Notice of EGM

planteria
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Re: Notice of EGM

Post by planteria » Fri May 15, 2020 10:54 am

or does richard mean an alternative Director?

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Re: Notice of EGM

Post by pabenny » Fri May 15, 2020 10:56 am

richard@imutual wrote:
Fri May 15, 2020 10:26 am
Without producing up-to-date accounts ...
I'm sure you comply with the requirements of the Companies Act 2006 to keep adequate accounting records, defined as "records that are sufficient...to disclose with reasonable accuracy, at any time, the financial position of the company at that time" (s386(2), emphasis added). - and therefore have a reasonable idea.
richard@imutual wrote:
Fri May 15, 2020 10:26 am
I suspect you would get a small fraction of [the amount estimated by Mr Bruce]
Mr Bruce does caution that his estimate ignores fees. The comment suggests that IM has been making losses since in the current financial year.

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Re: Notice of EGM

Post by richard@imutual » Fri May 15, 2020 10:57 am

pabenny wrote:
Fri May 15, 2020 10:50 am
But entirely pointless given the 99.8% of shares controlled by the director. Unless you're telling us that you would be willing to support election of additional directors?
Those shares are there purely for transfer to members as and when they earn them. I don't use them in votes, and would waive any entitlement to dividends, share of winding up etc

Whether I'd support additional or alternative directors would depend entirely on what they could contribute. The success of imutual is the primary concern
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Re: Notice of EGM

Post by planteria » Fri May 15, 2020 10:59 am

Bruce wrote:
Fri May 15, 2020 9:27 am
Edited to add: worked this out myself. 2019 accounts show net assets of £65,256. There are 11,053,953 member shares issued, therefore £0.005903408491062 per share, assuming no costs involved in winding up the company. My holding would be worth around £167.
interesting concept :think:. Carpetbagger.com Chief 'persuaded' to wind up own mutual by carpetbaggers.

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Re: Notice of EGM

Post by planteria » Fri May 15, 2020 11:04 am

richard@imutual wrote:
Fri May 15, 2020 10:57 am
Whether I'd support additional or alternative directors would depend entirely on what they could contribute. The success of imutual is the primary concern
fair enough. if it came to it, a board made up of several intelligent people with a vested interest could make a collective contribution just by being that broader, interested group.

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Re: Notice of EGM

Post by pabenny » Fri May 15, 2020 11:12 am

richard@imutual wrote:
Fri May 15, 2020 10:57 am
Those shares are there purely for transfer to members as and when they earn them. I don't use them in votes, and would waive any entitlement to dividends, share of winding up etc
...
With respect (a) there is no formal restrictions on you voting those shares - if I stood and you didn't want me as director, you could still vote against (b) there is also the 10% holding reserved for "staff" which still outvotes all cashback-earning members.
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Re: Notice of EGM

Post by planteria » Fri May 15, 2020 11:13 am

...but richard is giving us clear commitment that he wouldn't take that approach.

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Re: Notice of EGM

Post by garindan » 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:
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Re: Notice of EGM

Post by parchedpeas » Fri May 15, 2020 3:44 pm

I'm not sure anybody suggested it was, though. We all know this is basically a one-person operation, which is why the business model of giving away 'ownership' of the site to us is probably no longer the correct one.

So why not be up-front about it?

People who have been told they 'own' the site are always going to want to have a say in how it is run. It is fair to say that there is little / no action in the short to medium term and that lots of the things that needed doing five years ago and that are still waiting to be done are probably not going to get done. Richard had time with the company to work on some of these things and prioritised the back-end stuff - maybe that was the right decision, I've no idea. I expect that it helped automate a lot of stuff that would have required manual (aka paid) intervention had it not been done. Again, that's fine and understandable and it makes sense if it saves money for the site.

I don't begrudge Richard a single penny of the income he takes from imutual - it's his baby - but it's disingenuous to pretend that this is a cooperative - a mutual meeting of 'owners' who all input into the future of the place - when it's pretty clear that the only way it can realistically work is for it to be put into 'automatic' mode and slowly run down. People rightly wanted more than that when they joined because that was what the vision was. To pretend that is still the vision when all opportunities to move the place forward fall by the way-side is not fair on people who do come with ideas and proposals.

Times are hard, the site is treading water, we need to save money - fine. We're freeing up £6k. Fine. It's for salaries. Again, fine. But at the moment we're still being encouraged to think there are 'future plans'. If £6k is coming free from this decision, why couldn't it have been put towards some of those plans? I think we know the answer.
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Re: Notice of EGM

Post by pabenny » Fri May 15, 2020 5:20 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
That's a bit of a straw man. We all know that it's just Richard running the site and that the small business owner is called on to do many things. As Mr/s parched peas has said, lots of the things that needed doing five years ago ... are still waiting to be done. Richard's skills are IT-related, so that's inevitably what he does first. But the wise person knows their limitations and finds ways to compensate - such as asking for help, buying in expertise. Yet here time and again constructive suggestions for business development, and concerns about decline have been ignored, brushed aside, or just kicked down the road until the 'new site' is ready.
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