|
AGM
Jan 14, 2016 12:11:31 GMT
Post by kentenigmawcfc on Jan 14, 2016 12:11:31 GMT
With the AGM looming in the not too distant future I am getting concerned at the lack of information I am receiving from both the Club Board and Trust. I have made requests for the full financial status of the Club (not the bare minimum lodged with Companies House') to be made available to all shareholders for all of the years where an AGM has not been held and that information be made available several days prior to the said AGM so that shareholders digest and know the true state of the club finances prior to being asked to vote to transfer the Club to the Trust. So far this request apart from an acknowledgement of receipt has not been answered or addressed and time is fast running out. As The Club is unwilling or unable to refund shareholders stakes(?) should they wish to redeem them, the question arises as to what happens to the said money once it is transferred to the Trust. Will it be possible to redeem the shares from the Trust, if for any reason say a shareholder is not happy with the transfer, falls on hard times or passes on and the beneficiaries of the said estate do not want the shares and wish to recover the money. As currently the club states shares can only be redeemed by the holder trying to find an alternative party or parties to buy the shares from them and are approved by the Club Board are the Trust going to adopt a similar stance? My impression is probably they will be more flexible but I have not received a response from the Trust and a definitive confirmation to that fact.
I also have raised the issue of the election of members to both the Club Board and Trust. As we all know a previous Board member was not acting in the best interests of the Club and that has left us in this sorry state. I am prepared to believe that the other members of the Board at that time were largely taken in by the proposals made by that ex board member and naively trusted the individual believing they had the clubs interest at heart rather than their own interest, no doubt unlike Jem I might have been taken in myself in a similar situation. In an attempt to prevent this happening again I would, particularly going forward if the transfer to the Trust takes place like to have proposed candidates approved by the shareholders rather than just the Board/Committee. Ideally these candidates should be prepared to attend a meeting so they can introduce themselves to the shareholders in the hope that with a wider panel for scrutiny bad eggs can be exposed or prevented from joining the Board and that candidates are elected to the Board/Committee by the shareholders rather like the method used by Building Societies. It's not a full proof solution but might provide a degree of security for future generations to protect the future of the club.
|
|
|
AGM
Jan 14, 2016 13:54:35 GMT
via mobile
Post by jimbo on Jan 14, 2016 13:54:35 GMT
It is my understanding that the board have the right to co opt new directors but they must seek election at the next AGM. I'm sure someone will correct this if I am wrong. This being the case, any number of 'bad eggs' could have been directors for a long time as we have not had any AGM's where we could have stopped their election.
|
|
|
AGM
Jan 14, 2016 15:25:38 GMT
Post by greenman on Jan 14, 2016 15:25:38 GMT
No doubt we will be given the opportunity to re-elect those responsible for the lack of information and no AGM for five years. It is an absolute disgrace that the club has been run like a personal fiefdom, with no information released as to the financial situation regarding income and expenditure.
|
|
|
AGM
Jan 14, 2016 15:50:27 GMT
Post by kentenigmawcfc on Jan 14, 2016 15:50:27 GMT
Hi Jimbo, Yes you are quite correct in that regard but I would like to think and hope that if and when the transfer to the Trust takes place that my suggestion is taken on board. I don't think for one minute there is anything wrong with anyone of the Current Trust Committee members or for that matter the current Club Board, including any of the recent appointees but I would be more comfortable knowing that any future people elected are approved by the community shareholders first or in the event that the proposed Trust take over doesn't happen for any reason, that the Club constitution be amended in the same way. I personally have no desire to be on either the Trust Committee or the Club Board as I don't have any real skills I can bring to the table that are any better than those currently in the posts. My only aim is to achieve a greater democratic say in the make up of the said Board or Committee for the shareholders and/or Community shareholders so it really becomes a Community run and owned Club with hopefully safeguards that can protect it's long term future long after I am dead and buried. What I do want right now though is to see those FULL club finances a few days prior to the AGM rather than be expected to vote blindly and sign over the Club to the Trust. Because those figures appear to be being withheld it makes me a bit suspicious after all that has gone on in the past and I am beginning to wonder if the transparency I thought we would be having by now is being denied for a reason. I sincerely hope I am completely of beam with that last comment but!!!
