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ShareSoc Blog

This blog gives you the latest topical news plus some informal comments on them from ShareSoc’s directors and other contributors. These are the personal comments of the authors and not necessarily the considered views of ShareSoc. The writers may hold shares in the companies mentioned. You can add your own comments on the blog posts, but note that ShareSoc reserves the right to remove or edit comments where they are inappropriate or defamatory.

There is more news given in the News page of our web site and more analysis of news is provided in our monthly newsletter for members – see the Newsletters page.

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EDGE – Another VCT Problem Case

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 https://www.sharesoc.org/blog/vcts/edge-performance-vct-the-worst-show-on-earth/ https://www.sharesoc.org/blog/vcts/edge-vct-trick-treat-pair-rnss/ https://www.sharesoc.org/agm-reports/edge-performance-vct/ https://www.sharesoc.org/blog/company-news//a-couple-of-problem-vcts-foresight-4-and-edge-performance/ 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: Resolution For Against Withheld 2. Approve directors' remuneration report 1,770,628 3,106,545 47,968 3. Re-elect Sir Robin Miller 1,725,784 3,140,268 59,089 4. Re-elect Lord Flight 1,659,996 3,206,056 59,089 5. Re-elect David Glick 1,715,071 3,183,421 26,649 6. Re-appoint Grant Thornton UK LLP as auditor 2,147,140 2,751,352 26,649 8. Authorise directors ...

Burford, GE and Media Regulation

As most readers will be aware, Burford Capital (BUR) has been under attack by Muddy Waters over its accounts, corporate governance and other matters. Muddy Waters, led by Carson Block, has been shorting the stock. Now we have a similar attack on venerable US company General Electric (GE) who have been accused by Harry Markopolos of false accounting over liabilities on long-term care insurance policies. This caused the share price of GE to drop by 11% on one day last week. ...

D4T4 Solutions AGM

This morning (22nd August) I attended the Annual General Meeting of D4T4 Solutions Plc (D4T4) at their offices in Sunbury-on-Thames. This is an AIM-listed niche software solutions business which has been listed since 1997, originally on the main market under the name IS Solutions. I did hold the shares years ago but recently bought back a few as the acquisition of Celebrus gives it some real IP as opposed to it being primarily a service business as it used to be. ...

Albion Venture Capital VCT (AAVC) AGM Result and Actions

30% of shareholders opposed the increase in fees at the AAVC AGM. This is a remarkable result and sends a strong signal to the directors that they need to better engage with their shareholders. I think the % voting against would have been higher if: we had started our campaign earlier we had received the shareholder register earlier we had been able to get in touch with all shareholders prior to the AGM the directors had not sent out a letter to ...

Voting Problems, Computershare, Albion Venture Capital and PLAIN ENGLISH.

By Cliff Weight Computershare have refused to accept a vote instruction for the Albion Venture Capital AGM, because it was sent to them electronically. It was signed, scanned and sent to them by email. They say that the meeting notice says what form the instruction must be sent and this overrides the Companies Act, CA2006 S333. The notice says the instruction must be sent to Computershare, but does not say how (see below for the precise wording used). In this modern age, surely ...

Inspiration from a Young Investor

I would like to commend Ryan and Piworld for recording a truly inspirational video interview, for investors young and old. Though Ryan (@ryankia2 on Twitter) is only 17 years old, he has been investing for 6 years, with exceptional results. He has also mentored other young investors, and offers market commentary on his own website: https://www.quantiumresearch.co.uk/ ShareSoc seeks to encourage other young investors to follow Ryan's diligent example: building a starting investment "pot", learning the basics of investment, developing an investment strategy and ...

Albion Venture Capital Trust PLC and Ventus funds

The Albion Venture Capital AGM is on Wed 21 Aug. Cliff Weight, Mark Lauber, Tim Grattan and others will be attending and asking questions. I finally received the Albion Venture Capital register on 16 August 2019. However, Albion Venture Capital VCT Chair Richard Glover wrote to all 5,300 shareholders on 15 August. Many were sent emails but the copy of the register we were given did not have email addresses, so we were unable to email shareholders. In the time available ...

Ventus VCT AGMs – A Disappointing Result, National Grid and Sports Direct

I have mentioned previously the attempt by a shareholder in the Ventus VCTs (VEN and VEN2) to start a revolution, i.e. replace all the directors and appoint new ones. See https://tinyurl.com/y6e5fafo . Nick Curtis was the leader of the revolt but at the AGMs on the 8th August the required resolutions were narrowly defeated with one exception. This was after the boards of these companies paid a proxy advisory service £38,000 to canvas shareholders, which of course shareholders will be paying ...

Burford – Illegal Market Manipulation?

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 ...

Asset Managers With $74 Trillion on Brink of Historic Shakeout

Readers may find this Bloomberg analysis of the asset management industry interesting. It is full of lots of data and interesting charts. It highlights the move towards passive and the high costs of active funds. see https://www.bloomberg.com/graphics/2019-asset-management-in-decline/ Asset Managers With $74 Trillion on Brink of Historic Shakeout By Suzy Waite, Annie Massa and Christopher Cannon 8 August 2019 The industry that gave rise to investing titans Peter Lynch, Bill Miller and Bill Gross is facing an existential crisis. For years, mom-and-pop investors frustrated by high fees ...
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