Sefton Group Agm - Shareholders Give A Wet Fish Slap To The Chairman G F Lacey

[copycat]

There was a good-turn out today, filling the garden room, for the Sefton AGM with the meeting being chaired by Mr Graham Ferguson Lacey.

 

1) unlike previuous yeard there wasn't a roving mike made availabe for questions from the floor - conspiracy therory the board were trying to minimise shgareholder questions and voices of dissent.

 

2) Voicing the deep concerns of many shareholders present Prof Hugh Davidson confirmed what many thought about the Chairmans speech and said it was opaque and that what really needed noting only £111,000 with a return on captal ws the huge increase in borrowings and that the operating profit overall was only 5.3% whereas the borrowing cost was 6.4% highlighting cash-flow and operating issues. That's why dividend not going up 'cos there's no cash to pay for it.

 

3) GFL informed the meeting that notwithstanding the value of the Sefton Hotel in the accounts Christies had recently valued it by an additional £2million. That the budget for the current year shows from operations a cash inflow of £1million and that taking into account the increase in the valuation the NAV per share is more like £1.09 whereas the current share privce is £0.91.

Also there is an offer received by the Company from its brokers Collins Stewart offering to provide funding of £5million in return fro the issue of convertible loan stock.

 

4) when it came to re-electing GFL as a director Sir Miles took the Chair asked for a vote in favour - some hands shown but then didn't ask for those voting against !! so motion carried.

 

5) we then came to the composite resolution - what a farce.

 

The Annual report had the wrong figure in for new shares - it was printed as 40million but in fact the increase in share capital only allows for 20million new shares - doh!

 

Hugh spoke about tehre being no limit on directors numbers and GFL said he couldn't foresee the number being into double digist so Hugh proposed and received a seconder for an upper limit fo 10 directors

 

Also the borrowing powers limit borrowings to £281/2 million and the co already has borrowings totalling some £20million so Hugh propsed a borrowing factor of 5 giving the directors some additional £271/2 million so total borrowings could be a max of £471/2 million withouit referral back to the saheholders.

 

GFL suggested a figure of times 7 to cap the borrowing.

 

Then that the Chief Executive isn't re-elected each year by rotation - GFL said he's not standing past 2008 and to get someone in they may have to look across and no-one would come for only a possible one year term - fair enough.

 

Then an interjection from the Co's Advocates and G FL said they had to adjourn the meeting - mass huddle of directors looking worried - legal advice on the hoof being taken - return to AGM - legal advice that as resolution was a composite shareholders had to vote on it as a whole and the amendements proposed and seconded from the floor and as agreed by the Chair couldn't be voted on.

 

So GFL said the board would give an undertaking to write into the minutes that the max directors be 10, the max borroing be by a factor of 7 and that if a new chief executive had to be sought from off isalnd on having a contract of 3 years or more then the matter would be for shareholders approval.

 

Meeting adjourned for canapees and crap suzettes

[Chinahand]

Pardon?

 

Flow of conciousness all very well, but you make James Joyce look lucid.

[When Skies Are Grey]

I thnik somneo went to the pub befrhdna!!

[Dr Gonzo]

conspiracy therory the board were trying to minimise shgareholder questions and voices of dissent.

 

confirmed what many thought about the Chairmans speech and said it was opaque

 

some hands shown but then didn't ask for those voting against !! so motion carried.

 

we then came to the composite resolution - what a farce.

 

mass huddle of directors looking worried - legal advice on the hoof being taken - return to AGM

 

I beg you - do not remove your tinfoil hat when you go to these meetings. There's a real and present danger that Mr Lacey will implant a brain slug in you that will turn you into part of this vast, overpowering conspiracy set up by the Powers What Be to take control first of directors, then of advocates, then of Annual General Meetings.

Have you ever noticed that AGM and MAD (Mutually Assured Destruction) share many common letters and, in fact, both are in English. Can it be a coincidence that Graham Ferguson Lacey is an anagram of "A CARNAL SEER OF GYM HUG"? I think not. All of the evidence is stacking up, despite all efforts by the Dark Ones. Knowing the Sefton Group as we do, it's apparent they, and only they, hold any sort of power here in the Isle of Man and its iron grasp on Manx politics needs to be prised open, finger by corpse-like finger.

Let me salute your brave undercover efforts to share the secret knowledge of the Manx branch of the Phoebus Cartel as it attempts to pass brazen composite resolutions before your unbelieving eyes. It makes me feel safer at night to know that you're Sticking It To The Man. Frankly, the thought of Him getting away with it and making all those tiny young baby mice suffer fills my eyes with tiny sick tears.

[grant]

Its threads like this that keep me alive

[oldtogold]

OH WOW another excellent post by copycat (sneers sarcasticly and then makes a funny w**nker sign)

[ans]

OH WOW another excellent post by copycat (sneers sarcasticly and then makes a funny w**nker sign)

 

For someone with 12 out of their 15 total posts to date solely shouting random abuse at copycat, you might want to reign in that sarcasm there chief. I'd recommend you start contributing a little more.

 

http://www.manxforums.com/forums/index.php...sult_type=posts

[The Last Bulgam Miner]

OH WOW another excellent post by copycat (sneers sarcasticly and then makes a funny w**nker sign)

 

For someone with 12 out of their 15 total posts to date solely shouting random abuse at copycat, you might want to reign in that sarcasm there chief. I'd recommend you start contributing a little more.

 

http://www.manxforums.com/forums/index.php...sult_type=posts

 

mmm ......random abuse might be a bit too eloquent a description. Sarcasm is there certainly, not sure about anything else... Must be a sun reader.

[Lonan3]

Is it possible to abuse copycat? Surely any reasonable response to one of his/her posts could be categorised as such?

[Pat Ayres]

vote for openness, ask him where he keeps the wine.

[The Last Bulgam Miner]

After my last post I have had to promise several very annoyed Sun readers that I will apologise to them on this forum for the insulting, degrading and thoughtless remarks I made by comparing them to Copycat. To all Sun readers, I am very sorry.

[Gladys]

Just a procedural issue, but usually you can't put a resolution to an AGM for consideration and voting without giving notice of it first. Thus the resolution putting a limit on the number of directors may be invalid. Depends on what notice was given of the matter, but proposing and seconding unnotified resolutions put at the AGM has no effect. The rationale being that notice is given of resolutions which are either voted for or against, not amended at the meeting, nor new resolutions proposed. This is so that all those entitled to vote can consider whether there is any matter for which they would wish to be present at the discussion.

 

Can't see how writing it into the minutes gets round that one, but then I'm not a lawyer!

[oldtogold]

I dont read the sun (not that i think there is anything wrong with it) i just find people like copycat whos hobby is to moan and gripe about every possable subject really REALLY ANNOYING!!!.

 

I f its a subject that directly affects you then fine but for god sake STOP MOANING ABOUT EVERYTHING i am sure your life cant really be that sad .

[ans]

Where as your sole hobby seems to be moaning about copycat. Give it a rest eh?

[Mission]

oldtogold - there is a useful forum feature that can be accessed via your control panel - it's called the ignore user function.

 

If someone winds you up so, ignore them do.