Football Partners Scotland (FPS), the company owned by Tim Keyes, have acquired a 75% plus shareholding in Dundee.
The move was made possible by the issue of 55 million new shares, a number of which were acquired by FPS against a loan they had given the club.
That increased their holding to 75.08% of equity – they previously held 68.2% – and thereby gave American businessman Keyes the controlling interest in the Dark Blues that he wanted in order to qualify for Group Tax Relief.
That will allow FPS to offset trading losses of the company against other business activities.
In a statement, the club confirmed: “With the authority given by the shareholders at the general meeting last month, the directors have approved the allotment and issue of 55,000,000 ordinary shares of 1 pence each at an issue price of 1.35 pence per share in consideration for the release and discharge of a corresponding amount against the outstanding loan advanced by FPS to Dundee FC.
“With the issue of these shares, FPS now owns 75.08% of the equity.
“The directors are currently discussing with the club’s advisors how best to efficiently offer new shares to existing shareholders and other interested parties and further information on this matter will be announced in due course.”