Statement on Shareholding
 

I hereby announce that my shareholding in Accrington Stanley Football Club will be donated at no cost to the fans of the club.

I have been involved with the club for over 17yrs now. I hope to remain involved for a very long time to come.

These are tough times, and actions speak louder than words. As of today, Sunday October 11th, I remain worried about the future of our club. I am worried about the immediate future on Nov 2nd, and worried for the months afterwards.

I believe that by donating my shares to a true forum for the fans and supporters, I can lead by example and show that no one person is bigger than the club. At this point we should all shoulder arms and push towards a resolution that works for the club, without fear and favour.

I would recommend that ASSF be the recipient of these shares. I confirm I am neither a member nor shareholder nor director of ASSF, and I make or influence no decisions. I further recommend that ASSF link together with other fan based group including OSC and work to convert itself into a trust as soon as practical, and that the directors of ASSF - who are a fine and honourable set of people - try to engage with the existing shareholders of the club to drive forward an agenda that has ONLY ONE objective. To create a healthy and diversely supported club that we can continue to be proud of.

In closing I wish to thank all the people of East Lancashire and beyond who have been incredibly supportive in the past weeks and months and who have contributed to the club's appeal. I also wish to thank the players who have sent me messages of support. I stand in awe of your dedication, and that of the various staff and unpaid volunteers at our wonderful club.

with my warm regards to you all and your families
Ilyas Khan

Re: Statement on Shareholding
 

a truly remarkable gesture, sincere thanks

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Dito....Thank you Mr. Khan.

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Posted via Mobile Device fantastic gesture, this is the momentum required to rid the club of the current failures.

Re: Statement on Shareholding
 

As stated actions speak louder than words, so it is now upto EW/The DON to do the right and honourable thing, which in turn will see the club out of this current mess.

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So whats all this mean then :confused:

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It should mean that we can all unite behind the club and get on with saving it from financial ruin

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As much as its a very generous offer to the assf and a last hope that the club sits up and takes it seriously. But the down side is that if the club goes then its 17% of nothing ? ? Sorry to sound cynical.

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I don't really see how this achieves anything at all. It doesn't change anything as far as I can see, except bring certain things back into the media spotlight again.

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**** me…….This is a very generous offer and actually gives the fans (through the ASSF as an umbrella organisation) some respectability and credibility, you as fans via the aforementioned umbrella organisation now have a 17% share holding in Accrington Stanley Football Club. Build on it.

Re: Statement on Shareholding
 

So what? The shares have little/no monetary value and being a shareholder gives you few privileges. It doesn't give you a seat on the board.

Re: Statement on Shareholding
 

If the worst happens 17% of nothing is errmmm .... nothing. :confused:

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it can help matters if all those minority shareholders (under 1%) were to offer their proxy votes to the Fans group. At the moment Peter Marsden with his 10% agrees with ASSF and he has been privvy to all that has happened behind the scenes for the last few months. Maybe Styring (jnr) would offer his proxy vote in a bid to preserve what holding he has?

That would have to be taken seriously by the (still) majority shareholder and legally he would have to do more than just token consider our opinions.

thanks by the way Ilyas.

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Re: Statement on Shareholding
 

:confused: Correct me if im wrong but has'nt Ilyas got 12.05% of the shares up until todays announcment!!would'nt it have been better to keep a 2.5% in the club rarther than nothing at all:)

Re: Statement on Shareholding
 

But shirley Marsden and Khan's 27% were united at the last meeting of 'the board' and it meant nothing. By donating the shares to the fans' group, it doesn't really change anything does it? Or have a I missed something?

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Not a clue; but happy to be corrected....:)

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Or, 17% of a huge debt, which the creditors will still be trying to recover.

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It is as Mab says 12.05%...

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And if they do turn it around with or without the help of the Fans it will be 12.5% of market value....

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Yes I think you have......

A generous GIFT to a group of organised fans, which changes the current stagnant situation. It has been stated that the stalemate MAY be personal ? that has just been removed.
And as a group they will be full of zeal to move forward, which Ilyas felt he had gone as far as he was allowed.

MANY thanks Ilyas...

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I think it shows that Illyas ain't no megalomaniac & has the club, town & fans at heart....

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An extremely generous and selfless offer Ilyas, many many thanks................Lets hope we have the opportunity to build upon it.

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Fantastic gesture.

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Crikey Mr Khan...is there a beer or 6 waiting for you down here or what..!!

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...

And that the undoubted influences integral to this wonderful legacy are allowed to blossom without any intransigence from anyone !......, and ASAP !!

I'm sure that Ilyas will be joining me somewhere, as I repeat my new Battle Cry!...

'ON STANLEY ...ON!...TO GREATER THINGS !!'

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Spot on, Willie!

