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Dynamos to float shares

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Stung by the flight of players, the Dynamos family is mooting a grand plan to float 41% of the club’s shares to the public to boost their empty cash coffers in a move, which is being heavily resisted by the board of directors.

The board of directors have called for an “emergency meeting” at the team’s National Sports Stadium offices on Saturday to discuss the hot issue.

It is understood that the Farai Munetsi-led executive has been working behind the scenes to sell the idea to the board of directors.

Under the proposal, the board of directors would retain the 51% of the shares, while 49% will be sold to the public.

The board of directors — a powerful clique of founder players and members are reported to be against the idea to float shares arguing that it was designed to push them out.

There have been calls to the founding fathers to loosen their grip on the club — to enable its conversion into a public company whose shares could be traded on the Zimbabwe Stock Exchange.

The founding fathers say that by floating shares the club might end up in the wrong hands due to the power of the dollar.

The floating of shares is widely viewed as the lasting solution to the problems bedeviling DeMbare and will enable the club to unlock its real value, with the major review of the ownership structure of the club.

The move has already become unpopular with the board of directors ahead of their Saturday meeting where they are scheduled go behind a closed door meeting with Dynamos chairman Munetsi and his deputy Kenny Mubaiwa.

The board of directors will also meet their lawyer Herbert Mutasa of Gill, Godlonton and Gerrans later on the day.

Casper Muzenda, the Dynamos chief executive officer told NewsDay Sport that the board of directors would be meeting the executive on Saturday but refused to comment on the floating of shares.

“I cannot comment at the stage. I can only comment on the floating of shares after the meeting,” Muzenda said.

Board insiders said the Dynamos executive was misguided as they were going against the constitution.

“The executive are employees and employees cannot float shares. That decision has to be taken by board of directors. The board of directors are the shareholders,” the board insider said.

The insider said that the executive was concerned by the high flight of players to other clubs.

There were manoeuvres to kick out the Munetsi executive last season but they pleaded with the board not to rock the boat until the season was over.

“The executive pleaded with us last season that they would want to administer until the end of the season before any reshuffle and we agreed to that,” the board insider said.

The cash-strapped Glamour Boys have lost top players such as Evans Gwekwerere, Thabani Kamusoko, Dylan Chivandire, Benjamin Marere and Washington Arubi as they are currently short of cash to tie them down for the 2011 season and beyond.

There have also been demands for children of late founder members such as Simon Machaya, Alois Mesikano, Patrick Dzvene, Danny Thomas, Josiah Akende and Obadiah Sarupinda to get a piece of the cake.

However, it understood that the constitution does not provide for children of founder members.

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