›› News - May/June 2006

››04.06.2006 - CM statement

At the monthly CM Meeting held at The Fitness First Stadium on Friday 2nd June the recent challenges about the existence of the Golden Shares (plus the associated rights) and other constitutional matters were considered at length.

In light of the AFCB Chairman's comments that talks are being held with prospective investors the CM has instructed 5 members to document all the different aspects of the Golden Share rights that would need to be discussed with any individuals, companies or consortia who proposed to invest in the club. This group will report back to the CM board as soon as possible to ensure the Board is well prepared in advance of any proposals being tabled.

The CM Board also reaffirmed its commitment that any changes of this magnitude would be placed before the members of the CM for their approval.

The board will continue to pursue any possibility of attracting new investment independent of the club in order to be certain that all avenues have been considered. The CM board may be contacted through the contacts section elsewhere on this site.

›› 27.05.2006 - CM statement

At a meeting last night (26/5/06) the CM met with Peter Phillips, the Chairman of the AFC Bournemouth board, to discuss his comments made in the media relating to the CM, the existance of the Golden Share and the rights it confers. We expressed our concern that the CM Board was not consulted first on the issue; Peter commented that he had raised this issue a number of times before and that his actions were designed to initiate a new debate in line with his ongoing efforts to secure new investment in the club.

Asked to clarify the point he explained the club was at the very earliest stages of talks with a number of prospective investors who at this stage had insisted they remain confidential although they are known to the CMs appointed board directors. He commented further that it was increasingly clear that any investment might require a change in the constitution of the club and the powers/rights of the Golden Shares although to what extent was not clear.

The board of the CM emphasised that if an offer came along that was worth considering then the CM would investigate all aspects of it before formulating a recommendation to our members/shareholders. Peter agreed that investors would be likely to want to discuss the matter with the CM.From our discussions it would appear that the parties currently interested are in no way connected to any previous investors and are supporters of the club.

After Peter left the meeting the CM decided that at the our next board meeting, in a weeks time, we would discuss the Golden Shares at length and appoint a working party to examine the issues connected with any possible investment . In the current CM we have a number of experienced professionals well suited to this task. The board wish to assure all members that no recommendations will be made without consultation and that to receive our support any investors would have to convince us they have the long term future of the club at heart.

Finally, we agreed we should also actively pursue any avenues available to us to raise new investment. The CM would therefore welcome the opportunity to speak to any individual or group of individuals who would like to invest in the future of the club, whether or not they have already made themselves known to the club.

›› 23.05.2006 - CM statement

In the light of the Chairman of AFC Bournemouth's recent statements regarding prospective new investment in the club, and his views on what he calls 'the Golden Share issue', the Community Mutual wishes to make it clear that, once again, there has been no prior consultation on any aspect of these latest developments.
The Board of the CM will meet as soon as possible to discuss our response to the comments but in the meantime wishes to let it be known that any proposal for significant further investment (particularly if it has a material impact upon the ownership of the club) would have to have the CM's prior approval.
The CM would not necessarily recommend to its membership that they should stand in the way of any investment that would secure the long term future of the club, as long as such investment was proved to be irrevocably in the clubs best interests. Clearly that would not be a straight forward process, and we are fully aware that of all the powers conferred by the Golden Shares the question of ownership is paramount.
We are disappointed that Peter Phillips has chosen to air this issue unilaterally in the media without having the courtesy to speak to the CM, or its appointed directors in advance. We have expressed our concerns via our appointed directors on the AFC Bournemouth board, and await a reply.

16.05.2006 - Updates to the CM site

Several updates have been added to the CM web site as follows:
1) the latest Safety Forum meeting minutes - click here
2) three sets of the CM Chairman's programme notes - click here
3) draft minutes of the CM 2006 AGM, to be recommended to the next AGM - click here

9.05.2006 - CM statement regarding the first floor development

In response to requests from its members, following the announcement by the club on its web site about the first floor development at the Fitness First Stadium), the Community Mutual board would like to clarify the following;

1) The first floor development is designed to be a conference centre with the primary intent being to raise additional revenue for the club. This will be available for the use of supporters on match days only.

2) We understand the first floor will be run on commercial grounds probably by a third party – i.e. a similar situation to the other hospitality areas, perhaps also Sodexho

3) The Community Mutual will have a chance to give on-going feedback to whoever does run it regarding menu, beer options, and perhaps décor/fittings providing they are something that are practicable for both conference and match day uses (if permanent), or can be stored when not in use.

4) We have been reminded by the club that the Community Mutual has no direct accountability for the delivery of the development or its future viability. The CM has, however, been asked to provide feedback on the match day options as representatives of one group of supporters. The club has also asked fans for their views directly on their website.

5) The CM has found it difficult to provide direct assistance because responsibility for delivery rests with the club and Colin Cable of Top Floor Ltd, the nominated project manager.

6) The Community Mutual will however continue to provide advice when asked regarding the first floor and how it might be made to work better for supporters on match days.

15.04.2006 - CM APPOINTS NEW DIRECTOR TO MAIN BOARD

Following a round of voting prior to the Huddersfield Game the Community Mutual are pleased to announce that they will now have 3 members on the main AFC Bournemouth club board.
Joining CM chairman Derek Borthwick and current Director Dave Stone (who was reappointed) will be 46 yr old Ernie Battey. A supporter since 1979 Ernie brings a wealth of financial experience to the board working as a corporate banker for a leading financial institution. All 3 directors look forward to forging a strong relationship between the main board and representing the interests of all the fans including the 2,500 community mutual members. The CM is currently involved in many projects and fundraising initiatives for the Cherries, for more information on the CM visit the website www.afcbcm.org.

AFC Bournemouth Supporters Trust