Ipswich Town PLC, which owns 12.5 per cent of the club, has announced that its usual AGM can’t take place due to Covid restrictions but that a meeting is to be held end of this month to comply with its legal obligations, while an event attended by manager Paul Cook and other Town staff where shareholders can ask questions has been pencilled in for August.
The PLC owns 12.5 per cent of Ipswich Town Football Club Co Limited and consists of the club's shareholding prior to the takeover at the end of 2007 with Marcus Evans currently owning the other 87.5 per cent.
In addition to the PLC’s own accounts, Town usually release a summary of the club's accounts for the previous year to coincide with the AGM.
An email from chairman Roger Finbow to shareholders reads: "As you will be aware, our Annual General Meeting is in normal times held in December, but because of Covid and the consequent restrictions on meeting, HM Government has passed legislation to permit some flexibility in the timing and format of AGMs and to extend the period for filing accounts, by three months in the case of a PLC.
"Your board therefore took the decision to delay holding the AGM until early 2021, on the assumption that by now we would have returned to some degree of normality and could hold our meeting according to the traditional format.
"Clearly, that has turned out to be too optimistic, and we are now in the position of needing to approve and file our accounts for the year ended 30th June 2020 by no later than 31st March, but without being able to meet as normal.
"The board has therefore concluded that, purely to comply with the company’s legal obligations, we should convene a meeting for 30th March 2021 for the sole purpose of approving the accounts and considering the re-election as directors of Elizabeth Edwards and Peter Over.
"And then, once it is legal and safe to do, convene again for all other purposes, when there will be an opportunity to hear from and ask questions of Paul Cook, the manager, Lee O’Neill, general manager of football operations, Stuart Hayton, club secretary and Mark Andrews, finance director.
"We have provisionally arranged this meeting, subject to any remaining Covid restrictions, for Monday 2nd August 2021 at 7.30 pm.”
"The legislation currently permits companies to hold virtual meetings or meetings with restricted attendance. We do not have the facility for real time electronic voting, and virtual meetings with large numbers of attendees are in any event unsatisfactory.
"Accordingly, having regard to the limited agenda for the meeting on 30th March the board has concluded that the most appropriate course is to restrict attendance to the number required to constitute a meeting and form a quorum (two members); and to invite and encourage all shareholders to vote on the resolutions either online or by returning a form of proxy appointing the chair of the meeting to vote on their behalf and in accordance with their instructions.”
Commenting on the takeover talk currently surrounding the club, Finbow adds: "You will have seen in the national and local press recent speculation as to the future ownership of the club.
"Marcus Evans has now addressed that speculation through a statement to fans but I’d like to draw attention to a paragraph in his statement which has not been reported on and which is therefore worthy of setting down here for the benefit of those shareholders who have not seen it.
"In the case of each approach he has received during the period of his ownership, Marcus explains he has ‘looked first and foremost at whether that investment would be in the long-term best interests of the club and also not to forget the interests of the army of small shareholders, whose equity I have never diluted by looking to turn my debts into club equity.
"‘They still remain as just over 10 per cent shareholders in the club through their shares in ITFC PLC and I would always want to ensure that they are fairly treated’. I hope shareholders will derive some comfort from that statement.”
Finbow also paid tribute to PLC director and club patron Philip Hope-Cobbold, who died in July.
"Most shareholders will be aware of the very sad passing of Philip Hope-Cobbold after a short illness,” he said.
"Philip was a director of the company and the club’s patron, reflecting the Cobbold family’s long connection with Ipswich Town.
"He was a bon viveur and a charming and entertaining host, as those who have ever attended the boardroom or one of the traditional Glemham Hall barbecues will testify.
"He was a true gentleman who served, loved and cared for the club and the Suffolk community and he is sadly missed.
"We intend to celebrate his life at our meeting in the summer, in the stadium once fans are allowed to return and through the creation of an annual award at each year’s end of season dinner for the player who during the season has done most to serve the local community.”