Why No EGM?

[stevie]

I think we are all sure that the below is true, yet the board havent complied....why and question is who do we report this to ? Companies House ?

"In the United Kingdom, the directors of a public company must convene an EGM if the net assets fall to half or less of the amount of its called-up share capital (section 656 of the Companies Act 2006). Shareholders who meet certain criteria can requisition a general meeting: within 21 days from the date of receipt of requisition the directors must send out a notice to convene a meeting within 28 days after the date of giving the notice."

[stevie]

Litle More -

656Public companies: duty of directors to call meeting on serious loss of capital
(1)Where the net assets of a public company are half or less of its called-up share capital, the directors must call a general meeting of the company to consider whether any, and if so what, steps should be taken to deal with the situation.

(2)They must do so not later than 28 days from the earliest day on which that fact is known to a director of the company.
(3)The meeting must be convened for a date not later than 56 days from that day.
(4)If there is a failure to convene a meeting as required by this section, each of the directors of the company who—
(a)knowingly authorises or permits the failure, or
(b)after the period during which the meeting should have been convened, knowingly authorises or permits the failure to continue,commits an offence.
(5)A person guilty of an offence under this section is liable—

(a)on conviction on indictment, to a fine;
(b)on summary conviction, to a fine not exceeding the statutory maximum.
(6)Nothing in this section authorises the consideration at a meeting convened in pursuance of subsection (1) of any matter that could not have been considered at that meeting apart from this section.

[Brooksiders Return!!]

I doubt whether the net assets have fallen to half or less of the called up share capital quite yet. That would be when the net assets fall below around £80,000. Considering the only asset is "cash in bank" , then this must happen when there is less than 80 grand in the bank.

Companies house do not investigate company activities, they only publish company records.

I have, as a shareholder in the past, sent letters to the Board asking if they are likely to knowingly find themselves in a position where they will trade insolvently. Every piece of correspondence has been completely ignored. I will contact them again and see what the state of play is, and I sincerely hope that they reply. It has of course been duly noted how many times they have ignored my letters.

[wr4change]

Worcester City Fc Ltd is a PRIVATE limited company and not a PUBLIC limited company, therefore the above rules do not apply

[stevie]

So what are we doing ?

Just let this ramble on for another 2 or 3 years ?

Can we force an EGM and a vote in no confidence in this board ?

Do we just say sod it and make a new Club up now ?

[Brooksiders Return!!]

Shareholders can ask for a General Meeting, if they feel that there is a valid reason for calling one. It needs 10% of the shareholders to call for a General Meeting. On the subject of a vote of no confidence, it can be taken, and the Board can ignore it, even if it is voted upon - which is bizarre!!

[stevie]

So basically we are fu**ed either way.

Why not start a new club now, one we can build, be proud of and enjoy being a part of once again

[alwaysnextyear]

Isn't Colin Layland still sorting out a room for the 2015 accounts AGM ?

As AGM's historically only get held every 7 years at WCFC Ltd ( 2008 and 2015 ), I'm afraid Stevie, that you've got to wait until at least 2022, by which time unfortunately, the club would have long since gone into administration, and all records relating to the sale of SGL, and what happened to the cash, would have been shredded ( that's if they haven't been already of course ).

[jimbo]

This nonsense of a saga has gone on far too long & some of you can't grasp the fact that The Board hold enough votes to do exactly what they want to.
I can only reiterate what I have said on many occasion:
1). If there is any proof, or enough substance to illegalality, someone should should call the Police or Fraud Squad.
2). Why don't/haven't the Trust formed a new football club & pursue the grants available (ie if they're available to a new club) & forget this shower of s**t exist.
3). Do as I have done, change allegiance to your 2nd choice of non league team (which may well be non league rather than pub league football & start to enjoy a hassle free experience without worrying what these clowns are doing to the history of what was a great team.

Our shares are (& have never been) of any value apart from being a donation to WCFC !!

[oxford]

3). Do as I have done, change allegiance to your 2nd choice of non league team (which may well be non league rather than pub league football & start to enjoy a hassle free experience without worrying what these clowns are doing to the history of what was a great team.

Couldn't agree more