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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.

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UKSA and ShareSoc response to the IASB’s consultation on Business Combinations

On 31 Dec 2020 the UK Shareholders Association and ShareSoc submitted a joint response to The IASB’s Discussion Paper on Business Combinations – Disclosures, Goodwill and Impairment (DP/2020/1) Our key messages are: We support the Board’s overall objective of enhancing disclosure on acquisitions and their subsequent performance. Current disclosure is extremely unsatisfactory. As a result we agree with the Board’s preliminary views set out in paragraph IN9 with the modifications and qualifications set out in this letter. We would also argue that ...

FCA Consultation
Consumer Investments Market Call for Input
ShareSoc’s response

A ShareSoc News item by ShareSoc Director Cliff Weight In our response we highlighted: The need for the system as a whole, including regulation, to work better for consumers We welcome the clear recognition in the CFI’s Foreword that there is indeed a problem - that there are suitable and inexpensive products, but people do not use them enough. In addition, that firms are not generally keen to promote them and that progress is slower than the FCA would like. The market ...

More about Skin in the Game and Impax

By Cliff Weight, Director, ShareSoc Please note that these are my personal views and not those of ShareSoc. Neither I nor ShareSoc is able to give financial advice and nothing in this blog should be construed as such. Disclosure: I hold shares in Impax but not in IGR. Back to my Portfolio and Impax I have had a busy few weeks, with the launch of the Woodford Campaign, the Sirius webinar and a massive 49 page response to the FCA’s Call for Input on ...

Seminar on Woodford Legal Case

Yesterday evening I attended a webinar hosted by ShareSoc on a proposed legal action over the substantial losses suffered by investors in the Woodford Equity Income Fund (WEIF). It was chaired by Mark Northway and Cliff Weight with other speakers being Boz Michaelowska from legal firm Leigh Day and David Ricketts. The latter is a financial journalist who has written a book entitled “When the Fund Stops” which covers the past events at the Woodford funds and which will be published ...

Update #13
ShareSoc Sirius Shareholders’ Group (SSSG)
SiriusClaim (www.SiriusClaim.com)
15th December 2020

On 8th of December we (ShareSoc and Sirius Claim Group) held a webinar to provide a progress update. The event was very well attended. There were 258 registrants and over 200 attended on the night. Links to the video of the webinar are here and copies of the slides here for those who were unable to attend. There were a good number of questions and answers at the end. If we were unable to answer your question during the event we will ...

Laggard Renew Holdings Bars Individual Shareholders From Its Results Meeting

I have held shares in Renew Holdings (AIM:RNWH) since 2006. It has been my most profitable single investment, due to opportunities to add at very low prices in the aftermath of the financial crisis. Unfortunately, however, in recent years it has developed an unfortunate tendency to exclude individual investors from its results meetings. Renew published its preliminary results for Y/E September 2020 today. The announcement included an invitation to "sell-side analysts and investors" to attend a virtual meeting, with instructions to contact their ...

Strategic Equity Capital update

 by Cliff Weight, ShareSoc Director Please note the views expressed in this blog are my personal ones. I hold shares in SEC and Gresham House. Within 6 months of manager change and change of lead fund manager and break on SLA marketing JV, the largest shareholder puts stock into hands of an arb. What will happen next? The background is in my 2 previous blogs: https://www.sharesoc.org/blog/collective-investments/investment-trust-discounts-what-to-do-about-them-and-sec-example/ https://www.sharesoc.org/blog/collective-investments/nearly-20-vote-against-strategic-equity-capitalsec-agm-resolution/ RIT recently sold its 13% holding in SEC at a discount, of 22.8% - 9.47m shares traded at 202.5p on17th ...

Invinity Open Offer, Ideagen, and AJ Bell Results

I have recently taken a strong interest in those shares that are involved in electrification of the world. It’s not just the UK Prime Minister who wants to save the world from global warming and air pollution with Joe Biden likely to be much more environmentally conscious than Donald Trump. Those companies or trusts that are involved in alternative energy sources such as wind and solar, and systems to manage the fluctuations they impose on the grid, are of particular interest. One ...

FRC Seminars, Lookers Results, Caparo Judgement and Autonomy Case

I attended two seminars organised by ShareSoc and UKSA with the Financial Reporting Council (FRC) yesterday (24/11/2020) and the day before. The first session was about the “ARGA transformation”, i.e. the steps being taken to improve the audits of companies and the reporting of accounts following the Kingman review two years ago. ARGA stands for Audit, Reporting and Governance Authority which will be the new name for the FRC. Before reporting on the meeting, it’s worth noting the latest example of how ...

LeaderNewRiver REIT Open Interim Results Call

NewRiver has shown the way with their interim results call today. Their call was open to all investors and analysts simultaneously, providing a truly level playing field for individual investors. The call allowed all participants to ask questions and hear the answers. Sadly, this is unusual, with most companies either offering their individual investors a separate, later results call, or not offering anything at all for individual investors, whilst providing an opportunity only for analysts and institutions to quiz management. ShareSoc calls on all ...
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