National Grid AGM, Rensburg AIM VCT and Stocktrade

I attended the National Grid Annual General Meeting in Birmingham yesterday. Unfortunately, I was not allowed to ask a question as the organisation that I was representing as a proxy put my son’s name on it rather than mine so I was only allowed in as a “guest”. It was not a particularly exciting event this year. Not a single shareholder complained about the outrageously high pay of the executive directors. The Chairman was both dogmatic and condescending to the mainly private shareholders who attended – he could certainly do with some advice on how to handle such meetings. His boring presentation was read out from a script, and contained not a single joke to lighten the event so far as I recall. But I did learn some useful information.

Rensburg AIM VCT

I was on my way to Birmingham when I learned that the Rensburg AIM VCT AGM scheduled for today (the 22nd July) had been cancelled. In the RNS announcement’s wording it had been “adjourned” until the 25th August. So I had to change my travel plans at some inconvenience. Other shareholders might likewise have been affected, if they even knew about the change. It’s all very unusual and unreasonable to cancel an AGM at the last possible moment and is usually done only when circumstances absolutely dictate it. So for example, the Maven Income & Growth VCT AGM was not cancelled earlier this month even though travel difficulties due to a tube strike in London on the day were immense – and the directors all turned up. This reinforces my view that shareholders should vote against the directors of Rensburg AIM VCT as previously recommended. See this note for more comments: https://www.sharesoc.org/Rensburg%20AIM%20VCT%20Newsletter%2013.pdf

Stocktrade and Personal Crest Membership

One thing I did learn from the National Grid AGM was that Stocktrade are to definitely cease supporting Personal Crest Membership following the takeover by Alliance Trust Savings. Representatives of Stocktrade were at the meeting and I was told that such investors will be advised very soon that they will have to move into a nominee account or depart. I will definitely be departing in that case. The grounds given were the extra administrative cost of Personal Crest accounts which I believe is false. In any case, if that was so why not simply charge more for them? I have already made representations on this matter and will do so again. It is exceedingly annoying that many stockbrokers are now positively moving to withdraw support of Personal Crest membership. Such accounts are a very good way to ensure you get all your rights as a shareholder. There was an article on the benefits of such accounts in the June ShareSoc Newsletter and I will certainly be looking for another stockbroker who does support them as a priority. If anyone wishes to make representations on this matter to Alliance Trust, Patrick Mill is the Managing Director of Alliance Trust Savings (ATS) – his address is Alliance Trust Savings Limited, PO Box 164, 8 West Marketgait, Dundee, DD1 9YP. Or send an email to contact@alliancetrust.co.uk . You may also care to copy Katherine Garrett-Cox who is the CEO of Alliance Trust and who also Chairs the ATS subsidiary, and also Mrs Karin Forseke who chairs Alliance Trust itself (the parent company).

Roger Lawson

Post Date: July 22, 2015

9 Comments

Steve Holdsworth says:

22nd July 2015 at 12:15 pm

I shall certainly be leaving Stocktrade if they go ahead and abolish Personal CREST accounts for existing customers. Thanks for the heads-up on this as it will give me time to find another broker who will continue to offer the service. A shame though, as I have been very happy with Stocktrade.

sharesoc says:

23rd July 2015 at 7:40 am

To johnR: Being given details of meetings and letters of representation is not the same as having the rights yourself. Why should you rely on the condescension of your stockbroker to pass on those rights when they are your rights not his in essence? And those are only some of the rights you have as a shareholder on the register of a company. That’s apart from the legal risks and uncertainties implicit in nominee accounts. ShareSoc has spelled this out many times and you should read this page of our web site for further information: https://www.sharesoc.org/campaigns/shareholder-rights-campaign/
Roger Lawson

johnR says:

23rd July 2015 at 7:33 am

I’ve nominee a/cs at Barclays & Halifax. Both send me all details AGM’s,actions etc and letters of representation to vote for ALL my holdings automatically -no charge- lasts 3 years then renew request. No problem

Steve Holdsworth says:

23rd July 2015 at 8:06 am

I have just emailed Alliance Trust Savings:
______________________

Dear Sirs,

I am disappointed to learn that Alliance Trust Savings is planning to discontinue offering the Personal CREST Account option to Stocktrade clients when you take over the business in the autumn.

I for one will certainly be taking my business elsewhere and I know that others I have been in contact with feel the same way.

I understand that such accounts might mean an increased administrative cost for the broker but if that is the case why not at least offer clients the option of paying higher fees to cover this cost?

Given the choice, I would rather do that than take my business away from Stocktrade, with whom I have been a satisfied customer for many years.

Kind regards,
_______________________

I await their reply with interest.

Richard Bryan says:

23rd July 2015 at 7:25 pm

How annoying, particularly as it’s holiday time. I too would certainly want to transfer to another broker offering personal crest. Does anyone have recommendations for one – particularly on price and availability of online trading? Also, the mechanics of the transfer – does the new broker get authorised to run the existing crest account, so all the details with the registrar(s) remain the same, or is every entry transferred individually to a new crest account?

Steve Holdsworth says:

24th July 2015 at 6:36 am

Hi Richard,

I have spoken with Redmayne Bentley and Fidelity Share Network and they both said that if I open a CREST account with them it will be straightforward for them to arrange for my existing CREST holdings with Stocktrade to be moved across once the account is open.

