Club announce all resolutions at the AGM were passed
- Thread starter mdingwall
- Start date
DejaVoodoo
Well-Known Member
I would say having a shareholding that he can't sell to Club 1872 and will struggle to attract interest from new investors when the Club can sell to that person directly probably hurts him most.
fourbaw83
Active Member
You give C1872 too much power in your statement
They should hold sway but due to C1872 board members actions, most people have switched off
D
Deleted member 3807
Guest
This is highly unlikely. Any investor has to buy into the board's vision before their money is taken. And because we're not listed there will be no institutional investors.
I think the board is confident they can raise the money from existing investors.
Roscoblue
Well-Known Member
I would say, with genuine respect to you, that you don’t know Dave King.
Roscoblue
Well-Known Member
I understand that Chris1872 may appear to have been given too much power in my post but the truth is that their share percentage added to Dave King’s takes them not too far away from what’s required to seriously dent The Club. They were very close to doing that.
Bluebeard
Well-Known Member
What were the actual figures for the vote on resolution 8?
The issue of new shares to select people could reduce their abilities to hold us back?
Roscoblue
Well-Known Member
No mate, apologies. Blocking the resolution to issue them would.
millar brand
Well-Known Member
I agree re Club 1872. I contributed the equivalent of two subscriptions monthly from the beginning. I stopped about a year ago because of the way it was being run. When I stopped contributing I thought I would, at the very least, have heard something from them re why I had stopped but no, not a peep. Their communication to those contributing is appalling. It was a good idea originally but sadly those involved in running it are only interested in pushing their own agendas.
tazzabear
Well-Known Member
I know exactly where you are coming from.
Totally agree.
I’d love the club to put the stadium, the trading centre and “EH2” in some kind of supporters trust.
I fearful that an option an investor might explore is some kind of sell and leaseback scheme.
Sorry, mate, I know if they’d managed to block the resolution it would’ve held us back.
I meant that because it passed, we can now issue shares to the ‘good guys’, diluting Club 1872 and DK’s shareholding, meaning they’d have less chance of blocking future resolutions?
I’ve maybe not worded this so well.
Bluebeard
Well-Known Member
It’s surely now time for king to retire in Africa and enjoy the wine and sunshine and he can rest assured we appreciate what he done for usDelighted there will be a few noses out joint with this news
As for Club72 it’s long gone time they buried the hatchet with the board and well act like adults and work together moving forward. We are our own worst emememy at times , let’s bang our heads together and get back to winning
TW14
Well-Known Member
I want my ducks and I want them now!
What if the current shareholders don’t want to buy any more shares? For instance, C1872 is buying from King so unlikely to take up all their rights?
Barrymoped
Well-Known Member
Good news and a big F you to club 1872.
Hillheadbear
Goooooooooaaaaaaaaaaallllllllll
C1872 don't have the money to buy King's shares.
HKRanger
Well-Known Member
Morgan Stanley - not Goldman Sachs!
Almost certainly NO.
Arkansasgerstill
Well-Known Member
Which might suggest that King and Club 1872 are actually the ones out of step with the rest, and maybe many of us on FF are too. Just a rationale thought. We represent a thought stream, many thought streams on here, but we don't speak for all Bears. We might remember that sometime on here when we are being dogmatic about rights and wrongs.
Giffnock Bluenose
Active Member
Club website has just announced the results of all resolutions , The key resolution no.8 made it 75.5% - now we can move forward
That wasn't my point - which was they can't take up all rights under Res 7 because they don't have enough money. So, without Res 8, there is no guarantee the club can raise enough capital for its plans. But I agree they can't buy King's either.
EndOfDays
Well-Known Member
Resolution 2
“THAT Douglas Park, who retires and offers himself for re-appointment in accordance with the Company’s Articles of Association, be re-appointed as a Director of the Company.
TBH, its not a great look that 27% voted against the chairman.
“THAT Douglas Park, who retires and offers himself for re-appointment in accordance with the Company’s Articles of Association, be re-appointed as a Director of the Company.
- For – 283,968,271 (73.4%)
- Against – 103,128,276 (26.6%)
TBH, its not a great look that 27% voted against the chairman.
Hillheadbear
Goooooooooaaaaaaaaaaallllllllll
That wasn't my point - which was they can't take up all rights under Res 7 because they don't have enough money. So, without Res 8, there is no guarantee the club can raise enough capital for its plans. But I agree they can't buy King's either.
