RE; RADIO MALDWYN LTD.
THE COMPANIES ACTS 1985 TO 2006. THE INSOLVENCY ACT 1986.
Notice has been given that an Extraordinary General Meeting of Radio Maldwyn Ltd will be held at the Regent Centre, Broad St., Newtown, Powys, SY16 2NA at 11.00 on 13th December 2010, for the purposes of considering, and if deemed expedient, passing as a Special Resolution and as an Ordinary Resolution the following Resolutions:
"That is has been proved to the satisfaction of this meeting that the Company cannot, by reason of its liabilities, continue its business and that it is advisable to Wind Up the same"
"That Gerald Irwin of Irwin &Company, Station House, Midland Drive, Sutton Coalfield be, and is appointed Liquidator for the purpose of such Winding Up"
This letter, which awaited me when I returned home tonight was signed by Austin John Powell, Director.
Now I'm not at all clear about what's going on here, but I can see that its a deeply disappointing situation. Radio Maldwyn has a strong following in Montgomeryshire. I've supported this local radio station since it was set up in the 1980s, and at one stage (1995) almost became its Chairman. At the time, I knew very little about local radio, but was approached by a group of people involved. The role would have been to sort out problems that were then thought to threaten Radio Maldwyn's survival. Even though I was not keen, I did agree to give it a go, and turned up at the AGM where I anticipated an audience of the 10 or so who had contacted me. But there were 100 there, mostly made up of people brought in to vote against me. It was rather embarrassing, and thoroughly daft, because I would not have put my name forward if I'd known anyone else was interested. The name of the man who gave me my biggest ever electoral trouncing was Jim Wagstaffe, who lived in Telford. I'll not go into the ins and out s of what happened afterwards. Life is too short!
Whatever, I remain a great supporter of Radio Maldwyn, and I hope that whatever arrangement arises from these ashes, retains some local content, and continues to retain a local presence. I hope I can go to this meeting, because it could turn out to be a bit lively. There is one shareholder who holds 49% of the shares, and there are many small shareholders, (like myself) who own one or two shares. It could be that together these shares represent a majority, who care about local content. On the other hand, it could be that the whole thing is bust and it could make no difference how we vote. I suppose it could finish up as a fist fight. (And that's a joke before anyone quotes me). I'm afraid it looks a bit of a mess. We will have to wait and see what happens.