A busy night at the Port Vale FC AGM saw the board continually praised by shareholders as the ruling that no-one should own more than 24.9% of the shares in the club was overwhelmingly passed.
The major talking point was the issue of the 24.9% cut-off point for individual shareholders. This was overwhelmingly passed by the 200-plus attendees with just three people voting against and a small number absteining.
The board did make it clear that despite this ruling, should a major investor come forward, they would call an EGM of shareholders to see if this ruling should be overturned in exceptional circumstances.
Many shareholders stood up to praise the Chairman and the board and each comment of this nature was greeted with a warm round of applause. In return the board gave their own thanks to the large number of volunteers who have helped the club during the last twelve months.
Meanwhile, it was revealed that Martin Foyle was unable to attend the meeting as he was scouting for new players.
A number of questions were asked of the board and we have summed a selection of them up below:
Q: Have the costs to Staffordshire Police now been settled?
A: Yes, they have.
Q: Have Tricell paid their sponsorship money?
A: No, not yet.
Q: Have the club got the records of every shareholder?
A: The club has nearly all the share records now. Once all the records have been received, there will be a major push by the board to encourage more supporters to become shareholders in their club and have a say in the running of Port Vale FC.
Q: Any news on developing the potential of Vale Park?
A: The board are continuing to try and find parties to help complete the Lorne Street stand. However, areas such as catering have shown a marked improvement. For example, last year the club prepared approximately 500 Christmas meals but this year the total will be over a thousand. Since the change in catering firms, the club is showing a good profit from club catering.
Q: Will the youth team still be in existence?
A: Yes, despite recent rumours, there are absolutely no plans to dispense with the club’s youth development programme.
Q: Will the manager get money for additional signings?
A: Yes, the board has told him he can have up to two additional players.
Q: How is the club faring financially?
A: At the present time, it is just about breaking even. This is encouraging news as the board has a four to five year plan to reach a stable financial situation and it is still early days.