It has been clear for some time that the apparent pledge in the statement issued on behalf of the Chairman on March 1st to hold this statutory gathering on March 28th will not be fulfilled. The requirement to give 21 days’ notice currently means that no gathering can be held before 10th April, even if notice was served tomorrow. Implicit in Para 55 of the company’s Articles of Association is that the deadline for holding this meeting was 21st December of last year, so the extent of the apparent default appears currently to stand at 3 months and 20 days… and counting.

As regards the company’s accounts, these were filed with Companies House on the deadline day of 28th February and duly publicised through the media from that source. So far, to my knowledge, the company has made no acknowledgement of its own of their content - not even to the extent of a single figure such as the £835,000 loss. Apart from that, shareholders and supporters have absolutely no information about the club’s financial fortunes in almost 10 months since the end of the period covered by these 31.5.22. accounts - a period during which the Concert Company, touted in earlier accounts as an apparent financial saviour…. collapsed with still unknown implications for the football club, despite (mercifully!) their having been technically separate entities.

Now that the accounts have been filed with Companies House and an AGM date informally made public… why has the latter not been adhered to?

At least there will be the revenue from the cup run - whenever that arrives - but, although extremely welcome, this is no panacea for a fundamentally loss making business of unclear cash flow status, kept afloat by wealthy well wishers.

Well that is my e-mail request sent - Lets make it a feckin deluge !!

Finally there is confirmation of an AGM.  Wednesday 26th April.

29 minutes ago, DoofersDad said:

Finally there is confirmation of an AGM.  Wednesday 26th April.

still no letter here

18 minutes ago, caleyboy said:

still no letter here

https://ictfc.com/agm-2023

1 hour ago, caleyboy said:

still no letter here

Got an email. 

22 hours ago, Scotty said:

Got an email. 

Snailmail in deepest darkest Midlothian this morning.

The club should be encouraging all shareholders to opt for email communications  - it saves the club postage, paper, ink and someone’s time assembling it all, and gets you the communication more promptly.

If anyone needs a proxy I'd be happy to attend. 

I will likely require a proxy 🙂 . Typically @CaleyD has gone on my behalf but not sure if he plans to go to this one or not. 

On 4/3/2023 at 6:05 PM, DoofersDad said:

Finally there is confirmation of an AGM.  Wednesday 26th April.

Clever timing, couple of days before a big cup semi & Hampden visit. Anyone would think they will be trying to big up the positives in that to blindside fans regarding the matters around the finances and running of the club. Surprised they never left it til the Friday night hoping fans will already be in transit.

Least its scheduled, lets hope someone will now ask the tough questions and challenge the undoubted spin that will come out.

Yep.......I in. 26th mmmm

On 4/4/2023 at 8:49 PM, Scotty said:

I will likely require a proxy 🙂 . Typically @CaleyD has gone on my behalf but not sure if he plans to go to this one or not. 

No ta.  The days of banging my head on the wall are behind me...lol

On 4/5/2023 at 1:28 PM, bdu98196 said:

Clever timing, couple of days before a big cup semi & Hampden visit. Anyone would think they will be trying to big up the positives in that to blindside fans regarding the matters around the finances and running of the club. Surprised they never left it til the Friday night hoping fans will already be in transit.

Least its scheduled, lets hope someone will now ask the tough questions and challenge the undoubted spin that will come out.

Timing is looking even more inspired and should see the board given an easier time unfortunately.

Anyone received the typical AGM package - accounts etc?  I know nothing arrived here last AGM and wondering if they will once again not send anything out this time around? 

In their notification on their website https://ictfc.com/agm-2023 they said shareholders would receive the formal documentation via their stated preferential route (email or post).  I subsequently received an email which I've copied below.

 

The Directors of ITCFC Ltd cordially invite you to attend the Company Annual General Meeting (AGM) for the financial years ending 31 May 2021 and 31 May 2022 at the Highlander Lounge, Caledonian Stadium, Stadium Road, East Longman, Inverness, IV1 1FF at 7.00pm on Wednesday 26 April, 2023. 

