ShareSoc News

SVS Special Administration: a Scandal in the Making

I have written previously about the collapse of brokerage SVS Securities, here: https://www.sharesoc.org/blog/insolvency-and-administration/an-update-on-svs-securities/ and here: https://www.sharesoc.org/blog/brokers/another-update-on-the-svs-special-administration/ Since my last post on this topic, things have gone from bad to worse. Not only has the transfer of assets from SVS to a new broker taken an inordinate amount of time, but the choice of broker to receive those assets seems questionable, to say the least. This debacle has been covered by press articles, here: https://citywire.co.uk/wealth-manager/news/svs-client-fury-as-new-broker-fails-to-return-278m/a1390644 and here: https://www.ftadviser.com/your-industry/2020/08/14/svs-clients-plagued-by-delays-at-new-broker/ More recently, ShareSoc has been contacted ...

Edge VCT Update 3: 19 August 2020

We arranged a webinar on Friday 14 August at 4pm for shareholders to better understand the implication of the resolutions, and hence help them determine how they should vote at the GM and AGM. Here is the link to the presentation/video: https://www.sharesoc.org/seminar/sharesoc-edge-vct-webinar-14-aug-2020/ As it was a seminar, this was entered in our seminar area and only available to Full members. You will need to login to your ShareSoc account to access this video link. ShareSoc members who have VCT shares are recommended to join the VCT ...

EDGE Performance VCT Webinar on 14 August 2020, at 4pm

We have arranged a webinar on Friday 14 August at 4pm for shareholders to better understand the implication of the resolutions, and hence help them determine how they should vote at the GM and AGM. Terry Back, Chair of the VCT, and members of the Action Group (Robin Goodfellow, Richard Roth and Cliff Weight) will be speaking with plenty of time for Q&A. To register go to https://www.sharesoc.org/events/sharesoc-edge-vct-webinar-14-aug-2020/ ShareSoc launched a campaign in Jan 2020 to improve the performance of Edge Performance VCT Plc ...

Update #11, 5 Aug 2020 – Sirius Legal Judgment Published and Implications for Law Commission Review

The judgment of The Hon. Mr Justice Fancourt in the matter of Sirius Minerals plc Court Hearing of 13 March 2020 has now been published and makes reference to ShareSoc's submission, in several places, with paras 5 and 6 being the most important. 5. I have read letters from Mr Cliff Weight of the UK Individual Shareholders Society (ShareSoc). The concerns that he expresses are that the vote at the meeting that agreed to accept the offer of 5.5 pence per share ...

Albion Venture Capital VCT – AGM recommendations

Following a successful engagement led by ShareSoc (Tim Grattan and Cliff Weight led this Campaign) we agreed a compromise with the Directors and agreed to support the new proposals. The annual report has now been published and contains the following description of the way the Board engaged following the 2019 AGM. New management performance incentive At the General Meeting held on 21 August 2019, an ordinary resolution was proposed to approve the changes to the Company’s Management Agreement, as detailed in the circular sent to shareholders on ...

Enhancing Our Webinars

ShareSoc has been working hard to continue to offer opportunities to hear from and interact with executives of quoted and listed companies, despite the constraints Covid-19 has been placing on all our lives. Therefore, instead of our usual monthly “Growth Company Seminars”, we now offer online webinars with companies that may be of interest to investors. These have proved very popular, not only eliminating the transmission risks of in person meetings, but also offering the convenience of attending without leaving your own ...

AGMs- ShareSoc and UKSA write to FRC again

We have written to the FRC, again, about AGMs. Our note, written by Peter Parry, also contained some detailed analysis by UKSA member Phil Clarke (below). The email was written before the FRC published its latest guidance note, which is available here https://www.frc.org.uk/getattachment/e3224310-c39c-4b48-b56b-cc703936beeb/Updated-QA-AGMs-Best-Practice-Final.pdf To Jen Sisson, FRC Chief of Staff and Company-Investor Engagement Dear Jen, I am forwarding an email thread about AGMs initiated by UKSA member Phil Clarke. Much of it is already known to the FRC following Phil's contact with Sara at ...

Corporate Insolvency and Governance Bill

This very important Bill is set for House of Commons passage this Wednesday (3rd June), and is expected to proceed to the House of Lords on 9th June. You will be able to see updates on the passage of the Bill online here. BEIS have published factsheets here on the gov.uk website. These are designed to explain the detail of the Bill in a more accessible way, and answer some of the questions people may have. The factsheets cover: Overview of the Corporate Insolvency and Governance Bill    ...

Sirius Claim Group – The Work Continues – Sirius Update 10, 29 May 2020

Since the completion of the takeover of Sirius Minerals PLC by Anglo American in March, the number of unanswered questions and the search for answers, and the consideration of possible legal action has continued.  The Sirius Claim group has been busy collating and reviewing nearly 2000 documents, videos, reviews etc. relating to Sirius Minerals and its decisions and actions over the course of the last few years leading to the takeover by Anglo American. At this stage there is still much work ...

Are You Getting the Most From Our Upgraded Website?

We launched a major upgrade to our website in early April, offering a range of new features for our members. You can find full details of all the new features here: https://www.sharesoc.org/sharesoc-news/sharesoc-website-upgrade/ If you are a member of ShareSoc or SIGnet and have not set a password and logged in to our website, you will not be able to take advantage of these features. You will find detailed instructions for doing so here: https://www.sharesoc.org/sharesoc-news/sharesoc-website-upgrade/#login. We therefore strongly recommend that you do so now, ...