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Posted with her say so...
23/06/2009
Dear Mr's Biatore, Agag and Bhatia
I write to you as a small shareholder in QPR Holdings Ltd, regarding the
recent announcement on the QPR FC official website of the Directors'
decision not to hold an AGM this year for all shareholders in the Company.
To say I am disappointed would be a gross understatement, in fact a mixture
of dismay, frustration and anger is more appropriate.
It is of course, as Directors of a Company which no longer has PLC status,
your prerogative not to hold a public AGM for shareholders of the company.
In fact, even with public companies, I understand you are no longer under
any obligation to hold such an event, but to an ordinary layperson as
myself, it does seem a frustrating decision, because at such previous
events, Mr Agag was rather vocal in letting it be known that they were
viewed "symbolically".
Firstly, I bring to your attention a paragraph taken from the Company EGM,
which was held in November 2007, and of which a report was published on the
QPR 1st Supporters' Trust website, which I actually minuted myself at that
time.
"Several shareholders however requested that the smaller shareholders were
allowed to retain their shares and remain as shareholders as a gesture of
goodwill, as well as to allow for such meetings to continue taking place in
the future.
Mr Agag responded to these requests and personally agreed with the idea. He
did however state that it was not his decision alone and that a decision had
not yet been made regarding the remaining shares, providing Sarita Capital
acquire 90% ownership of the club. Mr Agag stated he would make the
recommendation to Flavio Briatore."
The full report can be read here:
I then bring to your attention minuted notes which were taken at the Company
AGM last April (2008). Again, these notes were taken by the QPR 1st
Supporters' Trust.
"- the Club will remain public and not be made private.
- they see these events with smaller shareholders as 'symbollic' and have
made a
permanent decision to remain public so long as they are at the helm".
The full report can be read here:
If, as Mr Agag stated at that AGM, the Board sees such events as symbolic,
then why would you deny the smaller shareholders the chance to take part in
such a meeting this year? It would appear that there seems to be a lack of
wanting to communicate with those stakeholders which is disappointing to say
the least and the irony has not been lost regarding the subject of lack of
transparency when Mr Biatore only this week has accused the FIA of such a
trait!
It seems a shame that any thoughts of honouring such "symbolic" events
appears to have been brushed aside, along with the Fans Forum/s events (for
all QPR fans, not just a select few) because such meetings can often help to
clear any misunderstandings/lack of communication between stakeholders and
the Board. It also seems a kick in the teeth to smaller shareholders, who
back in 1997 invested whatever they could out of their hard earned cash to
help the club at that time. An elderly fan invested £32,000 of his own money
into the share issue back then and whilst that was his decision, it was due
to people like that who helped to keep the club ticking along, and therefore
further down the line, ensured that the current Directors of the Company
were able to pick it up for a good price. My elderly friend is unable to get
to Loftus Road these days but he still likes to keep in touch with what is
going on and to deny him the chance to send a proxy along on his behalf to
attend such a meeting is, in my opinion, a disgrace.
I understand that the F1 season is currently a priority for a number of the
Directors currently, but I really would appreciate a response regarding this
issue.
Yours Sincerely
Tracy Stent
----------------------------------------------------------
Dear Tracy,
Apologies for the delay in our response, and thank you for your
enquiry regarding the AGM.
Please find below the response to your email on behalf of QPR and Mr.
Bhatia's office.
As stated in the press release from 23rd June, in accordance with the
provisions of the Companies Act 2006 and the Articles of Association of QPR,
the directors of the Club decided not to hold an Annual General Meeting this
year. The decision was reached to make available online to shareholders the
Club's annual report and financial statements for the period 31 December
2008.
There is no requirement under either the Companies Act 2006 or the
articles of association of QPR to hold general meetings as the provision was
removed from the Articles when they were amended at the AGM last year.
Please note that the members of QPR may still demand that the
directors hold a general meeting. To be able to compel the directors to
call a meeting the relevant members must hold at least 10% of the share
capital or voting rights (or 5% if a general meeting has not been held in
the last 12 months, which is not the case this year). The members in QPR,
each of whom hold more than 10%, did not wish to hold a general meeting and
so have not sought to enforce their right to demand that the general meeting
be held this year.
It is unlikely, now that the decision has been made by the majority
shareholders not to hold an AGM, that an AGM will be held in subsequent
years.
We are happy, however, to answer any reasonable questions you would
have put at an AGM on the financial statements.