|
|
|
AGM
Jan 14, 2016 22:20:08 GMT
Post by jimbo on Jan 14, 2016 22:20:08 GMT
I wasn't implying that any of the recent or indeed previous co opted directors are suspect kentenigmawcfc. However, the point is that as shareholders we have had no vote without an AGM & as greenman quite rightly points out, for the last five years. It is also questionable as to whether or not our vote matters anyway, because it seems that The board has always had access to the shareholding votes of those who aren't contactable, don't care, or passed away to use in their favour. As we all well know this caused the massive changes a few years ago. It will be interesting to see if those who opposed this so strongly back then & are now co opted will take this in to consideration when seeking their own & others election.
|
|
|
AGM
Jan 15, 2016 9:02:43 GMT
Post by The Verner on Jan 15, 2016 9:02:43 GMT
Hasnt this been happening anyway ? When Rich Widd was made Director of the club didnt he have to be elected by the Shareholders at the following AGM ?
My understanding is that the shareholders will have chance to vote on the current board, think its per director ? This will be my first shareholders meeting so its all rather new to me !
Then again if the shareholders vote to go the trust direction will this all be academic anyway ?
|
|
|
AGM
Jan 15, 2016 10:52:15 GMT
Post by kentenigmawcfc on Jan 15, 2016 10:52:15 GMT
Hi Kev, In answer to your question with regard to Rich, I don't recall being contacted about voting at an AGM, let's face it there hasn't been an AGM for a number of years. As it is the Club records cannot be that good if the Club does not know where shareholders are living or if indeed as suggested by Jimbo if they are alive. As this is such an important meeting why has the club not been attempting to contact shareholders either inviting them to the AGM or by post as used to be the case with the basic set of accounts enclosed. I for one have not been directly contacted and have only found out about the AGM by keeping an eye on this forum and the Club website, not very professional in my opinion as all an attempt to notify all shareholders should have been made unless, being the sceptic I am increasingly becoming, there is an ulterior motive. Also if as Jimbo suggests the Board (though I hope not the current board) has in the past been passing motions without trying to contact shareholders and worse still taking as read that deceased shareholders votes are being used to bolster decisions without trying to find out if the family of the deceased might wish to take over the said shares to have a vote I think if true was appalling. This is an important AGM and I think every effort should have been made to contact or try to locate shareholders that may have moved or find the beneficiaries of the estate of any deceased shareholders after all it is our money the Club wishes to transfer to the Trust even though I accept at this moment in time it is the only realistic option on the table that appears to have any hope in saving the Clubs long term future. Having said that though until shareholders such as myself can see the full financial state on the club I am unwilling to vote in favour and I want clarification as to what happens to shareholders stakes taken over by the Trust if, as I have previously stated, a shareholder or the estate of a deceased shareholder wishes to recover their money. My understanding is that those who buy the New Community shares should be able to redeem their funds but I have had no confirmation to the question of what happens to transferred shares from the Club shareholders which I submitted to Dave or Rob at the Trust in fact I have had no reply at all. Have they been decided or been told to diplomatically be quiet?
|
|
|
AGM
Jan 15, 2016 11:45:09 GMT
Post by The Verner on Jan 15, 2016 11:45:09 GMT
In terms of the club informing shareholders, I have had letters RE the AGM as have at least 6 others that I know of, just prior to the Sheffield game.
What Jimbo says RE previous board members RE those who may have passed away, this was apparent back when the Trust first took on the BOD before the sale of SGL. I very much support the majority of the current board and do not think they are here to mislead anyone, the 'majority' of them will get my vote.
|
|
|
AGM
Jan 15, 2016 11:47:33 GMT
Post by The Verner on Jan 15, 2016 11:47:33 GMT
I note the below from the website, we may see something shortly.
"Arrangements for AGM.
The Board has also agreed arrangements for an Annual General Meeting to be held in the New Year. The meeting will be held on Thursday 28th January 2016 at The Whitehouse Hotel in Foregate Street, Worcester commencing at 7.30pm.
Further details and papers will be circulated to shareholders in early January. Shareholders are, however, asked to note that admission to the meeting will be strictly on production of share certificates or some other form of identification which matches the details on the Company’s Share Register. Any shareholder who has moved house or whose personal details have changed must notify the Company Secretary of any such changes so that papers are delivered to the correct address and to ensure that there are no difficulties in gaining admission to the meeting.
