Last Saturday I received, as an ICT shareholder, notice of an Extraordinary General Meeting of the company on August 3rd. Three doses of paracetamol and four cups of strong coffee later, I concluded that the twin 200-odd word sentences of compressed legalese defining the agenda meant that 1) The Board wants to increase potential share capital to £5M. (According to the latest accounts, it is £3.9M, so that would imply asking permission for the release of 1.1M shares to the market); and 2) They are asking the current shareholders to waive their rights of pre-emption (ie "first shout") on any subsequent allotment (which appears to mean that they could then be sold to anyone the Board chooses).
I have been surprised at how little public reaction there has been to this, especially on here. I do know of a friend who has also received the same communication and it's clear from one of his earlier posts that Caleyboy has as well. On the other hand, this seems to have generated virtually no "talk of the steamie" and indeed as of this morning (Thur) I have become aware of a number of shareholders who apparently have no knowledge of this meeting. (Admittedly, the legalese is so intense that anyone could perhaps be forgiven for not realising what they had received!!)
Clearly this begs the question "Why?". Is the "major investor" that people have been speculating about for years now waiting in the wings, and these combined resolutions would clear the way for a major uptake? Or is this, despite the Manager having already made several signings, for team building, as the Chairman's covering letter appears to hint at? Or is there any link to the "conspiracy theory" which has been circulating that there was a considerable deficit from last season, which now may need covered retrospectively? Or is it to finance getting rid of the puddles in the pie queue?
Puzzles me that people think the club is "arrogant" by exploring the possibility of doing this and putting in a request to the HL. Arrogance would be an expectation from ICT that because we are a big
Kingsmills
I agree. This appointment lacks imagination and is a wasted opportunity.
Danny MacDonald is a football man who has had mixed success previously at the club. The fact is that, the last couple of s
caleyboy
I would not be at all surprised if we show a very substantial loss for last financial year. From what I hear some players were earning big money and with our limited gate receipts I don't think there
Last Saturday I received, as an ICT shareholder, notice of an Extraordinary General Meeting of the company on August 3rd. Three doses of paracetamol and four cups of strong coffee later, I concluded that the twin 200-odd word sentences of compressed legalese defining the agenda meant that 1) The Board wants to increase potential share capital to £5M. (According to the latest accounts, it is £3.9M, so that would imply asking permission for the release of 1.1M shares to the market); and 2) They are asking the current shareholders to waive their rights of pre-emption (ie "first shout") on any subsequent allotment (which appears to mean that they could then be sold to anyone the Board chooses).
I have been surprised at how little public reaction there has been to this, especially on here. I do know of a friend who has also received the same communication and it's clear from one of his earlier posts that Caleyboy has as well. On the other hand, this seems to have generated virtually no "talk of the steamie" and indeed as of this morning (Thur) I have become aware of a number of shareholders who apparently have no knowledge of this meeting. (Admittedly, the legalese is so intense that anyone could perhaps be forgiven for not realising what they had received!!)
Clearly this begs the question "Why?". Is the "major investor" that people have been speculating about for years now waiting in the wings, and these combined resolutions would clear the way for a major uptake? Or is this, despite the Manager having already made several signings, for team building, as the Chairman's covering letter appears to hint at? Or is there any link to the "conspiracy theory" which has been circulating that there was a considerable deficit from last season, which now may need covered retrospectively? Or is it to finance getting rid of the puddles in the pie queue?
Edited by Charles Bannerman