Many thanks,
Best Regards,
Elena
Elena Sainz de la Peña
Queens Park Rangers FC
23/06/2009
Dear Mr's Biatore, Agag and Bhatia
I write to you as a small shareholder in QPR Holdings Ltd, regarding the
recent announcement on the QPR FC official website of the Directors'
decision not to hold an AGM this year for all shareholders in the Company.
To say I am disappointed would be a gross understatement, in fact a mixture
of dismay, frustration and anger is more appropriate.
It is of course, as Directors of a Company which no longer has PLC status,
your prerogative not to hold a public AGM for shareholders of the company.
In fact, even with public companies, I understand you are no longer under
any obligation to hold such an event, but to an ordinary layperson as
myself, it does seem a frustrating decision, because at such previous
events, Mr Agag was rather vocal in letting it be known that they were
viewed "symbolically".
Firstly, I bring to your attention a paragraph taken from the Company EGM,
which was held in November 2007, and of which a report was published on the
QPR 1st Supporters' Trust website, which I actually minuted myself at that
time.
"Several shareholders however requested that the smaller shareholders were
allowed to retain their shares and remain as shareholders as a gesture of
goodwill, as well as to allow for such meetings to continue taking place in
the future.
Mr Agag responded to these requests and personally agreed with the idea. He
did however state that it was not his decision alone and that a decision had
not yet been made regarding the remaining shares, providing Sarita Capital
acquire 90% ownership of the club. Mr Agag stated he would make the
recommendation to Flavio Briatore."
The full report can be read here:
I then bring to your attention minuted notes which were taken at the Company
AGM last April (2008). Again, these notes were taken by the QPR 1st
Supporters' Trust.
"- the Club will remain public and not be made private.
- they see these events with smaller shareholders as 'symbollic' and have
made a
permanent decision to remain public so long as they are at the helm".
The full report can be read here:
If, as Mr Agag stated at that AGM, the Board sees such events as symbolic,
then why would you deny the smaller shareholders the chance to take part in
such a meeting this year? It would appear that there seems to be a lack of
wanting to communicate with those stakeholders which is disappointing to say
the least and the irony has not been lost regarding the subject of lack of
transparency when Mr Biatore only this week has accused the FIA of such a
trait!
It seems a shame that any thoughts of honouring such "symbolic" events
appears to have been brushed aside, along with the Fans Forum/s events (for
all QPR fans, not just a select few) because such meetings can often help to
clear any misunderstandings/lack of communication between stakeholders and
the Board. It also seems a kick in the teeth to smaller shareholders, who
back in 1997 invested whatever they could out of their hard earned cash to
help the club at that time. An elderly fan invested £32,000 of his own money
into the share issue back then and whilst that was his decision, it was due
to people like that who helped to keep the club ticking along, and therefore
further down the line, ensured that the current Directors of the Company
were able to pick it up for a good price. My elderly friend is unable to get
to Loftus Road these days but he still likes to keep in touch with what is
going on and to deny him the chance to send a proxy along on his behalf to
attend such a meeting is, in my opinion, a disgrace.
I understand that the F1 season is currently a priority for a number of the
Directors currently, but I really would appreciate a response regarding this
issue.
Yours Sincerely
Tracy Stent
----------------------------------------------------------
Dear Tracy,
Apologies for the delay in our response, and thank you for your
enquiry regarding the AGM.
Please find below the response to your email on behalf of QPR and Mr.
Bhatia's office.
As stated in the press release from 23rd June, in accordance with the
provisions of the Companies Act 2006 and the Articles of Association of QPR,
the directors of the Club decided not to hold an Annual General Meeting this
year. The decision was reached to make available online to shareholders the
Club's annual report and financial statements for the period 31 December
2008.
There is no requirement under either the Companies Act 2006 or the
articles of association of QPR to hold general meetings as the provision was
removed from the Articles when they were amended at the AGM last year.
Please note that the members of QPR may still demand that the
directors hold a general meeting. To be able to compel the directors to
call a meeting the relevant members must hold at least 10% of the share
capital or voting rights (or 5% if a general meeting has not been held in
the last 12 months, which is not the case this year). The members in QPR,
each of whom hold more than 10%, did not wish to hold a general meeting and
so have not sought to enforce their right to demand that the general meeting
be held this year.
It is unlikely, now that the decision has been made by the majority
shareholders not to hold an AGM, that an AGM will be held in subsequent
years.
We are happy, however, to answer any reasonable questions you would
have put at an AGM on the financial statements.
Many thanks,
Best Regards,
Elena
Elena Sainz de la Peña
Queens Park Rangers FC
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