Anyone wishing to check their details or notify the Company of any change of details can email the Company Secretary"
|
|
|
AGM
Jan 15, 2016 11:55:15 GMT
Post by creaner on Jan 15, 2016 11:55:15 GMT
All AGM invites have been posted. Everything you need to know about what's on the agenda should be in there
|
|
|
AGM
Jan 15, 2016 12:36:55 GMT
Post by greenman on Jan 15, 2016 12:36:55 GMT
Thats good, but are the income and expenditure for the last five years also included in the accounts that we are to receive?
|
|
|
AGM
Jan 15, 2016 13:10:35 GMT
Post by richwidd on Jan 15, 2016 13:10:35 GMT
Hi Kev, In answer to your question with regard to Rich, I don't recall being contacted about voting at an AGM, let's face it there hasn't been an AGM for a number of years. As it is the Club records cannot be that good if the Club does not know where shareholders are living or if indeed as suggested by Jimbo if they are alive. As this is such an important meeting why has the club not been attempting to contact shareholders either inviting them to the AGM or by post as used to be the case with the basic set of accounts enclosed. I for one have not been directly contacted and have only found out about the AGM by keeping an eye on this forum and the Club website, not very professional in my opinion as all an attempt to notify all shareholders should have been made unless, being the sceptic I am increasingly becoming, there is an ulterior motive. Also if as Jimbo suggests the Board (though I hope not the current board) has in the past been passing motions without trying to contact shareholders and worse still taking as read that deceased shareholders votes are being used to bolster decisions without trying to find out if the family of the deceased might wish to take over the said shares to have a vote I think if true was appalling. This is an important AGM and I think every effort should have been made to contact or try to locate shareholders that may have moved or find the beneficiaries of the estate of any deceased shareholders after all it is our money the Club wishes to transfer to the Trust even though I accept at this moment in time it is the only realistic option on the table that appears to have any hope in saving the Clubs long term future. Having said that though until shareholders such as myself can see the full financial state on the club I am unwilling to vote in favour and I want clarification as to what happens to shareholders stakes taken over by the Trust if, as I have previously stated, a shareholder or the estate of a deceased shareholder wishes to recover their money. My understanding is that those who buy the New Community shares should be able to redeem their funds but I have had no confirmation to the question of what happens to transferred shares from the Club shareholders which I submitted to Dave or Rob at the Trust in fact I have had no reply at all. Have they been decided or been told to diplomatically be quiet? Simon, I don't think you were a shareholder when I was elected at the last AGM, so that's probably why you weren't notified! I don't know what you are expecting to happen at this AGM. They are normally over in 10 minutes and if it follows suit to all the ones I have been to over the years (at least 10) is a rubber stamping exercise. I am not on the Board and do not wish to be on the Board so have no involvement whatsoever in this AGM other than going to it. I have received my notification and the agenda is to receive the accounts for year ended 31.5.15 (which will be available on the night) , receive the minutes of the last AGM in 2011, appointment of Directors, consider any other nominations and to appoint Auditors. That's it. If you want to discuss anything it will have to be in a general meeting afterwards. Ref any proposed change to the constitution of the club, it will not be happening on the evening of this forthcoming AGM as the proposal has not been accepted. Not that it has any relevance anymore to this AGM, but I am 100% in favour of fan ownership and if it ever does happen, shareholders of WCFC Ltd would not have to hand their shares over if they didn't want to, so whoever has given you information is misleading you. With what has happened to this club over NW, I can't believe that anyone in their right mind would want to keep the club as it is, but unfortunately there are. Maybe they will wake up when it's too late, just as they did at Hereford. Ref Verners post above - you only had a letter informing you of an AGM a while back because you were one of those that backed the call for a change in the club constitution.
