ToffeeWeb - Season 2008-09

The Mail Bag

EGM Agenda

Regretably, in common with the vast majority of Evertonians, I hold no shares in the Club but am more than interested in the direction the forthcoming EGM will take. Looking at the Constitution of my own company, I note that at an EGM,`No business other than that in respect of which notice has been given shall be considered` and I assume this is a standard clause which will also appear in the Rules of EFC Co Ltd. This would seem to indicate that there will be no allowance of `Any Other Business`, so any questions regarding lack of transfer funding,the manager`s contract etc will be 'ruled offside'.

As I understand it, the meeting has been called with the specific aim of discussing the ramifications of DK and I assume that will be all that can be discussed. I do realise that this side of the Club's business leaves most Evertonians stone cold but at a time when so many of us are fearing the very worst is about to happen, it would be helpful if one of the shareholders could give us sight of the Agenda for the meeting. I am sure, on this occasion, you will be happy for a nom de plume to be used!
Ken Wyatt, Chester Posted 28/08/2008 at 13:14:20

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Mick McCarthy
1 Posted 28/08/2008 at 16:15:06

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"As I understand it, the meeting has been called with the specific aim of discussing the ramifications of DK and I assume that will be all that can be discussed. I do realise that this side of the Club’s business leaves most Evertonians stone cold..."

You couldn’t hope for a better summary of what I call "sleepwalking to disaster" than this. The ramifications of a move to Kirkby would be felt for all our lifetimes and so this issue is hugely more important than who we sign or don’t sign in the next few days. It’s not clear from your post whether you are ’for’ or ’against’ Kirkby, or even that you have a strong view either way, but I do feel you are right in believing that some Evertonians don’t care anything like as much as they should do about the issue. The 10,000-odd who couldn’t be bothered to put a tick in a box on a piece of paper for starters, and (declaring my colours here) the many ’Yes’-voters who have still failed to provide a single rational argument re why the move would inevitably improve the club’s ongoing financial situation. Sleepwalking to disaster...

Peter Roberts
2 Posted 28/08/2008 at 16:39:47

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I?m not sure the OP is right in thinking any questions regarding the lack of signings, questioned the right way would be considered offside. I think it?s fairly clear that the transfer fund has been linked with the Kirkby move, despite the obvious and feeble attempts of the club to deny this. A questions such as this: "With the sale of high-profile players such as Andrew Johnson and James McFadden, Everton were expected, on top of the anticipated Sky money, to have a kitty to rival that of the likes of Arsenal, Liverpool and Tottenham, yet no money has been spent in transfer fees since the permanent signing of Steven Pienaar which was confirmed in April 2008. Can the Board of Directors please confirm if the money was ringfenced for the Desitnation Kirkby project and not handed to Moyes as was frequently publicly stated? And if so, why were the supporters led to believe that we would have money to spend in the transfer window when it has clearly become evident that there was no money to spend?"

Steve Flanagan
3 Posted 28/08/2008 at 16:48:38

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Ken

The agenda is as follows:

1. Obtaining from the Board of Directors their comments on the recent DTZ report which;

1.1. describes the current funding options being pursued by the Club in order to meet its projected contribution of £78 million towards the Kirkby Stadium viz:

* Long term bank debt
*Syndicated debt
*Private Equity funding
*Securitisation of future income streams
* Securitisation of new stadium naming rights
* Realisation of existing assets

1.2 Explains that the Club have indicated that additional borrowing beyond £78 million could expose the Club to an unsustainable level of debt, resulting in an unviable position;

1.3 projects that the stadium must be operational at the start of the 2010/11 football season and that a delay of one year will increase stadium costs by circa £6 million, excluding fit out;

1.4 states that unless Tesco receive planning permission for an amount of retail space (which grossly exceeds that set out in planning legislation and policies), then the stadium will not be viable.

2. Obtaining fromt eh Board of Directors details of contingency plans they have in place in the event of;

2.1 the planning application being called in by the Secretary of State thereby delaying the commencement of construction works;

2.2 a legal challenge by local residents whose homes are under threat of compulsory purchase;

2.3 the granting of planning permission for a reduced amount of retail space which renders the stadium unviable in economic terms.

and

3. To pass such resolutions in relation to 1 and 2 above as may be thought fit.

Peter Radcliffe
4 Posted 28/08/2008 at 17:40:37

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I understand that we can expect Sir Philip Carter and the club’s legal advisers to be very much on hand to ensure that the business of the meeting is contained within the published agenda.Any votes that may be called for will either be ruled ’out of order’or referred back for a vote according to shares held.
Peter Roberts is correct in thinking that questions will have to be very carefully framed so that ’wider issues’concerning the Board’s conduct of the club’s business can be probed.
I expect the meeting to be short and totally indecisive.

Stew Marsland
5 Posted 28/08/2008 at 22:43:40

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How can anyone still be campaigning against Kirkby, it's the only way we are getting any investment. Don't you see this is what is gonna be like without that money???? Embarrassing or wot???? If we don't get a new ground we are sunk, what does it take to make you realise this ..... relegation maybe???? Or an investor who wants to put money into a 1930s ground????

Mike Homfray
6 Posted 28/08/2008 at 23:29:28

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Ste - if that isn’t obvious now to some, then it never will be. As much as we may like Goodison, it is a non-starter in terms of what an investor would be looking for.

Rich Jones
7 Posted 29/08/2008 at 08:02:31

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Oh dear, I see the poor deluded are on again, Christ no wonder we?re in the mess we?re in when there are mugs like Stew and Mike supporting us.

Colin Potter
8 Posted 29/08/2008 at 10:30:16

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Stew, Mike
Are you two out on day release from WInnick or somewhere? The Muppets are on parade again. You are so right Rich, there is nothing down for us with fans like that!!