I agree.
In my opinion, opposing Res 8 was an act of corporate vandalism which would have made it very difficult for the club to attract new investment or convert existing shareholder/director loans into shares.
Yeah but the vote was a real smack in the face for King and C1872. Of the total number of votes cast, taking out King and C1872, only 6% voted against Park and 3% against Res 8. That is very strong support.
As I said in a previous post, I don't know what the internal machinations are so it's difficult to judge right and wrong. BUT I am totally against C1872 in its present guise and with its current behaviour. If King is in the right, then he has the wrong partners and to me that is a fatal mistake which pushes me towards the board BY DEFAULT. If King is in fact right, then he has to give us fans facts, not opinions, to support him.
What I do know is that I, and many like me, are totally fed up and embarrassed by the constant infighting surrounding the club. Had Res 2 and Res 8 failed then that warfare would have continued. It may still but King and C1872 have had their cards marked. This time they are just yellow, the next may be red.
Resolution 2
“THAT Douglas Park, who retires and offers himself for re-appointment in accordance with the Company’s Articles of Association, be re-appointed as a Director of the Company.
Total votes cast on the Resolution was 387,096,547. This represents 89.5% of the Company’s issued share capital.
- For – 283,968,271 (73.4%)
- Against – 103,128,276 (26.6%)
TBH, its not a great look that 27% voted against the chairman.
[/QUOTE
King, C1872 and 6% of everyone else.
Yep and 97% of votes other than King and C1872 also agreed!
Kenny Senior
Well-Known Member
Good thing is when new shares are issued Club 1872 and Kings influence gets watered down even further. They are acting asif the current board are like the Easdales and other previous chancers. I am not wholly satisfied with the performance of them but until a viable alternative emerges we may as well stick with them.
Resolution 2 - 73.4%
Resolution 8 - 75.5%
I would have expected the anti-Park vote to transfer over to Resolution 8.
Did DK and Club 1872 go so hard in on the Chairman that enough of the 'against' vote focus on that and forget about Resolution 8 that it was lost to them? I get that impression [went in on the man and not the ball] and it has fucked them.
As others have pointed out DK/Club1872 may never have the opportunity to be quite as disruptive due to the likliehood of shareholding being diluted. I think they blew it.
On a more personal note [regarding Resolution 8] at least it feels that my vote actually meant something despite my very small shareholding - I am sure there are many others who feel the same.
Resolution 8 - 75.5%
I would have expected the anti-Park vote to transfer over to Resolution 8.
Did DK and Club 1872 go so hard in on the Chairman that enough of the 'against' vote focus on that and forget about Resolution 8 that it was lost to them? I get that impression [went in on the man and not the ball] and it has fucked them.
As others have pointed out DK/Club1872 may never have the opportunity to be quite as disruptive due to the likliehood of shareholding being diluted. I think they blew it.
On a more personal note [regarding Resolution 8] at least it feels that my vote actually meant something despite my very small shareholding - I am sure there are many others who feel the same.
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DejaVoodoo
Well-Known Member
Sorry Dave.
luckywhitefeather
Well-Known Member
Who is behind the 1.6% against resolution one and accepting the auditors report?
boracay ranger
Well-Known Member
The Easdales
luckywhitefeather
Well-Known Member
I though only one of them still had shares, the other sold to club1872?
boracay ranger
Well-Known Member
You could be right. In this context it doesn’t matter whether it is one or both of them.
Wrong mate it's actually interest of club I would have at heart.
I have no issue with shares being issued with an annual check in place to free approve doing 5 years though is leaving us open to all sorts.
Previously it was 20 % of shares annually which meant if we saw something we didn't like we could have stopped it going forward.
Now is 50% over 5 years we have no chance of ever stopping special resolutions now if those shares a are generated.
Put it this way the best way to maximise profit in selling shares is own the majority of the company ie more than 75% of the company. As there nothing any of the other minority shareholders can do about it
If shareholders/investors in that block decide to sell as a block to a private individual or company in 2 or 3 years time.
There nothing we can do we are putting faith in this board and future boards that they won't screw us over.
Just like we had faith for a time in murray/shyte/Green etc
Or to put it another way longer term the only people that will win from this are the current investors and those shareholders investors on that side......... certainly not us the fans
