Tuesday Meeting

[yonmon]

Originally Posted by cashman

a concern of mine peter is whilst Real Madrid, Fcum, ex Man Utd, are successful, they are monster clubs with a massive fanbase, we are simply Accrington Stanley............... greatest little club in the world, but the operative word being "Little" aint for or against, don't know n am concerned.

Today's 'E-T' would suggest that D o'N has different ideas
Cashy....(Quote)...But O'Neill has doubts whether a new share issue can happen without the official approval of shareholders-and most importantly the majority shareholder.
Fifty-one percent of the club's shares are currently registered at Companies House with former Chairman Eric Whalley although they are due to be transferred to O'Neill
when his protracted takeover is completed.
'We have spent two years fixing the situation at the club and now Ilyas wants to fix it again' said o'Neill, whose objection to the proposals meant he did not attend Tuesday's meeting.
'We have been trying to make the club self-sufficient...AND WE ARE THERE NOW '. (Quote)

The 'E-T's' website has yet to be updated...when it is..then
this article is well worth the read !!.

Any comments ??.

[JEFF]

Originally Posted by yonmon

'We have spent two years fixing the situation at the club and now Ilyas wants to fix it again' said o'Neill

I would like to know what he has been fixing in the last two years. As far as I can remember everything was broken and O'Neill fixed nothing.

[JEFF]

Originally Posted by yonmon

But O'Neill has doubts whether a new share issue can happen without the official approval of shareholders-and most importantly the majority shareholder.

I am sure that a shareholders meeting was held earlier this year and a resolution was passed allowing for a new share issue to take place.

[ukcowboy]

Originally Posted by JEFF

I am sure that a shareholders meeting was held earlier this year and a resolution was passed allowing for a new share issue to take place.

Indeed it was Jeff, and O'Neil was there when the vote to allow 200,000 was put through with NO objections.

This just smacks of dummy throwing by both EW and DON.

The sooner we are rid the better IMHO.

[JEFF]

Here is a link to the thread after the shareholders meeting in January thi year
http://www.accringtonweb.com/forum/f...ers-51303.html

[Stanleymad]

Soooooo, if i understand this correctly, DON was there at that meeting and didnt object to the 200k being issued [we beleived at the time the 51% was his] knowing now that it does indeed transpire that shares hadnt transfered & legally he isnt the majority shareholder. ERic then was not present at the meeting because ?????????? only presuming he was still dangling DON at the time in his place.

The Soooo is, eric is now objecting to this now because of the real threat of losing his shareholding capacity and value of his shares that he isnt or not for a while gonna transfer to DON if in fact ever an agreement between them happens, its Eric that loses out as soon as the shares come into the pool.

[cashman]

Well a little bird told me that E.W. was actually outside of that meeting, apparently cos the childish git, will not enter the same room as ilyas. dunno if thats so, but wouldn't surprise me.

[Doug]

So all that it would take is another benefactor to step forward and offer D'ON/EW or whoever is the legal major shareholder 200k to pay Ilyas back the Donations/Loans he made to the club and its game over for the fans/community ownership.

[JEFF]

Originally Posted by Doug

So all that it would take is another benefactor to step forward and offer D'ON/EW or whoever is the legal major shareholder 200k to pay Ilyas back the Donations/Loans he made to the club and its game over for the fans/community ownership.

I think that the donations/loans that Ilyas has made to the Club are a hell of a lot more than £200k. They are probably more than £500k, and possibly near to £1M

[Doug]

Originally Posted by JEFF

I think that the donations/loans that Ilyas has made to the Club are a hell of a lot more than £200k. They are probably more than £500k, and possibly near to £1M

Jeff, I don't doubt that he has & continues to support the club financially. My understanding is that a loan only becomes a debt if you don't meet the conditions of the loan or pay it back. 200k is the amount given in terms of shares spoken about. All this is getting messy and out of hand and can only damage the club if it continues. I'm sure that Ilyas could have/should have bought the club for less than £1m. What I can't understand is why he just doesn't buy it and bring all this to an end and then the club can get on with winning pomotion.

[sherry]

Maybe because EW wants too much for the shares and DO'N wants too much to pay him off?

[yonmon]

Originally Posted by Doug

Jeff, I don't doubt that he has & continues to support the club financially. My understanding is that a loan only becomes a debt if you don't meet the conditions of the loan or pay it back. 200k is the amount given in terms of shares spoken about. All this is getting messy and out of hand and can only damage the club if it continues. I'm sure that Ilyas could have/should have bought the club for less than £1m. What I can't understand is why he just doesn't buy it and bring all this to an end and then the club can get on with winning pomotion.

