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Post by kentenigmawcfc on Jun 22, 2016 10:10:19 GMT
Hi all Worcester City F.C. shareholders,
As you may or may not be aware, the 'Supporters Trust' are hosting a 'Pre EGM' meeting which is open to all but is primarily aimed at shareholders like you and me. The purpose of the meeting is for the 'Trust' to explain to anyone who is not aware yet or needs a refresher for those who may have forgotten what the aim is of the 'Trust' plan to rescue/save our Club from folding, via a change to the constitution of the Club and a change to 'Community Share' ownership.
Now I am not a member of the 'Trust Board' but as both a shareholder of the Club and a member of the Trust I have and will make not secret of the fact that I am broadly in favour of this plan, especially when no other seems available as far as I know. This meeting is an opportunity to hear the 'Trust' proposals and I understand, to give shareholders an overview of the Club finances and the critical tipping point the Club may fast be approaching if not already reached. Having heard the proposals and Club update, shareholders will have the opportunity to quiz the Trust about the plan and their view of the future good or bad. It is not designed to throw brickbats at the Board but is designed to bring everyone up to speed prior to the official 'EGM' and then time to digest what has been heard before that meeting to enable shareholders to vote as they see fit.
As a side note, could I ask all shareholders who may not be able to attend the 'Club EGM' on the 7th July, due to holiday, work, ill health or family emergency to complete their 'Proxy' voting forms and ideally find either a fellow shareholder who is of a similar view to you, if you have made your mind up, to vote on your behalf or a non shareholder to act as your Proxy and vote on your behalf.
The 'Pre EGM will take place at 'Archdales' and I believe at 7 p.m. tomorrow 23rd June.
Please make the effort to attend as your Club needs you more than ever!
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althom
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Posts: 185
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Post by althom on Jun 22, 2016 11:08:35 GMT
As a shareholder who is unable to attend both the pre-EGM meeting tomorrow and the EGM on July 7th, can anyone answer a few queries i have? 1. Not having a copy of the clubs Articles of Association, what is Article 4 and the amendments referred to? 2 Who are Worcester City FC Supporters Ltd? Is it the official name of the Trust?
Without the facts in front of the shareholders, how can a measured judgment be made on how to vote?
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Post by kentenigmawcfc on Jun 22, 2016 11:27:22 GMT
Hi althom, I am not the person to answer your questions but I will get in touch with the Trust and ask them to answer your questions, if someone from the Trust is not already watching the comments, replies and or questions.
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Post by Down The Pan on Jun 22, 2016 13:58:14 GMT
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Post by thatloudbloke on Jun 22, 2016 15:37:31 GMT
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Post by thesecondjack on Jun 22, 2016 17:16:48 GMT
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Post by creaner on Jun 22, 2016 17:34:03 GMT
Yes both. The meeting is primarily to give an overview on why the EGM has been called and take any questions. So will be aimed at shareholders but we're not going to be checking share certs on the way in so anyone can come.
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althom
Squad Member
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Post by althom on Jun 22, 2016 18:23:07 GMT
Thanks for the info.....much clearer now!
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Post by creaner on Jun 22, 2016 18:41:08 GMT
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harley
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Post by harley on Jun 23, 2016 7:17:48 GMT
Like Althom in his post I was confused by the name Worcester City Football Club Supporters Ltd but a check on Companies House and the FSA website confirmed it is the official/registered name of the Supporters Trust.
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Post by creaner on Jun 23, 2016 8:09:27 GMT
Like Althom in his post I was confused by the name Worcester City Football Club Supporters Ltd but a check on Companies House and the FSA website confirmed it is the official/registered name of the Supporters Trust. I don't remember the detail but it's because we are a Community Benefit Society and that's how we registered with the FCA. Trust's are something different so we can't use that as part of our title.
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Post by auldreekie on Jun 23, 2016 9:34:49 GMT
Like Althom in his post I was confused by the name Worcester City Football Club Supporters Ltd but a check on Companies House and the FSA website confirmed it is the official/registered name of the Supporters Trust. I don't remember the detail but it's because we are a Community Benefit Society and that's how we registered with the FCA. Trust's are something different so we can't use that as part of our title. This terminology is confusing. The Worcester City Football Club Supporters Limited (WCFCSL) was registered as a limited liability company on 4 March 2004. “ Limited” tells anybody working with it that it limits the liability of its members. To include the word “Trust” in a company name requires specific conditions to be met to show that the company is a Trust under law. So an organisation set up under law as a charitable trust that decides to become a limited company would in principle be allowed to include “ Trust” in its company name, e.g. ABC Trust Limited. So this tells anyone working with it that as well as limiting the liability of its members it is also covered by Trust law. Other words like this include “ Royal” and “ Bank” for the same underlying reason, i.e. to avoid mis-leading anyone. Then there is another strand. Because of the nature of WCFCSL business it was additionally defined at the time of registration as an “ Industrial and provident society” under other legislation at the time. New legislation in 2014 changed this terminology. “ Industrial and provident societies” were now either a: “ Community Benefit Society” - trades to benefit the broader community with profits not distributed but reinvested. or “ Co-operative” – trades for the mutual benefit of its members So WCFCSL meets the definition of a “ Community Benefit Society”.
