https://www.carlisleunited.co.uk/new...ember-meeting/

Am I missing something or does this suggest that Billy Atkinson and Jim Mitchell had agreed to dilute the Trust's shareholding from 25.3% to 10% or less without actually consulting their members?

Bearing in mind how far up the Directors arses they are this seems incredible.

Surely any honest/honourable prospective owner would allow CUOSC to consult its members over a takeover, particularly if the prospective owner knew that without consultation he/she could not gain outright control.

I get the impression that Billy Atkinson thinks he is CUOSC, as opposed to simply a representative.

The relevant extract from the Minutes:-

"Billy Atkinson made it clear the first deal put to CUOSC and referred to in other updates was accepted. It reduced its voting rights but still was accepted by CUOSC. It wasn’t easy to get approval from the CUOSC board, but a full change of control and a takeover would have happened. This was a desired outcome, so CUOSC backed it. He also made it clear that ‘CUOSC did not hold the deal up’ in any way."

"Billy Atkinson wouldn’t be drawn on whether CUOSC would agree a future dilution without member consultation. It would always depend on the deal being offered. The recent member survey was very helpful in confirming views on how it would approach any future deals.

Simon Clarkson suggested that this would be a ‘good opportunity to sound out members on whether a dilution would be acceptable with or without direct consultation’.

Nigel D stated that CUOSC would take [the dilution issue] very seriously next time, as they did on this occasion. For any future investment they’d be looking to work with parties that would want public member approval for a deal and would work ‘with’ CUOSC as outlined in the Fan Led Review, and the recent CUOSC Questionnaire.

Nigel C said that some people interested in clubs don’t want to operate or deal in public at all, and make offers subject to conditions accordingly. The requirement for members to vote on any deal first, may lead to a potential buyer pulling out. Fans may well see that as a good filter of who may be suitable owners."