For your information and reference, please find online from the link below: 

• Notice of Annual General Meeting, 
• Copy of Annual Accounts
• Proxy Forms. 

The documentation is available on our website www.ictfc.com/agm-2023-documentation 

Please use the Password: @ICTAGM2023 to access the information. 

We thank you for your continued support for the Club, which is much appreciated by the Board of Directors, Management, players and staff.  

 

 

4 hours ago, bdu98196 said:

Timing is looking even more inspired and should see the board given an easier time unfortunately.

Now I see it from another perspective. We can let the footballing side take a back seat and be more focussed on the accounts and in particular the plans to ensure future stability. I do worry that there may be a Self Preservation Society stance but that could be more damning. Caley D unfortunately summed it up in regard to past attempted interventions or challenges. Lets not allow it to happen this time.

Final countdown now. Anyone planing on asking anything remotely controversial or challenging towards the board?

I take it the concert questions didn't go down too well.😉

Anyone on here who was  there able to confirm what was said? 

3 hours ago, ICTPAISLEY said:

Anyone on here who was  there able to confirm what was said? 

Apart from the standard resolutions, there was probably as much said about the current, positive football situation as about finances. The manager, among many other things, revealed that, in the light of last season’s glut of May games and this season’s injuries, he has already taken steps to lighten training in anticipation of what might potentially be an even bigger concentration this year. He also revealed that the consensus among the squad was not to visit Hampden the day before the semi, and that a meeting had been held in advance of what will be the team’s VAR debut. Oh, and approval has been given to wear the HOME strip.

As regards finances, the Chairman and CEO were both keen to emphasise the Freeport/ Battery farm etc initiatives for future funding, but this appears still to be some time in the future. The Chairman gave what perhaps wasn’t the clearest of indications that, especially given the demise of the Concert Company, they have - unsurprisingly - been depending on benefactors to maintain cash flow. However the CEO did volunteer, when it was suggested that the concerts had been financially unsuccessful, that the football club did receive from the Concert Company, in advance, payment for stadium hire and booking fees… and in full as opposed to the reduced payout, reported at the time as 65%, received by at least some other creditors.

The Scottish Cup pay out will not be made until participation is at an end.

Charles has just beaten me to it!

Quite a low turnout last night. 30 or so shareholders I guess.   I felt the mood was generally one of the shareholders tolerating the Board for the time being but not being at all impressed with the way the club is being run at the moment.  With regard to the Concert fiasco, Scot Gardiner was at pains to separate the Club from the Concert Company.  He reported that the Concert Company had paid the Club an unspecified 6 figure sum for the hire of the stadium to include the use of the Club's staff in performing relevant functions.  He stated that making such payments up front was standard procedure in the entertainments business.  He then went on to say that as the ticketing agency for the Concert Company, the Club collected a booking fee for every ticket sold and that this amounted to another 6 figure sum.  In other words, the Club made a profit of at least £200,000 whilst local business were left out of pocket and people who had a dreadful concert experience received no compensation.  Meanwhile, the Chairman, who was a Director of the Concert Company which went into liquidation last year, said nothing.  I have to say, that as a fan and shareholder of the Club who wants the best for the Club, this situation makes me feel very uncomfortable. 

On the wider financial front, it is clear that the club continues to meet its financial obligations courtesy of the Directors meeting the shortfall.  This year, in addition to the 6 figure profit from the concerts, there will be the unexpected windfall of reaching the Cup SF. The CEO explained that gate money from the 2 semi-finals is shared between the 4 clubs and as a result, this promises to be the largest ever gate receipts for the club.  Prize money will also be significant.  Other than that, plans for future funding are somewhat vague with the CEO talking about prospects for commercial developments on the land associated with the ground as part of the Cromarty Firth Freeport zone.  

