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So, let's do some reporting.
As you may know, there's a VCF Annual Shareholders Meeting coming up on December 11th.
Exciting!
Or... maybe not.
As Peter Lim owns about 84% of the shares. So he can arguably do as he wishes and vote for any decision taken by the board.
(1/2)
As you may know, there's a VCF Annual Shareholders Meeting coming up on December 11th.
Exciting!
Or... maybe not.
As Peter Lim owns about 84% of the shares. So he can arguably do as he wishes and vote for any decision taken by the board.
(1/2)
Regardless, ASMs have proven to be quite a difficult affair for Peter Lim and Meriton Holdings since 2014.
It's basically the only place where, once a year, small shareholders are able to say, face to face, everything they think about the management.
Good... and bad.
(2/3)
It's basically the only place where, once a year, small shareholders are able to say, face to face, everything they think about the management.
Good... and bad.
(2/3)
Between 2014 and 2020 we've seen the progressive downfall of Meriton's goodwill amongst the fans.
From the opening hope and excitement in 2014 to utter dispair in 2019 after the absurd sacking of Mateu and Marcelino.
Criticism was harsh and well-deserved.
(3/4)
From the opening hope and excitement in 2014 to utter dispair in 2019 after the absurd sacking of Mateu and Marcelino.
Criticism was harsh and well-deserved.
(3/4)
Obviously, Meriton doesn't like fans telling them stuff like it is.
So... How to avoid fans and shareholders slamming them for their mistakes?
Easy: let's change the club's statutes!
So that's exactly what they're doing this year.
(4/5)
So... How to avoid fans and shareholders slamming them for their mistakes?
Easy: let's change the club's statutes!
So that's exactly what they're doing this year.
(4/5)
Since 1996, the n° of shares needed to attend was NINE (9).
Quite affordable for small shareholders (like me, I own 11).
Which meant usually 200-250 people in attendance.
Lim is changing the minimum n° of shares to THREE THOUSAND FIVE HUNDRED AND NINETY EIGHT (3,598).
(5/6)
Quite affordable for small shareholders (like me, I own 11).
Which meant usually 200-250 people in attendance.
Lim is changing the minimum n° of shares to THREE THOUSAND FIVE HUNDRED AND NINETY EIGHT (3,598).
(5/6)
This x400 times the number of shares required effectively wipes out the chance of small shareholders attending the meetings (and therefore being able to deliver criticism).
Is it legal? It is.
Is it immoral? ABSOLUTELY. It's the biggest coup de grâce to shareholders ever
(6/7)
Is it legal? It is.
Is it immoral? ABSOLUTELY. It's the biggest coup de grâce to shareholders ever
(6/7)
Will this statutes modification be passed on December 11th? Of course.
It will get, at least, the 84% of the votes (the % which belongs to Lim).
So from 2021 onwards, the ASM will become a pointless event after a tyrant-like move squashes the little shareholders.
(7/8)
It will get, at least, the 84% of the votes (the % which belongs to Lim).
So from 2021 onwards, the ASM will become a pointless event after a tyrant-like move squashes the little shareholders.
(7/8)
The average number of shares owned by shareholders is between 9 and 11 (as they allow for an annual bonus % off the season tickets).
I only know a handful of individuals who own 3,598+ shares. Big businessmen who usually never attend.
Bottom line: total dick move.
(8/9)
I only know a handful of individuals who own 3,598+ shares. Big businessmen who usually never attend.
Bottom line: total dick move.
(8/9)
Examples like this one back up the idea widely spread amongst a majority of the fanbase that not only are Meriton mismanaging VCF; they're also burning every single bridge with whoever they perceive as a potential source of criticism.
Small shareholders, in this case.
(9/10)
Small shareholders, in this case.
(9/10)
BUT... there's a tiny beacon of hope.
At the end of the day, an atomised and incredibly divided 16% of the 3,598,000 total shares are running around freely, owned by thousands of Valencianistas.
A group of brave guys are trying to pool them together and DO SOMETHING.
(10/11)
At the end of the day, an atomised and incredibly divided 16% of the 3,598,000 total shares are running around freely, owned by thousands of Valencianistas.
A group of brave guys are trying to pool them together and DO SOMETHING.
(10/11)
Similar to the A-Team, this group of a dozen individuals (lawyers, IT guys, etc) have set up a website ( http://www.libertadvcf.com ) and have begun registering every small shareholder who would potentially delegate their shares to take action against the management.
(11/12)
(11/12)
Imagine: the average shareholder owns 11 shares.
The 1% of the ownership is 36,000 shares.
@LibertadVCF would need to register around 3,273 individuals just to get there.
And... in an incredible turn of events, they're actually about to pull it off.
(12/13)
The 1% of the ownership is 36,000 shares.
@LibertadVCF would need to register around 3,273 individuals just to get there.
And... in an incredible turn of events, they're actually about to pull it off.
(12/13)
Once they manage to pool together the 1% of shares, they'll have a legal back-up to ask for the register list of ALL the shareholders: names, phones, contact info.
And that will help them to tackle the endgame: pooling together the 5% of VCF's shares (180,000).
(13/14)
And that will help them to tackle the endgame: pooling together the 5% of VCF's shares (180,000).
(13/14)
It's an absolutely crazy possibility...
... BUT, if they manage someday to join together 5% of VCF's overall shares, @LibertadVCF and other opposition platforms will be able to actually challenge Lim's 84% and even take legal action against him for mismanagement.
(14/15)
... BUT, if they manage someday to join together 5% of VCF's overall shares, @LibertadVCF and other opposition platforms will be able to actually challenge Lim's 84% and even take legal action against him for mismanagement.
(14/15)
Will they pull it off? Who knows.
But the fact is that local fans are actually trying to do something to fight against the current situation of financial and sport crisis within the club.
Something which, unfortunately, you'll never read about in authorised fanzines.
(15/15)
But the fact is that local fans are actually trying to do something to fight against the current situation of financial and sport crisis within the club.
Something which, unfortunately, you'll never read about in authorised fanzines.
(15/15)
