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THE ISSUE WITH THE ELECTIONS

11 May 2018
Miguel Otero presented enough shares to provoke an extraordinary shareholders meeting, the intention is to fore the current board and call for elections. The club has two months to verify the information.

The former president of the peñas, Miguel Otero, presented on Thursday a petition to the club asking for an extraordinary shareholders meeting. The petition was supported by around 11,000 shares (6.5% of the capital).

The minimal required to ask for a shareholders meeting is 5%, now the club has two months to verify the authenticity of the documents before calling for the meeting, this meeting should take place one month after been called. The petition of Otero for the shareholders meeting is composed by two points: the first is to fire the current board of directors and the second is to stablish a date for the election of their replacements.

In case the petition of Otero succeeds and the board is fired, then a temporary board will be named until the elections take place. The whole process could take six months in case that elections are called, which means that it will end until November.

President Tino Fernández already said that he won’t have any problem in calling the meeting, and also announced his strategy. As soon as the extraordinary meeting is called, the plan of the current board is to include a third point in the meeting, which would be to increase the number of members of the board.

It must be reminded that advisor Fernando Vidal left the board at the end of last year and the board is planning to replace him and also change the club’s structure. Tino Fernández also announced that, in case that the elections are called, then he will be running for a second term.

Tino Fernández’s five-year term ends in January and the original intention of the club is to call for elections until May of 2018. The petition off Miguel Otero tries to advance the process, though it won’t arrive before the start of the Segunda season 2018/19.

ARCHIVE NEWS MAY/18

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