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ILM / IOF Proposal. We approached IOF initially in late summer 2013 After seeking legal advice we entered into talks with IOF in December 2013
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ILM / IOF Proposal • We approached IOF initially in late summer 2013 • After seeking legal advice we entered into talks with IOF in December 2013 • We respected IOF’s request to keep these talks confidential while they sought funding opportunities and to undertake due diligence – this was completed in mid-April • The guiding principles were agreed in Heads of Terms • We presented an outline proposal to you at the earliest opportunity
We believe that the proposal to merge with IOF is in the best interests of ILM but we have listened and we acknowledge that: • Our initial timetable was rushed and we know this has raised concern and suspicion; we have hit the pause button. • Our informal poll indicates that a large number of members would not vote in support of the proposal to merge with IOF but you have also told us you do not have enough information about what business decisions led us to make the proposal in the first place; and we would like to share those with you.
We will: • Board members available to meet/call individuals, groups or charity teams – between mid-June and mid-July • Open meeting with ILM Board and IOF – end July (date tbc) • Background documents shared on-line for those unable to attend or who have not met individually • For your diaries - we will also be scheduling our Annual General Meeting for late summer (giving the usual notice of at least 21 clear days).
Because we are at an early stage in the negotiations, we are not in a position to give you all the answers you might want. Some of you have expressed very strongly that the proposal is not in the best interests of ILM and that other options should be discussed and considered now. While the detail of the merger agreement is still subject to discussion we do believe it is right that we fully integrate with IOF. We rely on your trust and confidence as your elected representatives to lead ILM and we must reflect on whether we are the right people to lead the organisation if we have proposed an idea that some of you believe is not fundamentally aligned with ILM’s objects or values. We believe they are, but will consider whether we stand aside to enable others to lead ILM. We would ensure that an exit strategy is in place to ensure that ILM can operate as normal while a new Board is formed.
We want to: Give you space to share your views, respecting that there is only a short time available at this conference and we do not have answers to all the questions you might want to ask. • As many members are not here today we will also need to share this presentation Please do indicate your interest in engaging with members of the Board individually or in groups by • Signing up on the flipchart at the back of the room • Or by sending an email to Simon at ceo@legacymanagement.org.uk