ShareSoc News

Letter to the Treasury Committee re FCA’s Woodford Enquiry

The Financial Conduct Authority gave scant detail on progress regarding Woodford, in a letter to the Treasury Committee dated 14th December 2022 (published 11th January 2023), responding to questions posed during the hearing and updates to the Committee on progress in certain areas.    ShareSoc considers the FCA letter to be insufficient. We have written to the Committee saying “we respectfully request that the Committee consider asking members of the FCA to appear before the Committee in person so that the progress of ...

Invitation to Better Finance Conference 24 Jan at 10.30 CET (9.30am UK time)

Attending and voting at AGMs are important shareholder rights and responsibilities, central to ShareSoc’s Shareholder Rights campaign. A recent blog on how to ask questions is here and ShareSoc has also published guidance on AGMs, which can be downloaded here and here. ShareSoc has also previously held a free webinar on voting at AGMs, which can be viewed here. Readers interested in AGMs can now attend a free press conference organised by Better Finance entitled “Are shareholders really able to fully exercise their ...

I have £5,000 to invest. How do I choose the right platform?

ShareSoc’s Investing Basics videos have made us think quite a lot about what a new investor should do. If you have suddenly come into money, are new to investing and are wondering what to do with it, then you should seek some financial advice (and also watch the investing basics videos). But if you have saved a few thousand, or even a few tens of thousand, you won’t find a good financial adviser willing to spend their time with you (you ...

Sirius Minerals Update #16

We appreciate it has been a while since we have been able to provide an update regarding our investigation into the potential to make a claim or claims for legal redress for Sirius Shareholders. We are currently continuing to pursue a line of investigation, following legal advice, however, unfortunately, this is an extremely time-consuming process and at this stage, regrettably, there is nothing substantive that can be shared. We would, however, like to reassure you that we are working extremely hard in the ...

SIGnet Launches Tyne-Tees Investor Group

SIGnet, a not-for-profit organisation, is excited to announce the launch of a new group, for members in the Tyne-Tees area. Currently, the nearest group is in Leeds. SIGnet is offering this new Tyne-Tees group for members in the northeast. You are invited: to an online meeting to explain more about the group, meet other investors, and arrange our first group meetings. This launch meeting is scheduled at 7pm on 8th February and is expected to last approximately 90 minutes. It is open to ...

Woodford Campaign Update 10 – 11 January 2023

Woodford Campaign Update 10 Group Litigation Order Hearing The Group Litigation Order (GLO) request was heard in court between 15th and 20th December. The request was a joint submission by Leigh Day and Harcus Parker, with a subsequent request from RGL to be included. Surprisingly, the judge decided against granting a GLO, favouring instead bespoke case management by the court, as requested by the defendant, Link. This means that there won’t be any imminent deadline for registering with a claim. The claims will still be ...

Capital gains tax is hideously complex and needs to be simplified

ShareSoc Director Cliff Weight has written an opinion piece, which the FT published on 11th January (requires subscription to view). Cliff argues that Capital gains tax (CGT) is hideously complex and needs to be simplified. This is even more urgent as the reduction of the CGT threshold from £12,300 to £6,000 and then £3,000 will draw many more into the net of those having to complete CGT returns.   Long term shareholders of companies, where there have been rights issues, consolidations, capital repayments, demergers ...

Review of the G20/OECD Principles of Corporate Governance

With apologies for not publishing this News Item earlier, on 20 October, ShareSoc responded to the Public Consultation on the Review of the G20/OECD Principles of Corporate Governance What we would like is a fiduciary obligation, that requires the nominee to have a  clear duty to vote and to take account of beneficial owners’ views. We are still considering how best to express our views on this issue and in particular whether it should be a responsibility and whether it should be in ...

Lord Lee asks Parliamentary Question about Capital Gains Tax

Baroness Penn, Treasury, has provided the following answer to the written parliamentary question (HL3755) from Lord Lee, Patron of ShareSoc: Question: To ask His Majesty's Government what estimate they have made of (1) the number of additional taxpayers who will have to complete Capital Gains tax returns as a result of the proposed reduction in threshold, (2) the amount of additional tax revenue that is likely to be raised, and (3) the extra cost of administration that will be required as a result of ...

If you are a shareholder in Purplebricks make sure your vote counts

Various publications have been reporting recently on plans by an activist investor, Lecram Holdings, to oust the present Chair of Purplebricks, Paul Pindar, after several years of value-destroying performance. A General Meeting to vote on the removal of the Chair and to vote onto the board a new director, Harry Hill (founder of Rightmove and ex CEO of Countrywide) will take place on the 19th December. The vote could be quite close and individual investors hold a significant proportion of the ...