|
|
|
AGM
Jan 15, 2016 13:44:43 GMT
Post by The Verner on Jan 15, 2016 13:44:43 GMT
Hi Kev, In answer to your question with regard to Rich, I don't recall being contacted about voting at an AGM, let's face it there hasn't been an AGM for a number of years. As it is the Club records cannot be that good if the Club does not know where shareholders are living or if indeed as suggested by Jimbo if they are alive. As this is such an important meeting why has the club not been attempting to contact shareholders either inviting them to the AGM or by post as used to be the case with the basic set of accounts enclosed. I for one have not been directly contacted and have only found out about the AGM by keeping an eye on this forum and the Club website, not very professional in my opinion as all an attempt to notify all shareholders should have been made unless, being the sceptic I am increasingly becoming, there is an ulterior motive. Also if as Jimbo suggests the Board (though I hope not the current board) has in the past been passing motions without trying to contact shareholders and worse still taking as read that deceased shareholders votes are being used to bolster decisions without trying to find out if the family of the deceased might wish to take over the said shares to have a vote I think if true was appalling. This is an important AGM and I think every effort should have been made to contact or try to locate shareholders that may have moved or find the beneficiaries of the estate of any deceased shareholders after all it is our money the Club wishes to transfer to the Trust even though I accept at this moment in time it is the only realistic option on the table that appears to have any hope in saving the Clubs long term future. Having said that though until shareholders such as myself can see the full financial state on the club I am unwilling to vote in favour and I want clarification as to what happens to shareholders stakes taken over by the Trust if, as I have previously stated, a shareholder or the estate of a deceased shareholder wishes to recover their money. My understanding is that those who buy the New Community shares should be able to redeem their funds but I have had no confirmation to the question of what happens to transferred shares from the Club shareholders which I submitted to Dave or Rob at the Trust in fact I have had no reply at all. Have they been decided or been told to diplomatically be quiet? Simon, I don't think you were a shareholder when I was elected at the last AGM, so that's probably why you weren't notified! I don't know what you are expecting to happen at this AGM. They are normally over in 10 minutes and if it follows suit to all the ones I have been to over the years (at least 10) is a rubber stamping exercise. I am not on the Board and do not wish to be on the Board so have no involvement whatsoever in this AGM other than going to it. I have received my notification and the agenda is to receive the accounts for year ended 31.5.15 (which will be available on the night) , receive the minutes of the last AGM in 2011, appointment of Directors, consider any other nominations and to appoint Auditors. That's it. If you want to discuss anything it will have to be in a general meeting afterwards. Ref any proposed change to the constitution of the club, it will not be happening on the evening of this forthcoming AGM as the proposal has not been accepted. Not that it has any relevance anymore to this AGM, but I am 100% in favour of fan ownership and if it ever does happen, shareholders of WCFC Ltd would not have to hand their shares over if they didn't want to, so whoever has given you information is misleading you. With what has happened to this club over NW, I can't believe that anyone in their right mind would want to keep the club as it is, but unfortunately there are. Maybe they will wake up when it's too late, just as they did at Hereford. Ref Verners post above - you only had a letter informing you of an AGM a while back because you were one of those that backed the call for a change in the club constitution. Ahhhh I see, apologies kentenigmawcfc
|
|
|
AGM
Jan 15, 2016 15:00:15 GMT
Post by greenman on Jan 15, 2016 15:00:15 GMT
Are you saying Richard you have received notification that only the last years accounts are available, if so that is outrageous. And in particular if there is no income and expenditure included I for one will not be voting to re elect any one who has contributed to this travesty.
|
|
|
AGM
Jan 15, 2016 16:08:13 GMT
Post by jimbo on Jan 15, 2016 16:08:13 GMT
I haven't received any letter regarding the AGM, so have no idea what if any account details have been sent. I used to receive 3 notification letters as my two sons shares are registered at my address & they have not been received either !
|
|
|
AGM
Jan 15, 2016 21:20:27 GMT
Post by thatloudbloke on Jan 15, 2016 21:20:27 GMT
AGM I thought as is says should be held Annually??? I would like to purchase shares in WCFC but again i will not until I understand what will happen to them if ST take over, so this will stop me going to the AGM & also help the club by just a little with investment, i wonder how many more supporters feel the same... WCFC need to be totally open & honest to all where & what we are doing as this will stop silly tittle tattle. last but not least I agree we as supporters should make t known to councillors we want WCFC back in Worcester so whatever is best to do this i am in total support, we need some sort of leadership on this, with a plan, I am willing to help where needed but would like others ideas on this or FB so we can get together & set a plan. we could meet before a home game in the bar to discuss, we could get Niels to announce tomorrow & Tuesday if that will generate support. let me know your thoughts... WCFC through & through.
