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Allenby Capital – AIM Market Update – Q4 2019

Allenby have posted a useful note on the state of Aim with lots of data, click here to Download note Key points: December bounce but 2019 remained a down year Total funds raised (new and further issues) in 2019 of £3.99bn, down 33% vs 2018 • Reduced activity driven by Brexit concern and political uncertainty • Further raises down 15% to £3.35bn • New issues down 68% to £649m (22 new joiners vs 59 in 2018) 22 new joiners to AIM in 2019 • Of the £649m raised, £151m ...

Draft Response and Petition on LSE Market Hours Consultation

Further to my earlier post on this subject, I have now drafted a response, on behalf of ShareSoc, which you can download here: Response to LSE Consultation on Market Structure and Trading Hours N18 - redacted. This is a draft, still subject to change. Please let us know if you have any comments on this draft. The majority view that we have received in feedback, is that a reduction in market hours would be welcome, as it could help to concentrate liquidity, leading ...

Bucket Shops are Back

I recently saw an advertisement on Twitter for a company, who shall remain nameless, offering to trade “fractional shares”. That means instead of buying a whole one share of expensive stocks such as Google (Alphabet) and Amazon which cost more than a thousand dollars, you can buy a fraction of a share. They offer an App which provides this with zero commission trading and CFD trading on 20% margin or less (i.e. you don’t need to put down the whole amount). ...

Objections to Pay at Diploma and the Cost of Zero Carbon

My previous blog post covered the subject of criticism by Slater Investments of many current pay schemes. That at Diploma (DPLM) is a typical example. But at their Annual General Meeting yesterday, which I unfortunately was unable to attend in person as a shareholder, there was a revolt. The votes cast as disclosed in an RNS statement today were 20% against their new Remuneration Policy and 44% against their Remuneration Report. I voted against both of them of course personally. The board ...

Slater Investments Warns on Pay, and Flybe Bail-Out

Slater Investments has issued a warning to companies of their “dissatisfaction with the framework of directors’ remuneration in most public companies”. Slater Investments run a number of funds managed by Mark Slater and others with a focus on growth companies. The letter complains about a “relentless ratcheting of terms and conditions which have meant the interests of directors and investors have grown steadily further apart”. Specifically it complains about the award of nil-cost options which they see as a one-way bet and ...