A letter has been sent to Members with details of a new group looking to invest in the Daggers and a provisional date for the AGM (18th January 2017) to discuss this and other matters. In the letter, which is reproduced below, Chairman Paul Gwinn also confirms that there has been a letter received seeking a vote of no confidence in the current board.
In another development, the club accounts sent to Members in November, have been made publicly available by "Auntie Merge" here.
The Daggers Forum contains a decent analysis of the figures and what they mean by "Adrian" here, who we understand is an accountant.
The new group looking to invest are, unsurprisingly, a subset of the Tamplin consortium. They are Glyn Hopkin, who would appear to been the major mover and shaker in breaking up the Tamplin group in early November, together with Dave Bennett, David Ward and Steve Thompson.
The investment total this time is slightly more than the previous commitment at £1,300,000, with the full amount paid over by the 1st July 2017.
The individual investments are:
Glyn Hopkin, £1,000,000 for 57%
Dave Bennett, £150,000 for 8.5%
David Ward, £100,000 for 5.5%
Steve Thompson, £50,000 for 3%
Under the proposal, the Members will retain 26% of the club, and have a seat on the board of the new company. This proportion of shares means that any further changes of structure cannot be voted in without the approval of the Members under company law.
The new Board would include the four investors plus one elected representative from the Members approved by the Board. It will also comprise of a non-executive Chairman and the investors propose this to be curent chairman, Paul Gwinn.
To All Full & Life Members - 22nd December 2016
Further to my letter of the 25th November 2016, I am now pleased to be able to confirm that the AGM of the Club will indeed be held on Wednesday 18th January 2017 and formal notice of such is included with this letter.
I am also pleased to be able to advise that we have received a firm Investment Proposal, copy of which is also enclosed, for discussion, and hopefully adoption at the meeting. If approved, it is your Board’s proposal to again facilitate the investment via a Scheme of Arrangement and this vote will be the first process along this avenue. It is my belief that this is the best way for the Club to go forward and I sincerely hope that you are able to give it your overwhelming support.
However there is another resolution to be considered, also enclosed, originally signed by 5 Full Members but subsequently Paul Mullinder withdrew his support. Nevertheless it still has the support of 5% of the membership and must therefore be put forward. Obviously as a member of the current Board I must be included within this motion and trust that the majority of our Members will reject it.
Paul Gwinn JP
On the surface this looks like a decent deal for the Daggers, led by a man in Glyn Hopkin who has a long record of supporting and investing in the football club and who's car dealership business is a massive name in the south east of England. His investment though will result in him owning 57%, a majority share in the club, which was a major objection previously when Glenn Tamplin was attempting to buy in.
That the consortium includes Dave Bennett and Steve Thompson will also upset a number of people.
DiggerDagger understands that the letter requesting a vote of no confidence in the board originally asked for the removal of these two and Brian O'Connor, and they remain tainted by having led the Daggers into the financial hole it finds itself. David Ward appears untainted, but is now on his third or fourth consortium.
This letter was apparently signed by five members originally, including two of the East consortium, John Goodwin and Graham Bramley, and ex-Director Gerry Hanning.
It is notable that Chris Smythe is not included in the new consortium and it seems likely that the angst and criticism from the anti-Tamplin group since may have worn him down.
I am sure they can feel very proud to have driven off a man willing to invest his own money in the football club they allegedly love, who has already invested large amounts of time and money into it.