Next Game

Aberdeen v Celtic

Sunday, 10 May 2015, 14:30

Scots Prem

Tannadice Park

Last Game

Dundee U 1 - 0 Aberdeen

Saturday, 02 May 2015, 15:00

Scots Prem

Milne proposes share scheme

Aberdeen chairman Stewart Milne has made a proposal to wipe almost £6m off the club's debt in a share scheme.

Last Updated: 27/11/12 at 20:47 Post Comment

Pittodrie: Proposal to cut the club's debt

Pittodrie: Proposal to cut the club's debt

More of the games that matter

Upgrade in minutes or watch with a NOW TV Day Pass.

The proposal would see £3.7m due to Milne and £2.25m owed to Aberdeen Asset Management turned into shares, cutting the club's debt to £10.82m.

Shareholders will be asked to vote on the matter at the club's AGM On Wednesday, December 19.

"Over the past few years the major shareholders have invested substantially in the club, with interest free loans now standing at £5.75m in aggregate," Milne said in a statement.

"Part of this amount has been used to finance the development costs of the new stadium and part to provide finance for the business.

"The major shareholders now wish to make this investment in the business permanent and to this end, and subject to shareholder approval, it is proposed to convert the loans over time into a new class of preference shares.

"After the ordinary business of AGM, shareholders will be asked to vote on a special resolution which would create this new class of share.

"No new cash will come into the company as a result of this conversion but over time its financial position will be considerably improved by removing liabilities from its balance sheet totalling £5.75m and by the corresponding improvement in the ratio of its net assets to called up share capital."

Earlier Aberdeen announced trading results for the year until June 30, 2012 where turnover rose from £7.462m to £8.337m and operating loss fell from £589,000 to £334,000.

On moving away from Pittodrie, Milne added: "Preparations for the move to a new stadium at Loirston received a set-back when Aberdeen City Council rejected a request for an extension of time to conclude an agreement in relation to the Calder Park development.

"We continue to investigate options for Loirston and alternative sites with a number of interested parties and remain confident a satisfactory solution will be found in due course."

More of the games that matter

Upgrade in minutes or watch with a NOW TV Day Pass.

Related News

Most Commented

Readers' Comments

N

ice work John.. have to agree with everything. Never measure your wealth in money.

wexford_blue
We're Not All Jealous Guys...

I

s it the same people that complain about Chelsea that complain about Mayweather? You should by now know what to expect from both, if you can't appreciate how good they are at nullifying their opponents then don't watch them.

Noz2k
Chelsea: This Ending Always Justifies The Means

I

do concede though, that getting rid of Luiz has made them less entertaining. In the same way that driving with both eyes open is less exciting, but probably a good idea.

megabrow (cufc)
Chelsea: This Ending Always Justifies The Means

Footer 365

Stephen McManus says Motherwell are full of confidence

Stephen McManus says Motherwell are full of confidence despite being adrift in the Scottish Premiership playoff place.

Arsene Wenger only wants to bring 'world-class' players to Arsenal

Arsene Wenger has revealed he is only looking to add “top, world-class players” to his Arsenal squad this summer.

Hull 1-3 Arsenal: Alexis Sanchez nets twice to move Arsenal level on points with Man City

Alexis Sanchez scored twice in the first half to help Arsenal coast past Hull with a 3-1 win at the KC Stadium.

Mail Box

Blaming Van Gaal For United Slump...

Wayne Rooney in midfield, the same balls aimed at Marouane Fellaini...Louis van Gaal has to find a solution. And a Burnley fan embraces relegation...

Shouldn't We Give Players Time?

Do we really want to throw out the baby with the bathwater every single summer? We also have a Man United fan who wants massive investment. And more...

© 2015 Sky Ltd. All Rights Reserved A Sky Sports Digital Media company