Who owns boards?

Jumpy

After reading DeV's thread about heading to Malta, I suddenly realised, I have no idea who owns boards, I had assumptions, but they dont fit anymore.
I am technical based and not financial, so if its complicated it might need to be simplified.

Dav

Boards is owned by the original 5 admins: Cloud, DeVore, Ecksor, Regi and Vexorg. Daft.ie also owns a 30% share.

Don't think I can make it any simpler

Dav

dr.bollocko

You forgot about Jim Corr and the NWO.

Jumpy

Dav wrote: »

Boards is owned by the original 5 admins: Cloud, DeVore, Ecksor, Regi and Vexorg. Daft.ie also owns a 30% share.

Don't think I can make it any simpler

Dav

Nope thats perfect. My assumption was right in the first place then. Except for the Daft bit, I had forgotten.

No particular point here guys, I was simply curious.

4zn76tysfajdxp

Dav wrote: »

Boards is owned by the original 5 admins: Cloud, DeVore, Ecksor, Regi and Vexorg. Daft.ie also owns a 30% share.

Don't think I can make it any simpler

Dav

Ah! But who owns them?

<_<

>_>

<_<

dr.bollocko wrote: »

You forgot about Jim Corr and the NWO.

Oh right, never mind.

mike65

dr.bollocko wrote: »

You forgot about Jim Corr and the NWO.

So Corr and the NWO are in collusion? The ultimate conspiracy! :eek:

4zn76tysfajdxp

mike65 wrote: »

So Corr and the NWO are in collusion? The ultimate conspiracy! :eek:

What, you didn't knwo?

/sneer

dr.bollocko

Princess Vast Plank wrote: »

knwo?

He's one of them!
Quick. Distract him. The insider is running a t-shirt competition.

DeVore

As Dav said. Let me break it out further for ye (cos I dont mind at all in fact).

DeV, Vex, Regi, Ecks and Cloud own 70% of the shares divided equally. Daft.ie owns the remaining 30% as a corporate entity.

Those are the *shareholders*. Typically shareholders meet once a year and have no direct say in the running of the company. We're a bit different in that we like to keep everyone on the same page and so typically include everyone in the big decisions and issue them reports. But I digress.

Every company has to have a Board of Directors. The people who are held accountable for accounts, negligence etc.

Because a "corporate entity" cant sit around a table, Daft assigned Paul Kenny and Eamonn Fallon to us to represent their shares.

The Board of Directors is made up of DeV, Regi, Cloud, Paul and Eamonn. We SHOULD be 7 but with Vex and Ecksor not sitting on the board, we have two spots free. We *could* fill them and technically regi, cloud and I have the right to fill them (with agreement), but we are actually very much of a single mind with the lads and dont feel any concerns. We still have a majority of the vote but the truth is, we dont vote on anything, we have always achieved consensus.

Thats who basically ultimately owns Boards in a "real world" sense.

DeV.

Jumpy

DeVore wrote: »

As Dav said. Let me break it out further for ye (cos I dont mind at all in fact).

DeV, Vex, Regi, Ecks and Cloud own 70% of the shares divided equally. Daft.ie owns the remaining 30% as a corporate entity.

Those are the *shareholders*. Typically shareholders meet once a year and have no direct say in the running of the company. We're a bit different in that we like to keep everyone on the same page and so typically include everyone in the big decisions and issue them reports. But I digress.

Every company has to have a Board of Directors. The people who are held accountable for accounts, negligence etc.

Because a "corporate entity" cant sit around a table, Daft assigned Paul Kenny and Eamonn Fallon to us to represent their shares.

The Board of Directors is made up of DeV, Regi, Cloud, Paul and Eamonn. We SHOULD be 7 but with Vex and Ecksor not sitting on the board, we have two spots free. We *could* fill them and technically regi, cloud and I have the right to fill them (with agreement), but we are actually very much of a single mind with the lads and dont feel any concerns. We still have a majority of the vote but the truth is, we dont vote on anything, we have always achieved consensus.

