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Michael Ashton

AGM

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The League Express issued today reported that the AGM will be held at CP on 30th August at 7.00pm. This is open to all Debenture Holders and can I suggest that any supporter wishing to attend the AGM and does not have any debentures contact the rugby shop straight away. The article also mentioned that the Club could do with increasing the Board. Application should be made by noon on 16th August being 14 days before the AGM. I presume that at the AGM the accounts for the year ended 30th November 2017 will be discussed and every debenture holder will be entitled to a copy.

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I am concerned Jane that there would appear to be quite a few debenture holders that are unaware of the AGM.  I realize that it is not your department and maybe I should have sent an email to Karen.

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its been on facebook, twitter, the barrow rugby website (posted  on 20th July) and its in the league express, i'm not sure if its been in the evening mail though, but as far as i can see it has been put out there for everyone too see on different outlets.

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It was in the MAIL when the original notice was issued but I've still come across quite a few people who are unaware that it's taking place.

Mind you a poster could be flown over the Furness area and there would still be people who didn't know.  LOL

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4 hours ago, tec said:

Are the debenture holders notified via a posted letter ?

No

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4 hours ago, Michael Ashton said:

Karen keeps the debentures books and records. The holders co back very many years and according to the latest balance sheet 229,713 debentures have been issued.

Not impossible then, just get a load  of stamps and Murphy licking and posting. Would not be 'same people' there then?! 😂

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I knew about the agm but unfortunately I was on holiday so I couldn't attend. 

I like many others don't get the evening (morning!) mail but I saw it announced on facebook.

was it announced at Craven park in the matches leading up to it? I didn't hear any if it was! Maybe a few posters around CP might get a few more attending but as said above it would still be the same few supporters that would attend 

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There seems to be an awful lot of confusion about debenture holders and what it means to be one? Is this perhaps not the time for the new chairman to clarify the whole situation? Historically, we all hear about debenture holders bit for the life of me, I haven't a clue what that means? More questions than answers i'm afraid. Maybe i'm stupid. Lol, go on, have a go.

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Nice one boat builder, I threw £100 in the pot when I bought 100 debentures.

A Debenture is like a share but it's really just a non returnable donation but with voting rights, you can just buy one = £1

Money in a collection tin doesn't attract voting rights. 

Money via just giving is like putting it in a collecting tin but there's a handling fee deducted, if you live in Barrow (I don't) collecting tins are better. 

Loans from Directors can be short or long term and with or without interest: I wonder what conditions apply to the recent £50k loan but as I didn't attend the AGM I don't feel entitled to ask. 

This topic is getting too serious, we should be concentrating on the games and leaving the running of the club to those who are willing to give so much of their time, ladies and gentlemen I applaud you. 

Sadly not able to go to any more home games, 4 missed but the club won as I, like all true fans, had a ST. 

 

 

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Thanks 750 VTR for your reply. One of the reasons I asked is because I remember talking to a DH (debenture holder) a while ago and his understanding was if the club were to go into administration/fold/go under/not exist, then he would benefit from any profit coming from said situation. IE, the ground sold for building, etc. If being a DH means just giving money to the club, I think i'm owed a few. So why did DH's become one in the first place? What voting rights? You see my point? Still confused.

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Voting rights as in being able to attend and vote at AGMs, one vote per Debenture holder, irrespective of number of Debentures held, so 1 Debenture, one vote: 1,000 Debentures one vote. 

There would not be a dividend if the Club folded and the liability on Debenture holders is negligible. 

Think there's been discussions on here about ruling documents but from what I've seen on the Companies House website, accessible via. gov.uk to anyone, the ruling docs are from March 1930. (Changes might've been suggested but would have to be voted through and I'm not sure what I can see that they ever were) 

Main thing to concentrate on is what happens between 3 and 4.40 every Sunday game day at CP. 

 

 

 

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Don't know what happened to the stream above but I felt I ought to make one more comment before we set about beating Dewsbury.

Maximum number of debentures to be held by an individual is 25,000. Quite correct on a show of hands each holder has one vote but on a poll (a secret ballot) each holder has the number of votes according to his holding.

One further point if the company is wound up (heaven forbid) and a surplus arises after all assets are sold and liabilities paid the surplus is used in repaying the debenture holders. I think they are only entitled to get back the face value of the debentures but not sure on this point.

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47 minutes ago, Michael Ashton said:

 

One further point if the company is wound up (heaven forbid) and a surplus arises after all assets are sold and liabilities paid the surplus is used in repaying the debenture holders. I think they are only entitled to get back the face value of the debentures but not sure on this point.

Clause 69 of the Articles of Association say on break up the funds go to other local Clubs, but best to read them and the Memorandum of Association as my view is just that, my view, my opinion. 

 

The documents and Clauses must be read in their entirety, and legal advice sought as to what the intention was of those formulating them in 1930 anything else is speculation. 

 

 

Most important thing this weekend is the little matter of a game of Rugby League at Dewsbury. 

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Well, it seems from the above replies i'm quite right to be still confused. Funds go to local clubs, my view, my opinion, surplus payed in repaying the debenture holders but not sure on this point, there would not be a dividend if the club folded, each holder has the number of votes according to his holding (might be her's by the way). Quotes from above posts.

We are not going to fold, but it does raise the question in my mind of who actually owns the club? It seems history has passed us by but this is now, not 1930. I wonder if the chairman even knows? More questions than answers i'm afraid but I do think it's important. I'll post a simple question...who actually owns BRLFC? If people don't think that's important, I give up.

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