Notice of EGM

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Re: Notice of EGM

Post by cccashbacklover » Fri May 15, 2020 6:40 pm

garindan wrote:
Fri May 15, 2020 3:25 pm
Sometimes it does make me wonder whether some of you really appreciate it is basically just Richard and a few part-time heads that run this site. There isn't an army of employees sitting on their arses doing nothing, wasting their working hours and pissing the company financial resources up the wall :thumbdown:

Richard announced he was back working fulltime on 1 October 2018 is it not a reasonable expectation that revamped website would be up and running at the very latest to coincide with Imutual 10th Anniversary June 2020 :?:
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Re: Notice of EGM

Post by cccashbacklover » Sat May 16, 2020 5:48 am

parchedpeas wrote:
Thu May 14, 2020 3:36 pm


There is simply no more scope to "grow" this site organically - we've exhausted all our referrals and a lot of the good will around new ideas has dried up too.
by richard@imutual » Thu Aug 29, 2019 11:38 am viewtopic.php?f=10&t=87460&start=20#p241113

"Finally, I am also going to start putting the feelers out to potential "partners"; organisations that might want to help take imutual forward if it becomes clear that we can't generate enough organic growth by ourselves. I remain convinced that the concept has huge potential in the right hands, and am open to the idea that those hands might not be mine or mine alone"
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Re: Notice of EGM

Post by Bruce » Sat May 16, 2020 11:35 am

garindan wrote:
Fri May 15, 2020 3:25 pm
Sometimes it does make me wonder whether some of you really appreciate it is basically just Richard and a few part-time heads that run this site. There isn't an army of employees sitting on their arses doing nothing, wasting their working hours and pissing the company financial resources up the wall :thumbdown:
My suggestion of winding up the company wasn't any criticism of Richard. It is clear he works very hard to keep the site running. My main issue is that I don't think the business model worked, and that's clearly demonstrated by Richard having to take on other work since we can't generate enough here to keep him in employment. Rather than throwing more money at an empty cause, I feel it'd be better to cash in whatever assets we have.
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Re: Notice of EGM

Post by richard@imutual » Sat May 16, 2020 12:25 pm

It's an option that could be discussed, certainly. Members own 90% of the company and are fully entitled to wind it up if they want to. We should get the conversion to a private company out of the way first though, otherwise that's £6k+ less in assets for starters

After the year end (30 June) I can draw up indicative accounts fairly quickly and we can have a more informed discussion
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Re: Notice of EGM

Post by Boro Boy » Sat May 16, 2020 12:25 pm

Bruce wrote:
Sat May 16, 2020 11:35 am
garindan wrote:
Fri May 15, 2020 3:25 pm
Sometimes it does make me wonder whether some of you really appreciate it is basically just Richard and a few part-time heads that run this site. There isn't an army of employees sitting on their arses doing nothing, wasting their working hours and pissing the company financial resources up the wall :thumbdown:
My suggestion of winding up the company wasn't any criticism of Richard. It is clear he works very hard to keep the site running. My main issue is that I don't think the business model worked, and that's clearly demonstrated by Richard having to take on other work since we can't generate enough here to keep him in employment. Rather than throwing more money at an empty cause, I feel it'd be better to cash in whatever assets we have.
...or at least explore the possibility of a sale of a major part of the shareholding to a venture capital company or similar, with an interest in the tech side of things...? Perhaps this may involve separation from "the group of companies" (so we get the reduction of accountants bills) and the possible paid employment of Richard for a few years...?
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Re: Notice of EGM

Post by blythburgh » Sun May 17, 2020 9:26 am

I do not want the site to close but hope it prospers sadly that is a mere hope at the moment
Keep smiling because the light at the end of someone's tunnel may be you, Ron Cheneler

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Re: Notice of EGM

Post by cccashbacklover » Sun May 17, 2020 10:50 am

blythburgh wrote:
Sun May 17, 2020 9:26 am
I do not want the site to close but hope it prospers sadly that is a mere hope at the moment
This site will not close for the forseeable future, however the only apparent "potential" this site has from a cashback perspective bearing in mind as someone previously pointed out this is a "cashback site website" is if and when daily clicks/travel searches and table bookings return there will be more transactions and the membership who do those no spend cashback offers will contribute more money to the site .....
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Re: Notice of EGM

Post by Boro Boy » Mon May 18, 2020 7:47 pm

When I asked why was iMutual established in it's original format the answer came back as:
richard@imutual wrote:
Sun May 10, 2020 5:21 pm

On the basis of advice received, industry precedent and being consistent with the original ambitions of the concept, it seemed necessary at the time.
Well I have sat and pondered and thought about which way to vote and whilst I have residual loyalties to Richard I still believe in the original concept that was sold to me about iMutual and therefore the structure. I find it hard to believe that Richard just did things because it was an "industry precedent" and if it was also on advice given then it should be investigated why that advice is wrong now.

Either way I don't see agreeing to structural changes (even if it reduces expenses) is anything more than agreeing to a drift into a drawn out decline which I see as giving up on the original concept; I would rather the website be sold than agree to that as it is basically putting iMutuals original potential and idea in the bin.

Therefore having thought deeply about just abstaining I have now decided to reject the option put forward completely. This may just end up being a protest vote but I would urge all those who think the same way as myself not to sit on the fence and also vote to reject the proposal put forward. There has been enough time for talking (and I'm disappointed in managements "blind eye" to some aspects of discussion and also the general lack of involvement) so time for a decision and I'm voting against the proposal.
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Re: Notice of EGM

Post by cccashbacklover » Mon May 18, 2020 10:10 pm

Boro Boy wrote:
Mon May 18, 2020 7:47 pm
I still believe in the original concept that was sold to me about iMutual and therefore the structure.
Original concept that was dreamed up by 1 person was dead in the water before you joined, PLC associated accounting costs that are the subject of this thread should have been made defunct when it became apparent the concept was merely a "pipe dream" "an unattainable or fanciful hope or scheme"

https://www.journalism.co.uk/press-rele ... 6/a539428/

"imutual expects to gain over one million shareholder members in its first three years, courtesy of its unique free share offer" ( Definition of expects "regard (something) as likely to happen"

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Re: Notice of EGM

Post by Boro Boy » Mon May 18, 2020 10:31 pm

cccashbacklover wrote:
Mon May 18, 2020 10:10 pm
Boro Boy wrote:
Mon May 18, 2020 7:47 pm
I still believe in the original concept that was sold to me about iMutual and therefore the structure.
Original concept that was dreamed up by 1 person was dead in the water before you joined, PLC associated accounting costs that are the subject of this thread should have been made defunct when it became apparent the concept was merely a "pipe dream" "an unattainable or fanciful hope or scheme"

https://www.journalism.co.uk/press-rele ... 6/a539428/

"imutual expects to gain over one million shareholder members in its first three years, courtesy of its unique free share offer" ( Definition of expects "regard (something) as likely to happen"
I think the word you are looking for is "potential"... The problem is if you don't tell enough people about this potential you will be expecting them to stumble into it and thus potential will remain a concept that will never (or unlikely to) be achieved... = iMutual when marketing doesn't exist.

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