Statement on Shareholding

Tommy McQueen said:
No it doesn't even get you to a shareholders meeting, not for the past five years at least.
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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.
 
Tealeaf said:
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.
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Posted by Tin Monkey on 1/9/2007 :

Tin Monkey said:
They tried that in the past Doug. I dug deep and bought shares in the club, but since Eric took over I don't even think there's been a meeting of shareholders. I bet he doesn't even know we exist.

I think I'll leave it for tonight, as I'm struggling to find anything positive to say. I'm going to have a malt and watch some CSI. ;)
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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
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.
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As for the Annual General Meeting
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.

Companies can still hold an AGM if they choose to. As with other meetings, an AGM must be arranged if any director asks for one with due notice, or if 10 per cent of the members request one - 5 per cent if it has been more than 12 months since the last meeting.
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JEFF said:
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
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This never occured under eric's stewardship!;)
 
Redskin said:
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
 
exiledinwales said:
Im new to this but after reading names of ASSF in another thread and looking on SOS roll of honour I cant see many names of ASSF on the roll. Do them ASSF not donate to SOS or have they fallen out with them. Is ASSF not about saving Stanley then if it is they should donate to SOS
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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: :)
 
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.
 
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.
 
JEFF said:
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

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.

Companies can still hold an AGM if they choose to. As with other meetings, an AGM must be arranged if any director asks for one with due notice, or if 10 per cent of the members request one - 5 per cent if it has been more than 12 months since the last meeting.
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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?
 
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.
 
Sue Wiseman said:
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:)
 
Neil said:
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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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.
 
Neil said:
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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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.
 
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).
 
Doug said:
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
 
Willie Miller said:
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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