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NLVMalc

By NLVMalc
in Port Vale present

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NLVMalc Newbie

NLVMalc

Posted
Posted

Requesting the club to convene a General Meeting

I’ve had an opportunity to reflect on Friday and the events surrounding the request by shareholders for a General Meeting to be convened.

 

Firstly, we handed the forms to Bill Lodey who said he would let the directors have them today (Monday). I was please that he was able to confirm to Tim and I that the shares in V2001 was pretty much the same as at 01 April 2011 when NLV received the share information from the club, following our Section 116 request. The additional shares being from monthly standing orders.

 

This means the board have not, bought any additional shares to consolidate their minority held stranglehold on the club. However, that was always a risky strategy as they could end up with more money tied up in shares, more money to lose?

 

Secondly, my mind has been mulling over some of the questions by Steve Shaw shortly after the requisitions were delivered. He seemed quite interested in NLV's reaction to the 'new investor'. Was he asking this on behalf of the board? Possibly, he certainly gave a negativity slant to part of the article where there was not one, although on the whole I was pretty satisfied with its presentation.

 

The board true to form, have rolled out the new investor. This was always going to happen, trump the offer on the table and then never materialise. I was pushed reasonably hard on what will happen concerning the General Meeting if a new offer materialises.

 

General Meeting Resolutions

The framing of the resolutions are to achieve fundamental change in the club and thus create the opportunity to bring in new investment. 77% of shareholders do not trust the board to run the club and bring in new investment. It was never about only voting on the original offer by Mo Chaudry, or indeed, the Stoke on Trent consortium that now exists with Mark and Mo. Therefore, if two offers do end up on the table it will be the new board that makes the decision on which to recommend to the shareholders. It will not be the current board. I trust Mark Sims to make the right recommendation, however, all this new investor discussion is pure conjecture at the moment.

 

Perhaps the board thought that by introducing a fresh investor they could magic away a General Meeting. Let's put this bed now. A General Meeting will take place within the next seven weeks.

 

I have been told that the board has convened General Meetings at inaccessible times previously. If any of their actions are framed in a way that disenfranchises smaller shareholders, those actions could be illegal and so I hope they have enough in the war chest to pay the legal fees if such a course of action were to be taken.

 

The board have chosen to ignore NLV and the shareholders at every stage.

  • No comment on the survey.
  • No comment of asking for requisition support.
  • No comment on receiving a request to convene a General Meeting.

NLV and shareholders are fans. Why does the board continue to treat the very people they purport to represent with such contempt?

 

There will be a lull in headline activity, however, please be assured that behind the scenes, preparations are being put in place for the General Meeting just in case the shareholders need to call it. The agenda is set; the board cannot deviate from this.

 

The voice of the shareholders will be heard.

 

Malcolm

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Jason Newbie

Jason

Posted
Posted

Malcolm, their silence is a huge indicator of how worried they are by your work, and what a great job you are doing.

 

NLV are a credit to the club and instrumental in ensuring the supporters voice is heard, and we all owe you a drink when this is finally sorted

 

:D

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valetillidye Newbie

valetillidye

Posted
Posted
Malcolm, their silence is a huge indicator of how worried they are by your work, and what a great job you are doing.

 

NLV are a credit to the club and instrumental in ensuring the supporters voice is heard, and we all owe you a drink when this is finally sorted

 

:D

 

loving your signature picture fella !

======

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