Laggards

Laggard Laggard: Another example of Show of Hands without attendance at Fronterra plc AGM

Forterra plc held their meeting on 14 May 2020 and resolutions were passed by way of a show of hands, and yet, the provisions for the meeting were as follows: “As a result, shareholders are not permitted to attend the AGM in person and will not be admitted.  Questions can be submitted to your Board by e-mail to investors@forterra.co.ukand it is our intention to arrange a conference call with our Chief Executive and Chief Financial officers once the current crisis has passed.” So that ...

Laggard Biffa: A Token Retail Offering is Not Good Enough

It was initially pleasing to see FTSE250 company, Biffa plc, recognise its retail shareholders, by making an offer though PrimaryBid alongside its recent institutional placing. As ever, the Prospectus Regulation meant that the retail offer was limited to €8m (otherwise a costly prospectus would have to be issued to make a larger offer to retail investors). Pretty paltry compared to the £100m institutional placing. I applied for the retail offer and was disappointed that my application was scaled back by nearly 50%. Disappointment ...

Laggard Laggards? AJ Bell Directors/PDMRs’ share sales, Numis, Invesco and the FCA

On Friday, 22nd May 2020 at 16:16 an RNS announced that Fergus Lyons (a Managing Director at AJ Bell) had sold 1.25 million shares at 448.637p and his wife another 25,000. Michael Summersgill (CFO) sold 5,000 shares and his wife sold 420,00o on 21 May 2020 at the same price. However, a day earlier on Thursday 21 May at 16.51, AJ Bell announced in an RNS that Invesco "has today indicated its intention to sell up to approx 31 million shares" in a placing, organised ...

Laggard Direct Line Group: How Not to Do Covid-19 Affected AGMs

In common with many other companies, Direct Line Group has "taken the easy way out" of handling its AGM when shareholders cannot attend in person due to Covid-19 restrictions. In this announcement of 21st April, Direct Line confirms that shareholders will not be able to physically access their AGM. Only proxy votes may be submitted. Direct line also say: Shareholders may send any questions about the business of the AGM to the Company Secretary at the Company's registered office or by email to ...

Laggard Bilby Disadvantages Individual Investors in Heavily Discounted Placing

Bilby plc (AIM: BILB), a leading gas heating, electrical and building services provider, announced on November 15th the completion of a fundraise of £2 million by way of a placing of new shares at a price of 11 pence per share; Canaccord Genuity Limited acted as Nominated Adviser and sole broker in relation to the Placing. The price of Bilby shares before the pacing was 23p and after the placing was 17p. The RNS says that the Directors of the company ...

Laggard You Couldn’t Make It Up: EDGE VCT

On 29 August, long suffering EDGE VCT shareholders had finally had enough. They voted down no less than 7 resolutions at the AGM, including voting out three longstanding Directors. Chairman Sir Robin Miller had 1.7 mio votes in favour and 3.1 mio against, Lord Flight had 1.7 mio votes in favour and 3.2 mio against, and David Glick (from the Manager) had 1.7 mio votes in favour and 3.2 mio votes against. This expression of shareholder dissatisfaction is unprecedented. It was a ...