Thursday 26 January 2012

Earth calling Sayno.....

Just when we thought that a new era of sense and logic had been ushered in by the recent AGM, we are depressed to read the latest 'statement' from SayNoCPO. A thorough response is required...although hardly deserving.

Following Fridays AGM, SAYNO are pleased with the overall result in that the overwhelming number of shareholders present applied sufficient pressure to ensure share sales remain suspended whilst a thorough investigation of those sold during October last year takes place. As a result of our previously-voiced suspicions, and subsequent investigation by the national press, this issue proved far too serious for shareholders to allow it to remain unchecked.
The 'investigation by the national press was nothing of the sort as we all know. Obsessive, wrong and hypocritical in the extreme.

We are therefore grateful the chairman, Steve Frankham, has finally instructed lawyer and fellow director Gray Smith to deal with this crucial issue once and for all. It is our understanding, those purchasers of more than 10 shares will be asked to verify their identity 
It has been made very clear that these shares were purchased legally and that there is very little that can be done about these shares that is legally permitted. We are dismayed that this has become the sole issue for SayNo. Mr Gray may well have made such comments in order to placate his constituency (one he is probably regretting acquiring) but his hands are largely tied.

..and may represent up to 60% of the vote in recent meetings. 
Absolute nonsense

 We are also disappointed that Resolution 11 to enlarge the board from 5 to 7 directors in order to broaden its representation was voted down, given that the chairman and all directors had supported this.
Presumably the '60%' didn't turn out for this one then? 
Having witnessed the strength of feeling yet again of our club’s great supporters, we truly hope and believe CPO can evolve further into something unique in English football, and empower this club’s supporters as ultimate guardians of CFC for their lifetime and beyond, instead of being left to any individual vested interests, with all the potential jeopardy that entails.
CPO is not, has never been and never should be a fans lobby group. This merely confirms that SayNo have completely misunderstood the entire idea of CPO and are applying perverse logic to try and characterise the club  in the mould of those it was designed to thwart.

Ensuring the potential redevelopment of Stamford Bridge is thoroughly investigated before looking at possible alternative sights within 1 or 2 miles.
Is there anything that could be reasonably said about this ?
Revisit widening the representation of our board so all opinion is reflected and no faction can dominate.
Except the SayNo faction, as attempted prior to the AGM?

Ensuring all the past and future declared resolutions of shareholders are adhered to, including ‘oversights’ by the previous board.
Living in the past still
Establishing under what circumstances if/when new shares should be sold, and with what protections against fraudulent and/or predatory influences potentially threatening CPO’s existence again.
Agree. We have made proposals that will curb excesses by both sides....

Looking at alternative ways to fund repayment of the £8.5m still owed for the purchase of the freehold, i.e. charging £48k per annum rent for our pitch, investing £4k in a high interest account for 180 years etc
Earth calling SayNo, earth calling SayNo....

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