Extraordinary General Meeting

[The Guvnor]

To the best of my knowledge nobody has ever bought shares off an individual in the current club structure.

People who made donations to the club were ordinarily provided with shares but certainly to my way of thinking they were worthless and I suspect thats how most people saw them.

The value of them comes to the fore now when it provides voting power but of course we have a situation whereby we have a disgruntled principal share holder who is rowing against what the club needs at this moment.

I can't imagine for one minute that PM wants control of the club and as mentioned its just a case of getting his money back.

But who would pay 300k for shares that are in essence worthless, and in fact would be diluted in value as the share ceiling is raised.

I'm no business man but it may well require a sensible offer to rid ourselves of PM. In one way it would be money down the drain but on the other hand it will allow the club to move forward.

A tough one.

[worruz]

From anyone in attendance - did the large shareholder (PM) actually say what he wants? He did last year 19/20 (I was there) - his money back. If that is currently what he wants - that would appear to be a position diametrical opposed to what the club is trying to achieve at the moment - i.e the raising of revenue.

If there is someone with a clear summary of what happened last night that would be great - it might put an end to the speculation.

You've basically nailed it.

A few swear words short but that was pretty much what he said. He made noises about taking a bit of a hit on the amount of money but that was it pretty much.

[The Guvnor]

But I'm guessing what all fans want to know right now is how this impacts the football side of things. Are we even able to fund any sort of team this season let alone the players we've signed on. These are the matters I'd like to see addressed with a club statement.

We've had very little income these past 5 months so unless someone is prepared to put money in without the prospect of shares, at least in the short term we've got a big problem.

However as I said a statement from the club ASAP outlining exactly where we stand would be most welcome.

[BKK]

I’m sure the club will issue a triumphant announcement pretty soon. Perhaps not what people are expecting - we’ll see.

It’s such a shame that PM is constantly painted as the villain. People forget or are mostly unaware that the club was totally cash strapped when he was invited in by the board and immediately bailed out the club. Yes mistakes were made but changes he made meant the back stabbers awaited their chance and won the day.

You can disagree all you like but he set the platform for the clubs elevation with much needed funds that the club had sought for many years

Seems now that reconciliation is impossible but let’s hope that we can all move on.

[BornundertheElmslie]

I’m sure the club will issue a triumphant announcement pretty soon. Perhaps not what people are expecting - we’ll see.

It’s such a shame that PM is constantly painted as the villain. People forget or are mostly unaware that the club was totally cash strapped when he was invited in by the board and immediately bailed out the club. Yes mistakes were made but changes he made meant the back stabbers awaited their chance and won the day.

You can disagree all you like but he set the platform for the clubs elevation with much needed funds that the club had sought for many years

Seems now that reconciliation is impossible but let’s hope that we can all move on.

Irrespective of what has and hasn't gone on in the past (and most of us don't really know because we weren't in the boardroom when much of it happened), anybody that puts nearly £350,000 of their own money into the football club - and not in the form of loans - has my respect, and the respect of many many others on the terraces.

[attic]

Totally agree BKK. I think the vast majority are capable of recognising both positive and negative contributions that PM made. Of course there are some with agendas (on both sides) who will not say anything good about PM or Rory. Yes the club were out of ideas and money when he came in. The fact some at the club kicked themselves at not doing their due diligence on PM maybe proves how desperate they were to get him and his money on board. Lets just empty his pockets first and then worry about any potential risks later. I think that's a fair enough statement. I also think it was fair enough that PM (allegedly) wanted the collective board to match what he was putting in?

I don't think anyone wants a history lesson as to what happened next but we are where we are now and its down to the current board to move the club forward and learn from the past.

[Royal Blue]

Yes Attic. We’ve been over and over this. It didn’t work out and PM is not a villain! We need to work out where we are now and in regard to the serious and seemingly irreconcilable impasse between the board and PM on the issue of shares, we have been updated - thanks Worroz. Not all of us could go to the meeting.

[worruz]

I’m sure the club will issue a triumphant announcement pretty soon. Perhaps not what people are expecting - we’ll see.

It’s such a shame that PM is constantly painted as the villain. People forget or are mostly unaware that the club was totally cash strapped when he was invited in by the board and immediately bailed out the club. Yes mistakes were made but changes he made meant the back stabbers awaited their chance and won the day.

You can disagree all you like but he set the platform for the clubs elevation with much needed funds that the club had sought for many years

Seems now that reconciliation is impossible but let’s hope that we can all move on.

I dont paint him as the 'villain'.
I don't know enough of what went on but there's obviously angst from both sides.

[Renard]

In my view, PM is getting much too easy a ride on this forum. He opposed the share limit increase, despite it being crucial to the Club's financial survival, solely because he doesn't want to see his shareholding diluted. He conveniently forgets that the purchase of his own shares significantly diluted everyone else's, but we didn't complain because we thought it was for the good of the football club. He didn't even bother to come up with any legitimate reasons for opposing, and hence frustrating, the proposed changes to the Club's constitution; he just wants to make the Board's life difficult in the hope of offloading his shares.

To correct something said earlier on here, he did not bail the Club out when he arrived. The Club was living within its means, as it had done for many years. He was brought in because the then Board recognized that without taking a chance on a "money man", we were likely to stagnate and lose the fantastic momentum we had built up after moving to Ruislip. It should also be remembered that he did not just spend his own money; he orchestrated the running down to dangerously low levels of the social club's funds. He now wants to get his own money back out.

[The Guvnor]

n my view, PM is getting much too easy a ride on this forum. He opposed the share limit increase, despite it being crucial to the Club's financial survival, solely because he doesn't want to see his shareholding diluted. He conveniently forgets that the purchase of his own shares significantly diluted everyone else's, but we didn't complain because we thought it was for the good of the football club. He didn't even bother to come up with any legitimate reasons for opposing, and hence frustrating, the proposed changes to the Club's constitution; he just wants to make the Board's life difficult in the hope of offloading his shares.

To correct something said earlier on here, he did not bail the Club out when he arrived. The Club was living within its means, as it had done for many years. He was brought in because the then Board recognized that without taking a chance on a "money man", we were likely to stagnate and loose the fantastic momentum we had built up after moving to Ruislip. It should also be remembered that he did not just spend his own money; he orchestrated the running down to dangerously low levels of the social club's funds. He now wants to get his own money back out.

Pretty much how I see it, and no reason to doubt any of the above.

Its been mentioned on here several times that PM put considerable sums of money in which can't be disputed but the manner of how the club was run at the time cannot be forgotten. Lets not forget how rancid the club had become, the in fighting that was taking place in the public domain which still continues by the sound of it. No point in raking up the past to the point of character assassination but some people have very short memories. Lets say for the instance I took over as chairman next year and put 200k into the playing budget but handed out contracts to the value of 400k which the club in turn then becomes liable for. And lets say there was nothing in place to make up the 200k shortfall. In effect I'd have created a big problem for the club, some would say behaving in a totally negligent way. Quite rightly I would be criticised for mismanagement and putting the club at risk. So would anyone on here say " yes but he put a lot of his own money in " ? I doubt it, so why are people saying that about PM because from what I could see it was exactly the same scenario.