|
|
|
AGM
Jan 15, 2016 22:41:58 GMT
Post by kentenigmawcfc on Jan 15, 2016 22:41:58 GMT
Hi Rich, I would just like to point out that I have held 100 shares since 9th March 2002, a further 900 since 3rd October 2009 and the final tranche of 2,000 since 26th August 2010 taking me to the total number of shares allowed by any one shareholder under the Club constitution. This means I would have had shares when you were elected to the Board and then, as now, I would not have had an objection to your election as I have always believed you have had and still do have the best of interest for the future of the club at heart, as indeed I believe the current Board do too. I have not received anything through the post regarding the AGM which I would have thought by now I should have done, so I am wondering just how many other shareholders have not received written confirmation and invites due to records inherited from previous Boards not having been kept and/or passed on to the current Board perhaps? The key problem for me though remains about seeing all the financials for the years an AGM has not been called and knowing the full true state of the Clubs finances prior to any transfer to the Trust rather than the simple bottom line operating profit/loss usually provided. The operating profit/loss is fine for seeing if the club is running within it's means which I believe has been the primary aim of the current Board but it doesn't actually tell us the complete financial state the club is in. So I think it is imperative shareholders know how much the club is worth so we know in advance what is being offered for transfer to the Trust. Also that the Club shareholders are offered parity with the Community shareholders within the Trust to be able to recover their investment should they at some future date decide or require their money back or indeed the beneficial estate if a shareholder passes on can do the same. Hopefully all will be prepared to vote for the transfer but once under the Trust umbrella that right to redeem what in theory should be our Club shares converted to Community Trust shares needs to be clarified and confirmed by the Trust to the Club shareholders and written into the Trust constitution. Also as stated in an earlier post I think it important that all Trust Board members be elected by Community Trust members not just co-opted or invited by the Trust Board. This club has got to put the bad practices of the past behind it and become totally transparent to all Club Shareholders and going forward into what I hope will be a more secure, transparent future under the Community Trust shareholders model.
|
|
|
AGM
Jan 15, 2016 23:35:50 GMT
Post by jimbo on Jan 15, 2016 23:35:50 GMT
Kentenigmawcfc I have already said that I should have received three invitations to my address. There is also an issue here in that it is very unlikely my sons will be able to attend & therefore should be offered the right to use me as a proxy for their votes. I think I am right in that they are only £100 & £150 stakeholders; but the point is that there is either that amount of vote value ( or 2 votes ) depending on how votes are allocated that at this point will not be available to use. In fact it is 3 if I am not invited as well, which in effect makes the AGM somewhat a farce ! This situation needs addressing very quickly.
|
|
|
AGM
Jan 16, 2016 0:35:43 GMT
Post by kentenigmawcfc on Jan 16, 2016 0:35:43 GMT
Hi Jimbo, Although you, like myself, have not as yet received a written invite and in turn the AGM agenda that does not prevent you from attending. You would have to take your share certificate(s) with you to the AGM to be allowed into the meeting. The Agenda should include accepting the Club accounts, which I cannot do as stated in previous posts, a general overview of the Club, any motions submitted for discussion of which presumably the primary item and aim of the AGM is to discuss and I presume approve the transfer of the Club to the Trust, again something that although in principal I agree is the correct way forward I am unwilling to do without full financial disclosure from the Club first, so I can make a better judgement and that safeguard to my, your and other Club shareholders shares when transferred to the Trust, as I stated in earlier posts. You and your sons shares are worth the face value of your share certificates so if for sake of argument you have 100 shares that is worth 100 votes like I in theory have 3,000 votes for my 3,000 shareholding. It will then be the combined total of those share votes from all shareholders that determine if a vote is carried or rejected. Proxy votes usually go to the Chair of the meeting which I assume will be Anthony Hampson and you should have the right to indicate how you want to vote to the Chair if you cannot attend the meeting or you can allow the Chair to vote as they see fit. How though can you or your sons do that though if you don't even know the agenda or have seen the very basic accounts that should have been posted to you in advance of the AGM? Rob Crean has indicated that they have been posted but as to when and/or if they were all posted on the same day or not, I don't know. The fact that you, I and others have not received anything means it is either still in the post or records have been lost and we have been missed out??? If I were you I would have a word with someone on the Board at the next home match to clarify the Proxy vote issue to see if you can vote on behalf of your sons but I suspect those votes should be given to the Chair but I do not think there is any reason why your sons could not give their voting intentions to the Chair who should apply those votes as the shareholders indicate they wish their votes recorded. Anyway maybe someone in the powers that be will find out why some of us have not received our invites and rectify that situation post haste otherwise I think we should have the right to call a halt to the meeting until we are sure all records have been checked to ensure all shareholders are contacted and invited because on the current evidence that does not seem to have been done unless the post delivers something tomorrow or on Monday.
