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Post by citytoon on May 26, 2016 13:24:34 GMT
Colin Leyland we are out of time for games.
I certainly do not take your recent comments in the Worcester News as evidence of the board being proactive in an attempt to save the club (nor apparently do others whose comments precede mine).
If you/the board have a plan B let's hear it. We are all ears.
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Post by kentenigmawcfc on May 26, 2016 13:48:51 GMT
Re the EGM. Rich Widdowson sent me an e.mail on Tuesday morning to let me know that the EGM request had been delivered to the Board prior to their meeting on Monday evening. He went on to say someone from Worcester News contacted him and told him the meeting would be in July. Rich new nothing about that, so either the WN reporter was invited to the Board meeting, someone in that meeting informed WN before the Trust and shareholders or the WN were just fishing knowing that the EGM request was being submitted and hoping to get more information for a story.
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Post by gallardo on May 26, 2016 14:14:50 GMT
What a top fishing trip. Not only have they guessed well about the EGM but they've also unearthed a new plan of Plan B. I don't think this Board have got the intelligence to run this club. They got done over by the Press there. I feel sorry for shareholders. Glad I'm just a fan but it's not good to see our football is a laughing stock.
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Post by greenman on May 26, 2016 14:25:06 GMT
What I find most amusing is that it has been stated 'we have a plan B' whereas I am not sure whether certain members of the Board even have a grasp of plan A.
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Post by thesecondjack on May 26, 2016 14:44:12 GMT
Personally, I believe it's the sort of reporting we need from the Worcester News. To the everyday fan, the club board are about as transparent as a brick wall, some digging by the local paper would do us some good. Fear spreading about planning applications being dead before they've been heard is not what we need.
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Post by gallardo on May 26, 2016 15:14:34 GMT
It is good work by Worcester News. Now this board can't deny that they have another scheme up their sleeve and they can't deny that don't support Perdiswell They never have. I bet it's a deal with Warriors too. Colin Letland might as well tell us now. I bet the Supporters Trust are pissed off or did they know too? They're all the same, it don't matter about fans.
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Post by thatloudbloke on May 26, 2016 15:31:58 GMT
Colin Leyland does not recognize the truth if it slapped him in the face, cant even remember the words that come out of his mouth, he will deny all knowledge of plan "B" if asked, it will be someone else who said it, i would have purchased shares in the club, but not with this bunch of muppets in charge, I just hope those who do have shares get rid of them at EGM & then we can move forward with people who care....
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Post by Tim Munslow on May 26, 2016 16:30:51 GMT
"The house which is divided against itself must surely fall..." and I think the club needs dissension between board and supporters, together with un-informed comment like many of those above, like it needs a hole in the head.
I look forward to a statement of facts, not accompanied by wild speculations.
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Post by greenman on May 26, 2016 16:38:44 GMT
"The house which is divided against itself must surely fall..." and I think the club needs dissension between board and supporters, together with un-informed comment like many of those above, like it needs a hole in the head. I look forward to a statement of facts, not accompanied by wild speculations. And that is the problem as shareholders we were not presented with the facts, only know through the media are we given a plan B. Something that has never been mentioned before. If there there are uninformed comments on here then it is up to the Chairman to make a public statement in respect of the truth. This would be welcome and go a little way to unifying the dissenters.
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Post by Brooksiders Return!! on May 26, 2016 20:08:14 GMT
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Post by richwidd on May 26, 2016 20:47:39 GMT
This is the motion for the meeting that has been called for and it is all or nothing when it comes to a vote.
1. Change the articles of association to: a. Remove article 4, thus removing the restriction on anyone owning more than 1% of the Company b. Make specific provision for treatment of nil paid shares, rather than the implied provision that exists at present c. Remove the requirement that at least 5% (i.e. £7,000) of the value of new shares be paid by the recipient when those shares are allotted to them 2. Disapply the requirement that new shares first be offered to existing shareholders 3. Allot any existing, unsold shares to Worcester City FC Supporters Ltd. (The Trust) c.140, 000 4. Allow current shareholders to consider gifting their shares to Worcester City FC Supporters Ltd. (The Trust)
I haven't heard a reply as to the the date will be, The Worcester News told me that the meeting has been agreed. I am not expecting a reply from the Club until the 9th May.
The Plan B I was referring to in the Worcester News report was regarding this call for an EGM (where there is no mention of Perdiswell). I am unaware of an alternative method of ownership other than keep it as it is.
