Members of the Trust, and other supporters, will be aware that the Board of Woking Football Club is in negotiation with a new investor, and that it has stated that it is confident that this investment will secure the long-term future of the Club. In order to progress this matter, the Board of the Football Club has called a General Meeting to approve the transfer of all Ordinary shares held by Peter Jordan, the majority shareholder and a Director of Woking Football Club Limited.
The General Meeting was originally planned to take place on 25 May, but has now been postponed to an undecided, later date, “pending ongoing, detailed and positive discussions”. As the shareholder with the second largest number of shares, the Cards Trust is anxious to ensure that the views of its members are reflected in the vote for the resolution at the General Meeting. However, the original date for the Football Club’s General Meeting meant that the Cards Trust Board was not given sufficient notice to call for a Special General Meeting of the Trust, as our constitution effectively requires at least 16 days’ notice to be given.
Whilst the Cards Trust’s representative at Woking FC’s General Meeting would be permitted under our constitution to use his or her judgement to vote, having heard any details regarding the likely purchaser of the shares to be transferred and the investor concerned, the Cards Trust Board is of the view that taking such a decision without adequate time for reflection and due consideration is unsatisfactory. We still believe this is the case, even if the vote will be passed in any event, in accordance with the majority shareholder’s wishes.
Given the postponement of the General Meeting, the Trust has asked the Football Club Board whether details of the potential purchaser of the shares and the investor will be made known to shareholders prior to this rescheduled meeting, and whether the revised timescales will allow the Trust to be given adequate notice to call its own Special General Meeting to hear the views of its members.
The Trust will keep members informed of progress through our website.
Rupert Phillips, Chairman
George Burnett, Secretary