| EGM on 22:20 - Jul 25 with 2648 views | D_Alien |
No email as yet
Surely they're not being sent out individually, as in "one by one" ?? |  |
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| EGM on 22:26 - Jul 25 with 2603 views | 49thseason |
| EGM on 22:08 - Jul 25 by James1980 |
How about preference shares as an alternative. Or a combination of preference shares and bonds/loans? |
Until we start generating more money off the oitch we are just kicking the can down the road. The fanbase is seemingly shrinking, only decent home results will fix that, but I maintain a new Gold Bond and similar enterprises will build the sort of revenue the club needs to start climbing out of this desperate situation, 2000 ( maybe less now) fans alone simply cannot support professional football financially. |  | | |
| EGM on 22:33 - Jul 25 with 2559 views | EllDale |
Slashing some of that alleged high staffing level wouldn’t be a bad start either. |  | | |
| EGM on 22:53 - Jul 25 with 2487 views | James1980 |
| EGM on 22:33 - Jul 25 by EllDale |
Slashing some of that alleged high staffing level wouldn’t be a bad start either. |
As far as some are concerned the chairman is a pariah I can't imagine laying people off would do a great deal to improve his reputation with those who view him in such a way. | |
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| EGM on 23:03 - Jul 25 with 2467 views | SuddenLad |
| EGM on 22:53 - Jul 25 by James1980 |
As far as some are concerned the chairman is a pariah I can't imagine laying people off would do a great deal to improve his reputation with those who view him in such a way. |
Be that as it may, if the staffing levels need addressing, then the Chairman will have some difficult but crucial decisions to make. He can't shy away from it. |  |
| “It is easier to fool people, than to convince them that they have been fooled†|
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| EGM on 23:08 - Jul 25 with 2445 views | Yorkshire_Dale |
| EGM on 16:51 - Jul 25 by SuddenLad |
The statement basically confirms what plenty on here have said about them securing their money in the event of it all going 't1ts up'.
They both seem to be quite open about the situation about funds being needed and that a variety of 'interested parties' have gone no further with their interest, though some are 'pending'.
We still aren't any closer to understanding the financial health of the club, but we can probably read into that from the EGM motion.
Cash needed to shore up the club until a suitable investor arrives on his white charger. However long that may be, but when it happens, they get their money back. If no white charger appears and the liquidators turn up, they still get paid. It makes sense from their point of view, but is it in the best interests of the club? That's what we have to decide.
Club or no club? It could be the difference between the two. |
Yes, it's basically a Bridging Loan till one or two things happen, a bit "open ended" but gives them a bit of security/comfort that all their money will not be lost.
Makes a bit of sense? | | | |
| EGM on 23:25 - Jul 25 with 2400 views | SuddenLad |
| EGM on 23:08 - Jul 25 by Yorkshire_Dale |
Yes, it's basically a Bridging Loan till one or two things happen, a bit "open ended" but gives them a bit of security/comfort that all their money will not be lost.
Makes a bit of sense? |
Having thought about it - hypothetically, we could well now be in a situation where there are prospective investors, but any deal may take (say) 6 months to finalise. As there are probably insufficient funds to last us 6 months, this would cover the relevant period until completion took place and then the two Directors could be reimbursed.
That's my take on it, but there could be other possibilities. In the above scenario, the latest proposal seems to be a reasonable request, but of course there's no guarantee that any negotiations with interested parties will reach fruition. | |
| “It is easier to fool people, than to convince them that they have been fooled†|
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| EGM on 23:45 - Jul 25 with 2367 views | SalwaDale |
| EGM on 21:24 - Jul 25 by kel |
Thanks, I got it too. |
I didn't but have got all the previous ones from the club. Surely they use YAMM, Mailchimp or something similar rather than sending out bulk emails. |  |
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| EGM on 00:03 - Jul 26 with 2342 views | RespectTheChemistry |
| EGM on 09:34 - Jul 25 by 442Dale |
For reference, a timeline for 2022:
29/4/22
https://www.rochdaleafc.co.uk/
“the club has a stable financial platform and cash reserves to be well positioned for next season. We have returned during 2021/22 to being a properly and prudently run football club…”
“…we seek to achieve break even or better financial result in each operating season.”