And the saddening thought is Doug....that it is more than likely to get even messier, even more convoluted and so cause more dismay and consternation amongst all who care for the welfare of our Club.
For this reason alone it cries out for an early and lasting resolution !. ( IMHO !!)

[yonmon]

[quote=yonmon;845403] Today's 'E-T' would suggest that D o'N has different ideas
Cashy....(Quote)...But O'Neill has doubts whether a new share issue can happen without the official approval of shareholders-and most importantly the majority shareholder.
Fifty-one percent of the club's shares are currently registered at Companies House with former Chairman Eric Whalley although they are due to be transferred to O'Neill
when his protracted takeover is completed.
'We have spent two years fixing the situation at the club and now Ilyas wants to fix it again' said o'Neill, whose objection to the proposals meant he did not attend Tuesday's meeting.
'We have been trying to make the club self-sufficient...AND WE ARE THERE NOW '. (Quote)

The 'E-T's' website has yet to be updated...when it is..then
this article is well worth the read !!.

Any comments ??.

Here cometh the full article....

ACCRINGTON Stanley managing director Dave O’Neill has expressed concerns about proposals for a supporters’ trust to own the club – and says he will not resign unless he is certain that Ilyas Khan’s plans are in the Reds best interests.
Khan, who is Stanley’s non-executive chairman and is also the club’s main creditor, told fans at a public meeting on Tuesday of his proposal to convert £200,000 of money owed to him into new shares and then hand that 66 per cent stake to the supporters.
But O’Neill has doubts over whether a new share issue can happen without the official approval of shareholders - and most importantly the majority shareholder.
Fifty-one per cent of the club’s shares are currently registered at Companies House with former chairman Eric Whalley, although they are due to be transferred to O’Neill when his protracted takeover is completed.
“We have spent two years fixing the situation at the club and now Ilyas wants to fix it again,” said O’Neill, whose objection to the proposals meant he did not to attend Tuesday’s meeting.
“We have been trying to make the club self-sufficient and we are there now.
“The first year we lost £300,000, then we lost £150,000 and this year we are aiming to break even. With the money from the Newcastle game we should make a healthy profit.
“We were behind on the accounts and it has taken us time to get to where we wanted, but we are now able to publish monthly accounts. The club is not in the bad position people think.
“I still haven’t seen a proposal in writing so until that happens, I don’t know. It’s all fluffy at the moment.
“But other clubs have done it and faced the same problems we have been trying to get away from, ending up short of cash.
“Why go away from something that is working and do something that has failed at other clubs?
“If it is right for the club, I will consider stepping down. But I need to see it in black and white.”
Khan, who says it has been agreed to allow Whalley to travel on the team coach to matches again, is due to publish initial proposals next week and O’Neill expects an AGM may take place next month.
O’Neill has been in charge of runn-ing of the club for more than a year but his future was thrown into uncertainty at the end of August after claims he had resigned following a meeting between himself, Khan and president Peter Marsden.
“It was suggested to David that he step down from the day to day running of the club and Rob Heys is given the opportunity to do that,” said Khan.
“In terms of the board, I have asked David to stay on.”
But O’Neill insists that he never agreed to resign and he remains at the club, although chief executive Heys is in charge of day to day affairs.
“I have e-mailed everyone to tell them I have not resigned. The club isn’t financially viable enough for Rob to do everything on his own.
“You would have to hire someone and pay them £50,000 a year to do the job that I’m already doing, and where is the club going to get that from?
“If Ilyas funds it, we’re not self-sufficient,” he said.



Any further comments ???.

[Doug]

Originally Posted by yonmon

And the saddening thought is Doug....that it is more than likely to get even messier, even more convoluted and so cause more dismay and consternation amongst all who care for the welfare of our Club.
For this reason alone it cries out for an early and lasting resolution !. ( IMHO !!)

Understand that Sherry, Yonmon,; but what will the cheapest option be long term; this is going in the direction of legal disputes; why plough money in to prove a point when it would possibly be cheaper to pay them off and if correct, secure the best interests of the club.

Money used propping up the current holders is money that could be spent furthering the aims of the trust and Ilyas's primary aim of investing in the community.

[yerself]

Originally Posted by LET/DO'N

We have spent two years fixing the situation at the club and now Ilyas wants to fix it again

Wasn't O'Neills idea of 'fixing it' to turn up at the HMRC hearing with nothing to offer and watch the club be wound up?