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.

If you are already a full member and are still having any difficulty accessing our reports, please contact the ShareSoc Office.


TR Property Investment Trust PLC (TRY) AGM Report 2012

This investment trust held its 108th Annual General Meeting on the 24th July at the Royal Automobile Club, Pall Mall, London. A pretty poor year for the company as although Revenue was up by 6% to £26.4 million, NAV was down 11% with a corresponding drop in the share price of 9.5% to 154.50p. The Trust maintains a portfolio in shares of property companies of all sizes on an international basis and also in investment property located within the UK. The meeting ...

British Smaller Companies VCT Plc (BSC) AGM Report 2012

British Smaller Companies VCT Plc held their AGM today at St James Square, London at midday. I got there thirty minutes early and used the time to go over the Annual Report again and to strike up a conversation with some of my fellow shareholders who had got there before me. Between the two shareholders present early, they seemed to have quite strong views on the level of dividend paid this financial year plus the fact that not all of the ...

Templeton Emerging Markets Investment Trust (TEM) AGM Report 2012

Templeton Emerging Markets held its Annual General Meeting on the 20th July at Stationers Hall in the City of London. The company has a good long term track record with investment management being led by the well-known Mark Mobius. As usual he gave an amusing commentary on the world investment scene. Baldness is no doubt a sign of wisdom as well as experience I keep telling people. There were about 100 shareholders present – a good turnout as usual. The Chairman, Peter Smith, ...

JPMorgan European Smaller Companies Trust (JESC) AGM Report 2012

This investment trust held its Annual General Meeting on the 18th July. Although the company has a reasonably good long term track record, last year was disappointing. The European Smaller Companies sector was down by 19.6% based on the benchmark used, but JESC was down by 21.3%. This kind of performance is not surprising when a manager has a “growth” focus and a market is out of favour. At such times, defensive stocks tend to outperform, and growth stocks underperform. Their ...

Severfield-Rowan (SFR) AGM Report 2012

I attended the AGM of Severfield-Rowen, the structural steel business, on Wednesday. Most will know of the company, as it's been involved with many 'iconic' projects over the years: stuff at Olympics 2012 (including the stadium and the Orbit) and the London Bridge 'Shard'. But it's a construction company, and steel erection is late-stage as well, so investor interest tends to be muted at the moment. Nevertheless, as market leader in the UK, and pursuing diversification in a joint venture in India, ...

Renolds (RNO) AGM Report 2012

When will the share price of Renold (RNO), one of the grand old names of British engineering, finally start reflecting the significant improvement in the group’s underlying performance? Comments at RNO’s AGM in Manchester, on July 12, suggest that RNO’s long overdue return to normality (it last paid a dividend in 2005) is taking even longer than expected. Matthew Peacock, the outgoing chairman, highlighted the fact that over the last 12 months the group has doubled its underlying operating profits to £14.1m ...

Telecom Plus PLC (TEM) AGM Report 2012

Telecom Plus Plc, which trades as the Utility Warehouse, provides a range of services to households and SMEs giving clients the convenience of a single monthly bill combined with savings on the cost of their utilities. Telecom Plus posted pre-tax profits up 12% to £30.7m on revenue up 12.6% giving earnings per share for the year of 33.8p. The share price is up at 858p which is a rise of 27% over the year; although interestingly after a broker downgrade today ...

Ortus VCT (ORT)AGM Report 2012

Ortus VCT is a Venture Capital Trust which started life back in 1995 as Guinness Flight VCT and subsequently merged with Gateway VCT. The company got into severe financial difficulties due to poor investment selection and investment management was taken over by Maven Capital Partners a couple of years ago. Maven have been gradually selling off the legacy investments and refocusing the portfolio on profitable small companies as with their other VCTs. This is still a “work in progress” though. There were 6 shareholders who attended the ...

GB Group (GBG) AGM Report 2012

On the 9th July I travelled to Chester for the Annual General Meeting of GB Group. Their offices are in a modern business park in the suburbs of Chester. There were only two ordinary shareholders present (including me) and I gather that was not untypical. GB Group are in the identity management business. Overall revenue last year was £32m of which £13m came from “data authentication” (basically personal identity verification services) and £19m from “data solutions” which provides identity capture and analysis. ...

Software Radio Technology (SRT) AGM Report – the Directors think the shares are good value!

On the 6th July I drove through the Somerset countryside to reach the AGM of Software Radio Technology (SRT) – got lost on the way taking a short cut to avoid Bath, but that’s a different story. This company produces AIS marine electronics and has been covered in past ShareSoc newsletters (not always particularly positively after the profit warning before the end of the financial year when instead of meeting the sales forecast of “between £10m and £16m” it turned out ...