Port Vale: Fans vote to call EGM in bid to vote out board
SHAREHOLDERS will get the chance to oust Port Vale's four-man board after fans voted in favour of forcing the club to call an extraordinary general meeting.
The wheels were set in motion last night when 153 fans approved the action during a Port Vale Supporters' Club meeting held at Burslem Working Men's Club.
The move follows revelations that chairman Peter Miller and chief executive Perry Deakin were elected to the board without making it clear to shareholders they had not paid for their respective £250,000 and £100,000 holdings in the club when the vote took place.
Now fans want to remove Miller and Deakin, plus fellow directors Mike Lloyd and Glenn Oliver, and appoint a new interim board.
The supporters' club hope the EGM will take place in about seven weeks' time.
To force Vale to convene the meeting, they need to attract the support of shareholders jointly holding at least five per cent of the club's total share base of £1.2m – about £60,000.
Their cause was given a significant boost when Stan Meigh told fans he was willing to cast his block of 13,004 shares in favour of an EGM, plus another 30,000 he owns jointly with fellow former director Peter Jackson.
At that meeting, Meigh said he would vote in favour of removing the board and to install a new interim body.
"I feel I can raise up to 50,000 of shares, so along with Robbie Williams's 49,800 shares for which the supporters' club hold the proxy, plus the general support of other shareholders, we can remove the board," said Meigh.
"They have misled shareholders and fans over the Perry Deakin and Peter Miller share purchases and the deal with Blue Sky."
Meigh claimed he'd had a meeting with Miller on November 11 at which the Vale chairman said he'd ended the Blue Sky investment because he felt he could get a better deal elsewhere.
The Sentinel was unable to verify this last night, but in a statement issued last week, Miller claimed Vale were still negotiating with Blue Sky as late as last Wednesday.
Fans have agreed to hold a series of protests against the board during Saturday's League Two clash with Aldershot at Vale Park.
An initial demonstration will take outside the club's main entrance at 2.30pm.
Supporters will also be issued with red cards to brandish at the start of the game, at half-time and on the final whistle.
Fans have also been asked to remain in the ground at the end of the game for a symbolic eight minutes – representing the £8m the failed Blue Sky deal was claimed to be worth by the club – before the protest resumes outside the ground's main entrance.
Deakin revealed last night he would be sending letters to the club's 900-plus shareholders tomorrow to further explain his and Miller's actions over their "nil-paid" shares and the Blue Sky deal.
Deakin also said an independent observer had been invited to the club on Friday to verify that he and Miller had now bought their shareholdings. They have so far failed to provide proof that they have done so.
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