2019 AGM - Wednesday, 20 March 2019 at 6:00pm

[giantroo]

NORTH MELBOURNE FOOTBALL CLUB LIMITED

ACN 006 468 962
NOTICE OF ANNUAL GENERAL MEETING​

Notice is hereby given that an Annual General Meeting of North Melbourne Football Club Limited (“the Club”) will be held at 204 – 206 Arden Street, North Melbourne, Victoria on Wednesday, 20 March 2019 at 6:00pm (AEDT).


Business:

1. Director Election Results

In accordance with Rule 10.1(j) of the Club Constitution, at every General Meeting of the Club, one-third of the members of the Board (or, if their number is not an integral multiple of three, the number nearest one-third) shall retire and be eligible for re-election. The members so retiring shall be the longest in office and in the case of equal seniority, the order of retirement shall in default of agreement be determined by lot. As such, directors Mr Brady Scanlon and Mr Brian Walsh must retire at the 2018 Annual General Meeting. Each of Mr Brady Scanlon and Mr Brian Walsh, being eligible, have offered themselves for re-election as Directors.
In accordance with Rule 10.1(d)(i) of the Club Constitution, Voting Members were informed of their entitlement to nominate another Voting Member for election as a Director of the Club for the two (2) Director positions which will become vacant on the day of the 2018 Annual General Meeting. The request for nominations was published in The Age newspaper on Wednesday, 23 January 2019 and via the website of the Club at www.nmfc.com.au .
In response, no complying and approved nominations (for the purposes of Rule 10.1(c) of the Club Constitution) were received from Voting Members other than in respect of current Board members Mr Brady Scanlon and Mr Brian Walsh.
Pursuant to Rule 10.1(e)(ii) of the Club Constitution, if the number of candidates does not exceed the number of vacancies on the Board to be filled at the relevant election, then those candidates shall be deemed to have been duly elected and will be declared duly elected without the need for an election to occur. Accordingly, each of Mr Brady Scanlon and Mr Brian Walsh are duly re-elected to the Board of the Club and no director elections will occur as part of the 2018 Annual General Meeting

1. Presentation of 2018 Directors’ Report, Financial Statements and Auditor’s Report

All capitalised terms in this Notice of Meeting have the meaning given to those terms in the Constitution of Club.
Dated: 22 February 2019
By order of the Board

Chris Simmonds
Secretary

 

[Firestarter]

How would they sort out Archer's newly vacant board seat?

 

[Tas]

How would they sort out Archer's newly vacant board seat?

Archer stepped down after 31/10 so he was still an active director for 2019, he wasn't up for re-election this AGM. Probably too short notice for them to replace him at this AGM. They will likely replace him at the next AGM I would imagine. They might appoint an interim board member at some point, wasn't Archer's role to oversee the football department?

 

[shintemaster]

Sent them an email re: nomination notifications. I find it odd that they publish in The Age and on the website but send out the formal notification of the AGM via the mailing list - surely the request for nominations can and probably should also be sent to this mailing list?

 

[Kimbo]

Sent them an email re: nomination notifications. I find it odd that they publish in The Age and on the website but [didn't?] send out the formal notification of the AGM via the mailing list - surely the request for nominations can and probably should also be sent to this mailing list?

Do you? Do you really?

 

[Tas]

Do you? Do you really?

They are probably doing the absolute minimum required in relation to board elections.

 

[Kimbo]

They are probably doing the absolute minimum required in relation to board elections.

Compliant.

 

[The Warlord]

Surely this is people's chance to overthrow the hippie leftie lezzo save the whale brigade?

 

[Snake_Baker]

Surely this is people's chance to overthrow the hippie leftie lezzo save the whale brigade?

Little Lord Fauntleroy got back in.

Notifications quietly snuck in to the papers then the result gets posted to everyone.

I was hoping the WANM folks would have stepped up.

 

[The Warlord]

Little Lord Fauntleroy got back in.

Notifications quietly snuck in to the papers then the result gets posted to everyone.

I was hoping the WANM folks would have stepped up.

Yeah, we've never been a model of transperancy.

Still, the Bombers are still stuck with at least one of the #StandByHird knobs off the internet on their board I think.

 

[shintemaster]

https://www.nmfc.com.au/news/2019-02-26/norths-decade-of-profit

Agree or disagree on some of the decisions (and I do on a few of them) this is still a significant achievement. There is some strong financial stability now. Based on this we're 1 year away from being completely debt free while still increasing spending and revenue year on year. Will be interesting to see how we handle the end of the "debt" elimination process. I'd be happy to see funding continue into a "future fund" style of exercise personally but not sure what the clubs view on this is or indeed other supporters. I wouldn't be adverse to a fund like this being used in creative ways. How about funding memberships for down on their luck members when they have an off year due to personal circumstances for example?

