The outcome was a pretty good one we feel. There is now a board, one that clearly seems willing to listen to legitimate concerns whilst not pandering to the more absurd ones. It was a very clever move, we feel, for Frankham to agree to suspend share sales until an EGM. It was probably, on reflection and given the recent attempt at a board coup, that the expansion of the board to seven was defeated. This is a view taken with hindsight of course. At least now there will not be endless diversions about individuals who would or would not have been invited onto the board for voting at the next AGM. What the defeat of certain resolutions also proved was that the now established "fact" of "2500" questionable shares is a nonsense. We cannot even be bothered to discuss some of the wilder conspiracy theories being bandied about. We also note that our blog of yesterday was entirely borne out by the almost pathological inability of those at the meeting to even countenance the existence of other shareholders who did not attend. It gives us no pleasure to be proven right on this matter.
The EGM will no doubt be as equally intimidating for the board with the Sayno activists who shout and bawl and emote, dominating the floor, meaning that circular conversations continue for too long. This is something that has to be dealt with if a proper discussion is to ever take place at meetings. Even Smith, whose election to the board we oppose became exasperated with the repetition of basic company law.
The issues to be discussed at EGM will be controlled, as they should be, by the board. One can imagine a hundred and one resolutions being put forward. But certain issues will be discussed there and we would welcome them; like expanding membership to season ticket holders, enabling people to pay in instalments for their shares, limiting certain voting rights for new shareholders, vetting all applications for shares etc. CPO still retains a responsibility to sell shares and it has an even more important role in doing so now as we feel it is vital to bring in the entire constituency of Chelsea fans, old and new, so that they can have their say. We suspect many sayno supporters would prefer it to now remain a closed shop, figuring that they can always attain the 25% of No votes, aided by spurious articles in the Sun, from alarmed and anxious fans. In fact, we know they would. This must not be allowed to happen and orderly, expanded sales must resume as soon as possible. On the subject of Dan King of the Sun, who attended the meeting and challenged the board for a statement, we would be very interested to know how he came about his share....we suspect a transfer from a certain well known Sayno activist. This sort of divisive anti-club behaviour simply has to cease.
Overall, we think the board, under Frankham, is a decent one. Amid all the wailing and gnashing of teeth, it would be sensible for people to actually see what is before their eyes and realise that Frankham clearly intends to ensure probity. But he is also apparently determined that the agenda is not entirely dominated by a very small minority and this can only be a good thing.
Our advice to sayno is to stop trying to bully and coerce people into your way of thinking. You would have far greater influence on the process of the ultimate destination of Chelsea FC if you didn't think you were the only "real" fans involved in this. Yesterday did not show you in a good light. We also suggest that more of you should a)read the companies act b) read the articles of association of CPO c) LISTEN because when you are flapping and whining and screeching you are in danger of drowning out the very things that you want to hear.