[Archived] AGM

[bob fleming]

from BRFCS? Can you please feedback on here afterwards?

Who attends on the club side? (I'm guessing no one from Pune, nor the manager / CEO, nor the advisor). Just "the Board".

Is there potential for it to get lively? Is there a Q&A?

[Paul]

I'm not sure who goes from the board but guess the two Hunts, Karen Silk, Rob Coar and the club secretary. KPMG as auditors could be there?

Any shareholder is entitled to attend, wish I was a shareholder, and can question the board on any matters of concern.

Can it get lively? Depends on the questions but I hope it does. In some respects the few remaining shareholders have a duty to the rest of us to question the club

[Mike Graham]

If there're any shareholders out there it may be a good idea to transfer or sell shares to other concerned Rovers fans in order that we can boost attendance at the AGM.

[Guest Rovers4Good]

What go and hear all the wonderful stories of how well our club is being run and managed?

[EwoodDawn]

Anyone been? Anything to report?

[mark1875]

somebody posted this on the brfc action group 18 mins ago:

shareholders meeting was fun today. Half the board didn't turn up and the ones that did hadn't got the answers

[yoda]

somebody posted this on the brfc action group 18 mins ago:

shareholders meeting was fun today. Half the board didn't turn up and the ones that did hadn't got the answers

Probably a wind up,

but this is Bollywood

[Jansen is God]

somebody posted this on the brfc action group 18 mins ago:

shareholders meeting was fun today. Half the board didn't turn up and the ones that did hadn't got the answers

I doubt anyone was expecting anything different. Were they? This is Blackburn Rovers after all, the best run club in the... Oh wait, that was 14 months ago. What I meant to say was "This is Blackburn Rovers after all, the worst run club in the league"

[SharrockDownSouth]

So, did anyone actually go to this?

[Exiled in Toronto]

Why do we still even have minority shareholders? I thought if someone bought 90% of the shares, the other 10% had to accept the offer like it or not?

[Paul]

Yes I thought that as well EiT and have never understood it. I'm told there are some minority shareholders who even refused to sell to Jack. At least one person on here is close to a shareholder - I don't know if he/she would be prepared to explain?

[Boz]

You must be offered the same £ per share as the purchaser is paying to the majority shareholder who is disposing of their shares.

They were offered a price to sell to Jack and similarly they were offered an amount to sell to Venkys.

You cannot force a shareholder to sell their shares.

Without a complete company re-structure.

Historically BRFC made a share issue to dispel an aggressive takeover, many many years ago. These shareholders effectively still own their 25 or 50 shares, that equate to a miniscule percentage of the overall shareholding.

[OJRovers]

I think you can force minority shareholders to sell, which is what venkys said they were going to do.

It was surprising that some minority s/hs received the accounts and got invites to the AGM, so maybe Venkys haven't done as they promised with regards to the takeover agreement (wouldn't be the first time)

[John]

In his Sky interview Kean seemed to suggest that the AGM went well.

[Mattyblue]

In his Sky interview Kean seemed to suggest that the AGM went well.

[K-Hod]

Suppose he thinks the last year has gone well as well...

[Simon Garners Tongue]

As a shareholder from the pre Jack days, here's how it worked...

Once Jack accquired more than 30% of the shareholding in the company, which back then was 80,000 shares, legally he then had to offer all remaining shareholders the most he had paid, per share, which was was £10 per share. I didn't sell for a few reasons, mainly that I still wanted to feel that a small part of the club also "belonged" to me. Jack then went on to use his majority to extend the number of issued shares to 25k and beyond, with various tweaks along the way to the type of share capital involved. He never bothered to use his majority holding to call in the remainder of the shares which he technically could have done. All the other directors held 25 shares.

I don't have the Venky's offer document to hand, but do recall that within it they mentioned the possibility of calling in all the shares that weren't voluntarily sold to them, their offer being made under the same rules as Jack's. I was surprised to receive the accounts last month and not find an entry on the agenda of any such motion / action etc, though not sure if they do actually need to get this type of action approved within an A(or even an E)GM. If anything comes along I'm sure you'll hear about it.

Unfortunately I couldn't attend yesterday due to work commitments so appointed a proxy to attend on my behalf, typically they got held up in work as well so I can't add any further insight to the original query but I trust the above sheds light onto how and why some of us are still shreholders, clinging on to the edge of the cliff with our fingernails. The old AGM's were in the evenig and involved a quick dash through the agenda with some people racing to get their names recorded as proposer and seconder of a motion before "the chap at the back" simply raised his hand to pass the motion with his 99.9% proxy vote. Then we had the AOB section which was where the real questions and issues got dealt with but were never recorded in the minutes. No question was ever not answered professionally, some were even answered more fully than you'd expected. I'm guessing this was not the case yesterday. Think it was after Jack had passed on that they were moved to daytimes which to me marked a siginficant change in the attitude towards the fans and din't feel like it was in the spirit JW would have wanted. The rest as they say.....

I don't tend to like looking backwards much, but sometimes old is definitely better than new.

[Aberdeen Blue]

As a shareholder from the pre Jack days, here's how it

.........

I don't tend to like looking backwards much, but sometimes old is definitely better than new.

Thank you for posting your past experiences, very insightful. As for your last comment, oh so true!