Further to the CPO AGM yesterday which passed all motions proposed, there are good, bad, and ugly, points to report.
Encouragingly the several good points were;
- 3 of the 5 directors were forthright enough when questioned to state they could not envisage supporting any future proposal to dissolve CPO.
- Undertakings were given that the constitution of CPO would not be amended in any other respect whilst making provision for electronic communications.
- There was tacit agreement subject to legal advice, that no new offer for CPO would be put to the membership with less than 30 days notice, and that it was morally incorrect for CPO to have allowed the sale of shares to continue in Oct 2011, so facilitating the share sales scandal.
- Charles Rose was recognised as having improved the company secretarial standards ten fold.
- He also conceded that having the ERS count the vote off-site several hours after the meeting was not acceptable and not worth the cost saving.
- Apologies and a renewed undertaking was given to take advice on the previously mooted idea of launching an investment trust as a vehicle to pay off the remaining £8.4M loan over 180 years.
- The idea of enlarging the board to 7 directors to share the heavy work-load and also give a wider demographic of representation than exclusively middle-aged Anglo-Saxon men was raised once again by shareholders.
The bad points;
- The same core 2,000 plus concert party shares still evidently control every CPO vote and are also conveniently held in proxy by the chairman Frankham, and yet conversely the overall membership give him the lowest approval rating of all the directors except Granvill by some margin.
- The chairman and Granvill still refuse to rule out voting to dissolve CPO as part of any new offer.
- Despite CFC being one of the richest clubs in the world and not being contractually obliged to pay any rent to CPO for their ground, the revelation that they are quite happy to charge CPO for use of CFC facilities at AGM’s and fund raising events!
And the ugly ?
- Director and CFC employee Granvill, stubbornly refusing to accept he was wrong in Oct 2011 to strangely agree to allow the sale of shares to continue after CFC’s proposal, so facilitating the share scandal we all still suffer from today!!!