|
|
|
AGM
Jan 16, 2016 8:36:47 GMT
Post by jimbo on Jan 16, 2016 8:36:47 GMT
All very fine kentenigmawcfc, IF I could find my certificate & IF my son's could get theirs to me. There are quite a few on the board that know me & I'm sure some of those will know I'm a shareholder but it is doubtful they would know how many shares I hold & even more doubtful my sons. On saying that, it used to be a simple case of 'signing in' at entry & at times there were people there that I am sure were not shareholders. I am hoping that the invitations along with the relevant details arrive in good time, but I'm not too sure about lobbying to delay the AGM to clarify all the points the likes of yourself & greenman are raising, as current history may mean we will have to wait until 2021 to air our views (haha). Besides which; during the many AGMs I've attended if a show of hands went against the wishes of the board the number of proxy votes were used to ensure that the vote went in their favour. Most memorable to me were the several times Rich was rejected as a board member against their wishes & I'm pretty sure I'm right in the adoption or querying of the accounts. The source of those proxy was a point questioned I think by one or more of the present board members, so that will be interesting this time.
|
|
|
AGM
Jan 16, 2016 9:50:45 GMT
Post by richwidd on Jan 16, 2016 9:50:45 GMT
Hi Rich, I would just like to point out that I have held 100 shares since 9th March 2002, a further 900 since 3rd October 2009 and the final tranche of 2,000 since 26th August 2010 taking me to the total number of shares allowed by any one shareholder under the Club constitution. This means I would have had shares when you were elected to the Board and then, as now, I would not have had an objection to your election as I have always believed you have had and still do have the best of interest for the future of the club at heart, as indeed I believe the current Board do too. I have not received anything through the post regarding the AGM which I would have thought by now I should have done, so I am wondering just how many other shareholders have not received written confirmation and invites due to records inherited from previous Boards not having been kept and/or passed on to the current Board perhaps? The key problem for me though remains about seeing all the financials for the years an AGM has not been called and knowing the full true state of the Clubs finances prior to any transfer to the Trust rather than the simple bottom line operating profit/loss usually provided. The operating profit/loss is fine for seeing if the club is running within it's means which I believe has been the primary aim of the current Board but it doesn't actually tell us the complete financial state the club is in. So I think it is imperative shareholders know how much the club is worth so we know in advance what is being offered for transfer to the Trust. Also that the Club shareholders are offered parity with the Community shareholders within the Trust to be able to recover their investment should they at some future date decide or require their money back or indeed the beneficial estate if a shareholder passes on can do the same. Hopefully all will be prepared to vote for the transfer but once under the Trust umbrella that right to redeem what in theory should be our Club shares converted to Community Trust shares needs to be clarified and confirmed by the Trust to the Club shareholders and written into the Trust constitution. Also as stated in an earlier post I think it important that all Trust Board members be elected by Community Trust members not just co-opted or invited by the Trust Board. This club has got to put the bad practices of the past behind it and become totally transparent to all Club Shareholders and going forward into what I hope will be a more secure, transparent future under the Community Trust shareholders model. Hi Simon, I didn't realise you were around then, sorry - you must be older than you look!! The agenda is as I posted above, except I missed off apologies and passing the minutes of the previous AGM. It also says that there will also be a meeting after the AGM which is open to non-shareholders but obviously have no bearing on anything. I agree with other people and anyone who is on the Board or who wants to be on the Board should stand up in front of shareholders and explain what they bring to the table. It also states that if anyone wants to join the Board there is room for just two more (to take the total to a maximum of 12). Why it is 2 I don't know unless it is assumed that everyone standing will be elected. Ref voting, There will be a show of hands unless someone calls for a poll vote which will mean a count of individual shares. Ref transparency, everything happening at this AGM will be by the book, whether it is transparent will be up to shareholders to decide. The main problem we have is that 99% of current shareholders couldn't be bothered with what happens and that is why we are where we are. During the 2000's there were as few as 20 people attending, I think there were about 40 odd at the last one at The Lane. At the several Trust meetings we have held in the past three years there have been between 100 and 130 at each one which is made up of people who actually go to games and have an interest. During those meetings plans have been discussed and a vote taken each time to proceed to the next stage. If all of those people bought shares then I believe we would get a better view on where fans want to go and the club would be better off. As stated above, there will be no EGM on a vote for a change in constitution, It was rejected several weeks ago.
