SAYNO are pleased to read the board of CPO have finally taken a positive step for a change, to clean up its act and regain some semblance of grassroots credibility after their attempted white-wash of the on-going share scandal – we wonder if the timing is significant?
The move was belatedly announced Saturday (on opening day of the EPL) when revealed Robert Sewell will stand down as Company Secretary – although curiously the statement did not even credit him with that official title, held since the companies inauguration in 1993!?
Having previously resigned as a director 12 months ago after persistent shareholder outcry concerning his role during the CFC buyout proposal for CPO in October 2011, and the subsequent share sales scandal that has come to light in increasing detail, his welcome withdrawal is finally complete – assuming his hand is completely removed from the cookie jar and CPO’s annual accounts are also finally put out to competitive tender?!
His numerous corporate mistakes strangely tolerated whilst in post and conveniently overlooked by chairman Frankham whilst once again heaping benign praise on him included;
- Failing to register directorship shareholding requirements in 2006 when passed by the membership, subsequently allowing a non-shareholder (Granvill) to become a director against shareholders direction.
- Failure to register a directors resignation (P. Baker) in 2010.
- Appointing a CFC employee (Granvill) to the board of CPO, in complete contradiction of the companies registered ethics and purpose.
- Failing to suspend share sales after the formal buy-back offer by CFC, as would normally be expected – along with the other negligent directors at the time (Richard King and Richard Granvill), thereby enabling a share sale scramble and the multiple purchase of shares by a ‘concert party’ of fraudsters intent on swaying the vote in favour of the proposal.
- Personally overseeing the sale of 2,548 shares prior to the Oct 2011 buyback proposal by CFC, despite only 1,000 being authorised for sale by the membership
- Personally overseeing the sale of multiple purchases of shares to unknown individuals without taking the required proofs of ID and Address, enabling a concert party to embed itself in favour of the CFC proposal.
- Failure to file the companies annual return in 2011.
- Continuing to facilitate share transfers in 2012 despite a public promise from the board to suspend all share movements while under investigation.
- Organising an EGM in June 2012 without the necessary legal notice period, necessitating expensive cancellation and rescheduling, and then failing to formally notify the membership – resulting in many shareholders travelling in on the wrong day.
In summary, you really have to wonder how he maintained his privileged paid position for so long?
‘The board’ also inform that director Charles Rose is to take over responsibility for administration – but in the sudden rush to distance Sewell from CPO it is not stated if their office will now be moved to the new incumbents location and the corresponding £250 per week fee now paid to him instead, or whether it will return to it’s rightful home at Stamford Bridge – where it would once again be accessible to shareholders and supporters alike?
No doubt Chairman Steven Frankham will elaborate once he has taken further advice from the club.
We patiently await further inevitable measures to clean up CPO – either voluntarily from within, or by external sources