Using nil-paid shares is 'morally' wrong

Using nil-paid shares is 'morally' wrong

The Chairman of the Port Vale Supporters Club has hit out at the board’s plans to allow owners of nil-paid shares to vote in shareholder meetings.

Chairman Pete Williams told the Sentinel newspaper: “I don’t feel that morally the club should use them. This would just create more bad feeling between the board and the club’s supporters.

“But if they do use them, I am hoping that other shareholders, whether their stakes are large or small, will see how morally wrong the board are and will vote with us for change. However, I am not counting my chickens.

“Besides, I think that behind the scenes the club is trying to get someone to buy these nil-paid shares who will back them.”

Former Chairman Peter Miller and CEO Perry Deakin claimed that they had bought blocks of shares in the club worth £250,000 and £100,000 when they were elected to the board, but it later emerged they hadn’t paid for them.

Acting Vale chairman Mike Lloyd has refused to comment on whether any of the nil-paid shares have been paid for yet. However, he says they can legally be used in a share vote.

The Port Vale Supporters’ Club has called for an EGM and wants to replace the current board with an interim board.

Leave a Reply

Your email address will not be published. Required fields are marked *