Shareholders approve Rights Issue

15 November 2000

Chief critic Bob Reader was a lone voice at West Bromwich Albion's combined AGM and EGM, as his fellow shareholders gave their full backing to the current Board of Directors and their plans for raising funds through a Rights Issue. In a stark contrast to the chain of events twelve months ago that sparked the resignation of Tony Hale, the meeting was conducted in a pleasant but businesslike style that Paul Thompson described as more fitting of a Company listed on the Stock Market.

In fact, the difference in style mirrored the difference in surroundings, with the hot, stuffy and overcrowded atmosphere of the Gala Baths in West Bromwich swapped for the upmarket environment of the Copthorne Hotel, set in the middle of the Waterfront development next to Merry Hill, where roughly 300 shareholders sat in comfort as the meeting commenced - and at almost 7pm on the dot.

But then this was never going to be a repeat of last year's strife, with success on and off the pitch contributing to an almost universal sense of pleasure at the Club's achievements. The AGM business was swiftly concluded, with the motions to approve the accounts and approve the appointment of the auditors being unanimously carried. The only dissent came with the election and re-election of the four non-executive Directors (Thompson, Joe Brandrick, Barry Hurst and Clive Stapleton), with Reader's solitary hand raised in opposition; Tony Hale, whose support Reader claimed to have, was nowhere to be seen. Describing the now-withdrawn motion to elect Mr Reader onto the Board, Paul Thompson simply stated the reasons for the Board's opposition to the motion: that Reader had said that he [Thompson] was doing a bad job and that he should resign, along with the other Directors, and that he simply could not work with anyone on the Board that felt this way. Brandrick, Hurst and Stapleton all paid tribute to the leadership of Paul Thompson and the fact that, for the first time in many years, Board meetings were united, enjoyable and productive.

The EGM then took place, with Thompson answering a whole series of questions about the details of the new stand and Hurst answering questions concerning the mechanics of the Issue. Finally, the motion to approve the issue was put to the floor and a sea of hands raised in favour. Those against? Just one - and it was no suprise who it belonged to. Sat near the front of the room, with eyes fixed in front throughout, Bob Reader perhaps didn't appreciate the level of his isolation. Had he continued with his bid for election, however, he'd have been left in no doubt whatsoever.

With the main business out of the way, the meeting was treated to a most entertaining hour listening to Gary Megson talking about his appointment, his suprise at the way things were being done before his arrival and the major changes that had been put in place since then; he came across throughout as enthusiastic and demanding, while at the same time displaying a wicked sense of humour - and the glances that he and John Wile exchanged when the name of Carlo Nash was mentioned as a possible target spoke volumes!

The whole meeting had finished by 9pm. And I thought time was supposed to fly when you're having fun...

Previous Stories:

  11 November 2000:  Reader gives up the fight

  10 November 2000:  Shareholders back the Rights Issue

  05 November 2000:  Hale attempts to block Rights Issue

Back to the News Index