Port Vale: The board can be defeated, says Williams
PROSPECTIVE Port Vale director Pete Williams says the current board can still be swept from power, even if they are supported by controversial 'nil-paid' shares.
Supporters' club chairman Williams says attempts to remove Mike Lloyd, Peter Miller, Perry Deakin and Glenn Oliver will be more difficult if £350,000 of shares issued to Miller and Deakin are used to try to thwart those shareholders who want to vote the board out at an Extraordinary General Meeting next month.
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DIRECT ACTION: Port Vale Supporters' Club chairman Pete Williams is hoping to still on an interim board after next month's EGM.
Miller and Deakin intimated they had bought blocks of shares in the club worth £250,000 and £100,000 when they were elected to the board, but it later emerged they hadn't paid for them.
Campaigners need more than 50 per cent of share votes cast to remove the board at an EGM.
However, the Vale board own around 31 per cent of the club's £1.679m shares when the £350,000 nil-paid shares issued to Miller and Deakin are taken into account.
This falls to a board stake of around 14 per cent when those nil-paid shares are not used.
Other nil-paid shares which could be used at the EGM include the £150,000 issued to US-based company Blue Sky International before their investment deal collapsed.
Acting Vale chairman Mike Lloyd has refused to comment on whether any of the nil-paid shares have been paid for yet.
However, he says they can be legally used in a share vote.
That has been confirmed to The Sentinel by chartered accountant Sam Corcoran of Sandbach firm Achilles Accountancy.
"It is unusual, but not illegal. However, the ethics of it are debatable," said Corcoran.
Deakin and Oliver are due to step down at the club's March 13 annual meeting, but Williams also wants Lloyd and Miller to be removed at an EGM, which is expected to be announced for early next month. He said the supporters' club was taking legal advice on whether nil-paid shares can be used.
Williams said: "I don't feel that morally the club should use them. This would just create more bad feeling between the board and the club's supporters.
"But if they do use them, I am hoping that other shareholders, whether their stakes are large or small, will see how morally wrong the board are and will vote with us for change. However, I am not counting my chickens.
"Besides, I think that behind the scenes the club is trying to get someone to buy these nil-paid shares who will back them."
The Port Vale Supporters' Club wants to replace Lloyd, Oliver, Miller and Deakin with an interim board.
Williams is one of six candidates who have put themselves forward as potential directors if the current board are removed at an EGM.
More Port Vale articles:
Port Vale: Deakin and Miller 'can use shares in EGM vote'
Port Vale: Vale miss £20,000 repayment on £2.25m council loan







15 Comments
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by Clayhanger
Thursday, February 09 2012, 11:18PM
“You would have thought that the boards mouth piece laythevale would have an opinion on this important issue.
Vale 58 whats good for the goose and all that,you are correct what the board are prepared to do to continue wrecking Port Vale couldnt be made up”
by ValiantFosse
Thursday, February 09 2012, 4:30PM
“Diasola, once again Birdy has explained how the Iterim board was selected, the function of the board will be explained to all shareholders before the EGM. If your only function is to snipe at people who are trying to get rid of a gang of crooks, make the most of it, your time is coming to an end they will soon be gone. Of course Bratt put Miller and Deakin on the board, he had to authorise the issue of shares to them before they could be elected, he just did not explain that they had not been paid for. I was not aware the BSI deal was agreed, where is the money? Bratt had his money off Lloyd, what was that for?”
by pjtyvrdes
Thursday, February 09 2012, 2:33PM
“Deakin and Oliver are due to step down at the club's March 13 annual meeting.
Could they do a 'U'Turn ?
Ethical behaviour seems to be sadly lacking amongst this lot.
Could more "nil paid" shares be issued to their collaborators ?
