SAYNO continue to be asked for it’s voting recommendations for the July 23rd EGM, which are as follows ;
Against Resolutions 1&2.
For Resolutions 3,4&5.
This is recommended for the following reasons ;
1&2, Authorising the re-selling of shares. (requiring 50% and 75% respectively to pass)
SAYNO remain against this at the present time, on the grounds the ‘concert party’ shares (shares bought by connected parties to distort a vote) purchased in October continue to heavily distort the vote and are still active, despite assurances from the chairman at the AGM that the issue would be dealt with.
3, Maximum 10 voting rites. (75% to pass)
SAYNO are strongly in favour of this proposal, which if passed would go some way to dealing with the majority of ‘concert party’ shares in existence. However, shareholders have previously witnessed progressive proposals voted down with the help of the chairman using the proxy votes held – as with the resolution to expand the board to seven directors at the AGM.
4, Directors must own a share. (75% to pass)
SAYNO supports this measure, again in 2012 – it was originally voted for by the membership in 2006 but ignored by an errant director and Company Secretary – Robert Sewell, who subsequently went on to second Richard Glanvill as director, despite him not owning a share to this day.
5, Unspecified measures to prevent profiteering. (50% to pass)
SAYNO are in favour of this basic principle, but in essence it currently means nothing – why is this not a specific proposal to rule out the resale of shares for more than face value as SAYNO has previously suggested, negating profiteering at a stoke – the board have had 6 months to look at this issue ?
As at previous CPO meetings, SAYNO are happy to act as proxy for any shareholders who require it, just enter the name ‘David Spring’ in the appropriate box on the voting paper. Please remember giving your proxy to the chair has previously enabled him to vote against progressive and democratic proposals.
On a related note – SAYNO have heard many complaints from shareholders who travelled to Stamford Bridge on 25th June unbeknownst the EGM had been cancelled. This due to yet another failing of Company Secretary Robert Sewell to arrange written notification of cancellation due to not having given the legally required 21 days notice of an EGM. This level of continuous incompetency and disrespect towards our members is appalling – once again we call for the resignation of Mr Sewell.
We also call once again for the transparency promised by the chair at the January AGM. He must now publish full unedited release of the March 14th board minutes – this the meeting where it seems most of the recommendations for dealing with the ‘concert party’ shares bought in October were rejected. The previous and subsequent board minutes were both published as promised – why not these ?
SAYNO are pleased to note the board have stepped back from seeking authority to sell 5,000 shares per year, as was proposed for the cancelled June 25th EGM, which could potentially have swayed any further vote in favour of self liquidation within the year, if further gerrymandering was permitted. The July 23rd proposal is now reduced back down to the previous limit of 1,000 shares per year (which the board previously just ignored anyway !).
Any queries on any of the above can hopefully be answered on [email protected]