Seeing The Books

[Memphis]

Am I right (or wrong) in thinking that any shareholder should be allowed to see the clubs 'books' rather than just the annual financial report?

 

I can understand why the like of Mike Newton and Mo would not be allowed to see them, outside a period of due dilligance, but surely, given a request, shareholders should be able to see them.

 

Just a thought like.

[B.A.]

Surely by now someone would have tried it if it were possible?

[VantaaVale]

The charter, for what it's worth, is here

 

http://classic-web.archive.org/web/20010713141914/www.valiant2001.com/html/charter.htm

[Howjy04]

The charter, for what it's worth, is here

 

http://classic-web.archive.org/web/20010713141914/www.valiant2001.com/html/charter.htm

 

Lying incompetent ****ard Bratt.Laughable if it wasn't our own club.===

[Howjy04]

A copy of this charter should be sent to every shareholder.

[old sage]

What a complete joke. If I was marking it I'd give the ten point charter a big 1/10 and that is for supporter ticket prices.

That apart it is one big catolgue of failures and one or two of these things cannot be excused because of lack of cash.

Over all the board have not only been a complete failure but they have continually lied about the facts.

CLEAR OFF NOW AND DONT COME BACK.

[tokyovaliant]

http://i54.tinypic.com/2vvja09.jpg

 

:laugh:

 

Priceless!!

For any fan with any lingering doubts about the sheer incompetence, delusion, and deceitfulness of the board, this should be required reading.

How can they sleep at night?

[melv]

Priceless!!

For any fan with any lingering doubts about the sheer incompetence, delusion, and deceitfulness of the board, this should be required reading.

How can they sleep at night?

 

Without doubt adds strength to the question.

 

Have share's mis sold?

Not forgetting that the club's own solicitor stated at the last AGM that the charter was neither here or there (ie null and void/worthless).But it was based on this very charter that the sale of share's was promoted.People bought their share's on this basis.

[Howjy04]

Without doubt adds strength to the question.

 

Have share's mis sold?

Not forgetting that the club's own solicitor stated at the last AGM that the charter was neither here or there (ie null and void/worthless).But it was based on this very charter that the sale of share's was promoted.People bought their share's on this basis.

 

BTW Melv thanks for the PM.===

[AVIM]

Shareholders have no right to "see the books". However, an independent audit can be requested in the same way as the EGM has been. If I remember rightly it requires 5% of the shareholding, as opposed to 10% as for the EGM.

 

Minority shareholders really aren't that important in any company or have much rights beyond

 

1. The right to vote at a genera meeting, 1 share = 1 vote

2. The right to a share of any dividends declared by the board.

 

Shareholders merely are one provider of capital to the company (just like bondholders, banks etc). It is the board of directors that control things. As is being demonstrated by this lot.

[AVIM]

Im not convinced they are trying to hide anything. If someone made THEM a decent offer, they would sell. But to date, no one has. Sure, Mo's offer might be good for "the club", but not for the board. For the board, it stinks.

 

Why give away control of the business in return for zero pounds? Do you think Mo would do the same for one of the businesses he controls? No chance.

 

If EGM fails, its time for Mo to get out his fat wallet and buy them out.

[Fosse69]

Shareholders have no right to "see the books". However, an independent audit can be requested in the same way as the EGM has been. If I remember rightly it requires 5% of the shareholding, as opposed to 10% as for the EGM.

 

Minority shareholders really aren't that important in any company or have much rights beyond

 

1. The right to vote at a genera meeting, 1 share = 1 vote

2. The right to a share of any dividends declared by the board.

 

Shareholders merely are one provider of capital to the company (just like bondholders, banks etc). It is the board of directors that control things. As is being demonstrated by this lot.

 

I have no argument with that, but we were led to believe we were a fan based club, with a democratic voting system. Obviously we now know it was not written down, I remember when it first dawned on people when Machin was voted out. Luckily FC United had it written into thier articles, obviously less trusting than Vale fans.

[AVIM]

I have no argument with that, but we were led to believe we were a fan based club, with a democratic voting system. Obviously we now know it was not written down, I remember when it first dawned on people when Machin was voted out. Luckily FC United had it written into thier articles, obviously less trusting than Vale fans.

 

Well, its fair to say people were misled, either deliberately at the time or just through the course of events.

 

But I don't think the cause is served by making arguments based on the fact that we are a fan controlled club, when we clearly are not. Its just banging heads against the same brick wall. Best accept that they call the shots and for someone to put together a bid they will accept. One that is good for the club AND good for the board.

[Fosse69]

Im not convinced they are trying to hide anything. If someone made THEM a decent offer, they would sell. But to date, no one has. Sure, Mo's offer might be good for "the club", but not for the board. For the board, it stinks.

 

Why give away control of the business in return for zero pounds? Do you think Mo would do the same for one of the businesses he controls? No chance.

 

If EGM fails, its time for Mo to get out his fat wallet and buy them out.

 

I would hope he does not get his wallet out, they refused £5 a share, have put nothing in since. Have had Directors perks for years, some have had pay and expenses, why expect a profit. I would prefer us to go into admin, and sue the directors, then they will have even less, and MC can pick up the club for less.

[AVIM]

I would hope he does not get his wallet out, they refused £5 a share, have put nothing in since. Have had Directors perks for years, some have had pay and expenses, why expect a profit. I would prefer us to go into admin, and sue the directors, then they will have even less, and MC can pick up the club for less.

 

..and therein lies the problem. Too many people begrudge the board for having put one over on them back in the day, and now put their hatred of the board above the well being of the club.