It's going to seem a very long run in to the EGM...”
by Dave_Eccy
Thursday, February 09 2012, 1:05PM
“So, the use of nil paid shares "is unusual, but not illegal. However, the ethics of it are debatable" Since when were ethics a strongpoint of the Vale board.”
by birdy_too
Thursday, February 09 2012, 12:57PM
“Vale_58
The interim board are there in person to facilitate change, they will also bring a broad team of professionals to help the un-earth the lesser known but equally as mysterious, Staffordshire Hoard. The options are few but they are all better than what we have at the moment. The Vale doesn't have affluent professionals with time on the hands in abundance but it does have intelligent, professional people who are willing to dig around the dirt to asses the damage and move on from that point.
The interim board candidates were selected by the SC committee which I have no problems with as they have acted with honesty and integrity thus far. The time frames are narrow and we (shareholders & PVSC members) will get to vote on the various options when they become available after victory at the EGM.
The SC are fighting blind at the moment as no one knows what the real state of the club is as the crooks wont give anyone 100% unfettered access, even democratically elected directors. It is impossible to envisage or comment on situations when all the relevant information is not available to make a balanced judgement.
The mistake at the last EGM was we (the fans) played fairly, not this time and will fight dirty and like the cub did.
The board's morality it below anything I have experienced and as last time will go to any length to ignore the will of the majority.
There is only one winner, the fans, whether that is too late to save the club is down to the crooks in charge at the moment as they are too intent on saving their own skin and custodial freedom.”
by johnygreenway
Thursday, February 09 2012, 12:48PM
“Do we still play football at Valepark.
Weather permitting is there a game this weekend.
Who've we got ? Any opposition we've heard of?
Do we still talk football anymore ?”
by davoknype
Thursday, February 09 2012, 12:44PM
“The sc must be mad if they have got the chance to use blue sky shares and dont. They must leave no stone unturned to get these chancers out of the club. they should be in contact daily with blue sky,dave smith,stan meigh to make sure they get their votes,if they dont it smacks of only playing at ousting the board. There is no such thing as a level playing when dealing with these rogues and they dont care what methods they use. so you must fight fire with fire.”
by Vale_58
Thursday, February 09 2012, 12:19PM
“FAO VantaaVale
Re "Internet message boards are useful to keep in touch with what is happening at this very vital time for the club. If those people choose not to register (for free), they cannot then moan that they do not know what is happening. They can also join the Sc for free and get free updates via e-mail."
I think you're missing the point. It's not that these people are moaning that they do not know what is happening – simply that they perceive the Vale internet community, and a certain site in particular, as a small minority of troublemakers and subsequently do not wish to support the Supporters Clubs candidates who they either have reservation about or simply do not know enough about.
Incidentally, i am both a member of the supporters club, attended the meeting at the WMC and also post on all the Vale internet forums yet I still have not received a adequate response to my query as to how the Interim Board was chosen and what they intend to do if voted in.”
by tisdeano
Thursday, February 09 2012, 11:52AM
“Vale 58
The nil paid shares issued to Blue Skys are legally Blue Skys, and if Blue Sky choose to use them thats up to them.
Im glad we agree that we have to move the morally corrupt board and ensure they are long gone along with the real culprit Bill Bratt.
It would be in the interests of all that none of the nil paid shares are used, however just like at the last EGM the board and the likes of Bill Bratt have shown total disregard for shareholders wishes, so who knows what lies ahead.
Its pleasing that we share the same views on getting Lloyd, Oliver, Deakin, Miller out along with any remnants of the likes of Bratt and Jckson”
by Vale_58
Thursday, February 09 2012, 11:43AM
“Tisdeano – Apologies, I had heard from other sources, not this article, that the SC were attempting to use the Blue Sky shares. Thank you for clarifying that they are not, it is a relief as I and others think it would have been a terrible mistake.
Btw – Could anyone ask the Paper to change the picture of Williams, the on-line version looks as though he's a watered down version of Chubby Brown, a half-cut comedian cracking gags to his audience, rather than someone addressing an audience of a subject so serious.”