| EGM on 09:59 - Jul 26 with 2870 views | kel |
You’re not on YouTube now, flower. | | |  |
| EGM on 10:15 - Jul 26 with 2814 views | dawlishdale |
The club really needs to look at how they have announced this and apologise, whilst giving shareholders the information they need in order to vote.
I expect a further communication outlining the amount of the loan, whether it is interest bearing, whether it is limited to the amount of such loan and whether there are any costs to the club by way of one off fees. Also a full update on why we need it and the consequences of not taking it up.
It is staggering that what could well turn out to be a very generous offer has annoyed so many supporters. Just underlines to my mind the amateurish way that the club is being run. They really should be doing things so much better than this. | | | |
| EGM on 10:26 - Jul 26 with 2769 views | Albert_Whitehurst |
Although I don’t necessarily doubt the intentions of the board, I do question their competency as many others have.
So, to give them additional monies secured against the ground to continue managing the business in a similar vein would probably send us beyond the brink. Unless, there is a specific reason for a boost in funding which could see a change in fortunes.
Understanding their ultimate goal at the EGM alongside the Plan B (what happens if the motion is not passed) will be critical for Shareholders, including myself, to make a decision.
Desperate times and difficult to put a positive spin on it. | | | |
| EGM on 10:44 - Jul 26 with 2718 views | HK_Dale |
I know it's been asked a few times, but have any shareholders received papers, etc. yet?
Want to check whether it's just me and if I need to phone / email the club. | | | |
| EGM on 10:52 - Jul 26 with 2683 views | 442Dale |
While I’d agree with that, there should also have been the club AGM ahead of the EGM.
All shareholders deserve this. | |
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| EGM on 11:21 - Jul 26 with 2621 views | 49thseason |
The AGM should be in November not 4 months before it is due, otherwise it isnt an annual meeting.
Clearly the cash runway is shorter than we would like and two Board members have stepped up with a solution. The Shareholders will decide if they think this is an appropriate way to extend the runway at an Emergency meeting. There will have to be a snapshot of the current finances and discussion around other ways of raising cash before a decision is made, but the EGM will not extend to topics that an AGM would / could normally cover. Lets not start putting the cart before the horse. | | | |
| EGM on 11:36 - Jul 26 with 2582 views | SaxonDale |
For anyone from the club reading this thread:
There is absolutely no excuse to not have the forum streamed for exile fans. | | | |
| EGM on 11:39 - Jul 26 with 2570 views | leedsdale |
I haven’t had mine through yet. | | | |
| EGM on 11:42 - Jul 26 with 2548 views | Albert_Whitehurst |
Had mine, just emailed the proxy form back. | | | |
| EGM on 11:46 - Jul 26 with 2539 views | judd |
Where does a November date for an AGM come from?
Last 2 AGMs were in June. There was an EGM last November. | |
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| EGM on 11:48 - Jul 26 with 2524 views | D_Alien |
Nor mine, despite having received every previous relevant email from the club | |
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| EGM on 11:57 - Jul 26 with 2471 views | IOMDale |
I got mine last night. | | | |
| EGM on 12:04 - Jul 26 with 2449 views | D_Alien |
Given the lack of information, or indication that there will any further communication prior to the EGM (Fans Forum notwithstanding), one might look back to the share issue last autumn
There is a clear line of thought which would suggest it was anticipated by the club that the issue would fall flat, given the timeline you've set out whereby the club then issued an invitation to outside investors including a potential majority shareholding
It might therefore be concluded that this current loan proposal would follow a similar pattern, in that the club would 'expect' it not to be agreed at the EGM. If the club wanted to give it the best chance to be passed, they would have made provision for relevant information to be made available to shareholders ahead of the EGM. At such a meeting, it'd be very difficult to make proper judgments (especially for those without much of a background in corporate finance) when presented with said information
I daresay the club are under no obligation to make our financial status known, but it'll be known on 8th August anyway, so why delay except to deliberately obfuscate our ability to form a view? It might be said then, that the club are deliberately setting up for the loan proposal to fail - just as they anticipated with last year's share issue
[Post edited 26 Jul 2023 12:07]
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| EGM on 12:18 - Jul 26 with 2391 views | kel |
You’d think so wouldn’t you, but then again.
This issue has been highlighted many times on here and via other means but they just don’t seem to be arsed about it. It’s little wonder the club is regressing at such an alarming rate when they can’t even send emails correctly. | | | |
| EGM on 12:24 - Jul 26 with 2381 views | James1980 |
I have received the email, Is it possible they are being sent out first to those more likely to vote by proxy, due to distance from the town? | |
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| EGM on 12:26 - Jul 26 with 2372 views | TVOS1907 |
No.