“The Board is planning for a significantly increased playing budget for next season.”
8/6/22
https://www.rochdaleafc.co.uk/
Notable points from 5:00 including: Monthly management accounts enabling identification of areas of the business making/costing the club money, hoping to break even year on year (that financial year ended at the end of the month of this interview). If you get a chance, please have a watch for further information.
26/8/22
https://www.rochdaleafc.co.uk/
“Whilst an unwanted public hostile takeover attempt was unprecedented in the history of our club, the consortium of serving Directors have stepped in and prevented a hostile takeover and then delivered a truly fan owned and fan-led club.”
31/10/22
https://www.rochdaleafc.co.uk/
The club call an AGM/EGM.
12/11/22
The Trust hold their AGM. No mention is made to members of any urgency to purchase more shares either by the Trust or the fan base at large.
18/11/22
https://www.rochdaleafc.co.uk/
The day after the AGM/EGM, details of the share issue. Applications open to existing shareholders and all other supporters of the club who would like to become shareholders for the first time.
29/12/22
https://www.rochdaleafc.co.uk/
Chairman’s Christmas message where it’s stated:
“So far, supporters have purchased just over 20,000 of these new shares and the Board of Directors will now need to look outside of the club for potential investors to purchase the remainder of these shares whilst keeping some back for supporters to buy.”
30/12/22
https://www.rochdaleafc.co.uk/
The club invites offers for investment |
This is a very telling timeline. Thank you for compiling it. | | | |
| EGM on 06:32 - Jul 26 with 2204 views | NigelWatson |
| EGM on 21:21 - Jul 24 by Will_RAFC |
Is this what saving the club looks like? Didn't we fight legal battles to specifically stop this?
The only EGM we should be having is to remove Gauge. ASAP. |
Time is revealing. | | | |
| EGM on 06:33 - Jul 26 with 2204 views | NigelWatson |
| EGM on 20:24 - Jul 24 by NorthernDale |
Totally agree, my major concern is if it goes through, what is stop them from selling the ground for housing.
Have they sought a loan from the council?
I am becoming seriously concerned about the future of the club under the present board, we seem to stagger from one disaster to another, yes they deserve credit in seeing off the shysters, but questions now need to be asked. [Post edited 24 Jul 2023 20:43]
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Lots of money to be made from property development. | | | |
| EGM on 06:42 - Jul 26 with 2187 views | NigelWatson |
| EGM on 15:36 - Jul 25 by electricblue |
What would happen if 1 of the 2 suddenly urgently needed the money that would cause a serious problem.....
The BoD need to come clean and explain why the loans are required......
I understand why they have not bought new shares as they have virually no chance from ever getting some of that returned..... |
People are defined by their actions; and human action is purposeful behaviour. | | | |
| EGM on 06:42 - Jul 26 with 2189 views | James1980 |
So you knew this was going to happen all along did you? | |
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| EGM on 06:43 - Jul 26 with 2185 views | NigelWatson |
| EGM on 17:50 - Jul 25 by HullDale |
Q5 - what are the terms of the loan? Is there any interest payable, and if so is it at a rate above current market interest rates for savings? |
Good question | | | |
| EGM on 06:43 - Jul 26 with 2190 views | pioneer |
So shareholders have received the formal notification of the time and place of the EGM together with the formal motion and the proxy form. No attempt has been made to inform shareholders about the issues at hand and the reasons for the proposed arrangements for a loan.
Will the Trust be taking a position on this? It would be helpful to know before deciding on my proxy.
Its a bit of a gun to the head proposal that they appear to be trying to rush through. We havent had a detailed financial update, nor any sense of how season ticket sales are going.
I find the tone of some of the comments a bit arrogant and condescending in places. And Knight switches from fans to shareholders continually. We are a shareholder owned club and fans without shares are not being consulted.
The reason the shares didn't sell is that they were overpriced. Gauge and Knight paid the inflated price to avoid legal action. That premium was no longer relevant once the threat of legal disappeared. Maybe if they reduced the price to the level previously used they might get the sales required to generate the money needed.
I also see this as a potential slippery slope where future owners take this as a precedent and seek to secure their investment in the club through the same means. Lets be clear…..the fans who did invest their money in the club through share purchases, and those who didnt but invest funds in the club. through season cards, merchandise etc have no security on their investment.
