ShareSoc is pleased with the outcome of this consultation with shareholders following the shareholders 30% vote against the fee proposal at the General Meeting in August 2019. This shows:
i. The FRC requirement for companies to consult shareholders if >20% vote against any resolution works well. In this case, the AAVC board spent considerable time on this consultation.
ii. The ability of ShareSoc to mobilise and coordinate shareholders to be an effective force for good, to force change.
iii. All other companies should pay heed to what has happened at Albion. The initial failure to listen to shareholders’ genuine concerns has required the expenditure of large amounts of time being spent by the AAVC board and the manager Albion Capital, and made the day to day running of the business unnecessarily more difficult. Such problems are best avoided.
You can read the AAVC RNS of the changes here https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/AAVC/14413402.html
The compromise proposed by AAVC, which has been agreed by the manager Albion Capital, will not be viewed by all shareholders as perfect. However we think it is a good compromise. It is time for ShareSoc to move on, to divert its energies elsewhere. ShareSoc is therefore halting its Albion Campaign.
We will of course watch progress at Albion with interest.
Lastly, we congratulate Albion on their recent highly successful fund raise and recent exits from investments at good prices.
Cliff Weight, ShareSoc Director