AGM

All things related to the Castleford Tigers.
duke street 10
Danny Orr
Posts: 1764
Joined: Sun Jun 07, 2009 3:22 pm
Location: glasshoughton,our new home?

Re: AGM

Post by duke street 10 » Fri Jan 03, 2020 8:57 pm

tigerfeat wrote:
Fri Jan 03, 2020 8:47 pm
Some of this stuff worries me whats IF end game is he going to drop cas in it especially if the new grounds not built or is he committed to build the club
I'm worrying already. I think the new ground is dead in the water and this is what the Fulton's were banking on.

nottinghamtiger
Michael Eagar
Posts: 4168
Joined: Tue Jul 11, 2006 4:17 pm

Re: AGM

Post by nottinghamtiger » Fri Jan 03, 2020 10:03 pm

duke street 10 wrote:
Fri Jan 03, 2020 8:57 pm
tigerfeat wrote:
Fri Jan 03, 2020 8:47 pm
Some of this stuff worries me whats IF end game is he going to drop cas in it especially if the new grounds not built or is he committed to build the club
I'm worrying already. I think the new ground is dead in the water and this is what the Fulton's were banking on.
I’m not sure that’s true. The best thing for Ian Fulton would be for the new ground to be built. He would be the majority shareholder in a club that owns a brand new, and more importantly free, stadium. The potential income from that is huge for him and the value of his shares, if he ever sold them, would be many, many times higher than they are now.
However, if there comes a time when the new stadium hopes are ended, that potential is gone instantly. At that point, financially the best thing for him to do would be to wind the club up and sell all assets. He stands no chance of making a long-term gain out of the club in its current state, and the lack of investment in WR suggests he knows that.
More so than ever before, we need that new stadium.

duke street 10
Danny Orr
Posts: 1764
Joined: Sun Jun 07, 2009 3:22 pm
Location: glasshoughton,our new home?

Re: AGM

Post by duke street 10 » Fri Jan 03, 2020 10:23 pm

nottinghamtiger wrote:
Fri Jan 03, 2020 10:03 pm
duke street 10 wrote:
Fri Jan 03, 2020 8:57 pm
tigerfeat wrote:
Fri Jan 03, 2020 8:47 pm
Some of this stuff worries me whats IF end game is he going to drop cas in it especially if the new grounds not built or is he committed to build the club
I'm worrying already. I think the new ground is dead in the water and this is what the Fulton's were banking on.
I’m not sure that’s true. The best thing for Ian Fulton would be for the new ground to be built. He would be the majority shareholder in a club that owns a brand new, and more importantly free, stadium. The potential income from that is huge for him and the value of his shares, if he ever sold them, would be many, many times higher than they are now.
However, if there comes a time when the new stadium hopes are ended, that potential is gone instantly. At that point, financially the best thing for him to do would be to wind the club up and sell all assets. He stands no chance of making a long-term gain out of the club in its current state, and the lack of investment in WR suggests he knows that.
More so than ever before, we need that new stadium.
My bad. I phrased it wrong...its been a long day!. Meant Fulton is banking on the new ground being built. I dont think it will happen now.

nottinghamtiger
Michael Eagar
Posts: 4168
Joined: Tue Jul 11, 2006 4:17 pm

Re: AGM

Post by nottinghamtiger » Fri Jan 03, 2020 10:56 pm

duke street 10 wrote:
Fri Jan 03, 2020 10:23 pm
nottinghamtiger wrote:
Fri Jan 03, 2020 10:03 pm
duke street 10 wrote:
Fri Jan 03, 2020 8:57 pm
tigerfeat wrote:
Fri Jan 03, 2020 8:47 pm
Some of this stuff worries me whats IF end game is he going to drop cas in it especially if the new grounds not built or is he committed to build the club
I'm worrying already. I think the new ground is dead in the water and this is what the Fulton's were banking on.
I’m not sure that’s true. The best thing for Ian Fulton would be for the new ground to be built. He would be the majority shareholder in a club that owns a brand new, and more importantly free, stadium. The potential income from that is huge for him and the value of his shares, if he ever sold them, would be many, many times higher than they are now.
However, if there comes a time when the new stadium hopes are ended, that potential is gone instantly. At that point, financially the best thing for him to do would be to wind the club up and sell all assets. He stands no chance of making a long-term gain out of the club in its current state, and the lack of investment in WR suggests he knows that.
More so than ever before, we need that new stadium.
My bad. I phrased it wrong...its been a long day!. Meant Fulton is banking on the new ground being built. I dont think it will happen now.
Ah, I think you phrased it well but I read it wrong - yes, I think he was (and still is) holding on whilst ever there is a possibility the new stadium will materialise.