Thats who basically ultimately owns Boards in a "real world" sense.

DeV.

I misread that as "Pat Kenny" there in a bit of a panic.

Thank god.

DeVore

omg.... no. just, no.

DeV.

Jumpy

He would be wanting the Mustard forum as well because its next to his shares. No one actually uses it.

4zn76tysfajdxp

DeVore wrote: »

Thats who basically ultimately owns Boards in a "real world" sense.

I own it in Narnia though.

AckwelFoley

Who owns boards?


NAMA :pac:

witnessmenow

NAMBLA

faceman

I think Al Gore might be the ultimate owner.

Terry

Jumpy wrote: »

I misread that as "Pat Kenny" there in a bit of a panic.

Thank god.

DeVore wrote: »

omg.... no. just, no.

DeV.

Now I don't know how true it is, but I heard that he took one of the servers as his own when nobody was looking.
Apparently he is now claining complete ownership of said server.

Dades

Terry wrote: »

Apparently he is now claining complete ownership of said server.

I heard he's using magic with the help of his she-witch to gain full control.

sdanseo

I know this is probably bang out of order but given you probably have to publish the information anyway I'll bite the bullet;

How profitable is boards? What's turnover annually for example? Like are you guys in the stage that you could live off it if you wanted?

DeVore

No. Not "profitable" at the moment. We took a step last year to inwardly invest in the company. Since then we have gone on a bit of a spending spree, the idea being that you speculate to accumulate. We hired 3 new people and bought a big bunch of tech (much of which is now on its way to being installed, the search-server being the most recent).

We've updated the tech (Ross & Conor take a bow) and tried to improve a lot of things like the Guidelines, the Faq, the welcome pack etc (Dav) and taken Boards into some new arenas (Darragh).

Last year we pulled together a budget for Boards to make sure that we planned our finances and of course to make sure we had money sufficient to the task. in the mean time the world decided to collapse but amazingly we are on target, that is, we do not cover our monthly costs, but we are on target and we have sufficient reserves to bring ourselves through on plan. I have to say I'm very happy about all of this because we are on target and when the recession rolls back, we will be in a good position.

So, we are not profitable but thats by plan. hope that makes sense

DeV.

Some general observations without any specific knowledge:

Unlike paye,boards does a profit and loss account.
It has from what I can see,invested more than it has earned this year and hence the loss.
Every company does that from time to time and perhaps thats what's behind the loss.That doesn't have to be done every year..plus theres probably going to be over time added income and effeciencies from the taking on of the new employee's.
Provided income covers employee's salaries and other essentially now fixed costs[other than one off investments] ,theres no need to worry.
It's also got a strong strategic partner-another reason not to worry.
I'd presume,they will get a refund of last years preliminary tax as a result of the loss somewhat mitigating any loss.

All very normal really.

DeVore

Absolutely BB... this is standard stuff, and while its never nice to take a big step and find the world hits a surprise recession, at the same time we are well capitalised so we're quite insulated from it. Not many companies out there actually hiring people

In a sense we *planned* to not be making a profit these last 12 months. We're building something much more solid then before, and were here for the long term. While advertising revenue has been slashed across the board, we have held to our plan and hit targets. Much of that is due to the Daft Media Sales team, our ad-sales agency (part of, but not to be confused with, Daft.ie). So, when things recover we should see nice bump in revenue and be back to profitability. We're very patient people here

In the last 12 months, we have doubled our viewing figures by just about every metric you care to name. At the end of November we have an ABCe audit coming out and that will gold-stamp our figures, but I expect us to be hitting something in the millon-pages a day territory (or at least close to it).

In the end of the day, both the company and the community want MORE pages and more people. So long as we maintain that symbiosis, everyone wins.

DeV.

Agent Smith

How much did Daft Pay for its 30%? just to pur a rough value on boards.ie LTD

DeVore

At the time, in the height of the boom it was valued at 3M... It was recently revalued at 1M. Neither we nor they are particularly concerned. We're all in this for the long haul.

DeV.