SAYNO is deeply concerned by the latest shambles to befall the incredulous CPO shareholders. We must surely all be entitled to know how many £100 shares were wasted by this latest incompetency, this time caused by not giving at least 21 days notice of the June 25th EGM. The Sun newspaper even pre-warned of this pending fiasco in it’s article of June 1st , and all this on top of a previous litany of administrative ‘mistakes’ including ;
* 2006 – Failure to implement amendment of the company articles requiring all directors to own a share, as passed by the membership at the AGM.
* 2010 – Failure to notify Companies House of the resignation of director P. Baker in time, as required by company law.
* 2010 – Failure to understand choosing to second R. Glanville as a director arguably infringed on 2 basic company principles – not being a shareholder, and being in the pay of CFC.
* 2011 – Failure to foresee leaving open the sale of shares after a formal buy out proposal would lead to wholesale gerrymandering of the vote and attempted profiteering.
* 2011 – Failure to enforce the data protection act it would seem, by allowing CFC to obtain a list of CPO’s multiple shareholders details for lobbying purposes prior to the EGM.
* 2011 – Failure to validate identities and addresses of share purchasers during the ensuing October 2011 share sales scramble.
* 2011 – Failure to limit sales of shares to the authorised limit of 1,000 as instructed by the membership at the previous AGM, subsequently selling 2,686.
* 2011 – Failure to lodge the company annual return in time, as required by company law.
* 2012 – Failure to list the proposal ‘to expand the board to 7’ as an ‘ordinary’ resolution, as stated in the company articles requiring just 50% in favour – it received 52% but failed as a special Resolution
* 2012 – Failure to halt all share movements in contradiction of the chairman’s promise at the January AGM by simultaneously facilitating the continued transfer of shares.
* 2012 – Failure to publish the March 14th board minutes as promised at the AGM and implied in the company articles (the meeting where it seems the report on the illegally sold shares was initially discussed and most of the recommendations apparently dismissed).
* 2012 – Failure to give the legally required 21 day notice of an EGM, rendering it illegal with substantial unstated costs wasted.
Would this continued litany of mistakes be tolerated by any other company ? It is certainly unbelievable to imagine such incompetency would go unchecked in one of CPO chairman Steve Frankham’s own organisations, so why does he tolerate CPO’s money being squandered ? He may well chose to excuse the above as yet more genuine unintentional oversights, and publicly reminds us by way of apology that ‘ in our capacity as directors, all of us are unpaid volunteers with busy home and business commitments of their own.’ which might be vaguely acceptable, if it wasn’t for the fact that the sole exception to that rule is company secretary – Bob Sewell, who received £14k from CPO in payment for ‘professional services’ last year alone, as stated in the audited accounts, and at least partially if not fully responsible for all the above catalogue of administrative errors – with or without having chosen to take the available legal advice.
SAYNO will once again be calling for the removal of it’s paid Company Secretary.
We will also continue to vigorously oppose the re-issue of new shares until the ‘concert party’ shares purchased in October 2011 are properly dealt with.
Our recommendations for voting at the newly scheduled July 23rd EGM will be fully stated shortly.