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AGM Date?


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Does anybody know if there’s a date set for the AGM, by my reckoning it should have taken place last December. Why the delay, perhaps there’s issues with Gardiner’s book balancing following his concert fiasco?

 

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The accounts due at the end of February will relate to the financial year ending 31 May 2022.  The last AGM was in September 2021 when the accounts to 31 May 2020 were discussed.  There has therefore been a very big delay for a meeting to discuss the accounts relating to the 2020/21 season.  Whilst it is a legal requirement to submit audited accounts, I don't think there is a legal requirement for the club to hold an AGM each year.  However, in the spirit of openness and engaging with shareholders and the wider fan base, it is clearly good practice to have an AGM and to hold it as soon as possible after the accounts are published.  Failure to do so inevitably leads to concerns that the financial position is not good.

Bear in mind that any financial implications for the club from the concerts will be a matter for the accounts relating to the year ending 31 May 2023 and therefore won't be due to be submitted at Companies House until around this time next year.  That of course does not mean that the Club can't discuss the matter with shareholders.  In September 2021 the Chairman and CEO were telling shareholders how the concerts would be a great money making venture for the club.  Now that the the concerts have taken place, they should be just as forthcoming about the outcome of those concerts and what the ongoing financial strategy will be in the light of that outcome.

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Why would the concert companies be discussed at the AGM, its legally separate trading companies and allegedly based on the information provided by those in charge at the club it has no direct impact or affect on the club itself. Its never been clear how this would benefit the club - so we'd have to assume if it was profitable they would be a sum 'donated/invested' to the club by the directors (after taking their cut) but as the club never directly ran the fiasco then there would be no need to discuss at all.

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There will be no AGM, so nothing will be brought up. You all need to know your place and stop expecting the club to tell you anything, peasants, all of you!!  Pay your taxes, I mean ticket money, and shut up like nice little fools.

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17 hours ago, DoofersDad said:

The accounts due at the end of February will relate to the financial year ending 31 May 2022.  The last AGM was in September 2021 when the accounts to 31 May 2020 were discussed.  There has therefore been a very big delay for a meeting to discuss the accounts relating to the 2020/21 season.  Whilst it is a legal requirement to submit audited accounts, I don't think there is a legal requirement for the club to hold an AGM each year.  However, in the spirit of openness and engaging with shareholders and the wider fan base, it is clearly good practice to have an AGM and to hold it as soon as possible after the accounts are published.  Failure to do so inevitably leads to concerns that the financial position is not good.

As we know, ICT and in particular the current regime are nothing if not open and engaging 👍

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9 hours ago, bdu98196 said:

Why would the concert companies be discussed at the AGM, its legally separate trading companies and allegedly based on the information provided by those in charge at the club it has no direct impact or affect on the club itself. Its never been clear how this would benefit the club - so we'd have to assume if it was profitable they would be a sum 'donated/invested' to the club by the directors (after taking their cut) but as the club never directly ran the fiasco then there would be no need to discuss at all.

The concert company was discussed at the last AGM.  It was the Club Board that took the decision to set up a legally separate company with the purpose of providing an additional income stream for the Club but without the Club being liable for any losses.  As Fraz implies, the Board may well not volunteer any information about this, but it is perfectly reasonable to expect the Board to answer questions from shareholders about the outcome of their decision, particularly as the company went into voluntary liquidation in November.  They can try and hide from the shareholders all they like, but at the end of the day, the only way they can avoid answering to the shareholders is to stand aside for a new regime.

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