By Myles Palmer
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STEWART, this one’s for you.
It’s a bit late, but think of this as an email just for you.
How can I describe the Arsenal AGM briefly for readers who have never been there?
The AGM scene?
It’s not held in a room because no room is big enough.
It’s a small theatre event staged in a space under the North Bank Stand which is turned into room by putting about 700 scarlet-seated gold-painted chairs in front of a long platform where the manager and nine directors sit with microphones.
There is an aisle down the middle and cables on the floor for audio-visual equipment and videoscreens down each side, so everyone can see the face of the person talking, and mikes in the crowd for questions at the end.
The only other football club AGM I’ve ever attended is Spurs, which is nowhere near as classy as the Arsenal meeting.
Obviously, Arsenal want an AGM that is short and bland. They don’t like “troublemakers” or articulate people who ask pointed questions.
Their ideal is a one-hour meeting which follows a tight script and Arsenal have now achieved this by insisting that questions are submitted in writing two weeks before the meeting.
So the directors can cherry-pick questions and prepare written answers to those questions, which the chairman reads out.
As you know, shares in companies are listed in various markets like the OFEX, the AIM and the full stock market.
Arsenal’s shares are mainly held by the directors (71%) and there is lots of talk if, as recently, a few thousand shares change hands.
MD Keith Edelman and main shareholder Danny Fiszman gave presentations about, respectively, the financial performance of the club, and about the Emirates Stadium.
Certain formalities, like the re-election of directors, who stand down by rotation, were completed, as required by company law.
The club has £73 million in the bank.
There were, I think, sixteen questions.
Interestingly, Peter Hill-Wood didn’t knock back one question about a possible AIM listing at some time in the future.
“This question has been asked before,” he said. “I think at the present time we’ve got too much on our plate to think about going on AIM or splitting shares.
“Once we’re fully installed in Emirates Stadium and we see everything’s working, I don’t see why we shouldn’t re-look at it. But for the moment we’ve got so many other things to think about that I’m afraid we haven’t given it serious consideration.”
Then there was a question from Amy Lawrence, the Observer journalist, who is a season-ticket holder.
I’ve known Amy since we worked on FourFourTwo magazine in 1995, and was aware of her concerns.
But I was surprised when Hill-Wood said, “Miss Lawrence?” and her face popped up on the screen.
“This is a question about the Clock End season-ticket holders. We are the only sector of Highbury not being offered the equivalent area in the new ground. We are at the bottom of the queue for choosing our seats and want assurance that we well all be accommodated behind the North Bank goal and not shunted out into the corners.
“By the time new bond-holders and North Bank bond-holders a have been able to choose their seats, can you guarantee there will be enough left for us? If that’s not the case, please allow us to continue sitting behind the south goal in the new stadium.
“We don’t care about moving for certain games when the away allocation demands. Please don’t treat us like second-class season-ticket holders. Please don’t concentrate too much on new customers at the expense of longtime loyal supporters. That is not the Arsenal way.”
This plea by Miss Lawrence was warmly applauded.
Then Peter Hill-Wood replied.
“I can assure you that we do not treat you as second class citizens. We treat everybody, I hope, with great respect.
“The situation is that we will be able to offer the equivalent viewing position, albeit at the other end of the stadium.
“Our current sales indicate that there should be sufficient seating for all 3,000 Clock End season ticket holders to behind the north of the Emirates Stadium.
“This area holds about 3,900 seats and today only about 600 have been allocated to debenture holders.Final numbers should not differ from this too much.”
Recent share dealings have been a hot topic among insiders around the club and it was inevitable that someone would ask about Lansdowne Partners Limited, a hedge fund, who have acquired 2.7 %.
Hill-Wood said the club has had a meeting with them and said they were supportive of the policies of the board. “We don’t think there is anything sinister in their appearance on our share register.”
THE HIGHLIGHT of every AGM, the bit the shareholders all look forward to, is the speech by the manager.
I’m still thinking about what Arsene said.
I’ll say something about that later this week.
October 24th 2005.