Dulwich Hamlet: A new Executive Committee and issue of new shares

Discussion in 'Dulwich Hamlet FC' started by BrandNewGuy, May 10, 2018.

  1. BrandNewGuy

    BrandNewGuy Well-Known Member

    Amid all the promotion excitement, I'm not sure anyone's picked up on a few interesting points made by Liam in his programme notes for the Leiston game last Thursday. After explaining who the Football Committee are and what their remit is, he wrote:

    • The Football Committee will continue to fulfil their administrative function
    going forward.
    • From the start of next season, the club will be run on a day to day basis by a new Executive Committee made up of the club's stakeholders from within the club and from local business and the council.
    • We aim to shortly be able to attract new investment to the club through an issue of new shares. This will make sure the club is on a sound financial footing.

    That looks to me like a significant change in bringing in others (particularly the council) and looking to bring in more investment. How that will affect Nick McCormack's shareholding is not clear, but maybe Liam might be in a position to give some more detail.

    It also looks promising in that clearly a lot of work has gone on behind the scenes to see what's possible to give the club a firmer financial footing going forward.
     
  2. Jimbob73

    Jimbob73 The Wanley Road Massive

    Do Meadow (spit) not have some holding over McCormacks shares still?
     
  3. YTC

    YTC Human Man

    No longer...

    We'll be revealing more in the coming weeks, small matter of playing staff and tying up of financials for this season to deal with first, but rest assured, we have been doing A LOT of work behind the scenes.

    It should be a very interesting summer. :thumbs:
     
  4. BrandNewGuy

    BrandNewGuy Well-Known Member

    This sounds really positive...
     
    crocustim, Pink Panther and YTC like this.
  5. Jimbob73

    Jimbob73 The Wanley Road Massive

    Fantastic news
     
    crocustim likes this.
  6. sleaterkinney

    sleaterkinney Well-Known Member

    Great news.
     
  7. blueheaven

    blueheaven Well-Known Member

    That is bloody fantastic news.

    Will be interesting to hear more about how the council link is going to work.

    Share issue is exciting too and I'm sure a lot of us would be keen to get involved in that.
     
    Pink Panther likes this.
  8. Radical-Cliff

    Radical-Cliff Old Spice

    Cracking news...
     
  9. Jimbob73

    Jimbob73 The Wanley Road Massive

    "We look forward to Members’ input in addition to the general nature of business which is proposed to be conducted at the AGM, as follows : 1. Appointment of Gavin Rose to the Board of Directors. 2. Approval of the Board’s Resolution to increase the Share Capital of the Company 3. Approval of the Board’s proposed Scheme to re-Capitalise the Company 4. Line-by-line saving of Provisions within the Company’s existing Articles of Association, as amended 5. Adoption of certain parts of the most recent implementation of Table ‘A’ 6. Any Other Business, as proposed by Members"

    Very interesting.
     
  10. BrandNewGuy

    BrandNewGuy Well-Known Member

    Where's that from, Jimbob73?
     
  11. Roger D

    Roger D Well-Known Member

    It is extracted from a letter going to all shareholders. The letter acts as formal notification of the AGM.
     
  12. Jimbob73

    Jimbob73 The Wanley Road Massive

    letter is on the official club website as a pdf download
     
  13. Scolly

    Scolly Well-Known Member

    Indeed
     
  14. BrandNewGuy

    BrandNewGuy Well-Known Member

    Wondering if there have been any more developments behind the scenes with regard to the club's share ownership. The AGM was a couple of weeks ago, but there's been no news since.
     
  15. liamdhfc

    liamdhfc Well-Known Member

    As a Private Limited Company we are not legally allowed to advertise the sale of shares but we can answer questions about them. We would have expected those at the meeting to have brought the contents of it into the public domain by now but as they haven't then this question is the first time we can say anything.

    Yes there has been lots of movement as 73% of the current shares will pass into the ownership of a new holding company within the next 7 days. The club's new Directors will be the Directors of that company - namely me, Tom Cullen and Gavin Rose. We have no intention of selling that holding at any time.

    However, we wish to be diluted to bring in new investment and so the meeting also agreed that authorised share capital be increased to £1.5 million.

    These new shares are available to purchase in blocks of 500 shares at £1 each.

    We have also brought the Register of Members up to date and taken some shares that were not taken up as part of the call and those of deceased and non contactable shareholders back into Treasury.

    It is our I mention to hand these to the Dulwich Hamlet Supporters Trust as soon as they have tidied up one of their own rules.

    The rest are available for fans or investors to purchase as part of the recapitalisation of the company.

    Should large investors come forward then we shall look very carefully at their motives as part of our due diligence but we are already aware of people friendly to the club who may wish to invest.

    The new Board will shortly be formed and offer places on it to representatives of all the current stakeholder groups.

    Please forward any requests to purchase or questions to dhfc1893@yahoo.com.
     
  16. BrandNewGuy

    BrandNewGuy Well-Known Member

    Many thanks, Liam. Good news indeed.
     
  17. Nivag

    Nivag Well-Known Member

    Pink Panther likes this.
  18. BrandNewGuy

    BrandNewGuy Well-Known Member

    Good news, but those figures always sounded like they were plucked out of thin air. And it's nice of Meadow Residential to confirm that they see DHFC's 'future' at Champion Hill as being on the astroturf pitch. Laughable.
     
    StephenMac likes this.
  19. YTC

    YTC Human Man

    Accounts needed to be filed...and those numbers could never be proven, like we've said all along.
     
    darryl, Pink Panther and StephenMac like this.
  20. Pink Panther

    Pink Panther Well-Known Member

    Wankers. I liked the comment that Meadow should stick to baseball. You can bet McDaniel is a Trump supporter.

    If the original Meadow proposal only encroached 10 metres onto MOL why couldn't they just shift the proposed new stadium 10 metres eastwards, avoiding MOL, and build slightly fewer (or smaller) flats? They're just incompetent avaricious bully-boys who think they can steamroller everyone else to get what they want for maximum profit. Well fuck you Meadow, this is South London.

    And the ridiculous notion that they're writing off debts out of the goodness of their heart? These debts clearly don't exist and/or are not legally enforceable.
     
  21. Nivag

    Nivag Well-Known Member

    My understanding was the 10m MOL was in-between the current ground and the astroturf.
     
  22. Griff_Turnstile

    Griff_Turnstile Agenda confused turnstile operator

    As regards commenting on this I going to wait under I receive a copy of the minutes of the shareholders meeting and new Articles of Association which I believe have to be ratified by the FA & filed at Companies House first. Along looking for confirmation of how many shares individual shareholders from the Nick McCormack as I believe the number might well have changed since the meeting. Once I’ve had a chance to digest that should be in a better position to comment further.
     
  23. liamdhfc

    liamdhfc Well-Known Member

    Minutes will be available shortly now the deadline for FA to ratify has passed.

    I can assure you that nothing has been enacted that was not agreed at the General Meeting as our solicitor is undertaking these matters

    The new Memorandum and Articles will be filed in the format agreed at the meeting.

    If anybody believes that matters have not been enacted as agreed then please feel free to raise with the Directors.
     
    Dulwich Mishi likes this.

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