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If DON does have a new share issue, which is what has been requested by ASSF, what is the situation with Ilyas who previously promised to buy at least £250,000 of them. Will ASSF be able to buy at least £250,000 of them or will a new share issue now be pointless?

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What a most generous thing to do. It is a rare thing for a person to act so selflessly, and only goes to show how important the club is to Mr Khan.

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A very gracious gesture by Mr Khan!

The best option now would be for the ASSF to sell those shares and to donate the proceeds to the SOS fund, would it not?

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NO- And be back at squareone at least now the ASSF can move forward IMHO:)

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How exactly?........Your backer has gone!, you have no money to invest!, I just hope that you guys have already paid for your sponsorships etc!

So you now have a collective stake in ASFC, just like a lot of other people who also have no money to invest!

So why not sell the majority of the shares, attracting a "real" investor and ihelp the club????

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A very kind gesture indeed BUT when Ilyas held the very first meeting at Stanhill , he himself said he will not let Stanley close, I heard him as did others present. He formed the ASSF.

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Well!!!!......they can't blame the D'ON for this one!:rolleyes:

Re: Statement on Shareholding
 

pmsl @ Redskin!


that is all

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No it doesn't even get you to a shareholders meeting, not for the past five years at least.

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Re: Statement on Shareholding
 

The ASSF is a group of supporters with little cash, but a lot of hearts in the right places. Without Ilyas Khan's financial backing they are little more than another version of the Supporters Club. Converting to a Trust may give them a little more 'status', but the shares aren't going to do that.

Although this will go against the general consensus, I honestly don't think any side in this debacle has come out of this with any real credit. Ilyas Khan has lived the whole affair through the media glare and the donation of his shares is just another chapter in my opinion. Likewise the club (directors, etc) are soiled with the same dirt, just done differently.

It's just a shame that the real fans have to be caught up in the middle.

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I think that a quite apt and fair assessment of the whole episode…..eye’s wide open so to speak; rather than seeing what we think we see or what others want us to see.

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Amen!

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Errr....could anyone just clarify this point? Is TMc saying that over the last few years, shareholders have not received invitations to attend the AGM of the club? Surely it is a legal obligation that invitations are sent to all shareholders in advance of a statutory AGM, the usual purpose of which is the approval of the annual accounts, the re-election of the directors and the questioning of the said directors on any matters arising. If this has not been happening, then this is yet another worm in the can. I am also under the impression that the minutes of the said AGM have to be forwarded to the Foofball League.

Re: Statement on Shareholding
 

Posted by Tin Monkey on 1/9/2007 :

Re: Statement on Shareholding
 

Seems as though Shareholders can look at the minutes of any Board meetings. Might be interesting if a Shareholder asks to look at the minutes and so find out when Directors' loans were made
As for the Annual General Meeting

Re: Statement on Shareholding
 

This never occured under eric's stewardship!;)

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Maybe Shareholders were not brave enough to ask to see the minutes during Eric's stewardship. Maybe now they are. Why doesn't a Shareholder ask to see the minutes of the meetings at which Directors' loans were approved

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[i]Posted via Mobile Device[/iASSF's first task maybe ???

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Let's Save the Club first!!!!.........;)

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How exactly have you checked the private donations?? Do you work for the club, therefore have access to the names?? :rolleyes: :)

Re: Statement on Shareholding
 

Thank you Ilyas.

You have a PM.

Re: Statement on Shareholding
 

Jeff - "Seems as though Shareholders can look at the minutes of any Board meetings. Might be interesting if a Shareholder asks to look at the minutes and so find out when Directors' loans were made

Quote:
How to conduct a board meeting
You must give reasonable notice - normally 14 days - to the other directors.
You must take formal minutes of the meeting.
Once approved, the minutes should be signed by the chairman of the meeting.
You must keep the minutes as the official record. Shareholders can ask to see them.

As for the Annual General Meeting

Quote:
Rules surrounding the annual general meeting (AGM)
Private companies are not required to hold an AGM. Public limited companies (PLCs) must hold an AGM once in each six-month period.

Unquote.

True, Jeff. Private companies are not legally required to hold an AGM - but only after an Elective Resolution previously has been passed and minuted.(1985 Companies Act, section 366a). It would be interesting to see where that resolution is to be found in the minutes of ASFC.

It also appears that some people may be reading this 150K loan business the wrong way round. My understanding is that the loan appears on the liability side of the balance sheet; That means that EW lent the club that amount over the financial year 2007-8. If it was the other way round - ASFC lent EW the amount, then of course, it would be on the asset side as being due to the club. It would of course, be nice of EW, in the goodness of his heart, to write this off.

This business as got my head spinning, so much so I've just downloaded the 2006 Companies Act. It ties in with EU legislation, and there appears to be some interesting stuff on shareholders rights.