The sooner we can get new leadership at the club the better. | | | |
| EGM on 06:46 - Jul 26 with 2182 views | NigelWatson |
| EGM on 22:33 - Jul 25 by EllDale |
Slashing some of that alleged high staffing level wouldn’t be a bad start either. |
But that might involve sacking friends and relatives. | | | |
| EGM on 07:05 - Jul 26 with 2165 views | ThreeLions |
| EGM on 06:33 - Jul 26 by NigelWatson |
Lots of money to be made from property development. |
Oh here he is |  | | |
| EGM on 07:17 - Jul 26 with 2154 views | HullDale |
@Pioneer (avoiding quoting your reply to stop the page becoming miles long!)
I don't think they can sell the shares at less than £2.35 - I'm almost certain the EGM where the new shared were created had a caveat along the lines of 'won't be sold at a value less than £2.35'.
Reducing the price to a level that matches their current actual value might drive some
more subscriptions - but I'd hazard a guess fans who wanted to chuck a few hundred quid at shares would do whether they were £1.75 / £2 / £2.35... it'd be more goodwill than anything else. It would, though, potentially make it a more attractive proposition to outside investors. |  | | |
| EGM on 08:03 - Jul 26 with 2059 views | scarrow |
| EGM on 23:03 - Jul 25 by SuddenLad |
Be that as it may, if the staffing levels need addressing, then the Chairman will have some difficult but crucial decisions to make. He can't shy away from it. |
Unless I'm mistaken Marketing dept was 3 now 1
Media was 3 now 2
Less directors
etc etc |  |
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| EGM on 08:19 - Jul 26 with 2036 views | James1980 |
What viable alternatives are there to this proposal? | |
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| EGM on 08:25 - Jul 26 with 2029 views | 442Dale |
| EGM on 08:19 - Jul 26 by James1980 |
What viable alternatives are there to this proposal? |
Until we are more aware of the overall picture, it’s impossible to say.
It is staggering that, as we stand, there are so many unanswered questions with no visible route to have them answered before a planned EGM vote.
It is on both the club and the Trust to ensure that situation is addressed as soon as possible. There are two weeks and counting. |  |
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| EGM on 08:31 - Jul 26 with 2023 views | HullDale |
| EGM on 08:19 - Jul 26 by James1980 |
What viable alternatives are there to this proposal? |
I don't think its possible to know, James, as we don't know the size of the funding gap and/or loan.
Is it £25K? In which case that could be raised relatively easily without the need for a loan secured against the ground?
Is it £1m? In which case that isn't easily raised and this offer of a loan makes sense in a life or death of the club scenario.
Nobody has been given this information, so at this time any votes / proxy votes are based on best guesses, hear say and assumptions. Its vital that this is heavily questioned, debated and understood at the fans forum so educated votes can be cast the following week.
One other question I think the Trust need to answer, too... has Simon Gauge coming out and saying that funds from this sale of the pitch would be used to pay directors back jeopardised the apparent bit for funds? Is there a set of regulation around successful bids that ringfence / dictate what the money should be used for? [Post edited 26 Jul 2023 8:44]
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| EGM on 09:11 - Jul 26 with 1938 views | electricblue |
| EGM on 06:46 - Jul 26 by NigelWatson |
But that might involve sacking friends and relatives. |
It as to be done.....
Anyway who is responsible for employing that amount of staffing levels over the years... |  |
| My all time favourite Dale player Mr Lyndon Symmonds |
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| EGM on 09:48 - Jul 26 with 2735 views | wozzrafc |
| EGM on 08:25 - Jul 26 by 442Dale |
Until we are more aware of the overall picture, it’s impossible to say.
It is staggering that, as we stand, there are so many unanswered questions with no visible route to have them answered before a planned EGM vote.
It is on both the club and the Trust to ensure that situation is addressed as soon as possible. There are two weeks and counting. |
There is a fans forum a week before. Questions should be asked there.
I think instead of wild speculation. Reasonable questions should be asked and the BoD should be able to put a case forward.
Then and only then should you make a reasonable and informed decision.
We need proper coverage for those who can’t attend.
The forum now has to focus on this issue imho [Post edited 26 Jul 2023 9:52]
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