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Post by thesecondjack on Jun 23, 2016 9:58:41 GMT
It's confusing, but it's not anything to worry yourselves over - I had to look into this about a year ago - being a trustee of a charity which is a 'foundation' by name, but not in practice, and managing a 'co-operative' by name, but not in practice. You can easily find yourself going around in circles trying to work out what you should be, how to change it, and so on - I know I spent far too many hours going over it all. The Supporters Trust (WCFCSL) runs on the CBS format, as auldreekie said “Community Benefit Society” - trades to benefit the broader community with profits not distributed but reinvested. I believe this to be a good thing.
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Post by geoffworcester on Jun 23, 2016 17:19:47 GMT
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Post by citytoon on Jun 23, 2016 20:42:55 GMT
Thanks Geoff. Was much appreciated by the Geordie branch.
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Post by geoffworcester on Jun 24, 2016 16:30:40 GMT
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Post by greenman on Jun 24, 2016 16:50:11 GMT
Can I take the opportunity to congratulate the members of the Trust on a professional and informative meeting explaining all the benefits of changing the company Articles to become a Community Benefit Society. It was a pity that the Chairman and Vice Chairman plus other Directors of WCFC deemed not to attend as their presence would of ensured that they had a full understanding of the proposals.
The graphs on display were of particular interest showing the slow financial decline of WCFC and which if continued in its present form will mean the disappearance of the Club within a few years.
If any shareholders are following this I would urge you to read the Supporters Trust website and understand the proposals, if you are convinced please ensure you attend the EGM and vote for the change.
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Post by jimbo on Jun 25, 2016 13:46:42 GMT
Can I take the opportunity to congratulate the members of the Trust on a professional and informative meeting explaining all the benefits of changing the company Articles to become a Community Benefit Society. It was a pity that the Chairman and Vice Chairman plus other Directors of WCFC deemed not to attend as their presence would of ensured that they had a full understanding of the proposals. The graphs on display were of particular interest showing the slow financial decline of WCFC and which if continued in its present form will mean the disappearance of the Club within a few years. If any shareholders are following this I would urge you to read the Supporters Trust website and understand the proposals, if you are convinced please ensure you attend the EGM and vote for the change. Paul, I cannot believe there are shareholders still unaware of the situation. However, there may be a) some who naively think there will be some sort of payout on the money they originally invested or b) some who are unwilling to donate their shares for the good of the club & community. They should be the people to canvass & convinced of the error of their ways.
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Post by thatloudbloke on Jun 25, 2016 14:10:29 GMT
there are so many shareholders who have moved & the club do not have correct details, i hate to think how many have passed away & their family haven't a clue the shares exist, can we be sure the board have really tried to contact all shareholders... we need to hope those who do know & will attend the shareholders pre EGM meeting will all stand up & be counted for the good of the club, as there is no financial gain...
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Deleted
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Post by Deleted on Jun 25, 2016 16:22:21 GMT
What happens if, for example, 10,000 shares have been issue over 100 years and now only 5,000 are active (in that the owners are aware of the vote/still alive etc) and 4,500 vote to support the proposal, then this is not a majority (of the 10k). Do five thousand dead souls carry the day?
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Post by Down The Pan on Jun 25, 2016 18:18:13 GMT
What happens if, for example, 10,000 shares have been issue over 100 years and now only 5,000 are active (in that the owners are aware of the vote/still alive etc) and 4,500 vote to support the proposal, then this is not a majority (of the 10k). Do five thousand dead souls carry the day? That would only be the case if every dead soul turned up and voted. The majority is the majority of votes cast, not total number of shares. So if there were 5000 active and 4,500 voted in favour, and 500 voted against , it would be a massive majority (can't be bothered to do the maths , its a big number, 90%)
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Post by citytoon on Jun 25, 2016 18:47:31 GMT
Also worth mentioning that being an amendment to the club's constitution (its articles of association) it requires at least 75% of the votes cast in favour of the resolutions for them to be passed, rather than just a majority.
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Post by thatloudbloke on Jun 25, 2016 19:11:54 GMT
this was mentioned thursday & that is why we need every shareholder who wants change to attend the EGM or get a proxy vote, it was said that is 75% of those present in room... confused if it is one person one vote or every share is counted of those in the room... to much gobbledygook for me...
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Deleted
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Post by Deleted on Jun 25, 2016 19:49:04 GMT
Thanks for clarifying Brooksider.
