This blog gives you the latest topical news plus some informal comments on them from ShareSoc’s directors and other contributors. These are the personal comments of the authors and not necessarily the considered views of ShareSoc. The writers may hold shares in the companies mentioned. You can add your own comments on the blog posts, but note that ShareSoc reserves the right to remove or edit comments where they are inappropriate or defamatory.

EDGE – Another VCT Problem Case

At this years AGM on 28 Aug 2019, 3 directors were voted out, Sir Robin Miller, Lord Flight and David Glick.

ShareSoc has been critical of this VCT for some time, see

https://www.sharesoc.org/blog/vcts/edge-performance-vct-the-worst-show-on-earth/

https://www.sharesoc.org/blog/vcts/edge-vct-trick-treat-pair-rnss/

https://www.sharesoc.org/agm-reports/edge-performance-vct/

https://www.sharesoc.org/blog/company-news//a-couple-of-problem-vcts-foresight-4-and-edge-performance/

Shareholder dissent continued and at this year’s AGM on 28 Aug 2019, 3 directors were voted out, Sir Robin Miller, Lord Flight and David Glick and various other motions were defeated.
Proxy votes cast were as follows:

Resolution For Against Withheld
2. Approve directors’ remuneration report 1,770,628 3,106,545 47,968
3. Re-elect Sir Robin Miller 1,725,784 3,140,268 59,089
4. Re-elect Lord Flight 1,659,996 3,206,056 59,089
5. Re-elect David Glick 1,715,071 3,183,421 26,649
6. Re-appoint Grant Thornton UK LLP as auditor 2,147,140 2,751,352 26,649
8. Authorise directors to allot shares 1,960,585 2,938,060 26,496
9. Authorise directors to allot shares with disregard to pre-emption rights 1,737,431 3,118,075 69,635

 

That leaves only one director Terry Back, who sits on the board of Edge Performance VCT. He is the founder and a former partner of Grant Thornton’s Media & Entertainment practice and has over 40 years of advisory experience, specialising in independent television companies. Terry is a non-executive director of a number of private companies and served on the non-executive boards of both Grant Thornton UK and Grant Thornton International.

A ShareSoc member present at the AGM said that the remaining director was thinking what to do next !

This further demonstrates that ShareSoc can influence VCT outcomes like we did at Ventus and Albion. Please join and support our VCT Investors Group Campaign. https://www.sharesoc.org/campaigns/vct-investors-group/

Disclosure I do not own shares in EDGE.

Cliff Weight, Director, ShareSoc

1st September 2019

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