Following the Society’s recent decision not to sell its ‘A’ Ordinary shares to FPS, to avoid having to conduct an expensive and time consuming new share issue to all the club’s shareholders, we have asked the Society to support one of two proposals to increase the shareholding of FPS in a more efficient and inexpensive way.
“The two options put forward are 1) for FPS to buy a sufficient number of the Society’s Ordinary shares to achieve a 75% shareholding (which is the club’s preferred option) or 2) for the Society to agree to support resolutions which increase the club’s share capital and then allot shares specifically to FPS.
“At a time when our primary focus is on retaining our Premiership status, we would prefer not to have to undertake an unnecessary time consuming and expensive full share issue and we hope that the Society will support us in agreeing to one of the suggested options.
“As only a very small number of Dundee FC supporters are members of the Society, we wanted all of our supporters to be aware of these proposals.”
