EGM 18:42 - Jun 13 with 2638 views | HullDale |
Sounds promising. | | | | |
EGM on 19:05 - Jun 13 with 2556 views | Alan_ADale | as a club that always plays by efl rules, no doubt these changes will be passed overwhelmingly. wiill be voting in favour. | | | |
EGM on 19:05 - Jun 13 with 2556 views | RAFCBLUE | https://www.rochdaleafc.co.uk/news/2022/june/egmexplanation_june2022/ Rochdale Association Football Club has called an Extraordinary General Meeting for 30th June 2022 to propose updates to its Articles of Association, in line with amended EFL rules. At the EFL Annual General Meeting on 10th June 2022, it was confirmed that Clubs are now required to include a Mandatory Article within their Articles of Association which states that the Directors of the Club may refuse to register the transfer of any share where: i) the EFL has not confirmed its consent to the acquisition of Control; ii) the EFL has not confirmed that that such Person is not liable to be disqualified; iii) if registering the transfer of any share would cause the Club to breach any other equivalent rule or regulation of another body such as the Premier League or the Football Association. The Board of Directors are fully supportive of proposals by the EFL and therefore strongly recommend that all shareholders vote in favour of these special resolutions when they are presented to the meeting on Thursday 30th June 2022. Simon Gauge, Rochdale AFC Chairman commented: “As a member Club of the EFL, we are duty bound to comply with all EFL rules. Our strong recommendation to all shareholders is that they vote in favour of these special resolutions required by the EFL at the Extraordinary General Meeting to be held on Thursday 30th June 2022.” I wonder how Morton House will vote? Its a bit like a Turkey getting to chose whether they want to go to Thanksgiving or Christmas! Credit where credit is due to the EFL. This will stop any takeover, hostile or otherwise, which is not in the best interests of the club concerned. [Post edited 13 Jun 2022 19:06]
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EGM on 19:26 - Jun 13 with 2456 views | D_Alien |
EGM on 19:05 - Jun 13 by RAFCBLUE | https://www.rochdaleafc.co.uk/news/2022/june/egmexplanation_june2022/ Rochdale Association Football Club has called an Extraordinary General Meeting for 30th June 2022 to propose updates to its Articles of Association, in line with amended EFL rules. At the EFL Annual General Meeting on 10th June 2022, it was confirmed that Clubs are now required to include a Mandatory Article within their Articles of Association which states that the Directors of the Club may refuse to register the transfer of any share where: i) the EFL has not confirmed its consent to the acquisition of Control; ii) the EFL has not confirmed that that such Person is not liable to be disqualified; iii) if registering the transfer of any share would cause the Club to breach any other equivalent rule or regulation of another body such as the Premier League or the Football Association. The Board of Directors are fully supportive of proposals by the EFL and therefore strongly recommend that all shareholders vote in favour of these special resolutions when they are presented to the meeting on Thursday 30th June 2022. Simon Gauge, Rochdale AFC Chairman commented: “As a member Club of the EFL, we are duty bound to comply with all EFL rules. Our strong recommendation to all shareholders is that they vote in favour of these special resolutions required by the EFL at the Extraordinary General Meeting to be held on Thursday 30th June 2022.” I wonder how Morton House will vote? Its a bit like a Turkey getting to chose whether they want to go to Thanksgiving or Christmas! Credit where credit is due to the EFL. This will stop any takeover, hostile or otherwise, which is not in the best interests of the club concerned. [Post edited 13 Jun 2022 19:06]
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As an alternative to getting their hands dirty in the actual business of making a decision on specific cases such as Dale's share concerns, these resolutions are probably as good as we're likely to get Does anyone know, from a legal perspective, how this might affect the case being presented to the High Court by Morton House? | |
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EGM on 19:28 - Jun 13 with 2451 views | mikehunt | Could someone simplify the second clause please? There is a double negative in there which is confusing me (not that difficult these days) Ta | |
| The worm of time turns not for the cuckoo of circumstance. |
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EGM on 19:47 - Jun 13 with 2385 views | tony_roch975 |