I presume the Vice-Chairman is referring to an alternative method of ownership (rather than a back-up to Perdiswell).
As referred to incorrectly in other places, there is no call for anyone to leave the Board & there is no proposal for anyone to join the Club Board.
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Post by thesecondjack on May 26, 2016 20:59:47 GMT
This is the motion for the meeting that has been called for and it is all or nothing when it comes to a vote. 1. Change the articles of association to: a. Remove article 4, thus removing the restriction on anyone owning more than 1% of the Company b. Make specific provision for treatment of nil paid shares, rather than the implied provision that exists at present c. Remove the requirement that at least 5% (i.e. £7,000) of the value of new shares be paid by the recipient when those shares are allotted to them 2. Disapply the requirement that new shares first be offered to existing shareholders 3. Allot any existing, unsold shares to Worcester City FC Supporters Ltd. (The Trust) c.140, 000 4. Allow current shareholders to consider gifting their shares to Worcester City FC Supporters Ltd. (The Trust) I haven't heard a reply as to the the date will be, The Worcester News told me that the meeting has been agreed. I am not expecting a reply from the Club until the 9th May. The Plan B I was referring to in the Worcester News report was regarding this call for an EGM (where there is no mention of Perdiswell). I am unaware of an alternative method of ownership other than keep it as it is. I presume the Vice-Chairman is referring to an alternative method of ownership (rather than a back-up to Perdiswell). As referred to incorrectly in other places, there is no call for anyone to leave the Board & there is no proposal for anyone to join the Club Board. Hi Rich, could you just clarify - will there be a vote on each single matter 1-4, or just one sweeping vote to make all changes 1-4?
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Post by creaner on May 26, 2016 23:24:32 GMT
There is only the one motion so it is yes or no. The meeting in advance of the EGM mentioned in the press will be an opportunity for shareholders to hear the rationale behind the EGM request and ask any questions. This would be the ideal opportunity to put all options before shareholders.
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simon
Reserve Teamer
Posts: 83
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Post by simon on May 28, 2016 14:22:40 GMT
If this motion is carried through and The Trust is gifted approx. 140,000 shares,what percentage is this of the total amount of shares?
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Post by richwidd on May 28, 2016 15:47:09 GMT
If this motion is carried through and The Trust is gifted approx. 140,000 shares,what percentage is this of the total amount of shares? It is approximately 46%, give or take a few depending on the exact figure, but there are already enough pledged which would take it well over 51%.
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Post by Dodger on May 28, 2016 20:59:03 GMT
I suspect that if there is a plan 'B' then it will be to cross out the word Perdiswell in any of the documentation and replace it with 'A N Other'.
I may be wrong about the crossing out.............Snopake or Tippex may be used instead.
Dodger.
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Post by gallardo on May 29, 2016 7:56:56 GMT
Sixways cos they are talking to the rugby club and there is no where else.
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Post by thesecondjack on May 29, 2016 10:02:00 GMT
Please correct me if I'm wrong but is there not a letter on the planning portal from Worcester Warriors stating that a ground share agreement, or allowing us to develop on one of their training pitches would not happen as they are well used currently? Worcester Warriors is NOT an option.
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Post by alwaysnextyear on May 29, 2016 12:02:20 GMT
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Post by thesecondjack on May 29, 2016 13:13:45 GMT
They didn't want us up there for whatever reason in the 90's, in the 00's, or in the last few years. Cecil will talk the good talk, and say he'd like to help us out somehow, like he always does, but it just stalls the process of finding a home. Why should they help us out? What does a Premier Rugby team get from having some little football club on their land?
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Post by jimbo on May 29, 2016 23:38:47 GMT
Just a thought. If the vote to change the constitution is likely to be a close call (& I can understand some shareholders with £3,000 worth not wanting to donate their money to the community) Is it still possible time wise for supporters without shares to put a few hundred quid in ? Could that be a way of ensuring the decision goes our way ? I'm sure a few people on here & a few trust members do not have shares. So at the risk of being sounding insulting...... Let's ask them to put their money where their mouth is to earn their vote to get this EGM result.
