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Shareholders Must Decide on any Deal


NLVMalc

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I am not sure if it was you, Malcolm, or if it was Dave Felstead, who posted a few days ago. In another thread (probably the one about them leaving on a plane on Sunday) I suggested that surely the board would put the deal to the shareholders. I was told that at Baddeley Green WMC, Mike Lloyd made it clear that the deal he was talking about it would not be put to a vote.

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It was the "feedback relating to the open meeting" thread and it was Andy Jones (Dave Felstead) who responded:

 

At the meeting last week Mike Lloyd and Perry Deakin stated very clearly that the Directors, not the Shareholders, will have the decision on this investment.

 

Was he correct or not?

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Whatever deal or prospect of a deal ML & PD come back from the USA with this MUST go to the shareholders for approval. If not the club will sink further into turmoil.

 

The board lost a vote of no confidence and currently only hold the following amount of shares:

 

Mike Lloyd.........5.3%

Bill Bratt...........4.8%

Glenn Oliver......4.3%

..................... --------

Total.............. 14.4%

 

Under these circumstances there is no way any deal can go forward without being put to the shareholders.

 

The Port Vale Supporters Club, holding Robbie’s proxy, have a greater percentage of shares (21.2%) than the current board.

 

The ‘talk’ from Mike Lloyd has been about being transparent and open. However, to date this has only been ‘talk’. The trust between the board of Port Vale and the fans has been broken and can only be improved by action.

 

I agree with ML that everyday decisions cannot be put before all the shareholders. This next decision is not a small or insignificant.

 

If ML & PD do not put any deal to the shareholders then we will know that there is no intention of being open and transparent.

 

Here here. Dave F, what about seeking legal support for clarification on shareholders positions?

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The reality is, of course, that there is no deal to vote on yet.

 

I've been trying to understand the point that you are making, Jacko.

 

Yes, we know that the deal is yet to be finalised, according to what we have been told. Indeed that seems to be the reason for the junket that ML and PD have been sent on.

 

But in principle the thread is an important one. That is, except for the fact that, allegedly, we have already been told that we, the shareholders, won't be consulted. If that is true, it contradicts what the previous chairman said in the past (not a new phenomenon, I admit) and it flies in the face of the fact that this board sits in the untenable position of having, despite its best efforts to contrive votes for itself on all counts, failed to pass a vote of no confidence.

 

But if there were no deal but, let's say, just an interested party, it would be equally important for the same democratic process to be carried out. That is especially true if the balance of share ownership is to change as dramatically as we suspect.

 

Has anything changed? Is the new chairman intending to be open and transparent or is he just leading us a merry dance?

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As much as I hate to say this, the club have already done this before and nobody complained then when Robbie Williams bought 24.9%

 

I don't remember being asked as a shareholder to vote on it. Doesn't mean its right but its already happened before.

 

The problem is they will have at least an extra 24.9% of shares meaning that a shareholder vote on whether they become directors will be a moot point as they'll have near enough the 50% required IF the ex directors stick together

 

Of course, those who feel they've been shafted could upset the apple cart - imagine that, Jackson to the rescue hey!!

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As much as I hate to say this, the club have already done this before and nobody complained then when Robbie Williams bought 24.9%

 

I don't remember being asked as a shareholder to vote on it. Doesn't mean its right but its already happened before.

 

The problem is they will have at least an extra 24.9% of shares meaning that a shareholder vote on whether they become directors will be a moot point as they'll have near enough the 50% required IF the ex directors stick together

 

Of course, those who feel they've been shafted could upset the apple cart - imagine that, Jackson to the rescue hey!!

 

Am afraid your correct,another point though,we don't know exactly what the deal is going to be and if it is a bit dodgy the board may want us shareholders to vote for it to take the flack of them if it goes ti ts up.So if there is a vote,be afraid be very afraid. :shutup:

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A few points:

 

Robbie never asked to have any shares and didn't want any. The board only issued them because it strengthed their own position.

 

Just because ML says they won't put the deal to the shareholders doesn't mean we have to accept that decision. If he wants to be open, transparent and honest in his dealings with the fans then let's see the deal and vote on it. Afterall ML only has 5% of the shares he shouldn't be dictating to anyone.

 

Grebovale: I would not be afraid of any vote, that is how democracy works. What I am afraid of is the directors issuing shares again to keep their own power and ignoring the fans and shareholders. If that happens and ML and PD prove they are not interested in transparency, openness and honesty then the current impasse will continue.

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From what I recall the shareholders will asked to vote on the appointment of Directors, the investment will be the decision of the three current dictators.

 

So in short the future of this 'fan run club' will be decided by three untrustworthy individuals who have less than 15% of the shareholding who have had a VONC against them. Disgraceful.

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From what I recall the shareholders will asked to vote on the appointment of Directors, the investment will be the decision of the three current dictators.

 

So in short the future of this 'fan run club' will be decided by three untrustworthy individuals who have less than 15% of the shareholding who have had a VONC against them. Disgraceful.

 

im expecting all those who accused MC of trying to get the club "on the cheap" will now make their voices heard if a deal does go through

 

im also struggling to see how Glenn & Bill could vote on any deal that would involve two connected parties getting 24.9% each, after all this was the MAJOR reason they personally rejected MC & MS bid

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