User avatar
Robbo
Dean Widders
Posts: 463
Joined: Mon Sep 20, 2010 11:56 am

Re: AGM

Post by Robbo » Sat Jan 04, 2020 7:24 pm

lets go back a stage.

There were 60,000 issued shares and Fultons and Richard W had 12000 each. the rest were split.

At the time of the loans being granted they were secured with a charge on the ground.

In my opinion that was enough.

If anyone wants to read the minutes from previous AGMS I asked multiple times when we were borrowing all this money what the plan was if and when JF passed away.

I was told not to worry.
Things changed slightly and I am guessing there was tax to pay on this loan. ( that could have been avoided)

As for not doing anything .............I called two EGMS in 15 years the last one ruined my relationship with Steve Gill.
It was to force them to call a meeting.
There are a number of reasons why they might not want shareholders asking difficult questions but its got a bad smell about it.
For years I said corporate Governance was non existent at the club.
I warned before and I warned shareholders at the meeting.
However an ex Chairman said he backed them as he trusted them.

He has not been seen since at the meetings.
Its quite simple.
Leg lifted and rolled over is a nice way to phrase it.
As I say what goes around comes around.
Truth is always best !

Frankas
Michael Eagar
Posts: 4329
Joined: Tue Mar 27, 2012 3:09 pm

Re: AGM

Post by Frankas » Sat Jan 11, 2020 11:12 am

Robbo you must know plenty of fellow business people, with plenty of clout behind them. Why not try to get a consortium behind you, and buy them out, I don't know how committed Ian and his sisters are to the club, but has it stands they basically own the club. I would hate to think they would cash in and cripple, or even destroy the club, Jack will be turning in his grave, if that is true.
Image

User avatar
Robbo
Dean Widders
Posts: 463
Joined: Mon Sep 20, 2010 11:56 am

Re: AGM

Post by Robbo » Sat Jan 11, 2020 1:41 pm

I suggested at the AGM that we find some investors to repay the Fulton loan and Ian would not hear of it.

Maybe at that stage he thought ownership of the club may be worth having if the new ground came off.

Our options at that stage were to
Re finance the club by repaying the loans. Clearly we would have had to offer some interest on the loan much as Ian is now.

I had looked at deferring the interest but did not favour that option.

The club then should have been run as a community club by the shareholders and interested parties.

Now we have a situation where full control re voting rights and decision making is in a very few hands with no corporate structure to protect the interests of the club.

Has anyone considered the mess if anything happened to Ian or Janet ( god forbid)?

I am sorry but we are entering the end game here and those involved in running the club in the past have either moved on or are retired.
I give the club 5 years maximum to survive without a full restructure/fundraising etc.
robbo
Truth is always best !

Piquad1
Junior Moors
Posts: 648
Joined: Sat May 18, 2019 11:07 am

Re: AGM

Post by Piquad1 » Sun Jan 12, 2020 5:53 am

Good comments Robbo. I read your posts with great interest. You seem to know hell of a lot more than me about these issues so I look forward to further input when the occasion arises. Piquad

tigerfeat
Adrian Vowles
Posts: 9203
Joined: Mon Jun 23, 2014 12:07 pm

Re: AGM

Post by tigerfeat » Sun Jan 12, 2020 8:33 am

Frankas wrote:
Sat Jan 11, 2020 11:12 am
Robbo you must know plenty of fellow business people, with plenty of clout behind them. Why not try to get a consortium behind you, and buy them out, I don't know how committed Ian and his sisters are to the club, but has it stands they basically own the club. I would hate to think they would cash in and cripple, or even destroy the club, Jack will be turning in his grave, if that is true.
Wish I could win the Euro millions before I pop my clogs id buy the club ,build a new ground and Mitchell and Tedesco would be my first two marquees
The measure of who we are is what we do with what we have
Vince Lombardi

ERG2012
Danny Orr
Posts: 1591
Joined: Sat Jun 07, 2014 10:09 am

Re: AGM

Post by ERG2012 » Sun Jan 12, 2020 10:34 am

Just by looking on companies house and the shares owned kind of tells its own story.

duke street 10
Danny Orr
Posts: 1764
Joined: Sun Jun 07, 2009 3:22 pm
Location: glasshoughton,our new home?

Re: AGM

Post by duke street 10 » Wed Jan 15, 2020 7:27 pm

So have we all to guess how much the club lost last season?

User avatar
Robbo
Dean Widders
Posts: 463
Joined: Mon Sep 20, 2010 11:56 am

Re: AGM

Post by Robbo » Wed Jan 15, 2020 7:41 pm

year end was November so ask the question in August you might get an answer
robbo
Truth is always best !

Post Reply