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Regulations and Law

Laggard Socially Useful Frenkel Topping (FEN): Another Opportunistic Takeover and Delisting

Another week, another blatant example of the chronic undervaluation of UK small-cap companies, leading to a lowball takeover, that forces long-term individual shareholders out at a lowball valuation.  The AIM market, it seems, is becoming a hunting ground for opportunistic private equity firms to snatch up good businesses on the cheap.  I’ve written about this pattern before with Gusbourne, Dewhurst, and the particularly egregious case of Anexo. The latest name to add to this sorry list is Frenkel Topping (AIM: FEN). I think this one is particularly cynical. Many ShareSoc members will ...
Post Date: November 6, 2025 Read more

2026 FRC Stewardship Code – A significant improvement

The UK Stewardship code, which sets out the core principles of effective stewardship and transparency for asset owners and asset managers, has just had a major overhaul. The revisions follow on from a consultation in early 2026, to which ShareSoc responded The 2026 Code, which takes effect in January 2026, introduces three key changes: First, the purpose of stewardship has been clarified. The new definition is simply: "The responsible allocation, management and oversight of capital to create long-term sustainable value for clients and beneficiaries."   Reference to delivering benefits for the wider economy, environment, and society has ...
Post Date: November 6, 2025 Read more

The Proposed British ISA: A Flawed Plan that Penalises the Prudent Saver

The recent FT Article  (https://www.ft.com/content/99b91223-aced-4262-b7ff-356cee84a185)   entitled “Reeves looks to include minimum UK shareholding in ISA overhaul. Evolution of abandoned Conservative ‘Brit Isa’ plan also includes stamp duty tax break”, suggests Stocks and Shares ISA investors should be required to hold 50% of their portfolio in UK shares and has, quite rightly, caused a stir.   While the main goal of these proposed changes to stimulate the British economy by encouraging investment in UK companies is a noble one, this particular plan is deeply ...
Post Date: October 28, 2025 Read more

Laggard ANEXO Directors say “We have done nothing wrong”

Shareholder action group call for regulatory review  Further to my previous Anexo blog, I write to highlight the Investors’ Chronicle’s most recent follow-up on Anexo from 11 September.   The key element in the article is Anexo’s on-the-record stance, which boils down to two lines:  “We have done nothing wrong.” “No regulator has raised concerns / criticised the process.”   Those two assertions go to the heart of why this warrants FT and wider media coverage. Ordinary investors (pensioners, ISA/SIPP holders, parents saving for their children) ...
Post Date: September 16, 2025 Read more

A Regulatory Catastrophe: The FCA and the Woodford Fund Debacle

24 August 2025  The aftershocks of the collapse of the Woodford Equity Income Fund (WEIF), once a titan of the UK's retail investment scene, continue to reverberate through the financial landscape.   Six years on from the fund’s ignominious suspension, the recent levying of a £46 million fine on Neil Woodford and his firm by the Financial Conduct Authority (FCA) has done little to quell the simmering anger of hundreds of thousands of investors who saw their savings decimated.   This protracted scandal is a damning indictment ...
Post Date: August 27, 2025 Read more

Laggard Dewhurst: Another Delisting on the Cheap?

Following Gusbourne and Anexo, here is another example of exploitation of minority shareholders by controlling shareholders through delisting.   The share price of the ordinary and A shares shows the dangers of dual class structures and the divergence of their share prices, as governance issues impact differently on the classes:               Source: Stockopedia  Summary of Dewhurst's Delisting and Impact on Minority Shareholders   Dewhurst Group PLC, a global manufacturer and supplier of components for the lift, transport, and keypad industries, announced its intention to delist from AIM and ...
Post Date: August 19, 2025 Read more

Anexo – another delisting on the cheap?

Anexo Group: Analysis of the 60p Bid and Investor Reaction  Following the 22nd July 2025 announcement of a takeover offer for Anexo Group plc, this blog provides an analysis...
Post Date: July 24, 2025 Read more

Laggard Class Action for Former Shareholders in STM

  A class action group is being formed to represent former STM shareholders. This development follows a letter from Edmund Truell and Jambo SRC Limited (“Jambo”) to certain former shareholders, which states that no deferred consideration is payable in respect of Jambo’s acquisition of STM. If you held shares in STM Group plc at the time of the takeover, you will have received a Deferred Consideration Unit (“DCU”), exchangeable into loan notes worth up to seven pence per DCU and redeemable in cash ...
Post Date: June 4, 2025 Read more

Laggard Urgent appeal for sponsorship from the Flybe Shareholder Group

Flybe shareholders have waited long enough – please help us finally uncover the truth This solicitation is published by ShareSoc on behalf of the Flybe Shareholder Group and publication thereof does not represent an endorsement of the proposed action. For further information readers can contact the action group via their CrowdJustice page.  In early 2019, upbeat statements by Flybe’s leadership were followed by a dramatic collapse in the value of its shares, wiping out investors and prompting urgent questions which remain unanswered.   Hosking ...
Post Date: April 23, 2025 Read more

Laggard GUSBOURNE Case Study

Sparkling Product, Sour Investment   Gusbourne PLC (GUS), an AIM-listed producer of English sparkling wine, is a case study in how minority shareholders in small-cap companies can be severely disadvantaged. While the product itself may garner acclaim, the company's recent trajectory has left a bitter taste for many individual investors. Lord Ashcroft, Gusbourne's majority shareholder and primary debt holder, is moving to take the company private, leaving smaller shareholders with severely limited and unpalatable options. Gusbourne Share Price Performance A Precipitous Decline in Value The timeline of ...
Post Date: March 18, 2025 Read more

Abolish Stamp Duty on Quoted Shares

This article reflects the opinions of its author and not necessarily those of ShareSoc. Increased cost of capital means tax has negative impact on UK growth Is the UK stock market going to zero? Less than 8% of UK individuals own shares, compared to 40% in Sweden and 60% in USA[1]. This is evidence of the country’s failure to educate, and its failure to create a positive domestic investing climate.   Successive Governments have rowed back from the “Tell Sid” privatisation days where huge advertising budgets ...
Post Date: December 18, 2024 Read more

The Future of Smaller Company Capital Markets in the UK

This article reflects the opinions of its author and not necessarily those of ShareSoc. New Financial Report Launched On 17th October, I attended the launch of New Financial’s excellent report, which was held at the London Stock Exchange. I recommend reading the detailed version (c 35 pages), which I regard as required reading for all serious investors. Full report Summary of the report My key takeaways: Swedes are 5 times as likely to invest in shares than Brits. (Around 40% of Swedish adults have a simple and ...
Post Date: November 1, 2024 Read more

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