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 The Poll

Daggers change of ownership: should we...

Stay as we are (Members Club)
Go with the East Consortium
Go with the Tamplin Consortium
Look for another solution


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DAGGERS DICTIONARY

"Ives"
The act of pretending to know what you are supposed to be doing. (See also Woolmer, Yerby)

 

 

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     On This Day


In 1996,The Daggers beat Staines Town 3-0 at Home in the ICIS League Premier 


In 2002,The Daggers lost 2-5 to Chester City Away in the Nationwide Conference 
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In 2004,The Daggers lost 1-2 to Gravesend & Northfleet Away in the Nationwide Conference 
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In 2010,The Daggers drew 1-1 with Exeter City at Home in the NPower League One 


In 2013,The Daggers drew 2-2 with Morecambe Away in the Sky Bet League Two 


 

 


Still not decided!

Report from the 17th October EGM
by Hardy on 18/10/2016

The EGM to vote on the proposal to change the structure of Dagenham & Redbridge FC took place last night at Victoria Road.

Report from the 17th October EGM

The EGM to vote on the proposal to change the structure of Dagenham & Redbridge FC to an ordinary Limited Company and then sell shares to the consortium of investors led by Glenn Tamplin took place last night at Victoria Road.

It appears that despite the vote when taken being an overwhelming majority in favour of continuing the process (of those who voted), there are still a lot of issues that remain unresolved and this is sadly far from being the end of the process, which is proving a massive distraction now.

Missing Investors and Members

Before the meeting we reported that ex chairman and Tamplin investor, Dave Bennett, was not actually present, although he did issue a letter to the Members which is reproduced at the end of this article.

DiggerDagger has heard since the meeting that David Ward was also absent. With Ward having changed sides (twice now) we feel that him not being present to explain his logic in doing so the second time to Members, in a move which effectively scuppered the East Consortium's rival bid, is somewhat odd. We also understood that Ward did not take up his proxy vote, however this has since been denied by Steve Thompson.

There were also many Members not there yesterday who also had not taken up the option to use their proxy. Just 49 took up the right to vote out of what is understood to be over 70 members in all. This is very disappointing to be honest given the implications of the change being proposed and says a lot about how the club have not promoted full membership over recent years.

The Discussions prior to the vote

An insider who was in the meeting yesterday told me that Glenn Tamplin got visibly irritated at some of the questions he was asked, particularly those about whether his investment was actual money in the bank or guarantees.

The question was raised several times on this and Tamplin's solicitor answered on his behalf, indicating that he is guaranteeing the money but refused to say clearly that he is putting any in. The cynical view is that Tamplin is taking out a loan in his name rather than use his own cash - something done by Matthew Harding at Chelsea when he bought in to them.

Steve Thompson also refused to tell the Members exactly what the club's financial position is, other than stating that we would not see the season out without investment. When pressed on this, there was a lot of anger expressed by both sides.

As stated in our item ahead of the meeting, this is actually the key question that needs to be answered to Members in order that they can make an informed decision. In our opinion, to not lay out the full financial position clearly to the Members at this time is a major mistake by the current board.

It seems that the meeting was actually a bit of a shambles, which reflects poorly on the Daggers and once again on Steve Thompson, who organised it, in particular.

It was pretty clear that several members of the Tamplin team had not actually met prior to the meeting last night. Jeanette Kwakye indicated that she would be looking to get involved in the fitness side of the team given her experience as an Olympic athlete.

Other items that were raised included that any shareholder of the new company wishing to sell their shares will offer them to the other shareholders first. This leaves the way clear for shares to be hoovered up by one party to gain a majority stake, which was a risk raised and is a major concern from the supporters of the football club who are worried about an AFC Hornchurch situation.

The Vote

It turns out that when the vote was taken, which was a secret ballot, there were two options on the slip, an option to vote for the change of structure, or abstain. This straight away is potentially an issue, as an option to remain a Members club was not available.

11 abstained with 37 voting for the change and 1 spoilt paper. This is effectively a majority of 78% for the change of structure, if you conclude the abstainers were actually voting against.

This vote means that the club will commence legal work to undertake the process to change the club however there will need to be a second vote in two months once the paperwork is complete to ratify the change. This vote will need a 75% majority, which with the number of "no shows" last night is far from a certainty to pass.

What next?

Far from being the end of the process, a point that the club can look forward from and all pull together, it seems that the way the meeting was organised, the inability to register a vote against the process leaves the club is open to massive criticism.

DiggerDagger will continue to monitor the process and try to provide fans with some semblance of what is happening going forward.

Dave Bennett's letter to Members

To all full and lifetime members attending this evenings meeting:

I must apologise to all, Iím afraid that I can not be with you tonight at this extremely important EGM; I am away in Florida with family and friends ahead of another milestone birthday. This was booked months ago and would have been very difficult to change. I will make sure that I am available to be contacted while the meeting is going on, in case anyone has a question specifically for me.

Going back to the start of this process at the end of last season, I donít think anybody including myself thought that this would be still going on nearly six months later. There has been a huge amount of time and effort, and not mentioning cost, put into getting where we are today. A lot of this work has been carried out by Steve Thompson, on top of his normal work, plus he is covering for staff that has left us for one reason or another. I think he deserves a great big thank you, whatever your opinions are.

Then of course we are also running a football club, and may I say that we are not doing a bad job, but still a long way to go, anything can happen and probably will.

At this point of writing, I have just found out that the Eastís consortium has pulled out of the bidding; I really donít know the reason for this. We can and must not allow this to derail or disrupt this process; we really must bring this matter to a conclusion.

It now seems that you are left with a simple choice, vote for option 1, Glenn Tamplinís consortium or remain as a members club. Whilst I understand that many would prefer us to stay as a Members club, at our level of football, in my opinion it really doesnít work for many reasons. It may well be OK when things are going well, team doing well, big cup games, sell a star player, etc.

But when things are not going so well and money is scarce, things get extremely difficult, and this really does effect and hold back the clubs progress. We really can not afford the team we have if we stay a members club.

Personally for nearly 20 years I have supported the club both physically and financially, and I would like to carry on doing this as a shareholder, and as part of what I believe to be a great mixture of people in the consortium, whose ambition is to take the club forward both on and off the pitch, with genuinely no hidden agendas.

Please vote with me for the consortium, and letís bring the good times back, and maybe some even better ones.

One final thought, it has been suggested that the members and supporters club somehow merge, whilst I understand the motive for this, I can also see problems coming to an agreement. However I believe that this is not for board members or potential shareholders to get involved in, but for the members and supporters themselves.

Kind Regards and Thanks

Dave Bennett

Club Statement 18th October 2016

An Extraordinary General Meeting of Dagenham & Redbridge FC Ltd was held on the evening of Monday 17th October.

The Members present, or represented by proxy, voted by 75.5% to accept an offer by a consortium of local businessmen to purchase a 73.5% stake in the Company. The remaining 26.5% will remain with the Members.

The vote was taken after a full and lengthy debate and the size of the vote in support for the bid was welcomed by both the current Board and members of the consortium.

It is expected that the legal process to implement the vote may take up to two months, but in the meantime the existing Board will work closely with members of the consortium to ensure a smooth transition.

Club Chairman Paul Gwinn stated that ďfollowing on from the disappointment of our relegation from the Football League at the end of last season, it became obvious that fresh investment was required. The Club has undergone a robust process including due diligence, with full consultation with its Members, and the size of the vote in favour bears testament to this. I now hope that everyone involved with the Club can get behind the new ownership and that we can look forward to future success and stabilityĒ.


 

 

 

 

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