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Post by kentenigmawcfc on May 30, 2016 8:38:04 GMT
Hi Jimbo, In theory yes people could apply to become a new shareholder or existing shareholders to buy more shares up to the 3,000 share limit but it is not quite as simple as it sounds. Remember our Board volunteer to work for the Club in their own time, they are not full time employees as some may think, therefore they will not be dealing with share applications as they arrive as it would be impractical. Given the importance of the 'EGM' the Board might be inclined to be slow to approve and register any new shares at this time particularly if they thought the holder might be hostile to the Boards position but may feel inclined to fast track those that they feel might be favourable to their viewpoint. My understanding is that any new shareholders names and their shareholdings would need to be registered with 'Companies House' so again this can provide the Board with a valid loophole to site a delay in new or extra shareholders being eligible to vote. I am not trying to deter people from buying shares or indeed suggesting the Board would actually do what I am suggesting above but given the short lead up time to the 'EGM' I do doubt if the Board would be motivated to be in a hurry register any further votes at this time. If I have got anything wrong here I am sure Jem Pitt, who is more up to date and au fait with company law than I, will correct anything I have wrong or am out of date with.
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Post by auldreekie on May 30, 2016 13:51:28 GMT
Hi Jimbo, In theory yes people could apply to become a new shareholder or existing shareholders to buy more shares up to the 3,000 share limit but it is not quite as simple as it sounds. Remember our Board volunteer to work for the Club in their own time, they are not full time employees as some may think, therefore they will not be dealing with share applications as they arrive as it would be impractical. Given the importance of the 'EGM' the Board might be inclined to be slow to approve and register any new shares at this time particularly if they thought the holder might be hostile to the Boards position but may feel inclined to fast track those that they feel might be favourable to their viewpoint. My understanding is that any new shareholders names and their shareholdings would need to be registered with 'Companies House' so again this can provide the Board with a valid loophole to site a delay in new or extra shareholders being eligible to vote. I am not trying to deter people from buying shares or indeed suggesting the Board would actually do what I am suggesting above but given the short lead up time to the 'EGM' I do doubt if the Board would be motivated to be in a hurry register any further votes at this time. If I have got anything wrong here I am sure Jem Pitt, who is more up to date and au fait with company law than I, will correct anything I have wrong or am out of date with. The process for buying shares in the club is very straightforward and explained on the club's website. www.worcestercityfc.com/a/become-a-shareholder-36625.htmlYou are right that the issue of shares is not instantaneous but on the other hand it is not slow. Although the Company Secretary will deal with the paperwork it needs to be approved by the Board of Directors. The directors are given powers in the Articles of Association to deal with issuing unallotted shares and it will be routine business at a Board meeting to deal with any applications. There are also other methods of getting Board approval outside a meeting. Once the approval is given then the other paperwork is to issue the share certificate, complete and send a return to Companies House and update the Shareholders' Registrar. Shares allotted in the financial year are clearly shown in the Annual Accounts. My own purchase of shares in the club was dealt with professionally, courteously and efficiently. Obviously you need to be a shareholder to vote at a general meeting. The best way to clarify the timing of issuing new shares viz a viz the timing of an Extraordinary General Meeting would be to follow the advice from the club' website and contact John Jordan who I am sure would answer any questions.
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Post by Croc on Jun 12, 2016 10:35:45 GMT
4 minutes ago By WCFC NEWS
EGM Arrangements
As you may know, a request has been received requisitioning a General Meeting of Worcester City Football Club Limited.
In response to this request a reponse has been sent within the prescribed timescales confirming that an EGM will be held at 7pm on 7th July 2016. Further details, including the formal notice of the EGM will be circulated to all shareholders shortly.
Updated 11:15 - 12 Jun 2016 by WCFC NEWS
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Post by stgeorge on Jun 12, 2016 10:44:28 GMT
Can anyone advise.
I know I have some shares but I've never updated my home address with the club. If any correspondence relating to the EGM is sent out obviously I won't receive this. Do I need to advise the club of my new address or is it too late? Will this stop me gaining entrance to the EGM?
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Post by greenman on Jun 12, 2016 11:00:55 GMT
4 minutes ago By WCFC NEWS EGM Arrangements As you may know, a request has been received requisitioning a General Meeting of Worcester City Football Club Limited. In response to this request a reponse has been sent within the prescribed timescales confirming that an EGM will be held at 7pm on 7th July 2016. Further details, including the formal notice of the EGM will be circulated to all shareholders shortly. Updated 11:15 - 12 Jun 2016 by WCFC NEWS Shareholders should also be aware that in the letter I received from the solicitors acting for the Board contained the following paragraph which I quote 'The resolutions you propose will be considered in the first instance at the EGM. If any changes to the Company's Articles of Association are agreed in principle at the EGM, you should be aware that further work may be required before any such resolutions can take effect. Part of the process will involve the Board taking legal advice in relation to the detail of the redrafting of the Articles, and a further general meeting may be needed to approve that detail under Article 16' You may wish draw your own conclusions.
