Notice of EGM

Oggy
Posts: 818
Joined: Thu Jul 01 2010 7:28pm
Has thanked: 372 times
Been thanked: 324 times
Contact:

Re: Notice of EGM

Post by Oggy » Fri May 08 2020 3:59pm

Ditto.

Boro Boy
Posts: 5048
Joined: Mon Sep 15 2014 6:05pm
Location: London
Has thanked: 982 times
Been thanked: 2013 times

Re: Notice of EGM

Post by Boro Boy » Fri May 08 2020 11:58pm

Richard,

A few questions:

1. What in your opinion is now wrong with your original business plan that you now think it needs to be changed?

2. Apart from the accountancy bill, please explain what advantages are gained if you change the company structure and alternatively, again apart from the accountancy bill what would happen if you do not change the structure?

3. In the proposed articles for the proposed restructure: Item 22. Powers to issue different classes of share - why is it deemed necessary to have more than one class of share?

4. Am I correct in assuming that a members current share holding will be transferred across to the new proposed entity as the same balance?

cccashbacklover
Posts: 2078
Joined: Mon Jul 05 2010 9:55pm
Has thanked: 1195 times
Been thanked: 1266 times
Contact:

Re: Notice of EGM

Post by cccashbacklover » Sat May 09 2020 8:17am

Why was Imutual not set up as a private limited company from Day 1 ( 2010) thus saving figure that has been mentioned £6000 x 9 years ( Bearing in mind vast majority of income made not including Money Vista and Amazon purchases in earlier years has been direct result of paying 50% or less on free cashback offers most particularly travel searches that we have done)
Thanked by: pabenny, blythburgh, pakefield

parchedpeas
Posts: 410
Joined: Tue Jun 29 2010 1:34pm
Has thanked: 200 times
Been thanked: 460 times
Contact:

Re: Notice of EGM

Post by parchedpeas » Sat May 09 2020 5:01pm

So the extent of this proposal is: It's cheaper.

And then we carry on as we are?

I'm minded to vote against it just so to hear a proper case made for it. At the minute it feels like we're being asked to rubber-stamp our way into continued irrelevance.

pabenny
Posts: 2732
Joined: Tue Jun 29 2010 5:21pm
Has thanked: 710 times
Been thanked: 2177 times
Contact:

Re: Notice of EGM

Post by pabenny » Sat May 09 2020 5:40pm

I'm inclined to agree.

We have a resounding silence from the director to any questions about business development, about how the savings will be put to work, etc.

Antony1606
Posts: 78
Joined: Thu Jul 01 2010 6:36pm
Location: Crawley, West Sussex
Has thanked: 20 times
Been thanked: 36 times
Contact:

Re: Notice of EGM

Post by Antony1606 » Sat May 09 2020 9:33pm

Vote cast in favour
Thanked by: richard@imutual

richard@imutual
Posts: 6163
Joined: Wed Jun 23 2010 10:19am
Sharing: 2stars.png
Has thanked: 1880 times
Been thanked: 4097 times
Contact:

Re: Notice of EGM

Post by richard@imutual » Sun May 10 2020 5:21pm

What in your opinion is now wrong with your original business plan that you now think it needs to be changed?
We have not attracted the level of active members necessary to justify PLC status. We have, and can continue to have, protracted discussions on why this is the case, but whatever our future strategy I can't see the benefit of delaying the conversion to a private company. It doesn't preclude any future options (including becoming a cooperative or even resuming PLC status) but if we don't complete the change by the end of June that will be £6k+ less to spend on something.
Apart from the accountancy bill, please explain what advantages are gained if you change the company structure and alternatively, again apart from the accountancy bill what would happen if you do not change the structure?
Saving £6k+ a year is the main benefit. A PLC structure, and the obligations that come with it, is no longer appropriate and would be an unnecessary burden going forward.
Why was Imutual not set up as a private limited company from Day 1
On the basis of advice received, industry precedent and being consistent with the original ambitions of the concept, it seemed necessary at the time.
In the proposed articles for the proposed restructure: Item 22. Powers to issue different classes of share - why is it deemed necessary to have more than one class of share?
The proposed articles are actually taken from the standard set on the Companies House website. The only material changes to it are sections 21 and 48, to reflect how imutual operates. There is no intention to introduce any additional classes of share.
Am I correct in assuming that a members current share holding will be transferred across to the new proposed entity as the same balance?
Yes

Boro Boy
Posts: 5048
Joined: Mon Sep 15 2014 6:05pm
Location: London
Has thanked: 982 times
Been thanked: 2013 times

Notice of EGM - addition proposal to existing proposal

Post by Boro Boy » Sun May 10 2020 6:03pm

The EGM seems to be an abject admission of defeat to the market place, a market place that is sat at home under lockdown clicking away on their internet connections but unaware of iMutuals existence because its organic growth process is an insufficient approach to marketing.

The EGM therefore is premature without an outline for future growth along with a clear marketing strategy and budget.

I propose that the addition of this commitment be added to the existing proposal - the requirement of a marketing budget and a clear agreed plan for growth as well as a marketing strategy - all to be outlined before closure of the voting period.
Thanked by: pabenny, blythburgh

pabenny
Posts: 2732
Joined: Tue Jun 29 2010 5:21pm
Has thanked: 710 times
Been thanked: 2177 times
Contact:

Re: Notice of EGM

Post by pabenny » Sun May 10 2020 7:20pm

I support the thrust of what you are saying, but procedurally it's not possible to change the EGM motion or add a new one without calling a new meeting.
Thanked by: Boro Boy, pakefield, blythburgh

Boro Boy
Posts: 5048
Joined: Mon Sep 15 2014 6:05pm
Location: London
Has thanked: 982 times
Been thanked: 2013 times

Re: Notice of EGM

Post by Boro Boy » Sun May 10 2020 7:53pm

pabenny wrote:
Sun May 10 2020 7:20pm
I support the thrust of what you are saying, but procedurally it's not possible to change the EGM motion or add a new one without calling a new meeting.
If not an addition to the existing EGM, I would like to see a written statement and above all a commitment from management to an outline for future growth with a timetable, along with a clear marketing strategy and budget before I vote for the proposal put forward embodied in the EGM

The "fingers crossed" organic growth policy so far adopted by iMutual would be nice if it had worked but that policy can clearly not be relied upon and must be seen as a possible supplement to some future core policy. Going forward we should have a more formal planned and well financed (if necessary) policy, as opposed to the sole path ahead being so unorganised and less controllable. My own thoughts, and I have said before (so don't want to bore those who get bored too easily) that we have a great story to tell to the market place and I believe that should be embodied around the coming 10 Millionth Transaction...!
Thanked by: blythburgh

Locked

Who is online

Users browsing this forum: No registered users and 6 guests