Professionalism

Quoted from GibMariner

Think you are protecting them and will find that I’m not wrong. The Takeover Panel will require for the financial year following going Private, that the accounts are prepared and presented to shareholders as if still a PLC for the AGM as scheduled. That meeting has been missed without notice.

The club could well be in for a fine if this hits their radar.

Your £3000 worth of shares aren't going to get anything overturned Filipe.

Quoted from Knut Anders Fosters Voles

You - and several others - say that the accounts are not available to scrutinise but they are not due for filing for another 59 days!

Why would they hold an AGM to discuss accounts that have not been finalised yet…which leads to my next point…

AGM - a limited company no longer requires an AGM so there might not even be one. So the date and deadline for an AGM has not passed because there probably won’t be one. This is normal for a small company.

PLC - operating as a plc provides little extra transparency and scrutiny. Look at Carillion, BHS, Patisserie Valerie. Remember irregular accounting practices at the likes of Tesco. All of these were plc’s.

Most football clubs in the UK are private limited companies rather than plc’s, including many in the Championship and L1 - some of which I am involved with. It’s perfectly normal not to want to operate as a plc.

Operating as a plc does not stop you from, legally (and allegedly) using company funds to repay third-party pension schemes and EBTs. It also doesn’t protect the fans from the main investor allegedly carving out a ‘strange deal’ with a convicted fraudster or the ‘Holloway situation’. Transparency didn’t help us on those occasions.

Shareholders will still be provided with access to a full set of final accounts. Admittedly these will have reduced disclosures compared to the previous years’ accounts but we shall see what they contain. It will be disappointing, but legal, for the accounts to exclude a Strategic Report explaining the company’s performance, position and main KPIs etc.

However, you have to remember that The Grimsby Town Football Club Ltd are a small company. Turnover and the balance sheet total are way, way under the medium company thresholds (£10.2m / £5.1m).

I presume these May 2021 accounts will still be audited but again, a clean audit report doesn’t necessarily mean that all is well in a company (Enron, Parmalat etc).

By the way, I’m not saying that Stockwood and Pettit aren’t ‘dodgy’ but I have not seen, heard or being provided with any evidence to the contrary so they have my full support.

I’m not protecting them but when you say ‘facts are facts’, your facts are incorrect unfortunately.

On the matter of accounts and AGM you keep banging on about the minimum legal requirements that was not my point. After our last joust on this subject back in Mid November the next day on 19 November  Matt Dean on RH magically asked JS on about both subjects and received the answer that the accounts would be published in two weeks and there would then be an opportunity for direct engagement on these with shareholders which I presume means an AGM ,difficult to see what else it could be. The interview is still available on BBC Sounds.He also confirmed the accounts had been audited.
The current custodians bought just under 50% of the shares not 100% and promised transperency.
To avoid having to buy the remaining shares they required the outgoing custodians to convert the company from a PLC to a private company . Without that they would have been required to buy out all the minority shareholders.
Had they bought out the other shareholders or at least offered to do so they would have been morally free to do what they like with the clubs finances.
It is quite likely that many do not know that many of the minority shareholders hold them as a result of answering calls to raise money for the club in periods of financial need that predate Fenty etc.For that reason if not others they desire appropriate respect.
I was involved in a group called action 88 which in 1988 was formed to raise funds for the club at a time it was on the brink of bankruptcy and worked behind the scenes with the then directors to get the club back on an even keel which directly resulted in Alan Buckley first appointment and significant funds being raised for the club.
My only interest at the end of the day is that we are successful on the pitch . That requires investment . I hope the current custodians are going to provide the necessary funding in the right areas to do that but I currently remain unsure
I have worked with entrepreneurs of many shades for 30 years and have learnt to be suspicious of words and prepare actions.
The new Custodians have two shields which protect them from criticism on that front . The first being that they have to repay Fenty loans  the second is that the club was so badly managed by the previous custodians that there is much to do putting this right that  everything else including results on the pitch is relegated to a long term project.Despite this JS has also gone on the record to say that since Fenty departure other investors have approached the club with offers funding and expertise but they are not required at the present time. That it’s doesn’t include me before others jump to conclusions . I can however have a very good guess at names and they are serious people who would not have gone near the club while Fenty was involved ..The logic of turning that down is not clear to me .

With regards to the new owners, patience is clearly the key. However, it’s much easier to be patient when things are going well on the pitch. Much more difficult when you’ve lost 8 out of 9 and dropped from the top to mid table. When that happens, it’s a given that fans will look to pick holes in the big project.

All this chat about AGMs and Accounts make it sound as if the shareholders keep track of every penny going in & out as if their life depended on it. But for the past two decades, near enough, the accounts have been waved through at almost every AGM without so much as a raised eyebrow at the rapidly declining state of the club or the ever widening black hole under the name “directors loans” which has tied the hands of the new owners for at least 3 years, and fúcked us for probably the 10-15 prior to that.

It would be much less taxing for us all if the Fenty Felchers just dropped the charade or caring when the accounts are published or companies house gets a letter.

Quoted from ska face

All this chat about AGMs and Accounts make it sound as if the shareholders keep track of every penny going in & out as if their life depended on it. But for the past two decades, near enough, the accounts have been waved through at almost every AGM without so much as a raised eyebrow at the rapidly declining state of the club or the ever widening black hole under the name “directors loans” which has tied the hands of the new owners for at least 3 years, and fúcked us for probably the 10-15 prior to that.

It would be much less taxing for us all if the Fenty Felchers just dropped the charade or caring when the accounts are published or companies house gets a letter.

I was going to say much the same but I’m three DIPAs in and have a crying baby…so yeh, intercourse the Fenty fornicators and if they’d cared so much we wouldn’t be in this mess…

It’s alright though, it could be worse…we could be bury…

Quoted from jamesgtfc

I knew we should have been careful what we wished for.

The National League don't mess about with dodgy owners so we probably have Grimsby Borough and Clee Town away to look forward to in the league next season if we're lucky.

Edit: I'm not being serious!

It's a shame you had to edit your post because others don't understand sarcasm, irony and satire which all three I think you managed to incorporate.
I would have just let the humourless buggers keep red crossing you and laugh at their comments.