 

[The Warlord]

https://www.nmfc.com.au/news/2019-02-26/norths-decade-of-profit

Agree or disagree on some of the decisions (and I do on a few of them) this is still a significant achievement. There is some strong financial stability now. Based on this we're 1 year away from being completely debt free while still increasing spending and revenue year on year. Will be interesting to see how we handle the end of the "debt" elimination process. I'd be happy to see funding continue into a "future fund" style of exercise personally but not sure what the clubs view on this is or indeed other supporters. I wouldn't be adverse to a fund like this being used in creative ways. How about funding memberships for down on their luck members when they have an off year due to personal circumstances for example?

That's a great idea!

 

[Groin guru]

I have nominated myself for Archer's position. North needs a respected presence, so having a guru would boost our scientific stature in the community. I'm also the voice of the people so don't expect me to fall for cheap tricks used by corporate types. Let's Make Arden st. Great Again.

I appreciate all of your votes and support.

 

[shintemaster]

I have nominated myself for Archer's position. North needs a respected presence, so having a guru would boost our scientific stature in the community. I'm also the voice of the people so don't expect me to fall for cheap tricks used by corporate types. Let's Make Arden st. Great Again.

I appreciate all of your votes and support.

GG decided to stop dicking around.

 

[Groin guru]

GG decided to stop dicking around.

Thank you for your vote Shintemaster.

Change is coming.

 

[Gasometer]

General Business

1. Coffee Shop update
2. In-depth articles in North News 2019
3. The skun rabbit new Mascot

 

[Luke72]

https://www.nmfc.com.au/news/2019-02-26/norths-decade-of-profit

Agree or disagree on some of the decisions (and I do on a few of them) this is still a significant achievement. There is some strong financial stability now. Based on this we're 1 year away from being completely debt free while still increasing spending and revenue year on year. Will be interesting to see how we handle the end of the "debt" elimination process. I'd be happy to see funding continue into a "future fund" style of exercise personally but not sure what the clubs view on this is or indeed other supporters. I wouldn't be adverse to a fund like this being used in creative ways. How about funding memberships for down on their luck members when they have an off year due to personal circumstances for example?

I think they are trying to keep a portion of the debt. I know I have $40 debt reduction as part of my membership that keeps ticking over with the auto renew, I suspect that there's many more in the same situation. I don't mind contributing but it would be nice if there was a little more transparency around the debt issue.

Given that club heavyweights contributed more than $450k to the current building project I think they could have wiped out the debt any time they liked. I think your idea is a good one, and there's many projects that I would be happy for the 'debt reduction' contribution money to go to.

 

[Tas]

https://www.nmfc.com.au/news/2019-02-26/norths-decade-of-profit

Agree or disagree on some of the decisions (and I do on a few of them) this is still a significant achievement. There is some strong financial stability now. Based on this we're 1 year away from being completely debt free while still increasing spending and revenue year on year. Will be interesting to see how we handle the end of the "debt" elimination process. I'd be happy to see funding continue into a "future fund" style of exercise personally but not sure what the clubs view on this is or indeed other supporters. I wouldn't be adverse to a fund like this being used in creative ways. How about funding memberships for down on their luck members when they have an off year due to personal circumstances for example?

I think it should have just been rolled into the base membership price and that portion of the revenue put into an investment fund so the club can start to build up an investment portfolio that can create non-football revenue, it should be seen as a generational investment where we don't really look for the short-term benefit, but create a portfolio long-term that will secure the future of the club. If something like that was started in the 70s we would have been one of the richest clubs by now.

If the club is able to collect say $250k a year from the debt/investment surcharge, then with an 8% investment return on average from an Australian diversified share portfolio then the club would have a portfolio of $3.9m after 10 years, $12.4m after 20, $30.6m after 30, $69.9m after 40 and $154.9m after 50 years.

After 50 years you wouldn't need to collect anymore investment surcharge and instead of re-investing the yield over the first 50 years it could then be used as a significant source of non-football revenue for the football club.

The first 10 years after the initial portfolio creation period it would grow to $229m and contribute $74.4m in revenue to the club. The second decade it would grow to $339m and generate $110m revenue for the club. The third decade $502m and $163m in revenue, 4th decade, $743m and $241m in revenue, 5th decade $1.1b and $357m in revenue.

We do this on a lesser scale for wealth creation when making generational wealth, especially popular for those who have come from an entire history of poverty and find they are in a position to start planning for the prosperity of future generations. As you can see the numbers jump to absurd proportions when you have a very large portfolio, there are no shortcuts if you just can't find someone to give you a $100m headstart, you have to build that up incrementally. The club is 150 years old this year, it should be looking 100 years into the future. If we are the generation that puts the club on this path in the future we will be seen as the saviours of the clubs and those that put us on the trajectory of wealth and dominance.

