Steve Martin q+a
Updated Wednesday, 12th June 2013
answers ? from here
Here is Steve's replies not really what we were all hoping for.
So if i get any further answers I will post them up.Apologies not really what it was said on the tin.
You will have saw that Grant Cook has resigned from DFCSS so they are on to only 4 on board and do not have a mandate to do anything anymore while under 5 directors.
I would have been at Dens with a megaphone on Saturday, but unfortunately I have other business in Italy Thursday to Sunday evening.
You can send them but not sure if we can answer any more than we have.
Society still not speaking so we are close to giving up.
The following are updated answers to the questions given from all of the consortium behind Football partnership Scotland
Football partnership Scotland have kindly and very very promptly answered all the questions we have sent in. All of these questions have been asked by Dundee FC Fans to accept investment in Keyes CapitalBelow are the questions and the answers.
1.) Do you understand that the fans fully support your plans? and that it is DFCSS that are slowing this down?
A.) We have been inundated with support for our investment, we can understand DFCSS being diligent, but the lack of response to our offer is the most disturbing.
2.) Have you received any communication from DFCSS especially around due diligence? And have you answered these queries?
A.) We have never had any questions from the society apart from “ we need more due diligence, and we need to see the financial plan”. This extra DD and 3 year financial planning were presented to them on Monday 3rd June.
3.) Has this delay frustrated yourselves due to the lack of progress or is the delays understandable?
A.) Delay has caused frustration with the CEO and Manager because we had planned an extra amount towards the playing budget, lack of progress, or the “ostrich” approach has frustrated the investment partners.4.) Do you understand the reasons the supporters society find themselves in with regards accepting investment due to the clubs experiences from over the last 25 years with other investors
A.) Yes very much so, but had there been even an acknowledgement of our offer, we would have started the proper process of explaining the plans fully not only to the DFCSS board, but at an open presentation to the supporters. John Nelms came across weeks ago to answer any and all questions to be sympathetic to this issue.
5.) It would be naive of us to regard you as philanthropists - so hence you are investing to get a return. How do you expect this to happen and have you any loose plans for your ultimate exit strategy?
A.) This is a long term plan, with no immediate plans for any return on investment, who can plan such a thing in football ?. This was a plan to not only stabilise the club, but to create something special, with, for example, utilizing the youth set-up in America, for additional summer camps etc.
The exit strategy was also in place should that day ever come, with Mr Colvin already having guaranteed the society the ability to buy back his shares on exiting. But our goal is to add long term value to the club.6.) Jim Spence has tweeted that today John Nelms is meeting DFCSS is this the case? And do you believe that this deal will move forward a lot in the next 24/48/72 hours?
A.) This is NOT the case, it is a simple phone call from Fraser MacDonald to John Nelms as there has been no contact from Fraser for 10 days, and we wanted John to hear from Fraser directly what the DFCSS plans are. We do not expect the deal to move further in 24/48/72 hours, because it appears that the society have a process they are sticking to. Even although they have a mandate already in place by their members to allow the unissued shares to be sold. John is going to reiterate in this call, that DFCSS has approved the offer last week before the meeting with the fans. DD has been accepted. and the next step according to DFCSS was a vote of the membership on the 15th, which for some reason has been cancelled Anything else will be a stalling tactic as this was their timeframe from last week.
7.) If talks break down due to DFCSS are you willing to wait on the SGM which is being pushed by supporters and then trying to work with the club?
A.) We have to repeat again, that the urgency was to give the manager an extra fund to WIN the league, or at least have a better chance of doing so. Had the society talked to us from the day of the USA report on May 2nd, or the OFFICIAL offer May 15th, a plan could have been agreed to buy the unissued shares and await an SGM, but No dialogue, No Plan.
NB. DFCSS would still have been the largest single shareholder in the offer, with the FPS partners each having shares in their own names, hence this was to be a collaboration and NOT A TAKE OVER.
We wish all Dundee Supporters all the best for the future in whatever happens, and thank you all for your kind emails, comments, and support.
Football Partners Scotland