imutual.co.uk

Dear Members and Fellow Investors

Following hot on the heels of kevinchess1 deciding to leave the imutual CIC and the useful comment by blythburgh:

blythburgh wrote:IF I was a member I would start a new thread stating this has been proposed please discuss and we will vote on it in week. But at is it holiday time maybe a fortnight or even a month would be a better timescsale. And if I were secretary I would send a PM to every CIC member to ensure they knew what was happening.

But not a member so not giving my views or starting any threads

viewtopic.php?f=2&t=84433

There has been some discussion for the idea to change the rules to allow a leaving members' units to be bought by an existing member. Such a change to a core principal needs an open, lively and frank debate.

Please give your opinions and we can vote on it in one weeks time (we only have 16 members).

EDIT: 21st August 2018
I have now added the following option to the poll:
1. No Change - Member leaves and takes their cashback with them
2. Change - Member can buy out leaving member with their own money (still bound by ALL other rules)
3. Change - Member can invest whatever they want, whenever they want (still bound by ALL other rules)

I propose we put our money - hard earned - hard Pound Sterling [GBP] - hard cash - to good use as soon as possible.

As always comments, feedback and constructive criticism are most welcome (from non-members also). Please take part in productive discussion and have your say and cast your vote.

Note:

Please vote as soon as you can.
The poll will last seven days (unless a consensus is reached before).
You can change your vote.
There is NOT an option for none of the above.

Happy investing

Kind Regards

Thunderfog
Imutual Cashback Investment Club Secretary

You seem to be completely ignoring what Richard has to say and you are also ignoring the fact that it requires a change to the rules and not the constitution.

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 ....

I am not in favour of any such change at this time.

Such a major change may be worth debating but perhaps this could (should ?) be raised at the AGM rather being rushed through in a quiet August.

MY OPINIOn
This idea is a fundamental change to THE core idea of the CIC
and a decision should be well discussed before voting on
Just my thoughts
I don't have a vote

I think we need to hear everyone's views on this before any thought of a vote. We also need Rich's view on it, as we set the investment club up for a specific reason.

To me there are three possible options:

- leave things as they are, as members leaving take their cashback with them
- alter principle, so members can buy out leaving member with their own money
- alter principle, so members can invest whatever they want, whenever they want but are still bound by the other rules about withdrawal etc...

My personal view is adding more money into the Club is a side issue to the whole concept of investing and by having more funds in it does not mean we'll fare better. The original answer to people wanting to invest more is to think about setting another club up with different rules etc....

On balance, I'd prefer to keep things as they are.

Not in favour of this change either.

Not sure. I don't think it is in line with the idea of this club.

The original idea of the club was that it would encourage people to join and use imutual. As we haven't had a new member for years, then we should be open-minded about any options that might increase the activity of the club (so long as the extra effort required by me and others to operate them is worthwhile)

If we were to allow direct contributions, these could be placed in a separate fund (effectively a separate club).

But to be honest, I think our immediate priority should be to improve the performance of our portfolio and generate a profit from our existing funds - which is the best way to attract new members

I don't think we need to link "leaving members" with the option of making extra contributions, so I'm against this option as proposed

I would say no poll untill every member has had a chance to speak and think about the others views. Other than that I refuse to muddy the waters with my views as I am not a member

The main reason left the CIC because I was unhappy with its performance and could see the way it was going regarding this. I suspect, but I do not speak for him, that Kevin left for the same reasons. I would be happy to rejoin if I felt that it was improving. But to be honest I do not see this happening at the moment. The change as proposed would not have my support if I had a vote. I feel it goes strongly against the ethos of the CIC. If the proposer has so much money and wants to invest it then let him do so for himself outside of the club. I see no obvious benefit over using the CIC as a vehicle rather than self investment outside the club.

As Richard has stated in his post above. "immediate priority should be to improve the performance of our portfolio and generate a profit from our existing funds - which is the best way to attract new members" and attract back those who have left.