There was also a rather complicated motion which has the effect of increasing the maximum holding of shares available in the Club from £5M to £7.5M.  It was pointed out that as the full 5M shares have not been taken up at the moment, a large investor could, in theory, buy the additional 2.5M shares and the current unsold shares and perhaps take a majority shareholding.  Scot Gardiner clarified that most of the 5M shares have been taken up and that anybody buying the balance plus the new allocation would be some way off a majority holder.

On behalf of the Supporters Trust, Laura asked if the Club had any thoughts on how they could capitalise on the current run of form and the interest in the Cup to bring additional support back into the fold to attend games more regularly.  She referred to the disconnect between the club and the supporters.  The Chairman and other Board members looked almost incredulous that there was perceived to be a disconnect!  Clearly no thought has been given to this and there were comments about how all clubs fail to capitalise on the bigger crowds that cup success brings.  The CEO accepted that it was a good idea but took the opportunity to say he has been used to much more active Supporters Trusts at other clubs.  The Trust would be more active if only the Club engaged with and encouraged the Trust.  Hopefully the Club will start to engage properly when presented with the results of the matchday experience survey which the Trust is carrying out.

I know others attending who are on this forum, so please correct me if I have picked up anything wrong or if I've missed anything significant.

12 hours ago, DoofersDad said:

With regard to the Concert fiasco, Scot Gardiner was at pains to separate the Club from the Concert Company.  He reported that the Concert Company had paid the Club an unspecified 6 figure sum for the hire of the stadium to include the use of the Club's staff in performing relevant functions.  He stated that making such payments up front was standard procedure in the entertainments business.  He then went on to say that as the ticketing agency for the Concert Company, the Club collected a booking fee for every ticket sold and that this amounted to another 6 figure sum.  In other words, the Club made a profit of at least £200,000 whilst local business were left out of pocket and people who had a dreadful concert experience received no compensation.

Not illegal, but morally & ethically questionable. I'm assuming the general lack of response to this by fans suggests so long as the club extracted the cash before the company went tits up, its all good and **** everyone else. Really wonder if these are the sort of people I consider as being the heart of a community club and whether they actually care about the community at all. Hardly behaviour that will have fans flocking through the doors when they have links to local companies screwed over by this, not sure who is in charge of club PR but this isnt a good look.

Lucky they set up a separate company (still involving some of those directly associated with the club), managed to accrue some profits and find a legal way to extract it back to the club, which can therefore indirectly pay for business costs such as salaries/invoices (potentially) associated with those who may have been involved in the separate company. Win-win. Nice.  

Thanks for the reports.

I’m with DD. Whilst standard business practices may have been followed, it leaves a sour taste that the failure of the concert initiative has left local businesses out of pocket.

The club and concert company may have done nothing wrong legally, but misjudging they potential revenue has been costly for many and has damaged the club’s reputation. The club may not have suffered financially but how do you put a price on reputation and the potential loss of future revenue as a result?

It is also worrying that they don’t see the disconnect with fans.

Hopefully the good fortune of the cup run, allied to the penny maybe dropping over how fans feel about those in charge, will see them work hard to stabilise things and start to rebuild broken bridges.

Anyhow, my focus now is on tomorrow. A win will yield a big payday which we need!!

 

 

Edited April 28, 20233 yr by Robert

So the major shareholders 'tolerated' the board ' whilst not being impressed with the way the club is being run...

Odd state of affairs indeed. They are obviously happy to continue with the status quo , and continuing cash injections to cover the costs from whoever currently underwrites these sums.

How long does this tolerance last,  as they are the ones with the tools at their disposal to change the board?

15 hours ago, Charles Bannerman said:

Apart from the standard resolutions, there was probably as much said about the current, positive football situation as about finances. The manager, among many other things, revealed that, in the light of last season’s glut of May games and this season’s injuries, he has already taken steps to lighten training in anticipation of what might potentially be an even bigger concentration this year.

Surprised the amount of spin didnt make everyone dizzy