EGM - Extraordinary General Meeting

[canveyshrimper]

The post by Tinks may have got missed and buried in the battery of posts on the Brush dismissed thread.

Therefore rather than demonstrating I think the time has come for shareholders at least to call an Extraordinary General Meeting of the club. IMO it's now high time that we were treated to some answers to questions by the Chairman and the Board of Directors.

Perhaps someone can answer me this, as a shareholder do I need to propose this and do I need to be seconded and/or thirded to call an EGM.

I am sorry if by calling an EGM it may exclude supporters who aren't shareholders, but I would hope that you can get answers to your questions.

Harry

 

[BILLERICAY BLUE]

I wouldn't think 1 shareholder can call an EGM. I would imagine it would need a certain %age which I doubt we could muster between us. I may be wrong though....

 

[EastStandBlue]

Would be far more productive than any demonstration...

 

[Interpol Shrimper]

I'm in (as I said in reply to Jacks)...

 

[Tinks]

Count me in also

 

[devonexile]

I wouldn't think 1 shareholder can call an EGM. I would imagine it would need a certain %age which I doubt we could muster between us. I may be wrong though....

The number of shareholders required to call an EGM (expressed either as a percentage of shares or as a total of people) will be found in the Companies Articles of Association. All shareholders should have a copy of these articles. If shareholders are not in said possesion, they are legally entitled to them and should request a copy from Geoff King or Company Secretary, Helen norbury.

 

[Lester Bangs]

My understanding is that 10% of share holders with voting rights need to submit a letter to the board of directors requesting an EGM. The board have 28 days to reply.

This needs greater clarification though.

 

[Angell Delight]

I'm in, today's news is the last straw.

 

[Pubey]

how many shareholders are there in total?

 

[canveyshrimper]

You have to have a group of shareholders with 10% of the voting rights to call an EGM. This may prove difficult to get i feel!

Got an idea you may be right. I'll check through my share documents tonight.

 

[sufcfed]

surely if the board has nothing to fear/nothing to hide and with the ''good things happening in the background'' then why would they refuse a meeting if you got a fair few shareholders together?

 

[Lester Bangs]

surely if the board has nothing to fear/nothing to hide and with the ''good things happening in the background'' then why would they refuse a meeting if you got a fair few shareholders together?

Yeah this was my thoughts, even if an EGM can't be called due to an insufficient number of voting shareholders then maybe a letter to the board of directors should be submitted from 'concerned shareholders' and request a Q&A session?

 

[ldnfatso]

a call to the Company secretary/registrar may help clarify the actual shareholding threshold needed to call such a meeting.

 

[devonexile]

how many shareholders are there in total?

Helen Norbury, the Company Secretary will hold the register of shareholders. She should be able to let you have the total number. But I stress, somebody should get hold of the Companies Articles of Association. These will lay down the exact procedure for calling an EGM, including any provision (if it exists) for circulating a request for an EGM to all shareholders. This document is legally binding and will remove the need for specualtion about how to demand a meeting.

Surely a shareholder (Shrimpers Trust?)must have a copy of the damn thing. If not then somebody present themselves to Ms Norbury and demand a copy.

 

[ldnfatso]

Helen Norbury, the Company Secretary will hold the register of shareholders. She should be able to let you have the total number. But I stress, somebody should get hold of the Companies Articles of Association. These will lay down the exact procedure for calling an EGM, including any provision (if it exists) for circulating a request for an EGM to all shareholders. This document is legally binding and will remove the need for specualtion about how to demand a meeting.

Surely a shareholder (Shrimpers Trust?)must have a copy of the damn thing. If not then somebody present themselves to Ms Norbury and demand a copy.

that is obtainable from companies house website for about £1.

 

[canveyshrimper]

that is obtainable from companies house website for about £1.

Cough it up mate and I'll add it to your sponsorship. ;)

 

[Sherif H]

I'm in, but still intend to demonstrate on Saturday should the interest be enough to sustain such a protest.

 

[Smiffy]

Here is Helen's email if any shareholders wish to make contact.

helen.norbury@southend-united.co.uk

 

[devonexile]

that is obtainable from companies house website for about £1.

It's the principle dear boy, it should be provided to all shareholders for free!
However, your quite right it is the quickest course.

 

[Tin Bath]

I own 2,000 shares and I will add my holding those who wish to call for an EGM

When the club sold shares in March 08 South Eastern Leisure (UK) owned 478,806 shs or 76.4% of the outstanding shares as of December 07. The club proposed to issue another 296,666 shs to supporters in March 08 to try and raise £1.8m. Now not all those shares were issued, 51,255 were sold raising gross £307,530 and infact declared in club accounts only £207,047 was raised after expenses. So as of today there are 677,951 shs outstanding and Ron Martin (SEL UK) owns 70.6%. Mr Markscheffel is the second largest holder with 44,157 shs (6.51%) assuming he didnt add to his holding in March 08

The new shareholders who bought in the March 2008 placing own 7.56% of the club

The Memorandum and Articles of Association werent published with the share offer document but can be inspected at the offices of the company (Roots Hall) during usual business hours (weekdays) according to the prospectus