EGM on 19:28 - Jun 13 by mikehunt | Could someone simplify the second clause please? There is a double negative in there which is confusing me (not that difficult these days) Ta |
possibly - The Board needs to know the EFL have confirmed the Person isn't likely to be disqualified or the Board may refuse to register the share transfer | |
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EGM on 19:52 - Jun 13 with 2371 views | RAFCBLUE |
EGM on 19:28 - Jun 13 by mikehunt | Could someone simplify the second clause please? There is a double negative in there which is confusing me (not that difficult these days) Ta |
The EFL has to confirm you are not a wrong'un so you can be accepted by them and thus a Director of a club transfer shares. Without that permission the Director/Club doesn't have to act under the EFL's new rules. Basically - puts all the power over to the EFL and none to the buyer or seller of shares, if done in a way that contravenes the EFL's rules. | |
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EGM on 20:15 - Jun 13 with 2290 views | HullDale | The way I see it, Morton House have a few options. - Abstain from the vote altogether; - Try to back away from the rumoured power of attorney, and make the sellers vote against the proposal; - Vote against the proposal, adding weight to the theory they are indeed wrong'uns; - Back the proposal (to show they are not wrong'uns) and subject themselves (& maybe Southall in future) to the enhanced OADT - saving public face ahead of the court case Do you think they are beginning to realise they were sold a dud dream? | | | |
EGM on 20:47 - Jun 13 with 2195 views | pioneer |
EGM on 19:52 - Jun 13 by RAFCBLUE | The EFL has to confirm you are not a wrong'un so you can be accepted by them and thus a Director of a club transfer shares. Without that permission the Director/Club doesn't have to act under the EFL's new rules. Basically - puts all the power over to the EFL and none to the buyer or seller of shares, if done in a way that contravenes the EFL's rules. |
So when I am about to croak and decide to transfer my handful of shares to my son/daughter the EFL will have to confirm that in their eyes, I am not unacceptable. Presumably it will also apply to bequests. I am no lawyer, but I expect if challenged the EFL might be required to publish the criteria for being not unacceptable’. That will be interesting. I suspect mega rich saudis will be found to be not unacceptable Sound like a job for bureaucrats. | | | | Login to get fewer ads
EGM on 20:54 - Jun 13 with 2164 views | D_Alien |
EGM on 20:47 - Jun 13 by pioneer | So when I am about to croak and decide to transfer my handful of shares to my son/daughter the EFL will have to confirm that in their eyes, I am not unacceptable. Presumably it will also apply to bequests. I am no lawyer, but I expect if challenged the EFL might be required to publish the criteria for being not unacceptable’. That will be interesting. I suspect mega rich saudis will be found to be not unacceptable Sound like a job for bureaucrats. |
Don't think it'll be the shareholder disposing of the shares that'd need to be vetted, since presumably the shares will have been purchased with the vetting done by the club at the point of sale/transfer No, in the instance you quote, it'd be your son/daughter being vetted That could raise some tricky questions should the transfer be declined! (Don't mean in your specific case, but possibly in other circumstances.) | |
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EGM on 21:01 - Jun 13 with 2119 views | judd |
EGM on 20:47 - Jun 13 by pioneer | So when I am about to croak and decide to transfer my handful of shares to my son/daughter the EFL will have to confirm that in their eyes, I am not unacceptable. Presumably it will also apply to bequests. I am no lawyer, but I expect if challenged the EFL might be required to publish the criteria for being not unacceptable’. That will be interesting. I suspect mega rich saudis will be found to be not unacceptable Sound like a job for bureaucrats. |
It's about the acquisition of control | |
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EGM on 21:13 - Jun 13 with 2079 views | boromat |
EGM on 21:01 - Jun 13 by judd | It's about the acquisition of control |
I would have thought it's not just about overall control but also any new shareholder that is trying to purchase the magic percentage that the EFL deems worthy of a owners/directors test. The clauses are pretty good in that they will follow whatever the rules are at the time set out by the EFL. I like how they are sub clauses to a clause we already have highlighting that we already have some provision and these are in addition. | |
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EGM on 21:38 - Jun 13 with 2008 views | pioneer |
