Trust Members - Special General Meeting
Following the potential breach of Trust rule 102 (and therefore 27), I would like to gauge the interest of Trust Members in supporting an application for a Special General Meeting.
Trust rule 102 states:
“… The Trust may borrow money on such terms as the Trust Board shall authorise save that any borrowing that would require a significant proportion of the Trust's turnover to be apportioned to repaying such borrowing, or that would use the assets of the Trust (and/or any subsidiaries) as security for such borrowing, shall require the approval of the Trust in general meeting.”
The Trust update dated 21st January 2019 from Chairman Trevor Stroud explains:
"...There was a question as to whether the Trust had broken one of its own rules (rule 102) in relation to the loan we have recently taken from Bill and Jim, and the charge against the stadium. The answer to this is no – the loan has been taken out by the club, rather than by the Trust."
http://www.wycombewandererstrust.com/2019/01/9416
The Club (Wycombe Wanderers Football Club Limited) is a wholly owned subsidiary of the Trust (Wycombe Wanderers Trust Limited) as stated here: https://www.wycombewanderers.co.uk/fans/wycombe-wanderers-trust/
I have this evening contacted Trust Secretary David Smith via e-mail asking for a further explanation why this is not a breach of the rule.
It is my understanding that a significant number of Trust members are concerned with this potential rule breach and the subsequent consequences. A Special General Meeting would provide an appropriate opportunity for the issue to be discussed by members.
The process is explained in Trust rule 32, which states:
"The Trust Board upon an application by not less than 20 members or 5% of the membership, whichever is the greater, delivered to the Trust’s registered office, shall convene a general meeting. The purpose of the special general meeting shall be stated in the application and notice of the meeting. No business other than that stated in the notice of the meeting shall be conducted at the meeting."
I understand the current Trust membership is around 1,200 and therefore 5% of membership would be 60. Are there 60 (or more) Trust members who would willing to support my application for a Special General Meeting? Please say Yes or No below.
As explained above, the purpose of the meeting would be stated in the application, which would ideally be made within the next 7-14 days.
Should a breach of rules be established, then a potential vote of no confidence in either the Trust Chairman, or the Trust board as a whole, could be included in the application if those supporting it felt it was appropriate.
Thank you
Comments
I would support this, but only after the Monday meeting.
As underhand as it seems the board have been, I currently don't think that the Americans appear to have done anything wrong, so it would be unfair on them to potentially derail their bid, quick may well be an excellent offer, and if it does get through, then the current Trust boards days are limited (This assumes that those responsible are removed after the takeover).
Secondly, we might get more answers Monday from the Trust board, it's unlikely that there can be an acceptable explanation but I feel waiting till after Monday is worthwhile.
Yes
Unless there is a watertight guarantee that Stroud and his cronies will not get any role in the American's company they will not be getting my vote.
I think it would be sensible to see how the next few weeks pan out before we go down this route. If after the dust settles and there is no change on the horizon then is the time to start firing our arrows
Yes
Yes
I think it reasonable to hear out the Americans first with as open mind as possible, difficult as it may be. That said, I would definitely support an SGM, to take place well before the closing date of the vote to sell. If it has transpired that rules have been ignored, then it would cast a huge doubt as to the validity of the bid anyway.
We didn’t elect a Trust Board in order for them to find clever ways to circumvent the club rules. We are not the county council and they are not appealing a parking ticket. The clue gentlemen is in the name “Trust”
yes
yes
this should be posted on the Facebook Fanclub page, passed onto Wycombe Sound and BFP. If Americans bid fails to get majority then Harmans offer is still there.
Yes. But this needs to be done as a matter of urgency.
Thanks for the responses so far. From my perspective this is a separate process from minority or majority investment and is about a potential breach of Trust rules.
Yes
Yes
Underrated post
Yes
Yes btw
Yes
Rule 102 hasn't been broken.
The trust have raised money to meet cash flow issues. Wtf do want them to do...go to Wonga. Surely we as members delegate a certain degree of responsibility to the trust board to take decisions on our behalf? The question is whether they've overstepped the mark. I'm not sure they have.
Yes, but let's hear what the Americans have to say first.
my issue is around the apparent non ring fencing of our main asset-and the deceitful and underhand way this came out-so its a YES from me....
In the absence of any further information being provided, I’d support the application for an SGM on the topic of a potential breach of rule 102. But I would not be willing to support an application which includes potential for a vote of no confidence. So that’s a partial yes.
Yes and I would be willing to support an application for a vote of no confidence.
I think before we go down this route you need to wait until after Monday night.
Personally I would also like to know who you are. Trust works both ways and on here you are hiding behind a username?
It is an anonymous forum, hardly hiding, just using the platform normally.
Yes 100%
Yes
Yes