West Somerset Railway General Discussion

I tried to set out my understanding of events regarding just the facts without putting any sort of interpretation on top; I can see why you might think that, but I am sure there are other explanations too

 

At least one other organisation I'm involved with has a similar clause, although the time period is different.

 

This is an entirely normal rule present in many sets of articles designed to keep business orderly.

Robin

 

As far as I can see...........

1. The board chose to appoint JJP, they must have had a reason,
2. The members must also had reasons for subsequently resigning
3. The board must at some stage in the (possibly quite distant) past have been aware of the financial/civil engineering mess the railway now finds itself in, but
4. Either did not or could not resolve the matter.

 

He's also selling 2 large model steam locos (a King and a Castle if I remember correctly) on facebook
Rob

 

Thank you for the correction, Ian. I am a little surprised that such a small Board is acceptable and that it can operate for the best part of a year without shareholder approval but if that is what the Constitution allows ....

 

Perhaps he's not blessed with limitless funds and has decided that a working, mainline registered, pannier tank now is preferable to a Castle in a few years time at probably three times the price?

 

Despite it being a member of one of the UK's most iconic class of locomotives, and having previously been owned by Pete Waterman, the fact that it hasnt been restored yet suggests that

1. Its going to be pretty expensive, and
2. Either that there is no obvious use for it, or if there is it wont earn enough to cover the costs of subsequent overhauls, unlike the Pannier..............

 

="The Dainton Banker post: 2532030, member: 25213"]Thank you for the correction, Ian. I am a little surprised that such a small Board is acceptable and that it can operate for the best part of a year without shareholder approval but if that is what the Constitution allows ....[/QUOTE)

Please excuse my effectively repeating my previous posts.

The PLC called an EGM in August to seek shareholder approval for a six months delay effectively
delaying the issue of a set of financial accounts by six months. As a result of which the AGM was
rescheduled for December. ( Without the 15 month financial year there would have been an
AGM in June, without the EGM in September )

Personally I was against the 15 month year. in January 2018 I said to the then FD that whilst
I recognised the advantages of an March end to March end financial year I did not believe
making the change from December to December was a good idea when a business was
under financial stress. However I obviously made my case badly.

I was not able to attend the EGM ( in hospital ); however like other shareholders I sent a
postal vote against the EGM motion ( in the absence of any financial details I did not
feel able to support the extension ). Only one person raised their hand against the
motion at the EGM so obviating any requirement to count the postal votes.

The PLC Board could argue that the overwhelming support they received at the EGM
ie >100 in favour, one against suggested, indeed confirmed a contented shareholder
body.

I regret that I was unable to attend the EGM. I would have voted against the motion,
I would have requested the postal votes be counted and hoped the one who voted
against would have seconded such a request. However none of that happened and
whatever folks may think the current Board ( of three who have not been confirmed
at an AGM ) AFAIK has not contravened its legal status, indeed they might claim
to have overwhelming shareholder support.

The December AGM might enable shareholders to assess whether they have been/are
an effective Board. The jury I suggest is still out.

Michael Rowe[/QUOTE]

 

Also as a point of information. 3 Directors is the smallest effective Board. Should it drop to two or less the only action the Board can take is to co-opt additional members.

Earlier in the year the Board identified a number of Director portfolios for which it wanted to recruit but a recruitment process has not yet been commenced.

Robin

 

Odney Manor and the 7F double-heading the down service.

Just pulled into Williton, live on webcam.

 

Unless you count the "General Manager/Managing Director" post that was advertised a few weeks ago-of course, it was unclear whether that would include a directorship or not

 

Meanwhile there is positive news here: https://www.wsra.org.uk/2019/10/28/wsr-rail-renewal-fund-tops-100k/

 

In response to post #21892.

If my memory serves me well it was stated at the EGM that those appointed to these posts would become Directors.

Pleased to be corrected if I am wrong.

 

For what fraction of a whole year has the appeal been running? I don't see being only a fifth of the way to the declared target of £500k as at all good news.

 

More negativity!
I refer you to the WSRA website. I think you’ll find that the Appeal is for £250,000 (although other higher figures have been thrown around recently) so the sum raised is now 40% plus.

 

I think to put the balance into the comment and try and not be all negative: £400k a year needed in addition to the current income which is reducing, plus an effectively/efficiently run PLC needed in order to continue running trains. The cost cutting has happened which was long overdue, well known for years and easy to achieve (in fact some of it was ‘self-curing’), so it seems like a year to complete this was a long time. I also wouldn’t agree with all that’s been done here, however again to be positive, tick that box because it will have stabilised the cash drain.

But £100k in nearly a year out of £400k is an issue, not least because the next £400k starts only a few months from now so for 2020 its £700k. £20k of this is grant funded, therefore a start on grant funding (my particular hobby horse of course) so again tick in the box for beginning to see what can be done. A great effort from the individuals who contributed to the fund but they can’t be expected to stump up £400k every year between them and a great effort by a Fund Raiser who has her hands tied behind her back due to the structure & culture. All in all still a very big hill to climb, therefore I can see why some would say a great fundraising effort and some would say too little too late.

 

I think that it is £100k in just over 5 months - it looks like the appeal was launched on 24th May 2019.

 

The appeal was launched online then, yes. However the call for the money from the PLC was started very late 2018/very early in 2019 and came about because in part the PLC said that nobody would lend the PLC any more money so fund raise or close. First it was £500k a year ongoing, then £250k (when the appeal was launched) and recently £400k. Although in fairness to all concerned the latest £400k could be from 2020 only as nobody from the PLC has detailed it or indeed what needs doing and when by. Therefore my figures above maybe £100k raised out of £250k and £400k for 2020 so £550k in 2020 not £700k. However just to confuse it a bit more the PLC have also recently said that there is no need for more fund raising toward the £250k as they have the funds to make up the shortfall so its 100% achieved. So it could be 'just'£400k for 2020, all a bit confusing in Somerset it seems but that's what happens when the very limited messaging contradicts itself. My point is even at £400k its 4 times more than raised in 2019 for that particular purpose (the WSRA have also as set out by #Aldfort raised other amounts as well).

And lastly just to go full circle the fact that large amounts were needed were know well before the current Board, its why the WSRA asked me to look at External Fund Raising, but as all will know that is old news now.

 

A response which I would certainly have anticipated from you.

In my post I quoted figures which appear on the WSRA website ( a body which I think you totally support or supported).

I would invite forum members to visit the website. It clearly states that their target is £250,000 and that the amount currently raised is £103,000. Commendable.

Some of you insist on throwing figures like £400,000 or more into the mix, but I see no official support for those figures.

I will, however, be pleased to hear what is said at the AGM in December.

Finally, I will again publicly state my absolute support for our Chairman and his Board and I look forward to being invited to increase my financial contribution to our wonderful railway.