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A Ron Martin Statement Needed. Ron, please read.

THE SEVENTIES NORTH BANK

Life President⭐
Joined
Dec 10, 2006
Messages
12,081
Location
SHOEBURY
...oh your a positive one aren't you! Don't you think maybe, just maybe, he is doing something about it but actually thinks for once we dont need to know. It isn't our problem, let them deal with it... Half of you grumpy lot will just moan about it even if he does come out and answer it all, you'll all just moan and moan further. Just let it be and look at it again in the new season. We'll get out of it sometime


You wasn't that man on the front of the Titanic, was you?
''It's only a piece of Ice. The ship will slice straight through it. We'll all be O.K.''
 

Smiffy

SZ Drinking Champion
Joined
Oct 27, 2003
Messages
16,403
Location
Vanarama National League (Loan)
you need over 10% of shareholders to call an EGM. This is a pretty impossible target!

It is indeed.

Unless you can get one of the major shareholders on board that is...

Do you think every board member is happy with how thing's are going?

If anyone knows Markscheffel, Osbourne, Van Wezel or Brunning, a word in their shell like may just do the trick....
 
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ElstreeBlue

Coach
Joined
Feb 2, 2008
Messages
601
Location
Elstree
Presume if various RM Companies charge Southend a fee then there would also be VAT to add to that fee??

Also, if any money was moved from Southend (of whom I am a shareholder albeit a minor one) and transferred to any other Martin Dawn entity then my question to anyone out there is "Is that legal ? Have the shareholders of SUFC been defrauded?"

I don't know the answer or even if it is illegal - just a question........answers please.

Also, how many shareholders does it need to call an EGM?

I am going to speak absolutely hypothetically here now to answer your direct question and explain the legal position that applies to every company in England.

A company (let's call this Company A) should be run for the benefit of and in the interests of Company A's shareholders, and that includes all its shareholders collectively. If directors in Company A were to use money (which should be used for Company A's benefit) for someone else's benefit instead of Company A's shareholders (whether that be Company B, Company C or an individual) and this had not been properly authorised by Company A's shareholders, that would be a fraud on Company A's shareholders.

I'll give an example. Let's say I were to own a software business and I am a director of that business. Let's say that there are three shareholders of that business of which I am one. I use some of the company money to buy my second home in Barbados. That would be fraud unless the shareholders have approved it. In that instance, the remedies for Company A's shareholders would be legal action in the civil courts and reporting any wrong-doers to the authorities for criminal prosecution.

I am not going to comment on SUFC's position. Money may be moved around group companies for a number of reasons and the very fact alone that it is moved to Martin Dawn does not mean it is done illegally. In the majority of cases, I'd have thought that intra-group transfers are perfectly legitimate. Shareholders of any company, though, would legitimately want to know that money being moved around is done in the company's best interests.
 
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