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Blue5, on 25 February 2020 - 09:19 PM, said:
From memory and my observations. Please feel free to add/amend:
1) The number of shareholders in attendance last night was the lowest number that I can recall for a CFC AGM.
2) John Pemberton was absent.
3) Lesley Brentnall was absent and sent her apologies.
4) Shareholders voted in favour of reappointing Shorts as the auditor for 2019/20 on the understanding that Howard Freeman has offered to resign should the Trust wish to appoint a new auditor upon completion of the purchase.
5) Out of the total wage bill of £3.3M for y/e 30/06/19, £204K was allocated to severance payments and a further £86K allocated to bonus payments.
6) Ashley Carson suggested that the loss for the current financial year will be less than the £1.845M loss reported for y/e 30/06/19. Personally, I struggle to believe this.
7) Howard Freeman, the auditor confirmed that there had been a full and final settlement in relation to the £144K claim issued against the club by Booth & Co, the liquidator for CFC Football Development School Ltd. The auditor was unable to confirm the settlement figure due to a non-disclosure agreement. In reality, the liquidator is duty-bound to creditors to disclose all receipts. I am no expert in body language and considering the top table had an easy night, Ashley did not appear at ease with this particular subject.
8) All the directors & associate directors will resign prior to the takeover. I got the impression that Ashley Carson might be involved in a hand-over period, but the Trust might have other ideas.
9) Dave Allen will be writing off about £12M in loans and a further £4M that he paid for his shares.
10) From the sale price that is paid to Dave Allen, it will be his responsibility to repay debentures relating to AC, MW and the other ex directors.
11) Post takeover, Mike Warner will still have a nominal shareholding in the club.
12) Mike Goodwin was due to attend the AGM, make a presentation and take some questions. Due to issues beyond everyone's control, MG was unable to attend.
13) Ashley Carson confirmed that both parties were working to a mid March completion date (I think this is highly unlikely). He did quote a specific date, but I am unable to recall it.
14) A number of questions were asked about the takeover but no one from the top table were really in a position to answer them.
15) The Trust intend on hosting a Q&A evening for shareholders/supporters.
16) Michael Tattersall (CEO of National League) has met with representatives of the Trust, but the National League are still yet to approve their model and business plan.
17) John Croot was asked to explain why the Trust have not made sufficient inroads into the debt that is owed to the club.
18) A handful of shareholders showed their appreciation to Ashley Carson and in turn DA, for taking their hit (financially). From a personal point of view, I really wonder what planet some people are on.
19) Ashley Carson confirmed that he wanted the club to be sold to a fans' group or the Trust.
20) I certainly recall Mike Warner's speech getting a round of applause from some too.
What I witnessed last night was a tired group of shareholders and a tired board of directors who cannot wait to see the back of one another.
No round of applause from me, just good f--king riddance.
1) The number of shareholders in attendance last night was the lowest number that I can recall for a CFC AGM.
2) John Pemberton was absent.
3) Lesley Brentnall was absent and sent her apologies.
4) Shareholders voted in favour of reappointing Shorts as the auditor for 2019/20 on the understanding that Howard Freeman has offered to resign should the Trust wish to appoint a new auditor upon completion of the purchase.
5) Out of the total wage bill of £3.3M for y/e 30/06/19, £204K was allocated to severance payments and a further £86K allocated to bonus payments.
6) Ashley Carson suggested that the loss for the current financial year will be less than the £1.845M loss reported for y/e 30/06/19. Personally, I struggle to believe this.
7) Howard Freeman, the auditor confirmed that there had been a full and final settlement in relation to the £144K claim issued against the club by Booth & Co, the liquidator for CFC Football Development School Ltd. The auditor was unable to confirm the settlement figure due to a non-disclosure agreement. In reality, the liquidator is duty-bound to creditors to disclose all receipts. I am no expert in body language and considering the top table had an easy night, Ashley did not appear at ease with this particular subject.
8) All the directors & associate directors will resign prior to the takeover. I got the impression that Ashley Carson might be involved in a hand-over period, but the Trust might have other ideas.
9) Dave Allen will be writing off about £12M in loans and a further £4M that he paid for his shares.
10) From the sale price that is paid to Dave Allen, it will be his responsibility to repay debentures relating to AC, MW and the other ex directors.
11) Post takeover, Mike Warner will still have a nominal shareholding in the club.
12) Mike Goodwin was due to attend the AGM, make a presentation and take some questions. Due to issues beyond everyone's control, MG was unable to attend.
13) Ashley Carson confirmed that both parties were working to a mid March completion date (I think this is highly unlikely). He did quote a specific date, but I am unable to recall it.
14) A number of questions were asked about the takeover but no one from the top table were really in a position to answer them.
15) The Trust intend on hosting a Q&A evening for shareholders/supporters.
16) Michael Tattersall (CEO of National League) has met with representatives of the Trust, but the National League are still yet to approve their model and business plan.
17) John Croot was asked to explain why the Trust have not made sufficient inroads into the debt that is owed to the club.
18) A handful of shareholders showed their appreciation to Ashley Carson and in turn DA, for taking their hit (financially). From a personal point of view, I really wonder what planet some people are on.
19) Ashley Carson confirmed that he wanted the club to be sold to a fans' group or the Trust.
20) I certainly recall Mike Warner's speech getting a round of applause from some too.
What I witnessed last night was a tired group of shareholders and a tired board of directors who cannot wait to see the back of one another.
No round of applause from me, just good f--king riddance.
Thanks for the excellent summary. Had to miss it due to illness. Which no doubt would have been made worse if I had to listen to Warner's usual banal offering! Applause for him, Carson and Uncle Dave has always made my toes curl...
