Queen of the South have agreed deals to sign Raith Rovers midfielder Ryan Conroy and Cowdenbeath goalkeeper Robbie Thomson.
But they have failed to agree a fee for the transfer of defender Kevin Holt to Dundee and say compensation is likely to be settled at a tribunal.
Midfielder Kevin Dzierzawski is moving to Peterhead and right-back Chris Mitchell is joining Clyde.
American 23-year-old Dzierzawski had finished the season on loan to the League One club, while Mitchell, who joined Queens from Bradford City in 2012, only made two appearances this season.
Queens manager Jamie Fowler told his club website he was delighted to secure the services of Conroy and Thomson so soon after County and Dundee had announced their capture of McShane and Holt respectively.
Conroy, 28, had a previous spell at Palmerston Park on loan from Celtic and made 42 appearances in his season with Scottish Championship rivals Rovers after leaving Dundee.
Thomson, 22, made 35 appearances for Cowdenbeath after signing from Rochdale last summer and exits Central Park after relegation to League One.
"I'm excited to have these guys on board," said Fowler. "Ryan is a very creative player and has the ability to score goals.
"Robbie had other offers available, but he chose to come to Queens."
Meanwhile, Paul Burns, Jake Pickard and Scott Hooper have signed new contracts.
Hooper, a 20-year-old defender, has made seven appearances this season, while 18-year-old former Sunderland forward Pickard has played 12 times as a substitute.
Midfielder Burns, who joined Queens from Dunfermline Athletic in 2013, has made only seven appearances this season and Fowler added: "Burner will be registered as a player, but he will be heavily involved in the coaching side of things."