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Post by kentenigmawcfc on Jun 26, 2016 9:45:10 GMT
In response to the Board notification in the 'Worcester News' about a 'Pre EGM' meeting for shareholders this coming Thursday I added the following comment:-
So far I have not received a letter from the Club for the 'Shareholders Pre EGM' meeting this coming Thursday and the only way I have found out about the said meeting is via the 'Worcester News' article I read online. I feel as a shareholder that I and indeed all shareholders have been very shabbily treated by the 'Inner Board' as I now refer to them, with the missing 'AGM's', the fact that I and a couple of others had to apply for and 'EGM' as the 'Inner Board' have never seen fit to discuss the 'Trust' proposals with shareholders since they we made available at 'SGL' more than 3, what seems very long years ago and now they can't be bothered to send me my invite in a timely fashion if indeed it has already been sent! Little wonder I favour and support the 'Trust' proposals as the 'Trust' have been open and honest and as it stands offer the only viable survival plan for the Club, especially when no viable alternatives have been presented by the 'Inner Board' to date. If our 'Inner Board' are to be trusted they need to come clean and be honest with shareholders on Thursday evening, anything less from now on can no longer be tolerated and I hope shareholders ask them questions over their motives and lack of transparency, even with all members of their own Board which I find staggering and appalling. So will the 'Inner Board' answer questions from shareholders honestly and try to repair the transparency, trust and faith in them that I and shareholders once had and I and many shareholders now feel is lacking to put it mildly. Anything less from now on must call into question the 'Inner Boards' suitability to continue stewardship of the Club, a Club they have served well for many years but now appear to run to suit themselves without liaising with or consulting or informing shareholders let alone all 'Board' members, which is all the more upsetting given the current financial status of the Club. The Board and Trust should be pulling together to steer the Club through to a future, a future which the Trust believed in all faith was a proposal the 'Board' were supportive of but now it seems that the 'Inner Board' seem to be steering the Club over a cliff to oblivion. Please prove me wrong on Thursday and win back my and all shareholders trust and faith.
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Post by jimbo on Jun 26, 2016 18:52:58 GMT
Unfortunately (or perhaps fortunately) I will be abroad for this 'pre-meeting so would be really grateful if someone could put a report on here, or privately if necessary. My question is..... Why on earth do we need a pre EGM meeting ? That really is baffling me !! Unless the mysterious plan b is revealed, it will make no difference whatsoever to the way I vote at the EGM. Oh & I can confirm that myself nor my 2 sons registered as shareholders at my address HAVE NOT received any official notification of this meeting. One other question that does not seem to have been answered yet is: At the EGM, is the vote on a show of hands as I have not 3 hands to raise or will it be the number of shares held ?
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Post by thesecondjack on Jun 26, 2016 22:06:13 GMT
As explained at the ST open meeting on Thursday, there will be a show of hands to begin, however if two shareholders request that a count of individul shares, then it goes down to shares. 75% have to vote in favour of the motion for it to be passed.
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dcx
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Post by dcx on Jun 26, 2016 22:17:58 GMT
As if we need 51% to leave the EU, but 75% to save the Football Club.
75% is a lot, I really hope we don't get stitched up here...
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Post by The Verner on Jun 27, 2016 10:38:45 GMT
Unfortunately (or perhaps fortunately) I will be abroad for this 'pre-meeting so would be really grateful if someone could put a report on here, or privately if necessary. My question is..... Why on earth do we need a pre EGM meeting ? That really is baffling me !! Unless the mysterious plan b is revealed, it will make no difference whatsoever to the way I vote at the EGM. Oh & I can confirm that myself nor my 2 sons registered as shareholders at my address HAVE NOT received any official notification of this meeting. One other question that does not seem to have been answered yet is: At the EGM, is the vote on a show of hands as I have not 3 hands to raise or will it be the number of shares held ? "This will provide an opportunity to discuss the proposals which have been put to shareholders and to give an opportunity for any issues or questions to be clarified."Looks as though this is to discuss the Trusts proposals for change. Why did the meeting not get held in one place and discussed with the same group of shareholders ? I wanted to go to this and here about Plan Bromsgrove but my wife yet again has arranged to do overtime so I am on dad duty.
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Post by creaner on Jun 27, 2016 11:15:08 GMT
Unfortunately (or perhaps fortunately) I will be abroad for this 'pre-meeting so would be really grateful if someone could put a report on here, or privately if necessary. My question is..... Why on earth do we need a pre EGM meeting ? That really is baffling me !! Unless the mysterious plan b is revealed, it will make no difference whatsoever to the way I vote at the EGM. Oh & I can confirm that myself nor my 2 sons registered as shareholders at my address HAVE NOT received any official notification of this meeting. One other question that does not seem to have been answered yet is: At the EGM, is the vote on a show of hands as I have not 3 hands to raise or will it be the number of shares held ? "This will provide an opportunity to discuss the proposals which have been put to shareholders and to give an opportunity for any issues or questions to be clarified."Looks as though this is to discuss the Trusts proposals for change. Why did the meeting not get held in one place and discussed with the same group of shareholders ? I wanted to go to this and here about Plan Bromsgrove but my wife yet again has arranged to do overtime so I am on dad duty. The meeting last week was called by the trust on behalf of the shareholders who called the EGM. I'm not aware of the content for the meeting on the 30th.
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