TerrasBlog 15/11/2008
Saturday, 15 November 08, 10:35 AM
Another day another load of off the field stuff which will take the emphasis away from Alan Lewer's first match in charge against Wrexham at the Wessex Stadium today.
The match will be most memorable for the return to Weymouth of Jefferson Louis, a striker who has had more clubs than Tiger Woods.
After the midweek suspension of Manager John Hollins, the supporters trust, long maligned have shown some teeth by getting legal advice on the transfer of land by Chairman Malcolm Curtis to his Wessex Park Company (now owned by Ernie Battey) back in March.
To avoid the opportunity to misquoting, here is their statement in full...
The Terras Trust have recently been in contact with the legal partners of Supporters Direct. They have scrutinised the resolution letter to shareholders and have answered the following
questions that were raised in the interest of shareholders by the Trust Board. We are now publishing this information for the benefit of shareholders to consider how they should respond.
Q Is the use of written resolutions an appropriate method of dealing with a land transfer or a sale of assets or should this be done at an AGM/EGM?
A If the articles of association have this written in them then yes it is an appropriate means of dealing with this. It is unusual for this to be done retrospectively as it should have been
done at the time of the deal being struck. The fact that it is happening now will ratify the transfer legally.
Q Is there any possibility of a conflict of interest surrounding the original transfer of land by Malcom Curtis to Wessex Park?
A This is unclear from the detail but could be possibly challenged if enough shareholders deem it as not in the best interests of the company or prejudicial to the remaining shareholders.
Q Do you have any general comments on the document?
A Resolution 2 is particularly vague and wooly. we would strongly advise shareholders to seek further information to clarify the bullet points before signing in agreement.
Q Would shareholders be waiving their right to future challenge if they don't respond to the letter?
A No as they are not being asked to respond in the negative, if further information was to come to light that prejudiced the deal or the shareholders then they would be well within their rights
to seek redress.
Finally, A group of shareholders who own 10% or higher share holding can call an EGM with the directors of the company. They would have to state their issues, table their questions and
concerns in writing in advance to seek satisfactory responses and ask the directors to account for their actions at a general meeting.
I would ask that all shareholders do the decent thing...Come on the Terras
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On TerrasBlog 21/12/2008