Share club valuation @ 5 Aug 2018

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Re: Share club valuation @ 5 Aug 2018

Post by garindan » Mon Aug 06 2018 2:04pm

parchedpeas wrote:What is the rationale behind NOT doing this? The 'cashback only' aspect?
Yes, that was the original concept of the club, hence why that rules is still in place now. We have the cash to pay kevin, so no shares need to be sold on this occasion.
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Re: Share club valuation @ 5 Aug 2018

Post by BeautifulSunshine » Mon Aug 06 2018 8:04pm

I propose a vote to change the CIC constitution to allow the units of a leaving member to be bought by an existing member.

In order for a vote to take place three needs to be three in total members wishing to vote on the subject matter.
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Re: Share club valuation @ 5 Aug 2018

Post by Beachboy » Mon Aug 06 2018 8:28pm

Just on a technical point (and no reflection on whether I agree/disagree with your proposal) it would be usual practice to have to table any change to the constitution at the AGM or call an EGM. The existing constitution will (or at least hopefully should) contain the details of how many members are required to support the motion to call an EGM and how many then are needed to support the proposed amendment for it to be passed, should you want to go down that route.
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Re: Share club valuation @ 5 Aug 2018

Post by richard@imutual » Mon Aug 06 2018 9:38pm

Thunderfog wrote:I propose a vote to change the CIC constitution to allow the units of a leaving member to be bought by an existing member.

In order for a vote to take place three needs to be three in total members wishing to vote on the subject matter.
What you should actually propose is that members are allowed to pay in their own funds and not just imutual cashback. Why make it dependent on the rare occasion when a member leaves?

It would be a change to the rules. not the constitution

It would require 75% of members to vote in favour

And it really would be best to start a new post in the CIC forum

I'm sure our secretary will be along soon to confirm the above. Oh, hang on ....
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Re: Share club valuation @ 5 Aug 2018

Post by kevinchess1 » Mon Aug 06 2018 11:29pm

Was going to post something like this myself
Will need a lot of debate before you take such a step
You are changing the V core principle of the CIC
Would need 12 votes? in favour
Doubt I would vote for it ,, oh wait
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Re: Share club valuation @ 5 Aug 2018

Post by parchedpeas » Tue Aug 07 2018 1:29am

richard@imutual wrote:
Thunderfog wrote:I propose a vote to change the CIC constitution to allow the units of a leaving member to be bought by an existing member.

In order for a vote to take place three needs to be three in total members wishing to vote on the subject matter.
Why make it dependent on the rare occasion when a member leaves?
But why not?

I'm sensing some hostility to the idea and I'm not here often enough to want to upset the apple-cart, particularly when the people who seem to be against this principle are the ones who do most of the work to keep us going, but I don't think there's any need to extend the argument as far as 'external funds introduced is acceptable'. This is actually a case of us retaining the cashback cash in the fund by selling 'B' shares on an external market. It's not the same as adding personal funds to the group.

I understand why Richard wants to encourage cashback to be the driver of income. I also see the realities of both this site, and this CIC group at the present time. Should we not be incentivising interest in both?
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Re: Share club valuation @ 5 Aug 2018

Post by parchedpeas » Tue Aug 07 2018 1:29am

Or is the problem here Underdog?
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Re: Share club valuation @ 5 Aug 2018

Post by BeautifulSunshine » Tue Aug 07 2018 8:22am

richard@imutual wrote:
Thunderfog wrote:I propose a vote to change the CIC constitution to allow the units of a leaving member to be bought by an existing member.

In order for a vote to take place three needs to be three in total members wishing to vote on the subject matter.
What you should actually propose is that members are allowed to pay in their own funds and not just imutual cashback. Why make it dependent on the rare occasion when a member leaves?

It would be a change to the rules. not the constitution

It would require 75% of members to vote in favour

And it really would be best to start a new post in the CIC forum

I'm sure our secretary will be along soon to confirm the above. Oh, hang on ....
The original funds invested were via imutual cashback. This is simply handing the same leaving member units to a current member - in effect no additional external funds have been sourced.
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Re: Share club valuation @ 5 Aug 2018

Post by BeautifulSunshine » Tue Aug 07 2018 8:25am

parchedpeas wrote:Or is the problem here Underdog?
Possibly - although I see no logical reason why.

I would have been happy to buy-out ALL of the previous members who decided to leave. It's my hard earned money and whatever the significant size of my holding I still have only ONE vote.
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Re: Share club valuation @ 5 Aug 2018

Post by BeautifulSunshine » Tue Aug 07 2018 8:28am

parchedpeas wrote:I don't see the problem with buying people out. It keeps the funds in the club, instead of reducing our holdings (and therefore disproportionately increase the charges per transaction). Did it even make it as far as a vote last time? I'd second anyone that proposed it, on the basis that multiple persons could contribute to the buy-out, no-one was excluded who wanted to purchase from a "leaver" (eg. Person A wants £200 of the chunk, person B £50, person C £10, the rest from club funds if needed etc.)

What is the rationale behind NOT doing this? The 'cashback only' aspect?
I'm happy for the units to be split between any members who wish to take a slice of the pie.
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