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AGM Report – Good, Bad, Illogical, and Fraud

01.02.15 | Comment?

This years AGM demonstrated several aspects ;
The good news proves the CPO board are finally listening to it’s members (and dare we say even SayNo), given 3 issues we have raised in recent years have now been acted upon !
1, As previously informed – CFC rightly dropped their charge for CPO using Stamford Bridge for the AGM this year, further to our highlighting the controversial contradiction last year (given the club’s use of OUR pitch without charge !).
2, The board finally gave a commitment to our suggestion to immediately suspend shares sales should any future offer be made for our company, so avoiding any further abuse or fraud as previously experienced in 2011 when Richard King’s board (including current director Granvill) strangely allowed rushed multiple and totally unscrutinised purchases by those connected to CFC, which still blight every CPO vote to date.
3, The board confirmed under specific follow-up questioning, they will now plan an expansion of the board to 7 directors as suggested – but not so much to be a more open and representative demographic of our 19,000 shareholders, but rather to acquire further useful professional skills.
Whilst somewhat understandable – another 2 greying ‘connected’ white men then ! However, it must also be remembered the chair took it upon himself to wreck this same proposal previously in 2013 with his 2000 proxy votes, in order to try and maintain a stranglehold on control.
We shall see !

The bad news ; CPO has for the third year running made a loss (£13k), and therefore desperately seeks additional funding (to which SayNo contributed an idea). Previous chair Richard King having inexplicably given away income streams totalling in excess of £100k a year (purely at Bruce Buck’s request) from 2003 onwards !

The strangely illogical news ; The Chairman dismissed a suggestion without any further discussion as requested, that the CPO board issue a formal public statement of unilateral support for any reasonable redevelopment of Stamford Bridge by CFC – thus clearly pre-empting any necessity what so ever for them to require the stadium freehold. (Unless of course purely and plainly for their own financial gain).

The fraud ; Despite the chairs regular pleas to ‘move on’ from the fraudulent shares issue, this conveniently ignores the fact that these same 2000 core votes clearly still hold sway over every proposal as consistently shown in the results, as they have since 2011 – and ostensibly within the control of Frankham via the chair’s proxy ! More a case of ‘let’s maintain the status quo’ than ‘let’s move on’ then Steve !
This compounded by the fact that it came to light during the meeting that one of the alleged concert party who previously bought the maximum 100 shares just 13 days before the vote in 2011, apparently transferred them all to yet another patsy during the past year yet again without any checks, questions, or scrutiny – and all this despite constant assurances from the chair of strict new governance and procedures !
Oh dear !……

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