|
|
|
AGM
Jan 16, 2016 11:20:52 GMT
Post by creaner on Jan 16, 2016 11:20:52 GMT
I'll be at the game today if anyone wants to discuss what's going on.
|
|
|
AGM
Jan 16, 2016 11:54:30 GMT
Post by kentenigmawcfc on Jan 16, 2016 11:54:30 GMT
Morning Rich, Well you made me chuckle this end. I might not look as old as I am but I certainly feel it some days. I fully agree with your points about previous AGMs which have left the Club in the sorry and avoidable state it now finds itself in. Furthermore the efforts of the current Board must be applauded for steadying the ship, so to speak, as indeed the magnificent efforts of Rob Crean and the Trust to find a long term solution to the Clubs' current predicament and I feel is the only solution on the table and in principle perhaps the right one with all that has happened before.
Constitutions are not set in stone, they should evolve as circumstances change and adapt when flaws are found. As the possible transfer of the Club is going to be perhaps the most important step in the Clubs more recent history, I ideally would like as many shareholders as possible to attend and their share votes counted rather than a show of hands. If the turnout is low say below 30% then I think it important the vote be put to a postal ballot and those votes counted by an independent body so there can be not accusations of vote rigging however unlikely that is. I still think before this happens though the club needs to provide the basic figures for each of the missing financial years where an AGM has not been called so shareholders can see how the clubs day to day running has been going over those years and shareholders can see if the deficit has been closed or eradicated. Sorry to bang on like a stuck record on the following two points AGAIN but I think it is important that the Club must come clean with the TRUE and FULL up to date financial figures before expecting people to vote on any transfer to the Trust. After all we shareholders have a responsibility to protect the long term future of the Club and indeed our individual financial stakes, hence why I also believe Club shareholders must have an undertaking from the Trust to ensure that transferred shareholders assets are protected by the Trust and are afforded the same rights to redeem and recover their funds should they so wish or their financial circumstances change or in the case of a shareholders death the estate of the deceased can redeem their funds if the estate beneficiary or beneficiaries do not want to take over the shareholding. I don't envisage many will be rushing to redeem their shares if any but that guarantee needs to be incorporated into the Trust constitution prior to the transfer of the Club assets. I know yawn, yawn, yawn, but it is our responsibility to protect our investment and the Club we love rather than miss the opportunity to get that right now rather than wake up in a couple of weeks time and find out the Club was given away and more important our financial stakes are given away and cannot be recovered.
|
|
|
AGM
Jan 16, 2016 13:28:08 GMT
Post by jimbo on Jan 16, 2016 13:28:08 GMT
My (3) invitations arrived this morning, sadly without any financial details whatsoever but apparently they will be available on the night. I'm a little concerned that I have only 5 working days to arrange the proxy forms to be signed by my boys, returned to me & then delivered to the company.
|
|
|
AGM
Jan 16, 2016 18:30:17 GMT
via mobile
Post by The Verner on Jan 16, 2016 18:30:17 GMT
So if I decide to vote against a board member and others follow suit...in normal circumstances they would lose their seat ?
