EGM Update 3

[NLVMalc]

I can confirm that we have been busy behind the scenes and have made some significant progress in our aim of getting the board to call an EGM.

 

We have been able to confirm through our legal team that the club, Port Vale (Valiant 2001) Football Club Limited, have to provide us with a copy of the share register when issued with a section 116 request under the 2006 Companies Act.

 

We needed to provide certain information as part of the request. This has been done and include the reasons for the request. This we have made as broad as possible detailing:

 

The information is to be used for the following proper purposes:

 

- general representations about the general activities and management of the company; and

 

- communications in connection with the exercise of member rights under the Companies Act 2006, such as gathering support for a requisition, circulating a member’s statement relating to resolutions to be put to a shareholder meeting.

 

The club can not ignore this request:

"Where the Company (V2001 in this case) receives a section 116 request, it has five working days from receipt of that request to allow inspection and/or provide a copy of the register, or, if it believes that the request is not made for a proper purpose, to refer the request to the court. The Company cannot simply ignore a section 116 request, even if it believes the request is made for an improper purpose. If ignored, the Company and every officer in default is liable to a fine, and, in the case of continued contravention, a daily default fine."

 

The FA need to see any proposed changes in articles and we have a few of these. This will be done tomorrow and we expect confirmation within a couple of days. Share requisition letters will then be sent out to the shareholders.

 

This is now getting exciting and the 'calling of the board to account' is ready to be made. Let's make sure tomorrow night we are loud and proud once more as we let the board know "We want our club back!" =========

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[macca_pvfc]

great work..keep it up!

[Fosse69]

Great news , well done to all those behind the scenes.

[melv]

Great work,bring it on.=========

[Barcroft]

2ValiantB, well done on your hard work, and thanks.

 

One question...is there a way of legally preventing people who have purchased shares since they knew that an EGM was likely to take place, from voting?

 

It surely cannot be democratic if people buying shares within the past few weeks are allowed to vote, if it is at the boards discretion who they sell shares to.

[buffwa]

Can someone put this in laymans terms for me????

[sheffield61]

At last, something they CAN'T ignore or dismiss, their days are numbered I feel........

[old sage]

NLV's You have done brilliantly so far lets hope that we can now finish the job off.

[JB78]

I am majorly grateful to all concerned in this initiative, the board must be well pee'd off.

 

I imagine the board will be up to dirty tricks though, probably 'buy' a load of shares for themselves before the egm and then refund them after, wouldnt even trust them to count the votes fairly.

 

Could NLV call an independant adjudicator to count the votes and mc proceedings? dont want sour face Lodey running the show on the boards terms!

[Fosse69]

Can someone put this in laymans terms for me????

 

As I see it, we can shortly get our hands on the share register,and the whole thing is kicking off,

[Fosse69]

I am majorly grateful to all concerned in this initiative, the board must be well pee'd off.

 

I imagine the board will be up to dirty tricks though, probably 'buy' a load of shares for themselves before the egm and then refund them after, wouldnt even trust them to count the votes fairly.

 

Could NLV call an independant adjudicator to count the votes and mc proceedings? dont want sour face Lodey running the show on the boards terms!

 

Since the shareholders called the meeting, does not our legal rep run the meeting?

[RAF Vale]

Can someone put this in laymans terms for me????

 

They have to give us a copy of the share register, as we are shareholders who want to call and EGM.

 

You have only been back on the wing a few weeks and your head has fell off, I told you about sniffing to much F34.

[NLVMalc]

2ValiantB, well done on your hard work, and thanks.

 

One question...is there a way of legally preventing people who have purchased shares since they knew that an EGM was likely to take place, from voting?

 

It surely cannot be democratic if people buying shares within the past few weeks are allowed to vote, if it is at the boards discretion who they sell shares to.

 

My understanding is that anyone purchasing shares up to the the time EGM is requested can vote. I will double check.

 

That said, it would be very easy to spot any variation from normal purchasing patterns, particularly as the 2011 register has already been submitted in bulk, the detailed submission should be available in a few days. If the board are happy to accept some requests for shares, but not others, then it would be fit and proper to ask whether the decisions taken are for the benefit of the shareholders, or for themselves as directors. The latter could have ramifications if it were to occur.

[PVTony]

Come out numbers 1/2/3/4/5/ &6/ your time is up!

[buffwa]

They have to give us a copy of the share register, as we are shareholders who want to call and EGM.

 

You have only been back on the wing a few weeks and your head has fell off, I told you about sniffing to much F34.

 

Cheers Tim, After this long mate i cant smell it anymore. Spoke to the 2 Jases the other day, trying to get us all together for a few around burslem then a few after the game for old times sake, may even venture to a few of the old haunts, will let you know when i get a date mate...you up for it??

 

Good work NLV