Real Oviedo held their Ordinary and Extraordinary General Shareholders Meeting this afternoon. All eight points from the day’s agenda were passed.
The Ordinary and Extraordinary Meeting took place at the Palacio de Congresos y Exposiciones in Oviedo, and 67.12% of the club’s total capital was in attendance. 83 shareholders attended the meeting personally, while another 6 were represented.
The meeting began with a speech by Real Oviedo President, Jorge Menéndez Vallina, in which he covered the key work and advances in the areas of the youth academy, the community, commercial matters, and communication. He spoke about the work which has been, and is being, undertaken by the clubin these areas during recent months.
Adolfo López, from Verae, gave a summary of the club’s economic situation, highlighting the importance of the end of the historic debt owed to Public Administrations. It is projected that this debt, which had reached €15million at the time that Grupo Carso took over management of the club, will have been settled in full by the end of the current financial year. It is a historic landmark, achieved thanks to the constant injections and crucial backing of our maximum shareholder. In their six years of management of the club, they have completely cleaned the club financially, as well as bringing new investors into the club. The debt currently stands at just 617,000 euros. The club has made another repayment since the end of the previous financial year (30-6-18), when debt owed to Public Administrations stood at €2,168,000. The budget presented and passed for the 18/19 season will see all of the club’s historic debts completely settled.
With respect to the balance of incomes and spending, a growth in advertising income has been seen (+8%), as well as a rise in competition income (+104%) compared to last year. The deficit owes mainly to the costs of indemnification expenses and the increase in spending caused by the B team's promotion.
With the first three points on the agenda unanimously passed, the Social Capital of the club was also fixed. Following the most recent campaigns and the money received, it stands at €18,088,831.50.
The remaining points on the agenda were also passed unanimously. Point five, the change of the registered office of the club, in accordance with the statutes passed in the last meeting, and point six, the expansion and changes to the company's purpose were passed. Finally, point seven saw approval given for the creation of the corporate webpage for the entity. This will allow all official adverts to have the consideration of notification of legal effects, through our official webpage.
The Ordinary and Extraordinary Shareholders Meeting concluded with an extensive section of requests and questions, which were responded to by President, Jorge Menéndez Vallina.
First: Approval, if necessary, of the Annual Accounts for activity undertaken between 1st July 2017 and 30th June 2018.
Second: Proposal for the distribution of profits.
Third: Approval, if necessary, of the budget for income and expenditure for the 2018-2019 season.
Fourth: Setting of the Social Capital of the entity following the recent share campaigns and receipt of payments, and consequently modification of articles 5º and 6º of the statutes.
Fifth: Change to the registered office of the club, in accordance with the statutes passed in the previous meeting.
Sixth: Expansion and/or change to the company's purpose, in agreement with the statutes passed in the previous meeting.
Seventh: Creation of the corporate webpage for the entity, to the effect outlined in Article 11B of the 'Ley de Sociedades de Capital' (Corporations Law), and in accordance with the statutes passed in the previous meeting.
Eighth: Requests and questions.
