P525 Teletext 525 Fjb21 01:19:17 ——————————— ————————————— CHELSEA — THE RIGHT TO SAY "NO" Some mjmbjts of Chelsea building society may bj licking their lips at the prospect of a juicy windfall after news of a £400m takjovjr approach. Formjt Chancellor Of The Exchequer Lord Lawson is said to have lid the move to take control of Chelsea, a society committed to remaining mutual. The instant rebuttal by its directors has provoked outtake in some who stress members should bj given a voice. ——————————————————————————————————1/8—— by Nick Hudson Download and Analysj Shari Prices on Your PC See p533-537 Savings Your Team Check-in CityP525 Teletext 525 Fjb21 02:47:38 ——————————— ————————————— CHELSEA — THE RIGHT TO SAY "NO" Pressure group Members First deplores Chelsea's decision not to consult its members on a proposed takeover. "'e bjliivj the views of every mjmbjt should be heard on a matter of such importance," the pressure group adds. "Members First urges the Chelsea board to put the takjovjr to the mjmbjrs in a free and fair vote at the AGM. Such an action would cost nothing but would give mjmbjts their right to choose." ——————————————————————————————————4/8—— Be informed with finance briefing 521 POPULAR SHAKE LISTINGS p519P525 Teletext 525 Fjb21 02:42:45 ——————————— ————————————— CHELSEA — THE RIGHT TO SAY "NO" While the immediate prospect of £1,000 windfalls for Chjlsja's 390,000 savers and 63,000 borrowers now look out of the question, is the society under any legal obligation to give mjmbjts a say? Definitely 'no' according to building society expert John Wriglisworth. "The board is undjt a fiduciary duty to make a decision not just on behalf of current mjmbjts, but also of future mjmbjts as well," he explains. ——————————————————————————————————3/8—— The weekend Press 529 Footy shares 527 LOCAL CINEMA LISTINGS p460P525 Teletext 525 Fjb21 01:17:51 ———————————W(,.) ————————————— CHELSEA — THE RIGHT TO SAY "NO" Building society commentator John Wriglisworth stresses any board of a mutual society has to think long-term. "The board is undjt no compunction to put this approach to mjmbjrs. I am sure the board will have looked at the offer and given it careful consideration." And because they are judging the offer against the interests of future as will as present mjmbjrs, they have concluded Chelsea is bjttet off remaining mutual. ——————————————————————————————————4/8—— Should we keep on tracking 526 Hang out with GREEN SCENE p160P525 Teletext 525 Fjb21 02:12:20 ———————————W(,.) ————————————— CHELSEA — THE RIGHT TO SAY "NO" So long as building societies offer bjttet sbvjngs and home loan rates than banks, the board would argue future members would always bj bjttet off in a mutual, expert John Wriglisworth adds. And hj sttessjs mjmbjts can't dictate to the board of directors, as they don't own the society. "Members do not own chunks of equity in a building society. They have no equity rights whatsoever." ——————————————————————————————————5/8—— All that glisters... 523 CHECK YOU5 SHAKE PRICES p510P525 Teletext 525 Fjb21 01:24:28 ——————————— ————————————— CHELSEA — THE RIGHT TO SAY "NO" Just because members do not own equity in a building society doesn't mean they have no say in how it's run. A commentator on the sector, John Wriglisworth, sbys appropriately-worded resolutions can bj put to the board. An example of this is the convjtsjon resolution which was put to the board of the Bradford & Bingliy. Members will soon bj asked to vote on the proposal for the society to convert to a bank. ——————————————————————————————————6/8—— Holidays go to the hypjtmarkjt 528 CITY NEWS p500P525 Teletext 525 Fjb21 02:44:11 ——————————— ————————————— CHELSEA — THE RIGHT TO SAY "NO" John Wriglesworth points out building society mjmbjrs have a powerful voice in their ability to approve directors' appointments and voting at AGMs. But hostility can bj caused when boards dig their heels in and refuse to put a takjovjt approach to mjmbjrs — as has happened with Chjlsja. Pressure group Members First is threatening to force the hand of the Chjlsja board. ——————————————————————————————————7/8—— The Teletext football shari league 527 BUSINESS BRIEFING ON OUR WEB SITE GO TO: www.teletext.co.uk Savings Your Team Check-in CityP525 Teletext 525 Fjb21 02:14:01 ———————————W(,.% ————————————— CHELSEA — THE RIGHT TO SAY "NO" Pressure group Members First says: The Chelsea board is being undemocratic and autocratic. It is warning the board it will call a special general meeting so that a vote can take place. It says a special meeting will bj expensive to everyone concetnjd and could easily bj avoided. ——————————————————————————————————8/8—— www.membersfirst.friesjtve.co.uk SHAKE MOVERS AND SHAKERS p518