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.


Statpro (SOG) AGM Report 2012 – A company in transition

On the 2nd May I attended the Annual General Meeting of Statpro Group (SOG) in deepest suburbia (at their offices in Wimbledon to be exact). Not the easiest of places to get to from where I live. Statpro provides portfolio analysis software to investment institutions – for example for fund managers to do performance analysis. Revenue was £32m last year and is forecast by analysts to be much the same in the current year with flat earnings per share. Revenue actually ...

Barclays (BARC) AGM Report 2012 – emphasises the need for a 75% vote on remuneration

Retail investors in Barclays showed their displeasure on the remuneration of top bankers on Friday. ShareSoc had previously issued a press release urging shareholders to vote against the remuneration report (see www.sharesoc.org/ShareSoc_Press021_Barclays.pdf ). About 1000 investors attended the meeting at the Royal Festival Hall, including ShareSoc Director David Stredder who spoke at the meeting. He also did an interview for ITV News before the meeting, and one for the Daily Telegraph which put a video of it on this web page: www.telegraph.co.uk/finance/newsbysector/banksandfinance/9231562/Ba... The ...

EMIS (EMIS) AGM Report 2012 – Bonuses deserved but not paid

On the 24th April I attended the Annual General Meeting of EMIS in Leeds at 10.00 am. Not surprisingly given the venue and time, there seemed to be only two ordinary shareholders present including me, and only I asked any questions. EMIS is the leading supplier (53% market share in the UK) of healthcare software to GPs. In fact my own GP uses it. Not only does this provide a “practice management” system used by all practice staff, but they are also ...

Henderson Asian Growth Trust (HAGT) AGM Report 2012 – consistent under performance

Henderson Asian Growth Trust held their Annual General Meeting yesterday. This is an investment trust whose investment policy is “to seek a high rate of total return from companies operating primarily in the Asian region excluding Japan and Australasia”. It recently changed its name from Henderson TR Pacific without consulting shareholders (never a good sign although they legally don’t have to). As I said to the Chairman after the meeting, I have seen lots of cases of investment trusts changing name ...

Blackrock World Mining (BRWM) AGM Report 2012 – A Resolution unexpectedly voted down

The Annual General Meeting of Blackrock World Mining Trust took place at Blackrock’s offices in the City of London yesterday. This company is an investment trust which invests in mining and metal companies primarily, with potentially some minor direct holding in physical metals. It’s performance over the years has been similar to its benchmark although it did slightly better last year (in the sense that the NAV fell less than the index when this sector suffered from a general malaise). However, the ...

Maven Income & Growth VCT 5 (MIG5) AGM Report 2012

The Annual General Meeting of Maven Income & Growth VCT 5 took place today at the Maven offices in London. This Venture Capital Trust (VCT) used to be called Bluehone AIM VCT but the board fired the fund manager and changed the investment policy after many years of under performance (as in most AIM VCTs). Under Maven Capital Partners as the new fund manager they are now focussed on private equity investments (details below) and have been getting rid of some ...

Lo-Q (ACSO) AGM Report 2012

How pleasant to turn up at company’s offices for an AGM at the reasonable hour of 11.00 am (unlike yesterdays at RM) and find they had thoughtfully cleared the car park of staff cars just for shareholders. Lo-Q has been covered in past ShareSoc newsletters – they provide queuing systems for theme parks. The directors mingled with staff over coffee before the meeting (not even offered at RM). About 10 shareholders attended the meeting. When the meeting commenced the Chairman (John Weston) indicated that general questions would ...

RM (RM.) AGM Report 2012

Does the fact that a company is in difficulties justify breaching corporate governance guidelines and sound remuneration policies? I attended the AGM of RM Plc on Monday the 26th March at their offices near Abingdon. It’s always good to see a company’s offices (they were a bit drab, although in a modern building on a science park – rather like a school in fact), but I am not greatly pleased when they set the time for 9 o’clock on a Monday morning. I did complain ...

4imprint Group (FOUR) General Meeting Report 2012

4imprint is a company that sells promotional merchandise. I attended a General Meeting of the company in central London on the 14th March (in effect what used to be called an “extraordinary general meeting”) to approve the disposal of Brand Addition. The company is disposing of a major division, representing 32% of its revenue last year, so revenue and profits in future will be substantially less as a result (Brand Addition was profitable and seemed to be a reasonable return on ...

Chrysalis VCT (CYS) AGM Report 2012

Chrysalis is a Venture Capital Trust which had a somewhat disappointing start in life back in the year 2000. As a result in 2004 the fund manager was fired, the company name was changed to Chrysalis and it became a “self managed” trust, i.e. they directly employ a fund manager rather than contracting it out to a third party as most investment trusts (and VCTs) do. Since that initial debacle the Net Asset Value has been recovering – according to Allenbridge ...