Did the directors postpone the Rensburg AIM VCT AGM, originally scheduled for the 22nd July, as they knew the votes? And even more importantly, what is the future for AIM VCTs? These were some of the questions that arose at the Rensburg AIM VCT AGM yesterday (on the 25th August). No answer was obtained to the first question, but there was coverage of the second question which may interest anyone who invests in VCTs.
All the resolutions were passed, but all three of the directors managed to obtain votes of 20% or 30% against their re-election which surely demonstrates that a number of shareholders have lost confidence in them as a result of past decisions.
The resolution to proceed further with the merger with Unicorn AIM VCT and the proposed tender offer was passed though so it seems likely therefore that this will be concluded in due course.
A report on the meeting is present on the ShareSoc web site here: https://www.sharesoc.org/Rensburg-AIM-VCT-AGM-Report-Summary.pdf
On the same day as the Rensburg AIM VCT AGM in Leeds, the Blinkx AGM was held in London. After the latest profit warning there were a number of shareholders present asking awkward questions about the future prospects for this business. The grant of new options to the CEO, Brian Mukherjee, was challenged and at the end of the day he also managed to get 20% of shareholders voting against his re-election on a poll. It’s surely going to take a long time to re-establish confidence by all the shareholders in this company while the current CEO remains as he never seems to find it easy to explain in simple terms how the business makes money and the future strategy.
Again there is a full report on the meeting here. A list of recent reports is given on this web page: www.sharesoc.org/news/
Roger Lawson