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The last shareholders meeting I attended was approx 2003. we did receive a balance sheet. Since that time I have never been invited to a meeting ,that is if they have ever taken place. I did approach D.ON regarding this, just before he took over the Club, he said if it happened (the take over ) he would be calling one. I don't think it will now happen for some considerable time, if ever. Maybe the smaller shareholders should call a meeting if this is possible,I wouldn't know if we were allowed to do this. Jeff knows who the shareholders are, I would presume that a lot of them post on here.

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Certain of us knew that all along, it's just that it doesn't seem to be getting through to the ones supposedly in charge!:rolleyes:

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Why would you hold an AGM every six month's? By its name you have them annually.

Are the rules you posted ASFC's or some you found on the net?

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As a member of the suporters club I would like to thank Ilyas for all his hard work, time and money he has put into Accrington Stanley in the past, but wonder if the club would have been better keeping him on side as he has the knowhow to get the club out of this mess. Once again thanks Ilyas.

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:) Totaly agree with you and like i've said in another post why not keep back 2.5% of the shares for him self which oul have kept him as a share holder.just my thoughts:)

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Possibly a little misunderstanding here.

A Public Limited Company (plc) has to hold its AGM within six months of its financial year end under the Companies Act.
But this is irrelevant as ASFC is a private limited company (ltd) isn't it?

AGMs are, obviously, annual events but a ltd company can dispense with them altogether under Section 252 of the Companies Act 1985.

Directors of a ltd company can call an Extraordinary General Meeting if they have sufficent voting power in accordance with the company's Articles of Association.

I'm a bit rusty on my Company Law, but I hope that this helps rather than confuses.

Re: Statement on Shareholding
 

Errr....AGM's are usually held every 6 months for PLC's, who would normally pay an interim dividend (on 6 months) and would thus need shareholder approval ,followed by the final dividend at the end of the financial year.

ASFC is not a PLC; It should still however, conduct it's buisness in line with statutory requirements as laid down by Company legislation for entities of this sort. Either there has been some pretty nifty work done behind the scenes in order to diminish the need for corporate transparency, or it has ignored those completely. The problem is, the stakeholders - the shareholders, the fans, the people of Accy and others - simply don't know.

Re: Statement on Shareholding
 

It’s worthy of note that the ASSF will have to perform the same duties; the difficulty is perhaps how shares are perceived; 100 ordinary shares would have been issued on registering the company; but we the fans are all share holders or should be under the statement of purpose (not under company law).

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Not wanting to join in the worlds most boring subject, but you can issue as little as 2 shares i think for a limited company

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I don't really care now Willie; :) I'm sure one day we'll get chance to buy our own if we want; or can afford too, I own a 100 shares in my own company and there worth FA. It’s all pretty meaningless unless you have the cash to go with it. :rolleyes:

Rob said on the wireless that it’ll be all ok, you said it, Shrum said it and little Katy said it….I’m starting to believe it so I’m good. :)

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Look - I've been an exile for 35 years but what I know of Rob is what I've heard on the radio and seen on TV. I think he's a decent guy. But it is the decent guys who trust people and get taken in by false promises, half-truths and bull****. I know, it's happened to me more than once. No one can sleep easy until HMRC have got their dosh and quite simply, if everything had have been OK 4 weeks ago or even 2 weeks ago they would have had their money by now.

There's nowt to feel good about yet.

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Unless the supporters set up a trust, this means very little, IMHO. Had the shares been given to a trust, it could well have set the club on its way upwards. Sadly, there seems to be no push to take this route.

It seems to me that Ilyas has finally washed his hands of the club. Administration or worse appears to be around the corner.

Re: Statement on Shareholding
 

I'm sure we will survive this threat but long term the club has to involve the fans either by a trust or simply through some kind of membership scheme to generate further money so the club can survive.

I like the idea of a trust I'm a member of the Ebbsfleet Utd My Club ownership scheme and although there not my first supported team I still pay £9 a quarter to them which keeps me involved with the club and it's decsions. I mentioned this to the Don but he favoured a club membership scheme with some incentives ie tickets clothing unique number etc which sounded better than nothing.

I think the club will struggle long term without Ilyas and his money or a major sponsor, but anything that involves the fans getting involved and paying money into the club has got to be better than nothing.

Doug I really think you should contact Rob he's a really good guy and ask to speak to them, I didn't really want to lol but they called my bluff and after speaking to them I think you begin to realise they actually care just as much as people on the forum.

Re: Statement on Shareholding
 

My thoughts exactly, I hope not of course, but if and when we (the club) get out of this mess, then maybe he will become involved again through the ASSF.

:cool:

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That is not how I see it, I think he is a smart cookie ;)

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How do you see it Neil ? Who ?

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I will tell you when I see you ;)