However if there are two spots to be filled does that mean X amount would need to apply for the board for said person to then lose seat? .
|
|
|
AGM
Jan 16, 2016 19:17:54 GMT
Post by jimbo on Jan 16, 2016 19:17:54 GMT
No, 12 is the full compliment.... Apart from (if I'm right) other co opted members. The fact that there is only another 2 places available probably means that the current board are assuming that all re elections & new proposals are a forgone conclusion. I'm sure that someone from the board will either concur with me or correct me Verner.
|
|
|
AGM
Jan 17, 2016 18:10:43 GMT
Post by kentenigmawcfc on Jan 17, 2016 18:10:43 GMT
No official invite received yesterday so the wait goes on. Maybe the pigeon has stopped off for a rest after all it hasn't had to fly for over five years and probably lost its' stamina through lack of training. I will be very disappointed if no figures have been enclosed in my envelope if and when it arrives, like the invite Jimbo indicated he received. All the missing years with no figures, so if they are to be provided on the night will all the missing years also be available and more importantly the FULL financials. We have waited a long time for this AGM and are receiving a fraction of the what we need by the sound of it. It upsets me to say this as I have a lot of trust in our Club Board but this is sounding like a shambles and I feel VERY let down at this moment in time. This AGM was advertised before Christmas but the fact the invitations are only going out now and in what appears to be a bit of a hit and miss sort of mailing effort, well words fail me! I hope lessons will be learnt after this little fiasco and assuming the Trust does eventually takes the Club over they too try to ensure this sort of meeting is planned well in advance, invites sent out preferably before a meeting is publicly advertised, all full financials are provided in advance, and there is time for shareholders to arrange proxy votes if they cannot attend or notify the Trust if postal invite has not arrived, perhaps because the shareholder forgot to notify the Trust about a change of address. With all the challenges this club faces I was expecting clear, full and transparent information and the fact that doesn't seem forthcoming doesn't inspire me to have much faith in the process at the moment. Hopefully we will get some answers at the AGM but why the Club seems so loathe to provide the full financials to shareholders prior to any transfer gives me an uneasy feeling and alarm bells. I want to be wrong over this but nothing so far apart from a lot of silence from the Club over the availability of the Full Financials and a similar silence from the Trust about confirming that Club shareholders can redeem their shares like Community shareholders can I believe? I assume the Trust will replace Club shareholders shares with same face value Community Trust shares but I just don't know?
|
|
|
AGM
Jan 17, 2016 23:02:32 GMT
Post by jimbo on Jan 17, 2016 23:02:32 GMT
Kentenigmawcfc I could be totally wrong & if so I expect I will be corrected on here very quickly..... As far as I'm aware, The Trust are expecting all WCFC Ltd shares to be basically donated to the 'community fund'. In my case this is not an issue (apart from the principal of it) as my initial shares were as good as a donation because I was fully aware that they would probably never have any value & I would have no problem transferring them, because my share holding is minimal compared to some others. If I am right & as I said I fully expect to be corrected if I'm not, there is almost certainly going to be a lot of dissent from the likes of yourself who hold the maximum of £3,000 worth of shares if they were bought as an investment or in the case of some former Directors who I believe at one time were asked to make that investment as a condition of becoming a board member. It would be interesting to know that if I am right, how many (if any) shares will be purchased by those making the decision will buy themselves ??
|
|
|
AGM
Jan 18, 2016 9:42:54 GMT
Post by kentenigmawcfc on Jan 18, 2016 9:42:54 GMT
Hi Jimbo, Thank you for your perceived understanding of what is to happen to Club shareholders investments. I have not been made aware that this was being considered and am both shocked and horrified that this is possibly the plan. In any other walk of life this would be considered theft! As you can imagine my blood is boiling at the very thought of this. I will now be seeking clarification from both the Club and the Trust prior to the AGM and dependant upon what I am told will consider my options maybe even down the legal avenues.
|
|
|
AGM
Jan 18, 2016 11:34:12 GMT
Post by creaner on Jan 18, 2016 11:34:12 GMT
Hi Jimbo, Thank you for your perceived understanding of what is to happen to Club shareholders investments. I have not been made aware that this was being considered and am both shocked and horrified that this is possibly the plan. In any other walk of life this would be considered theft! As you can imagine my blood is boiling at the very thought of this. I will now be seeking clarification from both the Club and the Trust prior to the AGM and dependant upon what I am told will consider my options maybe even down the legal avenues. Simon. I've responded to your email and I will try and clarify what is/isn't being proposed when I get home. Rest assured the word theft will not be appearing.
|
|