I am going to wait and see what Stocktrade’s exit arrangements are before doing anything.

Reply

sharesoc says:

24th July 2015 at 7:22 am

I understand Killik & Co are also still offering Personal Crest accounts.

gostevie says:

10th August 2015 at 6:42 am

Still no reply form Alliance Trust Savings to the email I sent them on 23rd July,

Richard Bryan says:

12th September 2015 at 12:17 pm

Thanks for the suggestions – I’ve gone for Fidelity ShareNetwork, although they’ve insisted on opening a new Crest account, rather than going through the ‘change of sponsor’ process….
I’ve had no response from Stocktrade, though, and I see the info on their web site hasn’t changed since before the 2 Sep deadline.

Group description:	All levels of experience welcome. A typical meeting agenda includes: – Macro Environment – Trades: Members review existing positions and identify securities with promising TA entry patterns or setups and with suitable risk/reward. Any security, long, short, futures, options may be considered. The convener takes actual positions in trades and maintains his own detailed ledger, accurately measuring performance of individual securities and cumulative activity. Members are notified by e-mail prior to the entries or exits that are decided upon. Following each meeting an updated copy of the ledger is circulated together with the next meeting agenda. Members may wish to maintain similar ledgers of their own but there is no obligation to do so. – Technical Analysis: Techniques and systems used in trades. Members can request discussion of particular aspects of TA.
Meeting Type/Venue:	Online via Zoom
Meeting Frequency/Timing:	The first Tuesday of every month from 7 to 9pm

Group description:	Following the launch of the SIGnet Technical Traders groups, it was identified that there were a number of members who use fundamental and other information as their main source of choosing companies to invest in, who would find some understanding of technical analysis helpful to identify good entry and exit points for their investments. This new SIGnet Technical Analysis in Support of Investing group is therefore being launched and we welcome members of all levels of experience to join.
Meeting Type/Venue:	Online via Zoom
Meeting Frequency/Timing:	There will be an initial Zoom meeting on Monday 29th April at 7pm to launch this group, please email info@sharesoc.org if you are interested in joining.

Group description:	A new in person group coming soon! Keep and eye on our Events page to register for the launch meeting.
Meeting Type/Venue:	In person
Meeting Frequency/Timing:	TBC

Group description:	Open to all investors / people with an interest in investing. Typical meeting will involve members talking about recent purchases, successes, failures and possible future purchases. Also with occasional visiting speakers or members making presentations on a topic of interest.
Meeting Type/Venue:	We aim to meet on the last Tuesday of each month in a private room at a pub in Playhatch. Start time 7pm with members encouraged to meet up around 6pm for a bite to eat / drink before hand, if their diaries allow.
Meeting Frequency/Timing:	7pm on the last Tuesday of the month. Meetings likely to last about two hours but with informal ‘overspill’ before / after.

Group description:	This group was set up as a forum to discuss companies in detail, each company is introduced by a member and discussion may last one or two hours. Membership is by invitation only and is for experienced investors.
Meeting Type/Venue:	The group meets at a venue in Waterloo, London.
Meeting Frequency/Timing:	Meetings are on Tuesday mornings at two month intervals.

Group description:	Group focused on active investing, primarily in small / medium cap UK equities.
Meeting Type/Venue:	Regular Zoom meetings interspersed with occasional face to face meetings and social activities in the North West.
Meeting Frequency/Timing:	Monthly on Saturdays at 10am.

Group description:	Our group covers a wide spectrum of mainly stock market investing and trading from equities – which include shares, ETF’s Investment and Unit Trusts. We normally rotate the meeting chairperson (responsible for creating, with member’s help, suitable agendas) and a meeting presenter (members take it in turns to provide a 15 to 45 minute presentation on a subject of their choice). Various investing topics of interest are regularly discussed such as software, brokers, investing categories and markets and any related topics of interest.
Meeting Type/Venue:	Meetings will be returning to in-person in a private room at a West London golf club, close to an underground station. In the meantime monthly video calls and an in-between meeting email group will continue.
Meeting Frequency/Timing:	In-person meetings will be held on the second Wednesday of each month in the afternoons, following a golf club one course lunch.

Group description:	Experienced investors who have been members many years and newer members wanting to learn about investing. Members discuss portfolio content and reasons why they have certain assets and investments. Buys and sells discussed along with interesting shares being considered along with current issues in the market of local or international influence.
Meeting Type/Venue:	Physical face to face meetings held in a central pub in Easton in Gordano.
Meeting Frequency/Timing:	Usually monthly to 6 weekly, mid week 12 noon to 2pm with lunch.

Group description:	We are a relatively small group, but have a wide range of interests so always start every meeting with a discussion about world issues and the “investing environment” generally. We always discuss individual members market activity and any interesting opportunities on their watchlists. There is currently a lot of expertise in the small cap value area of the market within the group.
Meeting Type/Venue:	Our preference is for a physical meeting and a hotel in Meriden (Coventry) is the usual location, but we do have on-line meetings when weather and/or health issues make that the most suitable option. We rotate the chair and this is agreed at the previous meeting.
Meeting Frequency/Timing:	Our preference is to meet every 4 weeks on a Thursday evening, but the exact details are agreed at the previous meeting.

National Grid AGM, Rensburg AIM VCT and Stocktrade

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