Further to CPO’s announcement over the weekend on CFC’s website, the AGM is confirmed as Friday 31st Jan at 11am at Stamford Bridge.
Voting papers are already dropping on doormats, and the only 4 main areas of contention would seem to be as follows ;
1.2 The re-election of builder/developer chairman Frankham (opposed by SAYNO) – who has the lowest support of all directors, considered by many shareholders to be under the thumb of Buck, and was even ironically chosen by the club to hand over large cheques to CFC’s Foundation at the recent ‘Annual Lunch’ – which no longer involves CPO at all, having been hi-jacked by the club with the tacit agreement of a previous puppet chairman Richard King!
1.4 The re-election of Granvill (opposed by SAYNO) – the only remaining director still in office who stood by during the clubs disgracefully conducted offer in 2011 and the share sales scandal. Not only is he still an employee of the the club in stark contradiction of CPO’s regulations, he also never bothered to buy a single share in CPO for the first 20 years, such was his previous notable disinterest!
1.7 The re-appointment of Hannaways (opposed by SAYNO) – the deficient auditors also tainted by the previous King administration, and who supposedly oversaw the previous dubious offer period without voicing any warnings to members as legally required!
2.3 The move to electronic voting – which whilst enabling easier communication with shareholders, may also bring with it the dangers of re-written company articles. Before supporting this SAYNO will seek assurances that this proposal will not enable a shortened notice period for future ‘offers’ for the company, nor be taken as another opportunity to create loop-holes in CPO’s once cast-iron defences against attack from land-grabbing profiteers – whether they be from within or outside the club. Our recommendation would be to leave this box blank.
All other proposals are currently supported in varying degrees.
However, SAYNO also notes once again there is no further mention of widening the board to a more representative 7 directors as once promised – Frankham having previously voted the proposal down with the multitude of proxy votes automatically entrusted to him.
Shareholders are advised to vote taking the above recommendations into account and we are happy to stand proxy for any who cannot attend on the day, or regarding any other issues that might be raised on the day, by simply entering the name Clint Steele or David Spring in the appropriate wide box at the top of the voting form. However you choose to vote – please DO NOT entrust your proxy to the chairman who has abused that trust in the past.
SAYNO will continue to monitor the situation leading up to the AGM and post statements accordingly.
Published on behalf of SayNoCPO