 

[Hootini]

I think it should have just been rolled into the base membership price and that portion of the revenue put into an investment fund so the club can start to build up an investment portfolio that can create non-football revenue, it should be seen as a generational investment where we don't really look for the short-term benefit, but create a portfolio long-term that will secure the future of the club. If something like that was started in the 70s we would have been one of the richest clubs by now.

If the club is able to collect say $250k a year from the debt/investment surcharge, then with an 8% investment return on average from an Australian diversified share portfolio then the club would have a portfolio of $3.9m after 10 years, $12.4m after 20, $30.6m after 30, $69.9m after 40 and $154.9m after 50 years.

After 50 years you wouldn't need to collect anymore investment surcharge and instead of re-investing the yield over the first 50 years it could then be used as a significant source of non-football revenue for the football club.

The first 10 years after the initial portfolio creation period it would grow to $229m and contribute $74.4m in revenue to the club. The second decade it would grow to $339m and generate $110m revenue for the club. The third decade $502m and $163m in revenue, 4th decade, $743m and $241m in revenue, 5th decade $1.1b and $357m in revenue.

We do this on a lesser scale for wealth creation when making generational wealth, especially popular for those who have come from an entire history of poverty and find they are in a position to start planning for the prosperity of future generations. As you can see the numbers jump to absurd proportions when you have a very large portfolio, there are no shortcuts if you just can't find someone to give you a $100m headstart, you have to build that up incrementally. The club is 150 years old this year, it should be looking 100 years into the future. If we are the generation that puts the club on this path in the future we will be seen as the saviours of the clubs and those that put us on the trajectory of wealth and dominance.

Got to admit that this is an area i have very little to no understanding of so bear with me. Would there be any risk involved in this kind of investment?

 

[Snake_Baker]

I have nominated myself for Archer's position. North needs a respected presence, so having a guru would boost our scientific stature in the community. I'm also the voice of the people so don't expect me to fall for cheap tricks used by corporate types. Let's Make Arden st. Great Again.

I appreciate all of your votes and support.

Count me in, and about 15 other people I know..

 

[Tas]

Got to admit that this is an area i have very little to no understanding of so bear with me. Would there be any risk involved in this kind of investment?

There is risk associated with everything, however, you can control the amount of risk you are exposed to. Return also isn't a flat rate, it can fluctuate quite dramatically, the benefit of diversification is that you flatten out both the risk or exposure to any one company or market.

There is this Indian managed fund that specialises in smaller tech and R&D companies within india, it has had an average return of 25% p.a. over the last three years but is currently 22% down in the current year. This fund is a high risk, potentially high reward and if all your money was in it then you would probably be bald pulling your hair out following how bad it fluctuates on a day-to-day basis. However, if you had say less than 5% of your portfolio in that and are well diversified and have a good size in blue chip, property, etc then that high risk investment isn't a significant proportion of your overall portfolio so even if it keeled over and died it wouldn't be the end of the world.

Industry superannuation funds are fairly conservative, even their growth investment options, my employer contributions are in Hostplus balanced and it managed to distribute 12.5% after fees and taxes last year. I am not going to see that money for a long time so I have it all in a growth fund, the closer you are to retirement, the more you have to consider short-term variability, if i was a few years off retirement, I would probably shift the funds into a safer more liquid investment portfolio which isn't going to get hit hard by a major stockmarket crash, recession or the like where I can't really wait 10+ years for things to recover.

 

[shintemaster]

I think they are trying to keep a portion of the debt. I know I have $40 debt reduction as part of my membership that keeps ticking over with the auto renew, I suspect that there's many more in the same situation. I don't mind contributing but it would be nice if there was a little more transparency around the debt issue.

Given that club heavyweights contributed more than $450k to the current building project I think they could have wiped out the debt any time they liked. I think your idea is a good one, and there's many projects that I would be happy for the 'debt reduction' contribution money to go to.

I thought it was basically a given and accepted truth that the debt would have been gone already if they wanted it so. Like others I don't have a major issue with that - but it does come with some responsibility towards us. Something like Tas' approach is something I've considered before and would be happy to contribute to, however actions like shipping additional games off with barely a thank you for your time don't sit well with me.

 

[Groin guru]

Count me in, and about 15 other people I know..

I need a right hand man that can get s**t done. Every Gavin McInnes needs a Rufio Panman. Time to flip some tables.

 

[king of the road]

Surely this is people's chance to overthrow the hippie leftie lezzo save the whale brigade?

Snake Baker - if there is one thread for you to legitimately get political in - this is it!!!! Go for your life mate.

Unless of course, you’d prefer to post about the femmo-leftist, greenie do-gooders supposed political uprising that is threatening to undermine the prevailing right-white male hegemonies rightful place as custodians of the NMFC in the ‘Marley Williams Kiwi Appreciation’ and other such non-relevant threads?

Totally up to you.

 

[Snake_Baker]

I need a right hand man that can get s**t done.