Formal notice of EGM

Posted by Mark Leary on 31 August 2015

Dear Member                                                                                                                                                        August 2015

 

 

Explanation of reason for EGM to be held at 8 pm on Tuesday 22nd September

 

The attached documents are the formal notification of the EGM, and state the business under consideration and which is to be voted upon by those members present.   This note is simply to express, in simpler terms, what this is all about!

 

The Sports Club is a limited company and, as such, it owns all of the assets (and any debts) of the component sections.  To illustrate this point, where a section wishes to take out a loan, it requires the agreement of all of the other sections.  This is because, theoretically, the loan might become a debt which, in an extreme case, could be clawed back from other sections if the section taking out the loan ‘got into trouble’.  One of the great strengths of the Sports Club is that the component sections do pull together, and, working together, we are able to provide a much higher standard of service to you, the membership, than would otherwise be possible.  However, it is a fact that if a section were to get into financial trouble, then, ultimately, other sections’ assets could be jeopardised, as explained above.  I hasten to add that all sections are currently in excellent financial health, and so this note is written from a position of strength rather than weakness.

 

Notwithstanding the above, Athletic wishes to seek financial independence from the Sports Club, and so, with the unanimous support of the Board, it proposes to detach itself and form a separate limited company.  Hand-in-hand with this, a ‘service user’ agreement is being put in place (with effect from 1st October 2015) which will see Athletic members continue to use the Club as at present, and making a payment (equal to the current CFC) to ensure their continued presence at the Club.   From a day-to-day viewpoint, therefore, there will be no change in the relationship between Athletic members and the Sports Club.  However, Athletic members will cease to have voting rights at the Sports Club, since they will no longer be members of the Club.

 

The formal resolutions upon which we will vote will sanction the transfer of the Athletic section’s assets (money!) without penalty, and the consequential revisions to the Articles of Association of the Sports Club.

 

I realise that the above may sound rather dry, and perhaps not make for a good evening’s entertainment!   However, it is important that as many members as possible do attend and contribute to the discussion prior to the formal vote.

 

Refurbishment of the Club:

 

Once the above business is completed, I will invite a discussion about the refurbishment of the Club, and would like to hear members’ views on what you would like to see, and how this might be funded.  This topic has been discussed over a long period of time within the Board, and, I am sure, informally by members.  The EGM will provide an excellent opportunity for those present to give their views.

 

I look forward to welcoming you at 8 pm on Tuesday 22nd September.

 

 

George Fisher (Chairman)Formal notification Sports club M&A

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