Post by QPR Report on Nov 7, 2009 8:17:16 GMT
Note the ABC/Stadium Comment
As reported by Tracy Stent on QPR1st at the time
www.qpr1st.com/index.php?option=com_content&view=article&id=41:egm-report-november-2007&catid=1:latest-news&Itemid=4
EGM report November 2007
Sunday, 18 November 2007 00:00
Tracy Stent, who works for the Trust in an advisory capacity attended the recent EGM held by Queens Park Rangers Football Club on behalf of QPR1st and provided the Trust with a brief report which has been published below.
QPR HOLDINGS LTD EGM 7/11/07
The EGM was held on Wednesday 7 November in the Blue and White Bar at 11am and considering the early start, there was a really good turn out. Around 100 people were in attendance.
The top table comprised of the following:
- Gianni Paladini (Chairman of Queens Park Rangers Football Club)
- Alejandro Agag (Chairman of QPR Holdings Ltd)
- Kevin Steele (Legal Advisor)
- Gavin Taylor (Chief Financial Officer)
Kevin Steele has been helping and co-operating regarding legal aspects and Gavin Taylor has been appointed as the new Chief Financial Officer and will also be joining the Board.
The Take-over
All resolutions to increase the share capital to 6m shares and to authorise the directors to allot shares up to an aggregate nominal amount of 5m were passed.
In layman terms, this basically means that the take-over is now complete and that Sarita Capital Investment Incorporated, which is owned by Flavio Briatore, have now taken over as being the majority shareholders of QPR Holdings Ltd.
The actual percentage Sarita Capital now hold is still unknown and is something QPR1st will seek to clarify in due course. If they acquire 90% ownership it would allow for a compulsory 100% ownership of all shares. 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.
Stadium and redevelopment plans
Mr Agag stated that Loftus Road Stadium is an essential part of the project in the future and that there are currently no plans to move the club to a new stadium. He stressed that the immediate priority is to invest in the playing squad and to build a team capable of achieving promotion to the Premier League, which is the main objective before considering a new stadium.
He did however say that Loftus Road would see some improvements. They will be looking at redeveloping certain Boxes and other areas such as catering as they look to improve revenue streams.
The ABC Loan
Questions were raised regarding the ABC loan, how this is being dealt with and whether ABC have the right to purchase Loftus Road Stadium next summer. Regarding the potential sale of Loftus Road Stadium to ABC, Mr Agag stated he could say "categorically this is not going to happen". He said that they were still working on how they were going to deal with this issue, but that Loftus Road Stadium would stay in the company.
The club's finances will be taken forward through various different avenues including the new shareholders investment, sponsorship and future commercial and revenue streams.
In the first period there will be substantial financial investment injected but there are plans afoot for the medium and long term in which the Board and owners feel the company and club can be profitable.
Luigi De Canio
Gianni Paladini stated that he is sure the new Head Coach Luigi De Canio will be open with and meet with supporters. Mr Paladini stated that a Fans Forum would be arranged with Mr De Canio in the future.
Mr Paladini also spoke towards the end of the meeting to express how the club had come very close to going into administration. He stated that at the Southamption game earlier this season, the administrator had been in his office and that Flavio Briatore had signed and done the deal. He told of how the people involved had worked until 2am and that the club was within two hours from disappearing. He thanked everybody involved including Flavio Briatore, Harold Winton, Kevin Steele, Nick De Marco and the fans.
The meeting finished around midday and Tracy was impressed with the professionalism and conduct shown by Alejandro Agag. He came across as slick, smooth, fair, polite and firm when required.
www.qpr1st.com/index.php?option=com_content&view=article&id=41:egm-report-november-2007&catid=1:latest-news&Itemid=4
As reported by Tracy Stent on QPR1st at the time
www.qpr1st.com/index.php?option=com_content&view=article&id=41:egm-report-november-2007&catid=1:latest-news&Itemid=4
EGM report November 2007
Sunday, 18 November 2007 00:00
Tracy Stent, who works for the Trust in an advisory capacity attended the recent EGM held by Queens Park Rangers Football Club on behalf of QPR1st and provided the Trust with a brief report which has been published below.
QPR HOLDINGS LTD EGM 7/11/07
The EGM was held on Wednesday 7 November in the Blue and White Bar at 11am and considering the early start, there was a really good turn out. Around 100 people were in attendance.
The top table comprised of the following:
- Gianni Paladini (Chairman of Queens Park Rangers Football Club)
- Alejandro Agag (Chairman of QPR Holdings Ltd)
- Kevin Steele (Legal Advisor)
- Gavin Taylor (Chief Financial Officer)
Kevin Steele has been helping and co-operating regarding legal aspects and Gavin Taylor has been appointed as the new Chief Financial Officer and will also be joining the Board.
The Take-over
All resolutions to increase the share capital to 6m shares and to authorise the directors to allot shares up to an aggregate nominal amount of 5m were passed.
In layman terms, this basically means that the take-over is now complete and that Sarita Capital Investment Incorporated, which is owned by Flavio Briatore, have now taken over as being the majority shareholders of QPR Holdings Ltd.
The actual percentage Sarita Capital now hold is still unknown and is something QPR1st will seek to clarify in due course. If they acquire 90% ownership it would allow for a compulsory 100% ownership of all shares. 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.
Stadium and redevelopment plans
Mr Agag stated that Loftus Road Stadium is an essential part of the project in the future and that there are currently no plans to move the club to a new stadium. He stressed that the immediate priority is to invest in the playing squad and to build a team capable of achieving promotion to the Premier League, which is the main objective before considering a new stadium.
He did however say that Loftus Road would see some improvements. They will be looking at redeveloping certain Boxes and other areas such as catering as they look to improve revenue streams.
The ABC Loan
Questions were raised regarding the ABC loan, how this is being dealt with and whether ABC have the right to purchase Loftus Road Stadium next summer. Regarding the potential sale of Loftus Road Stadium to ABC, Mr Agag stated he could say "categorically this is not going to happen". He said that they were still working on how they were going to deal with this issue, but that Loftus Road Stadium would stay in the company.
The club's finances will be taken forward through various different avenues including the new shareholders investment, sponsorship and future commercial and revenue streams.
In the first period there will be substantial financial investment injected but there are plans afoot for the medium and long term in which the Board and owners feel the company and club can be profitable.
Luigi De Canio
Gianni Paladini stated that he is sure the new Head Coach Luigi De Canio will be open with and meet with supporters. Mr Paladini stated that a Fans Forum would be arranged with Mr De Canio in the future.
Mr Paladini also spoke towards the end of the meeting to express how the club had come very close to going into administration. He stated that at the Southamption game earlier this season, the administrator had been in his office and that Flavio Briatore had signed and done the deal. He told of how the people involved had worked until 2am and that the club was within two hours from disappearing. He thanked everybody involved including Flavio Briatore, Harold Winton, Kevin Steele, Nick De Marco and the fans.
The meeting finished around midday and Tracy was impressed with the professionalism and conduct shown by Alejandro Agag. He came across as slick, smooth, fair, polite and firm when required.
www.qpr1st.com/index.php?option=com_content&view=article&id=41:egm-report-november-2007&catid=1:latest-news&Itemid=4