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dcx
Squad Member
Posts: 289
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Post by dcx on Jun 12, 2016 12:22:43 GMT
4 minutes ago By WCFC NEWS EGM Arrangements As you may know, a request has been received requisitioning a General Meeting of Worcester City Football Club Limited. In response to this request a reponse has been sent within the prescribed timescales confirming that an EGM will be held at 7pm on 7th July 2016. Further details, including the formal notice of the EGM will be circulated to all shareholders shortly. Updated 11:15 - 12 Jun 2016 by WCFC NEWS Shareholders should also be aware that in the letter I received from the solicitors acting for the Board contained the following paragraph which I quote 'The resolutions you propose will be considered in the first instance at the EGM. If any changes to the Company's Articles of Association are agreed in principle at the EGM, you should be aware that further work may be required before any such resolutions can take effect. Part of the process will involve the Board taking legal advice in relation to the detail of the redrafting of the Articles, and a further general meeting may be needed to approve that detail under Article 16' You may wish draw your own conclusions. Are there any specified timeframes in which the board must present revised Articles of Association? Or can they continue to drag their feet and waste more valuable time and money?
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Post by thatloudbloke on Jun 12, 2016 12:41:01 GMT
Shareholders should also be aware that in the letter I received from the solicitors acting for the Board contained the following paragraph which I quote 'The resolutions you propose will be considered in the first instance at the EGM. If any changes to the Company's Articles of Association are agreed in principle at the EGM, you should be aware that further work may be required before any such resolutions can take effect. Part of the process will involve the Board taking legal advice in relation to the detail of the redrafting of the Articles, and a further general meeting may be needed to approve that detail under Article 16' You may wish draw your own conclusions. Are there any specified timeframes in which the board must present revised Articles of Association? Or can they continue to drag their feet and waste more valuable time and money? Seems to me their heads are getting buried even further in the sand, if they carry on like this they will bankrupt the club before the people who care & want to get things in the right place have a chance... shareholders now need to stand together & defeat the board, so we can get the club back on the right tracks....
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Post by thatloudbloke on Jun 12, 2016 12:44:15 GMT
Can anyone advise. I know I have some shares but I've never updated my home address with the club. If any correspondence relating to the EGM is sent out obviously I won't receive this. Do I need to advise the club of my new address or is it too late? Will this stop me gaining entrance to the EGM? hi yes you should inform the club of your new address, & it seems the paperwork has been sent out, but you have the right as a shareholder to attend any AGM/EGM, advice is take shares with you or have some proof of your ownership & take some form of identification, then they have no reason to stop you attending...
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dcx
Squad Member
Posts: 289
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Post by dcx on Jun 12, 2016 12:56:54 GMT
Are there any specified timeframes in which the board must present revised Articles of Association? Or can they continue to drag their feet and waste more valuable time and money? Seems to me their heads are getting buried even further in the sand, if they carry on like this they will bankrupt the club before the people who care & want to get things in the right place have a chance... shareholders now need to stand together & defeat the board, so we can get the club back on the right tracks.... Exactly. It doesn't take a genius to see the perilous financial position we are in, but perhaps I am overestimating the intelligence of certain board members? £550k in the bank, projected losses of £100k a season in exile. And that's if we stay in the National League, which is becoming more challenging each season. We have no option of an overdraft as we have no assets to secure any borrowings against, so that £550k has got to last. Losses are inevitable at this point and I see the logic in not drastically cutting playing budget, as we would no doubt save money but also go down. Giving us a decent ish budget although short term will cause the club to be loss making, in the long term it could be seen as the right course of action to preserve our Conference North status. This is important because I can't see us being able to fund the whole stadium through grants, but the higher up the pyramid we are the more grants we will receive, which reduces the level of borrowing we need to expose the club to. This does however work on the proviso that the club is back in Worcester playing in its own ground within 4 years, before the money runs out and the club goes into financial oblivion.
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