Rochdale AFC will be holding an EGM on Tuesday 1st June following a call by the Dale Trust alongside fellow shareholders.
The Trust has 12,625 shares in the Football Club and will vote on behalf of its members on the evening in the way its members have directed it to.
There are two EGM’s taking place on the evening – one called by the Trust and shareholders in the Football Club, and another called by the Football Club itself.
The Trust’s EGM refers to:
• The allegations of “serious internal issues” made about the running of the club from two of the Club’s leading
Shareholders, and a subsequent lack of dealing with them, which has led to their decision to step back from any
involvement in the Football Club
• The circumstances behind the awarding of a new contract to the First Team Manager and the subsequent
withholding of this information
• The future of the Football Club following Interim Chairman Andrew Kelly’s expected departure from the Club
Following this, shareholders will be asked to vote on the removal of David Bottomley and Graham Rawlinson as Directors of the Football Club.
The Club’s EGM relates to the issuing of new shares in the Football Club as part of their wishes to attract an investor to the Club.
The first resolution asks for shareholders to remove the limits on the number of shares that can be issued in the Football Club. Currently there is a cap on the share capital, and voting in favour of this will get rid of any restrictions.
The second resolution will kick in if the first resolution is successful. If this is passed, this allows the Board of Directors to issue close to 700,000 new shares in the Football Club at £6 a share at any stage in the next five years without the need for shareholder approval. This would allow someone to own 58% of the Football Club.
The third resolution is in case the first resolution to remove the limit of share capital is not passed. This will allow the Board of Directors to issue close to 400,000 new shares in the Football Club at £6 a share without the need for shareholder approval. This would allow someone to own 44% of the Football Club.
We believe the fourth resolution enables the Board to issue shares as authorised by the second or third resolution without them being subject to pre-emption rights, i.e. to enable the Board to issue the shares without first having to offer them pro rata to existing shareholders.
Voting in favour of these resolutions will pave the way for someone to come in and take a controlling interest in the Football Club at any stage within the next five years without the need for shareholders to approve the deal.
The resolutions are listed below.
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- All votes need to be in by Saturday 29th May at 3pm
- Voting is open to all Adult and Exile Trust members
- We are only asking for your name and email to allow us to verify your Trust membership.
- No individual’s votes will be checked
- Anonymous votes will not be included