Laggards

Laggard Unanswered Questions at Eleco

I received an unhelpful response to a question today (19th May) from Eleco (ELCO). I have been a shareholder for some time in this construction software company. The company announced on the 26th of April that it had received a requisition notice that covered resolutions to reappoint two directors, that all directors stand for re-election at future AGMs and that the remuneration committee report be approved. It was certainly unusual that such resolutions were not on the AGM agenda on the 6th ...

Laggard DDDD – 4D Pharma placing with no Primary Bid individual offer

By Cliff Weight, ShareSoc Director. I hold shares in DDDD. I am not sure if I am happy or angry with 4D Pharma. Duncan Peyton (Chief Executive Officer) and Alex Stevenson (Chief Scientific Officer) have each subscribed £725,000 for shares in the placing, which in total raised £20m at a price of 110p. Their commitment and increased skin in the game is excellent and praiseworthy. The share price this morning is 118p. So those who invested at 110p have a modest gain of 7%. However ...

Laggard Long Serving Directors and Maven VCT

I have long complained about directors serving on boards for longer than 9 years. The UK Corporate Governance Code (which you can easily find on the web) says any director who serves for more than 9 years cannot be considered “independent” and there should be a majority of independent directors. When the UK Corporate Governance Code was drafted, this principle of avoiding long-serving directors was introduced and I consider it a very sound principle. But investment trusts (including Venture Capital Trusts) continue ...

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 ...

Laggard Angus Energy to have closed GM – this underperformer misuses Covid rules

by Cliff Weight, ShareSoc Director I do not own shares in Angus, but follow what is happening having received various emails, with concerns about over-optimism in previous RNSs, from shareholders. Their Brockham oil well is about 5 miles from where I live, so that makes it interesting too. Angus have announced a closed GM via RNS today, which states... As a result of the current COVID-19 crisis and the UK Government's restrictions, and in accordance with the provisions of the Corporate Insolvency and Governance ...

Laggard Supermarket REIT: Show of Hands Vote at Closed Meeting

Whilst being a good company in most respects, it is a shame that Supermarket REIT (SUPR) has blotted its copybook with an undemocratic general meeting. A general meeting was held today (5th October), to approve the issue of shares in order to expand the REIT. The notice of meeting says: However, you are reminded that in light of social distancing measures imposed by the UK government as a result of the current COVID-19 Pandemic, any member seeking to attend the meeting in person ...

Laggard Hugely Disappointing That ImmuPharma Excludes Individuals From Placing

I have been an investor, supporter and follower of ImmuPharma. So I was appalled to read that ImmuPharma (LSE:IMM) has raised £6.5 million, before expenses, via an oversubscribed placing of 59,090,909 new ordinary shares at a price of 11p per share. There was no Primary Bid offer and no notification to investors who hold their shares via nominee of this placing nor any invitation for them to share in the spoils. The placing was at 11p and the share price this morning ...

Laggard Laggard: Another example of Show of Hands without attendance at Forterra 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 ...