I'm five miles away and got mine last night. | |
| When I was your age, I used to enjoy the odd game of tennis. Or was it golf? |
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| EGM on 12:26 - Jul 26 with 2371 views | kel |
Nonsense.
The article stated that ALL shareholders with their email registered with the club would receive it within 24 hours. I’m in the same postcode area as the club and got it last night. | | | |
| EGM on 12:46 - Jul 26 with 2307 views | TalkingSutty |
Not got mine. | | | |
| EGM on 12:48 - Jul 26 with 2300 views | sxdale |
Which then begs the question why set it up to fail? Is there some ulterior motive? As has been said previously rumour and speculation thrives in a vacuum. It's amateurish at best, nefarious at worst.
Surely after all the shenanigans we have been through with MH, the board aren't naive enough to believe the fan base/shareholders will simply agree to allow a couple of directors to take loans out against the stadium without much more detailed information about our present financial predicament.
As it stands I will be voting against this proposal and a quite frankly patronising letter won't change my mind.
Get the information out to the shareholders pronto, l appreciate all the work that the board has done to save the club but since then all goodwill is being slowly but surely eroded.
Oh, and I have not received an email from the club as yet. | | | |
| EGM on 12:54 - Jul 26 with 2262 views | James1980 |
Fair dos so it appears there is no rhyme or reason as to who has received the email and who hasn't. | |
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| EGM on 12:55 - Jul 26 with 2257 views | rochedale |
Not got mine. | |
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| EGM on 13:00 - Jul 26 with 2226 views | kel |
There isn’t, you’re right. It’s basic stuff that a kid on work experience can do and when tinpot clubs like bury can manage it then what does that make us look like? I’ve said on here before that when I was involved with the trust I was in charge of sending out emails to members and that was in excess of the 500 odd shareholders the club have to send theirs too. It’s 2023 ffs.
It’s taken me around about a year to ensure they have my email address regarding shareholding and, again, something I’ve said on here before is that I’ve even had to send a picture of my share certificate to a fooking director to prove I was a shareholder.
It’s embarrassing. | | | |
| EGM on 13:17 - Jul 26 with 2160 views | samueloneils |
The EGM statement seems very clear to me.
They are saying:
The club is running out of monies to continue normal operations.
This should not surprise us in view of previous financial accounts and the forecast statements, and particularly after the relegation and the loss of so much support monies from the Prem and the EFL.
The Directors are determined to press on with finding the right investor to provide substantial and potentially ongoing funding. Anybody who still doubts the necessity of this is still in cloud-cookoo land. They have made it clear that they are still finding the usual rogues and vagabonds who are probably holding on for the complete collapse before stepping in with a cheap offer. We know all about them.Equally there may well be some genuine offers which make the Directors doubt the ability to raise funds. Into this category would fall Chris Dunphy who was honest enough to withdraw when he realised how much was required.
Because the Board are trying to fulfill their promise, and it was a promise, to find the right investor, two of them are prepared to step in and offer a lifeline by way of a loan to tide the Club over until an investor comes in. Only two of them have the money and determination to put a substantial sum up. This is no reflection on the other directors who have also put in large amounts which has enabled the Club to get through so far but
cannot afford to risk more..The security of the Club assets is a reasonable commercial proposal. These are not Fred Ratcliffe times.
Sure we don`t know details of the loan proposal, but remember if the Directors are in negotiation with serious potential investors, some information may be better kept private at this stage. However this cuts across the necessity to keep shareholders informed if they are to react positively to the EGM vote,.and I expect this info will be soon received.
There will always be the doubters and a few ostriches, particularly after the Morton House experience, but surely fans can recognise a lifeline when they see it. Are we prepared to risk losing the club ? It seems to me we are not going to get a better solution in the short term..
What I do read into the statements from the Directors is that this is an urgent matter. Laying off half the staff and the resulting redundancy issues, for instance, could take weeks and months and increase costs in the short term. Time is now the enemy.
IMO | | | |
| EGM on 13:20 - Jul 26 with 2140 views | TomRAFC |
Very well put. | |
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| EGM on 13:24 - Jul 26 with 3279 views | dawlishdale |
Some good points, but this has still not been handled at all well.
Shareholders need basic information in order to reach a decision on something so important. Plus, they should have been informed before (or at least at the same time as the rest of the World)
For what it's worth; I tend to agree with much of what you say, but many supporters will already be against the proposal mainly due to the amateurish way in which it has come about. My confidence in those running the club has reached a new low following all the mistakes of last season. Only under Bottomley did I feel worse. | | | |
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