AGM Reports

AGM Reports

Our library contains reports on the Annual General Meetings of a large number of listed and quoted companies that our members have attended. This unique resource provides valuable insights for investors in those companies, not available anywhere else.

You will find summaries of our AGM reports on this page. You can also search for reports on a specific company, using our “Research” feature. Only full members of ShareSoc can view the full details of our AGM reports and need to login to do so. If you wish to gain access, click here to become a full member, for less than 90p/week and gain full access to our library of hundreds of AGM reports, as well as other member benefits.

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Arrow Global (ARW) AGM 2016

Manchester Town Hall had seemed a rather big venue for the annual general meeting of Arrow Global, a little-known purchaser of non-performing consumer loans (NPLs). In the event the AGM was held in the slightly less grand Lord Mayor’s Parlour. Apart from a few Arrow employees, I appeared to be the only shareholder present, and the only one asking questions. Arrow, a £470m market cap company floated on the main market at 205p a share in October 2013, is a conundrum. Since ...

NAHL Group (NAH) AGM 2016

I attended NAHL's AGM, held at 10:00am on 25th May, at the Kettering Park Hotel. Given unpredictable M1 traffic, I set off early, with the intention of getting breakfast at the hotel, if I arrived in good time. This turned out to be a big mistake. I got there at 09:15, finding that they were already closing the dining room at that time, so was relegated to the bar, where I could still order - one of the most expensive cups ...

Judges Scientific Plc (JDG) AGM Report 2016

Today I attended the 13th Annual general Meeting of Judges Scientific at the Lansdowne Club in the West End of London. Judges Scientific Plc is a company that is engaged in the acquisition and development of a portfolio of scientific instrument businesses. 5 shareholders were present today, which is 4 more than last year – maybe todays profit warning encouraged a higher than usual turnout. The profit warning contained the following: "At the time of the release of the 2015 annual results on ...

Ranger Direct Lending Fund (RDL) AGM 2016

RDL is my largest equity holding, hence attending the AGM on 24th May was important to me. It is a specialist UK registered and listed investment trust that is managed from Texas, investing primarily in loans made on "alternative lending platforms", mainly to US SME borrowers. I had a number of questions that I wished to clarify with the company. The AGM was held in the afternoon, at the offices of RDL's legal advisers, Travers Smith. Only two other shareholders were ...

Report on Keller (KLR) AGM 2016

I attended Keller Group Plc's AGM, held at 11am today, at the City offices of Investec. All directors and the new chairman were present. Approximately 5 private investors attended. Proceedings began with introductions by retiring chairman, Roy Franklin. There was no presentation and the Chair moved quickly to the formal business (with voting to be conducted by poll), preceded by questions. NB notes below are paraphrased, based on my notes/interpretation and are not verbatim. My comments in italics. To kick things off, I asked ...

Accesso Technology Group Plc (ACSO) AGM 2016

Today I attended the annual general meeting of Accesso Technology Group Plc at their offices just outside of Reading at 10am. Accesso Technology Group Plc is a UK based company engaged in the development and application of ticketing, mobile and e-commerce technologies. Prior to the start I chatted with Chairman John Weston and I questioned if a later start time, even by an hour would make the journey more palatable to shareholders as those 6 that had turned up had various tales of ...

CHURCHILL CHINA (CHH) AGM 2016

Churchill China, an AIM quoted company, listed first in 1995 with a turnover up from last year’s £44½ million to £46.8m. The share price is 780 pence, up 36% from 575 pence in January 2015. All significant figures are up over one year and five years. P/E ratio is 19, and a dividend of 16.6 pence yields 2.2%. TSR this year is nearly 33%. It is a successful AIM company and a strong British manufacturer. It might suit people planning to ...

Rockhopper Exploration (RKH) AGM Report 2016

Rockhopper Exploration is an oil exploration and production company with large exploited assets in the Falkland Island Basin and small production assets in the Mediterranean. Key points: · Company has enormous discoveries in the Falklands Islands Basin. Its share of the Sealion and Isobel/Elaine complexes alone come to more than 400mmboe (2C – meaning there is a 50% chance the oil recovered being at or above this number). · Low risk near field drill prospects in the Falklands Island Basin have the potential to ...

Gulf Marine Services (GMS) AGM report 2016

Debt levels/Banking covenants Investors are mainly concerned with the company’s high levels of debt, and whether it would breach banking covenants. At year end the company had debt of $398.9m, which is expected to rise to a peak of $425m this year. The year end debt levels represented 2.9x EBITDA. Since then the company has since guided down earnings by 15-20%, while debt levels are forecast to rise. Hence the company will come perilously close to breaching its banking covenants. The Chairman, ...

Brammer (BRAM) AGM 2016

Key points: The majority of the company’s sales are to the UK, where the business has been suffering recently. According to the CEO these problems were in part an “own goal” caused by poor execution, and in part due to the difficulties of a few key customers (including the steel industry). The management of the UK business has been over-hauled, and “is getting back on track”. Net debt has ballooned in recent years to £104.3m, which the company stated was 2.4x ...