AGM / accounts news

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AGM / accounts news

Post by richard@imutual » Thu Nov 03, 2011 3:32 pm

As imutual is a public limited company, it is required to produce audited annual accounts for its shareholders i.e. you lot! And also to hold an Annual General Meeting within 6 months of its financial year end

Over the past month or so, we've been busy working with the auditors to produce these accounts (to year ending 30 June) and next week we hope to be able to publish these and also give details of our inaugural AGM.

As previously stated, we'll be broadcasting the AGM proceedings as a live webcast, and members will be encouraged to attend 'virtually' and vote / ask questions online.

Just to set expectations, these accounts will show a loss - which is quite normal for a company in its first year in operation. But I'm hopeful that the AGM will prove to be a very positive affair, marking a significant first step in the development of our unique member-owned PLC :) As well as discussing the accounts, it will be a chance to put questions directly to me about future plans for your company

UPDATE: If you want to watch the live AGM webcast and ask questions, see here
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Re: AGM / accounts news

Post by magnificent7 » Thu Nov 03, 2011 3:39 pm

richard@imutual wrote:these accounts will show a loss
now you've got me sweating

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Re: AGM / accounts news

Post by Eurovisionfan » Thu Nov 03, 2011 4:47 pm

So our shares aren't actually worth anything - yet! Having said that, shares in Microsoft and Apple probably weren't worth that much at first!!!

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Re: AGM / accounts news

Post by kevinchess1 » Thu Nov 03, 2011 11:51 pm

magnificent7 wrote:
richard@imutual wrote:these accounts will show a loss
now you've got me sweating
Why :?:
Not like you bee liable foe any losses
Politically incorrect since 69

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Re: AGM / accounts news

Post by planteria » Fri Nov 04, 2011 8:51 am

where will the AGM be held?

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Re: AGM / accounts news

Post by richard@imutual » Fri Nov 04, 2011 9:17 am

Eurovisionfan wrote:Having said that, shares in Microsoft and Apple probably weren't worth that much at first!!!
Indeed. A couple of stats for you...

When Amazon floated in 1997, it was making a $27.6m loss on just $147.8m of sales and the $438m price tag looked ridiculous to many observers. Today the company is making pre-tax profits of £1.4bn on £24.5bn of sales and is worth £84bn.

The example of Google is even more extreme. In 2004, they raised $1.67bn from their flotation, putting a price tag of $23.1bn on the internet search company. Seven years later the company is one of the largest companies in the US, worth £156bn.

In the long run, of course, companies need to make profits to sustain valuations. Or at least they need to have a business which is capable of making profits in the right hands. But investors accept that patience is a virtue when it comes to internet companies which have something truly unique, and have to accept several years of losses while the business gets established.

"But imutual is no Amazon or Google", I hear you cry. Maybe not, but it is an exciting and unique concept in a high-growth sector with massive potential. The principle still applies
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Re: AGM / accounts news

Post by richard@imutual » Fri Nov 04, 2011 9:21 am

planteria wrote:where will the AGM be held?
Ideally, a small studio in Warwickshire belonging to the company that will operate the webcast. I'm encouraging shareholders to attend 'virtually' i.e. watch online rather than insist on attending in person. Otherwise, we have to hire larger premises and pay more for the event :(
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Re: AGM / accounts news

Post by blythburgh » Fri Nov 04, 2011 11:23 am

As a shareholder I forbid you to hire bigger premises just so some people can network in person and get a free drink


of tea or coffee :lol: .
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Re: AGM / accounts news

Post by Mel » Fri Nov 04, 2011 11:41 am

blythburgh wrote:As a shareholder I forbid you to hire bigger premises just so some people can network in person and get a free drink


of tea or coffee :lol: .
Hear,hear. :thumbup:

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Re: AGM / accounts news

Post by Eurovisionfan » Fri Nov 04, 2011 1:21 pm

I agree too! We've got a kettle here and can watch from home! Much more environmentally friendly, too! And a free cuppa won't offset the petrol cost!!!

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