By Cliff Weight, ShareSoc Director
The new remuneration guidelines from the Investment Association have this to say about Share Ownership:
Shareholders encourage non-executive directors to own shares in the company. Chairs and non- executives may receive part of their fees in shares bought at the market price. However, shareholders consider it inappropriate for chairs and independent directors to receive incentive awards geared to the share price or corporate performance.
I support this guideline but also suggest Chairs and NEDS, with inadequate ...
It’s been a busy last two days for me with several events attended. The first was on Tuesday when I attended the Mello London event in Chiswick. It was clearly a popular event with attendance up on the previous year. I spoke on Business Perspective Investing and my talk was well attended with an interesting discussion on Burford Capital which I used as an example of a company that fails a lot of my check list rules and hence I have ...
Having been away on holiday in the North of England last week, this is a catch up on news that impacted my portfolio.
I received the Annual Report for City of London Investment Trust (CTY) which is one of my most boring holdings. This is large cap equity growth/income trust managed for many years by Job Curtis and I have held since 2011 – it seems longer. Total return last year was 2.7% which beat most of the comparable indices. But a ...
JD Wetherspoon (JDW) published their results for the year on Friday (13/9/2019). The revenue figures were very positive with like-for-like sales up 6.8%, overall revenue up 7.4% and earnings...
At this years AGM on 28 Aug 2109, 3 directors were voted out, Sir Robin Miller, Lord Flight and David Glick.
ShareSoc has been critical of this VCT for some time, see
Shareholder dissent continued and at this years AGM on 28 Aug 2109, 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:
Approve directors' remuneration report
Re-elect Sir Robin Miller
Re-elect Lord Flight
Re-elect David Glick
Re-appoint Grant Thornton UK LLP as auditor
Authorise directors ...
Burford Capital (BUR) have issued an announcement that makes a number of allegations about the events surrounding the recent shorting attack on the company involving Muddy Waters. It includes:
Spoofing and layering to move the share price, e.g. putting in numerous share sales on the order book and cancelling them before they can be filled.
That includes numerous such transactions just before Muddy Waters issued a tweet giving Burford as the target, and as that tweet was delayed only Muddy Waters ...
Today the FT reveals that the FCA have launched an investigation in the Woodford Equity Income Fund.
Last night in the Evening Standard, Anthony Hilton estimated that only about 200,000 people were invested in Woodford funds, and added "so why all the fuss".
I think it is about trust. Most people in the UK do not trust business. For example, it does not help public levels of trust when Woodford takes a £36m dividend (from Woodford Investment Management Limited year end March 2018 ...
Examples of egregious fee structures and of passive directors are to be found in many VCTs (Venture Capital Trusts). ShareSoc and its members campaign to try to rein in the worst offenders, see https://www.sharesoc.org/campaigns/vct-investors-group/
Our principal objectives are:
To provide best practice guidelines on management fees, performance fees, directors’ tenure and independence.
To provide advice for investors on specific VCTs by Identifying existing holders willing to work with others to share knowledge, to identify areas of concern and to make ...
I recently received the Annual Report of Worldwide Healthcare Trust (WWH). This is one of those companies that has stopped sending out proxy voting forms for their AGM. The Registrar is Link Asset Services who seem to be making it as difficult as possible for shareholders on the register to vote. You either have to contact them to request a proxy voting form, or register for their on-line portal. I don’t want to register (and the last time I tried it ...
Last week I received the Annual Report of JP Morgan European Smaller Companies Trust (JESC) which I have held since 2012. It has a good long-term performance but last year was disappointing. Net asset value return of minus 7.5% which is worse than their benchmark of minus 3.6%. The share price did even worse and it is now on a discount to NAV of nearly 15% as the discount has widened. The under-performance was attributed to poor stock selection.
The Chairman, Carolan ...