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Chairman's report on Club AGM

John William

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Alistair20000

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Not had a chance to read it fully but it seems to follow his address to the Trust AGM
 

Terryhall

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He certainly paints an interesting picture of a club battening down the hatches against the hordes outside the gates. Presumably however he wants those hordes to come in through the gates having bought tickets, shirts, a program, pie and pint on a matchday...

The one sentence I find really interesting is this one

"•Alongside all of this, the trust board have agreed to the club board’s proposals that it should be permitted to explore options that would break the club out of its current dependency on selling players"

In the middle of what could fairly be described as a "stream of consciousness" report, that strikes me as being a very thought through and carefully crafted sentence. All kinds of possible interpretations to that one.
 
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Boyo

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Wow - lots there to digest. Three things stick in my mind.

1) The need to generate £500k (profit) extra per year to compete, without relying on windfalls.

2) The exam questions. Is sharing with the Chiefs back on the agenda? Whats the Pompey "golden share"

3) Sounds like Tagg may not be around in 12 months. With Perryman going (apparently) and Tis' contract up next year, could the three amigos leave together?
 

Terryhall

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2) Whats the Pompey "golden share"
I've nothing to add on the other points raised, but some details on the Pompey Golden Share (taken from their Trust AGM September 2016) - http://www.pompeytrust.com/attachments/articles/a40490_Minutes of PST 7th AGM 22.9.2016.pdf

"This Society recognises that substantial investment will be required in order to restore Portsmouth Community Football Club to its rightful position in the football leagues, but is concerned at the possibility that such investment by other shareholders (the Presidents and Vice-Presidents) my eventually dilute the Society's shareholding to such an extent that it will be powerless to prevent undesirable developments that could lead to a recurrence of the financial and other problems that almost caused its demise.

The Society therefore instructs the Board to negotiate with the other shareholders in order to achieve;

(a) improved safeguards in the Articles of Association and in the Shareholders Agreement, and;
(b) a Golden Share that would give the Society a veto over
- the sale of the entire Club to a single buyer
- the sale of Fratton Park
- the mortgaging of the Club's assets or future income


There are then responses, details of a consultation exercise undertaken by the Trust, recommendations from the AGM, as well as a report from the Pompey Trust Stategic Planning Committee on the following pages.

As far as ECFC goes, I think the need to amend the AoA would mean that, practically speaking, we would need to resolve the longstanding issue of 75% shareholding, before we could realistically proceed with such a "golden share" (as the Trust cannot make unilateral amendments to the AoA until it is the 75% shareholder)

Therefore presumably, as our Chairman has raised this as one of his "exam questions", he is happy to confirm his support and lend his considerable influence to the drive for the Trust to achieve its stated objective of 75% ownership?
 

RaeUK

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That was a most curious read ...
 

Red Bill

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He manages to use an awful lot of words to say very little and what he does say is so ambiguous it difficult to work out why he bothers.
 

DanceMagnet

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Seems very bitter about ending the two year roller.
 
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RaeUK

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That appears to be the case, DM.
 

Cygnus

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It does read like Taggy may be preparing to move on at some point, particularly if the rumours of his mate, Steve Perryman retiring at the end of the season are correct as well. Would this be a bad thing? I'm not sure it is and maybe this would be the time for the Trust Chair to also become the Club Chairman and really influence the way the club is run for the first time!
 
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