Cummings raises Aberdeen shareholding

Jim Cummings, a former director of the club has increased his equity holding to nearly 13%. According to media reports, Cummings acquired shares formerly owned by Murray Johnston Venture Capital Trusts (VCT), making him the third largest shareholder after the Stewart Milne Group and funds managed by Aberdeen Asset Management.

The share sale emerged after VCT's new manager conducted a review of its investment portfolio and reduced the valuation of its stake in the club. It had originally invested GBP1.35m in 12.4% of the club's shares in the late 1990s while the club was still a listed company. The revaluation was based on a combination of the club's equity and debt, now standing at around GBP9m.

Cummings left the Aberdeen board after an unsuccessful attempt to remove the chairman, Stewart Milne, in March 2001.