UPDATE FROM EGM 13/2/2019

An EGM took place on Wednesday  evening to bring our shareholders up to date regarding the financial status of the club. The meeting commenced with the reading of a statement provided by Ceri Sweeney on behalf of all the playing and coaching teams conveying their full support for the club and its proposed plans for the future of Ponty Rugby Ltd to create a sustainable business model and to ensure the continued playing of rugby at Sardis Road.

The financial position of the club was outlined in some detail which provided an overview of the current position and an outline as to what had contributed to this and previous financial problems within the club. The forecasted shortfall  of £100k was confirmed as the amount required to see us through to the seasons end under normal trading circumstances  along with the plans that are to be executed to stem the outward flow of cash from the club and improve the controls in the interim and actions that can be taken in the short term to increase club income.

It was proposed by the Board that governance changes were required and to facilitate this an Executive Board should be implemented to support a Management Board. These proposals were unanimously  accepted by Shareholders and the process to appoint an Executive Board will commence in the near future. The Executive Board will comprise of individuals each with their own specific business knowledge to introduce the financial planning and direction the company should take to ensure a viable five year business plan is put in place for sustainable rugby at Pontypridd RFC. The Management Board would be responsible for the day to day running of the club ensuring that the Executives Boards Strategy is implements and delivered.

There was unanimous agreement that all efforts should be made to raise the required funding and a second motion motion was then put to the floor asking for the “Shareholders agreement to increase the shareholding by £100k” This motion was also carried unanimously by a show of hands.

The meeting was closed at 21:05, whereby many of the shareholders then committed funds to the club by way of donations and Share purchase. The club will continue to focus to raise the necessary funds and are confident that shareholders and supporters will continue to provide funds by a variety of ways. The club will issue guidance as to how shares can be purchased and will fully welcome any funds received.