The first Annual General Meeting of Cardiff Blues Limited for some two years will take place at 1pm on Tuesday 31st December, New Year’s Eve.
Shareholders have been invited to attend the Sir Gareth Edwards Lounge in the Arms Park Clubhouse, with the meeting having to take place at this somewhat inconvenient time in order to ratify Peter Thomas’ conversion of debt to equity.
Issues have surrounded this conversion for some 18 months, with negotiations taking place around how to convert the debt to equity without breaking the company’s Articles of Association that prevent any one person holding more than 24.9% of shares.
An agreement was struck on the 4th December, with the details due to be unveiled at the AGM. It is believed Peter will convert the debt to non-voting equity in order not to breach the AoA, although questions remain about whether they could become voting shares if the company is sold, and the impact on the heritage shares held by Cardiff Athletic Club.
Although the date and time of the AGM is not ideal, the very fact it can now be called and completed before the end of the calendar year with the 21 days notice given to shareholders as required by the Companies Act, is a step forward for Cardiff Blues Ltd.
There will then be a general supporters question and answer session held with Chairman Alun Jones and Chief Executive Richard Holland during January, with plenty of topics no doubt ready to be discussed since the last event in March.