KV Mechelen buys three percent of Penninckx’s shares. A first step in the phasing out of Penninckx’ package. He also commits to follow the club bylaws and reduce his shareholding to 49%. And he will live up to the agreements made when he bought out ex-co-main shareholder Olivier Somers in 2019. Penninckx then knocked on the door of the club to be able to pay Somers a tranche of 403,000 euros. It was agreed that KV Mechelen would provide him with that amount, but then Penninckx would have to redistribute a percentage of his shares between the other stakeholders. The smaller shareholders, including the supporters, ultimately did not receive any shares in return. Penninckx held on to its 71.2% shares. Hence the shareholder issue that has dragged on for months.
There is good news about the capital increase. “KVM wants to implement a capital increase by the end of the year to tap additional resources,” the club communicates. “With a capital increase (and therefore the issuing of additional shares), Dieter Penninckx’s share percentage will fall to 49%. The club and the main shareholder agree on this too.”
KV Mechelen hopes to bring Penninckx’s share package to 49% or less as soon as possible. Not only to comply with the club statutes, but also because important sponsors Penninckx would rather lose than be rich. He is a key figure in a judicial investigation into his bankrupt fashion company FNG and is suspected of fraud. He is also no longer financially strong. If Penninckx is convicted – the verdict can take years – and is still connected to Malinwa at that time, the club risks missing out on its license.