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2018 AGM REPORT – THE ENEMY WITHIN

28.01.18 | Comment?

This years report was delayed whilst waiting for CPO to publish the results ! However, no real surprises as SNCPO can reveal after some interesting debate, all motions were passed categorically.

The actual figures can only currently be found by searching on twitter – but presumably will be posted on the CPO page of the CFC website at some stage !?

The overriding message as usual is that the concert party of approx 2,500 fraudulent shares clearly still brazenly govern every decision at every AGM and the board have little desire to challenge this, despite pleading their own frustration with the situation !? Again suggestions from the floor of analysis of the voting patterns of the illegal multiple purchasers in 2011 to prove collusion, were rejected out of hand. Instead the plan being to simply diminish their power over time by selling to more ‘genuine’ shareholders – well 6 years on and no change so far !

So the new £25 share price has the go-ahead, and all existing £100 shareholders have 4 times as many votes, although it was clear from the floor that very few individuals present had been convinced by the boards argument – such as it was. It was admitted no market research was done – so in truth only time will tell, and the board will be judged this time next year on their punt !

Other welcome new initiatives were announced by the chair following ongoing negotiations with the club ; OUR annual lunch event returning in some small way to being linked to CPO again in future, having been gifted away by disgraced former Chairman King several years ago for reasons unknown to all but himself. CPO’s loan repayment schedule will be renegotiated in return for the clubs extended lease. A £25 CPO share may be included with every season ticket purchase at some future date too we are told – which may indeed diminish the concert parties powers at a stroke, only keep that to yourselves or they may vote against it…

Much debate naturally surrounded redevelopment issues, with the chair giving a positive update on progression whilst limited by confidentiality agreements. Assurances were given that the current issue over right to light agreements did not involve land owned by CPO, but members still questioned the fact that if Roman has changed his mind and private funding was now required for the estimated £1B project as recently announced, would our freehold be required as security ?!

This also naturally led onto cries of ‘is four years absence from our home during redevelopment really worth an annual increase in ticket sales of around £25M’  [or a Baba Rahman - remember him ?] – relatively inconsequential in comparison to TV rights [or playing staff]. Why not just rebuild the north and south stands for the extra capacity one at a time for a quarter of the cost and forget the ‘Ash Tray’ and it’s uncertain debt implications ?? Why will it take four long years anyway when certain lesser London rivals plan to complete their new stadium in just one year ? What if Chelsea’s finance deal conveniently fails after the stadium has been demolished – is this the concert parties cunning new plan to steal away our asset ? All valid questions – all batted away by the board as invalid !

Oh and lastly and also as usual, Frankham the last of the alleged tainted directors [now Granvill has final gone] significantly got the lowest vote of the day, re-elected with………… 2,546 votes.

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