imutual PLC 2011 results and AGM details

richard@imutual
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imutual PLC 2011 results and AGM details

Post by richard@imutual » Fri Nov 11, 2011 12:57 pm

I'm pleased to be able to present imutual's first ever set of accounts, plus details of our Annual General Meeting. A copy of the accounts can be seen at http://www.imutual.co.uk/documents/imut ... counts.pdf and information about the AGM, including a link to the proxy voting form, can be found at http://www.imutual.co.uk/agm

This, more than anything, illustrates what a truly unique concept we have in imutual. How many other companies, especially cashback sites, do you know that:
- Give 90% of its shares to its customers
- Give full shareholder rights to anyone who registers
- Allow members to vote for (or against) directors
- See full details of the accounts of the company
- Get to put questions directly to the board of directors, both via the AGM webcast but also on a daily basis through these forums
???

No catches, no hidden conditions, no charges, no risk. Just an open and honest internet 'mutual' owned and controlled by its members, and it is my intention to help us achieve imutual's massive potential. It is my hope that, as a result of creating this revolutionary new type of company, we will attract many more members in the future and build a hugely-powerful money-saving organisation that operates purely in the interests of its customers. The larger we grow, the more valuable the company becomes and, well, what happens after that is up to you!

As is normal with start-up companies of this nature, our first year of trading shows a loss. But, as I will detail at the AGM, the achievements and performance of the company to date have been significant and I believe we are well-placed to see significant growth in the year ahead. A large proportion of our efforts during the first year were spent on 'start-up' activities such as technical development and business processes and administration. There wasn't really much revenue generated until the final few months of the financial year - in fact, my unofficial figures indicate that our trading since July has already exceeded what we managed in the whole of year one!

And, once the AGM is out of the way, we can really roll our sleeves up and work on building up imutual's member base and extending what the site has to offer.

As you will see from the accounts, the establishment of the company has been funded by myself and Sue (via imutual Worldwide Ltd) and we have taken no salary from the company since its incorporation. I hope you will take this as a sign of our commitment and belief in the imutual vision, and that you will share our confidence in the company's future.

Please read the accounts, including the business review, and then cast your vote on the AGM resolutions at http://www.imutual.co.uk/vote. It would be good to see a healthy 'turnout' of voters for our first AGM :)

I hope that many of you will 'tune in' to the AGM webcast, at which you are free to put questions directly to me about the accounts or related matters. But there is no need to wait until then; as ever, I am always willing to answer members' questions on the forum so please speak up! :thumbup:

And finally, and most importantly, I would like to say a huge thank you to all current shareholders who have shown faith in imutual and helped to take it from its modest (and at times, difficult) beginnings to its current position. We've only really just started, and there is a lot of hard work ahead, but I'm sure that those of you who have helped to get this going are, at some future point, going to be able to look back with pride (and perhaps just a little bit of smugness :twisted: ) at what you helped to achieve. :clap:
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Re: imutual PLC 2011 results and AGM details

Post by AAAlphaThunder » Fri Nov 11, 2011 1:25 pm

great news. from here on its up and away. :thumbup:
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Richard Frost
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Re: imutual PLC 2011 results and AGM details

Post by Richard Frost » Fri Nov 11, 2011 2:10 pm

I think it needs to be acknowledged that the effort and faith (never mind the money) that Mr & Mrs Yendall have put into this business is imense. I for one am very grateful for the support they are giving. At the very least they deserve a round of applause :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap:

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Re: imutual PLC 2011 results and AGM details

Post by kevinchess1 » Fri Nov 11, 2011 2:24 pm

I see the Directors are takin no money in wages,
Perhaps cutbacks could be made here :?
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Re: imutual PLC 2011 results and AGM details

Post by babs93 » Fri Nov 11, 2011 3:23 pm

Drahcir wrote:I think it needs to be acknowledged that the effort and faith (never mind the money) that Mr & Mrs Yendall have put into this business is imense. I for one am very grateful for the support they are giving. At the very least they deserve a round of applause :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap:
I second that (practising for the AGM) :thumbup:
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Re: imutual PLC 2011 results and AGM details

Post by magnificent7 » Fri Nov 11, 2011 3:28 pm

CONGRATULATIONS to Richard for his vision and all for their contributions. :D
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Re: imutual PLC 2011 results and AGM details

Post by aupt » Fri Nov 11, 2011 10:52 pm

Drahcir wrote:I think it needs to be acknowledged that the effort and faith (never mind the money) that Mr & Mrs Yendall have put into this business is imense. I for one am very grateful for the support they are giving. At the very least they deserve a round of applause :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap:
Hear Hear
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Re: imutual PLC 2011 results and AGM details

Post by blythburgh » Sat Nov 12, 2011 11:01 am

aupt wrote:
Drahcir wrote:I think it needs to be acknowledged that the effort and faith (never mind the money) that Mr & Mrs Yendall have put into this business is imense. I for one am very grateful for the support they are giving. At the very least they deserve a round of applause :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap:
Hear Hear
I guess I have to say Hear Hear Hear at this point.
Keep smiling because the light at the end of someone's tunnel may be you, Ron Cheneler

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Re: imutual PLC 2011 results and AGM details

Post by myfyr » Sat Nov 12, 2011 11:37 am

Is there an estimate of what these shares may be worth, e.g. net asset value per share?

Presumably not very much as 100% of cashback is paid to members?
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Re: imutual PLC 2011 results and AGM details

Post by Squire » Sat Nov 12, 2011 12:06 pm

I went to the vote page and it said I cannot vote until I complete the shareholder registration.

However, I am not willing to do so yet, until I get a clear explanation of the "Call on Shares" that I wrote to you about.

It is not that I distrust you, but I remember being called on by one business a long time ago, out of the blue, and I do not want to worry about Bailiffs and compounded accrued interest, and all the other legal malarkey that I might or might not, become legally liable for.

Without some hint as to what the actual intentions are in this clause in the Articles and what might be theoretically possible in the worse case (like if the site goes bankrupt).

I cannot remember now if I saw that the maximum liability of each shareholder is confined to the nominal value of the shares when called on, or face vale, whichever is the case. That limitation would be acceptable in the case of only a few pounds or so.

Over to you Richard. (To the reader: See Richard's reply)

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