Firstly can I wish everyone the very best for 2013.

CPO have recently sent out your proxy forms for the upcoming AGM on 30th January 2013.

Should you not have received your forms they can be downloaded from our website. Also please remember to inform us of any changes of circumstances or address. Please do not delay as our aim is to improve the shareholders register as much as possible.

Following the June EGM we have started to focus on the way forward for the company after a difficult year or so. Shareholders voted to put shares back on sale and in the six months since then we have sold around 400.

More than 100 applications came from an initiative asking fans attending the Chelsea FC annual lunch to pledge to buy a share. We are grateful to the club for agreeing to this as well as an ongoing series of advertisements in club publications in the Christmas run-up.

The club has also urged its various departments to help promote share sales, including flyers that will go out with 2013/14 season ticket renewal forms.

Should you be one of the individuals at the annual lunch who pledged to buy (or even applied before that) but have yet to complete the purchase, please do so as soon as possible before the AGM: "if you want a say, don't delay!"

Sales are crucial to the company and we can still potentially sell up to a 1,000 shares. It is important we take up as much of this year's quota as possible.

As a board our strategy in the difficult task of dealing with the oversold shares is to dilute their influence by encouraging large numbers of committed supporters to take a stake in CPO and make their votes count.

We are optimistic that this approach is working. In just a few months we have achieved the highest share sales figure for more than a decade (other than the period around the 2011 EGM). The overwhelming majority were to Chelsea fans buying one share.

We see this as the way forward. We also readdressed our vetting procedures and continue to consider ways to improve all company processes.

We have appointed two new Directors. This was not a straightforward task because we received CVs from some very impressive, long-standing and passionate fans.

However, the Board all felt that we needed to recruit a level of expertise to strengthen particular fields where we felt we were weak. We drew up a shortlist and voted in Charles Rose and Sean Jones. I hope you join with me in welcoming them to the Board.

We recognised that we needed to improve our company management processes and this is a role that Charles, who has run many businesses, has agreed to review.

As many will have seen from our annual accounts we have had spend far too much money on legal fees before, during and after the 2011 EGM.

Sean is a QC who has joined the board to work along side Gray Smith on legal issues. He also comes with a very useful experience having sat through and given evidence in the Stamford Bridge planning applications of the 1990s.

I thank them both for agreeing to joining the Board and to give up their personal time to share their expertise for our benefit.

We are also delighted that our Loan Agreement (dated 17 December 1997) with Chelsea FC was successfully extended in good time and without issue and will run for a further ten years.

For the record we initially approach the club about this on 5 October and regular dialogue continued, with the official notice of renewal confirmed by the club on 23 November 2012.

The financial results reiterate how important it is that we raise more revenue and in the autumn we started a fundraising group to organise events.

The first meeting was very positive, producing lots of good ideas, many of which were followed up with Chelsea FC. The club agreed to give CPO a single point of communication and there was a commitment from chairman Bruce Buck to help us wherever possible.

The second fundraising meeting was less productive - consisting of myself and two others! Hopefully a new year will bring fresh momentum. Anybody interested in helping please contact CPO.

One fundraising initiative that will be coming back is CPO lunch. Please watch this space.

In conclusion, the board look forward to seeing you at the AGM on 30 January. We hope this will be a civil and positive occasion. There will be a question and answer period and we will endeavour to give everybody a chance to speak, so please allow other to air their views once you have had your say and respect those who may hold different opinions to your own.

Steve Frankham
Chair, CPO