Shareholders Association force EGM

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EVERTON

Accounts for the year to 31 May 2012

Ownership: Shares in the Everton Football Club Company Limited are owned by: Bill Kenwright 25%, Jon Woods 19%, Robert Earl (resident of Florida) 23%

Turnover: 8th in league, £81m (down from £82m in 2011)

Gate and programme sales: £17m

TV and broadcasting: £53m

Other commercial activities: £11m

Wage bill: 10th, £63m (up from £58m)

Wages as proportion of turnover: 78%

Loss before tax: £9m (increased from £5m)

Net debt: £46m

Interest payable: £4m

Highest-paid director: No director was paid; chief executive Robert Elstone is not a director

State they're in:

The money situation reflects the impression David Moyes and his team give on the field, that Everton are pushing to the limit of their current potential. A spirited seventh place was won with only the 10th highest wage bill but with no funding from owners, no buyer or stadium expansion, Everton are stretched inexorably into losses. Lending arrangements from Barclays Bank expire on 31 July, so chairman Bill Kenwright is seeking renewal at the same level, while also borrowing against future TV revenues. A football club still in their grand old ground, determined to compete in a league of sheikhs, oligarchs and US-owned corporations.
 
BlueOggster said:
Could be worse if we were Newcastle......current debt owed to be £267m.
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That's not quite correct is it. That is the amount of money Ashley has spent to take control of Newcastle and the amount of interest free loans he has done for the club.

Newcastle were paying over 10 million per year in interest to banks from loans. He has absorbed them loans with a personal interest free loan. Financially, he has sorted them out. But, he keeps going back to his first love of Spurs and that is apparently the reason he loves Kinnear.

Tasty rumours I have heard about Ashley is that he is the secret owner of Rangers, and he is looking to buy House of Fraser.
 
I hope Kenwright and Elstone have a very very uncomfortable night tonight. These chancers deserve nothing more, nothing less.
 
For sale,
One detached property.


*Currently has 14 mortgages on it.
*Dilapidated condition (owner informs us it may not pass a Health and Safety Certificate)
*No intention to upgrade property in the near future.

*Bought in 2002.
*Owner seeks a modest profit on his initial out lay due to lack of investment in keeping property up to scratch.

OIRO £125 million.
Please form an orderly queue to express an interest in the bargain price.
 
Just spoke to a lad who is working there tonight, says that a lot of security has been laid on for this evening. Are they expecting trouble?
 

Thuck ma Baws said:
If you own a business you put your own money in. If you have no intention of putting money in why buy into the business. You're talking like the owners of Everton would be doing a favour by investing. If you were a plumber and your tools broke would you think it was ridiculous to consider investing in new tools?
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A successful business owner will tend to reinvest the profits that the company makes, in order to grow the business further and increase profits. Otherwise the budgets for all major and successful businesses would be, "speak to him" and all layed out on a quick statement from natwest.

If I wanted to start my own business, I would likely get a loan in order to buy stock/equipment to begin a profit /return based on my business plan agreed with the bank. I would then take for myself a wage, admittedly low as company director so as to pay minimum tax (shhhhhhhhhhh) which is what I would live on. The only way the two accounts would would ever touch each other is when the business account is paying into my personal account.

Bill Kenwright is the current custodian of our great club, and is not rich enough to 'give' us his own money. What he has failed at, and the others at the club, is capatilising on a fairly cash rich market enough for us to start turning a healthy profit, which would then be reinvested. The majority of owners, outside of the singularly rich Sheik at Citeh and Abramovich at Chelsea have used the profits made with their other businesses in order to inject cash into the club, rarely is it their own personal fortune.
 
Tony Barrett ‏@TonyBarretTimes 1m

Kenwright apologises on behalf of Robert Earl who "can't be here". No reasons for Earl's absence offered.
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I bet he doesn't know there's a general meeting taking place!



The first item is, an explanation as to why there have been no annual general meetings in recent years.

RE: No decision as to abandon the meetings, it was never a requirement for them to be held.
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Are you not a holder of a share mj?


Tony Barrett ‏@TonyBarretTimes 2m

Kenwright says the club decided to dispense with AGMs due to "things getting fractious" and because "proxies were taking control".
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David Prentice ‏@prenno 1m

Bill Kenwright said he used to enjoy the 'banter' of AGMs but proxies started to take control resulting in the decision to halt them.
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Tony Barrett ‏@TonyBarretTimes now

Kenwright refers to an incident which left him feeling "raped, bruised and betrayed," but doesn't explain what it was.
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David Prentice ‏@prenno 1m

Something happened to me in 2011 which left me 'raped, bruised and betrayed' says Bill Kenwright and left him not wanting to be part of AGMs
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That's what you get for being a Corrie actor I suppose.
 

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