EGM on 20:54 - Jun 13 by D_Alien | Don't think it'll be the shareholder disposing of the shares that'd need to be vetted, since presumably the shares will have been purchased with the vetting done by the club at the point of sale/transfer No, in the instance you quote, it'd be your son/daughter being vetted That could raise some tricky questions should the transfer be declined! (Don't mean in your specific case, but possibly in other circumstances.) |
Yes of course its them not me. I applaud the intent….its the method that seems questionable…..maybe they asked Wenger. | | | |
EGM on 21:39 - Jun 13 with 2008 views | RAFCBLUE |
EGM on 20:47 - Jun 13 by pioneer | So when I am about to croak and decide to transfer my handful of shares to my son/daughter the EFL will have to confirm that in their eyes, I am not unacceptable. Presumably it will also apply to bequests. I am no lawyer, but I expect if challenged the EFL might be required to publish the criteria for being not unacceptable’. That will be interesting. I suspect mega rich saudis will be found to be not unacceptable Sound like a job for bureaucrats. |
I don't think it can be challenged; the EFL will have done their legal consultations before announcing this. Remember, it applies to every football club in the EFL. The key bit is: i) the EFL has not confirmed its consent to the acquisition of Control So unless you have a huge number of shares pioneer you and your heirs are safe! What it appears to stop is a planned but hidden hostile takeover scenario where someone buys a lot of shares to attempt to or to actually gain "Control" (in the view of the EFL) without passing the relevant "fit and proper" tests. I wonder where they got the idea that someone might try and do that! | |
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EGM on 22:01 - Jun 13 with 1948 views | Sandyman |
EGM on 21:39 - Jun 13 by RAFCBLUE | I don't think it can be challenged; the EFL will have done their legal consultations before announcing this. Remember, it applies to every football club in the EFL. The key bit is: i) the EFL has not confirmed its consent to the acquisition of Control So unless you have a huge number of shares pioneer you and your heirs are safe! What it appears to stop is a planned but hidden hostile takeover scenario where someone buys a lot of shares to attempt to or to actually gain "Control" (in the view of the EFL) without passing the relevant "fit and proper" tests. I wonder where they got the idea that someone might try and do that! |
Some silly people have tried it on and made a right mess of it, breaching plenty of EFL rules along the way and getting themselves into bother. Good that the EFL are ensuring this protection and good practice is in place at all clubs. | | | |
EGM on 23:08 - Jun 13 with 1791 views | pioneer |
EGM on 21:39 - Jun 13 by RAFCBLUE | I don't think it can be challenged; the EFL will have done their legal consultations before announcing this. Remember, it applies to every football club in the EFL. The key bit is: i) the EFL has not confirmed its consent to the acquisition of Control So unless you have a huge number of shares pioneer you and your heirs are safe! What it appears to stop is a planned but hidden hostile takeover scenario where someone buys a lot of shares to attempt to or to actually gain "Control" (in the view of the EFL) without passing the relevant "fit and proper" tests. I wonder where they got the idea that someone might try and do that! |
With my shareholding Id struggle to control my bladder, never mind the entire club. | | | |
EGM on 23:28 - Jun 13 with 1763 views | RAFCBLUE |
EGM on 23:08 - Jun 13 by pioneer | With my shareholding Id struggle to control my bladder, never mind the entire club. |
And still you'd be more competent than Roger.... | |
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EGM on 23:45 - Jun 13 with 1737 views | D_Alien |
EGM on 23:28 - Jun 13 by RAFCBLUE | And still you'd be more competent than Roger.... |
Especially if Roger's bladder was as incontinent as his tear ducts | |
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EGM on 23:56 - Jun 13 with 1720 views | RAFCBLUE |
EGM on 23:45 - Jun 13 by D_Alien | Especially if Roger's bladder was as incontinent as his tear ducts |
Or like Captain Sabotage: Sabotage walks into a bar in one morning, and goes up to the bar tender. "Do you guys have golden toilets?" he asks. "What? Golden toilets? What are you talking about?" "Look, last night I got pretty wasted but the one thing I can remember is peeing in a golden toilet." Bartender says "OK, first, no we don't have golden toilets. Secondly, HEY MORTY, I FOUND THE GUY THAT P***ED IN YOUR TUBA!" Amazing what goes on on these cruise ships. [Post edited 13 Jun 2022 23:56]
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