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General Meeting: As It Happened

Motion carried to reinstate Annual General Meetings.

General Meeting: As It Happened

A General Meeting of Everton shareholders took place on Wednesday 26 June 2013. Below is a recap of the meeting as it happened.

19.42: The meeting is brought to a close.

19.41: A motion is carried by a show of hands to reinstate Annual General Meetings.

19.39: Asked why the Club's Academy has not participated in the NextGen series to date, Mr Elstone reveals he has given the Club's Head of Academy Alan Irvine the "blessing and funding" required to pursue a place in the next competition.

19.32: Asked about Everton's Kitbag deal, Mr Elstone confirms the agreement has turned a loss-making operation into a profitable one.

19.27: Mr Kenwright reveals he is to have a meeting where he will discuss potentially issuing a new batch of Club shares.

19.22: BK: "I've never taken a penny in wages out of the Club and that won't change."

19.15: Responding to a question on the topic, Mr Kenwright rejects a suggestion Roberto Martinez could be forced to play a weakened side in cup competitions due to the high value of each league position. He says Martinez will always have a 100 per cent say on his team selection.

19.12: Mr Kenwright is asked if a shared stadium with Liverpool Football Club is still a possibility. He states that it is still "on the agenda" but that meetings with Liverpool and LCC have not "moved forward". On the site the Club is presently reviewing, he says: "If we can take forward the idea we're looking at now, I think you would be happier with that [option] than sharing with the Reds."

19.10: Mr Elstone concludes his presentation and a question and answer session begins.

19.09: Mr Elstone says filling every seat in the stadium would generate an extra £3million every year.

19.08: Mr Elstone reveals the Club has received a grant of £500,000 for a new community development adjacent to Goodison Park which will be match-funded up to £1million. He concedes, however, that Everton Place, a planned redevelopment of the Park End car park, will not progress due to a "crazy disagreement over security that couldn't have been forseen."

19.07: He adds that recent sales of other clubs haven't always proved successful.

19.05: Mr Elstone stresses conversations over the sale of the Club have always been ongoing. "It hasn't come to fruition, but never because of price," he says. He admits the stadium and location of the Club have been sticking points.

19.03: Mr Elstone says the Club is in constant dialogue with Liverpool City Council over new stadium options and reveals one site in particular is being thoroughly reviewed at the present time.

19.00: Mr Elstone stresses the 'top priority' will always be investing in the playing squad and the Club's Academy.

18.58: RE: "The new money has given us options to spend on infrastructure."

18.56: Mr Elstone stresses there will be limitations on how the money from the TV deal is spent because of the Premier League's new 'break-even' rules. "We're confident we will be able to demonstrate we are compliant with those rules," he says.

18.55: Mr Elstone explains that next season every league position will be worth £1.2m and every television appearance worth £750,000.

18.53: Mr Elstone begins discussing the new television rights deal for 2013/14.

18.52: On the Club's aspirations, Mr Elstone says: "We have to be expanding our fanbase while outperforming our rivals in all aspects, in player recruitment, preparation, coaching and trading. In that respect, the future is very positive."

18.50: RE: "We're a Club which offers ownership and participation and brings its fans closer to the Club by listening and responding."

18.48: Mr Elstone states the Club has demonstrated its debt is being managed while consistently investing in youth and enhancing the first-team playing squad.

18.47: RE: There has been no major growth in matchday revenue over the last five years because the Club has been keen to ensure it remains as affordable as possible for its fans.

18.45: Mr Elstone clarifies that Everton's revenue has been ranked seventh, eighth, eighth and eighth against other Premier League clubs across the past four published accounts.

18.33: Mr Elstone reveals the 'net book value' of the current playing squad is measured at £29.6m but that the insured value of the squad is £150million.

18.32: Mr Elstone points out that Everton is one of only two Premier League clubs to outsource its retail operation. He explains that the deal is an important and successful one but that merchandise revenue goes through the Kitbag tills and is not included in the Club accounts.

18.30: He adds that the deal constitutes a saving of £16.6m over the duration of the lease.

18.29: Mr Elstone says a revised rental deal for Finch Farm, announced earlier this month, was "win, win, win, for seller, buyer and Club". The deal has reduced the Club's rental costs by 33 per cent.

18.27: Mr Elstone states there have been no payments made to Club directors in the past five years.

18.26: Everton's other operating costs were £22.5million in 2008/09. The projection for 2013/14 is £21.8million.

18.25: Mr Elstone says the figure for other operating costs is undisclosed by all Premier League clubs except Everton.

18.23: Mr Elstone discusses the Club's openness in terms of financial information, pointing to a series of blogs posted on evertonfc.com. The blogs covered the Club's financial figures, expenses and intentions moving forward.

18.20: Robert Elstone welcomes all shareholders and proxy holders to the meeting and begins his presentation by introducing a video of Everton's 2012/13 highlights.

18.15: Everton's Chief Executive Officer Robert Elstone takes to the stage to begin a presentation of the Club's financial performance and plans for the future.

18.13: BK: "It was never the Club's intention to stifle the voice of its shareholders."

18.12: Mr Kenwright offers to reinstate AGMs.

18.09: Mr Kenwright delivers a review of previous Club AGMs.

18.04: Mr Kenwright offers apologies for absence on behalf of director Robert Earl and Everton manager Roberto Martinez.

18.02: Chairman Bill Kenwright opens the 2013 General Meeting of Everton shareholders.

17.30: Updates from the General Meeting of Everton shareholders will begin at 6pm.



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