Share issue opposed by Pars’ fans group
Cash-strapped Dunfermline’s hopes of achieving a successful share issue were dealt a blow last night as a major supporters group urged fans not to purchase a stake in the Fife club.
The Pars, whose staff are in the midst of a fourth successive month of delayed salaries, aim to raise between £300,000 and £500,000 from the scheme, which will make around 20 per cent of shares available and is expected to be launched next week.
However The Pars Community (TPC), an alliance of Dunfermline supporters, have refused to back the share issue, insisting the funds raised will do nothing to protect the long-term future of the club. TPC have criticised the club’s majority shareholder, Gavin Masterton, for showing “little interest” in entering discussions with their group.
“As it stands, and in the absence of any meaningful dialogue with the major shareholder, TPC could not endorse the share offer proposals,” read a statement. TPC aim, instead, to wrest control from the board and make Dunfermline into a supporters-owned club, with TPC the largest single shareholder with 50 per cent of the shares. It is claimed around £500,000 would be invested in the new company.
Masterton has rejected an approach from the group, describing their offer as “fanciful”.
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Sunday 26 May 2013
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