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Woodford Campaign Update 16, 15 February 2024

WOODFORD: LINK JUDGMENT AND NEXT STEPS Mr Justice Richards approved the Link Scheme of Arrangement (subject to appeal) without any conditions. This was expected, given the 93% vote in favour by Scheme Creditors, but it doesn't close the door on the Woodford scandal. In a tight and carefully worded legal judgment, the Judge explained that the “FCA Total Amount” of harm identified (£298 million) relates only to the relative loss of value incurred by those who held the fund at suspension date relative ...
Post Date: February 15, 2024 Read more

Human Impact of the Hartley Pensions Case and ShareSoc’s Role

The FT reports on the impact of the Hartley Pensions case on Hartley’s clients: https://www.ft.com/content/3e4bbd98-7d99-4dce-93eb-2c747aad1ce5  It’s been a nightmare for clients since Hartley went into Administration in July 2022.  ShareSoc provided heavy support to Hartley clients over the last year and as part of the Administrator’s client committee.  In the comments on the FT article someone asked: "What process is used to ensure that the administrator fees (c.£2k per pension pot released) are reasonable?". In the absence of FSCS support, ShareSoc has been battling ...
Post Date: February 14, 2024 Read more

What ShareSoc can do for retail investors

Mike Dennis, ShareSoc Director, is interviewed for Hardman Talks Mike Dennis, ShareSoc Director, was recently interviewed by Keith Hiscock of Hardman Talks. In this interview Mike talks about the work of ShareSoc, including its campaigning for retail investors’ interests in particular cases, such as the Woodford catastrophe; how ShareSoc represents retail in submissions to various government enquiries; and other resources that ShareSoc provides, including tutorials for beginner investors, an extensive website and a regional face-to-face meeting network for like-minded investors. Click here to ...
Post Date: February 14, 2024 Read more

ShareSoc response to House of Commons Education Select Committee

On 24 January 2024, ShareSoc submitted its response to the enquiry (click here to read the whole response), where we stressed the importance of educating about savings and investment and the potential role that ShareSoc could play to support teachers, e.g. via the use of ShareSoc Investing Basics videos and the ShareSoc Investor Academy. The House of Commons Education Committee will examine the current state of financial education in England and consider what steps need to be taken to ensure its delivery ...
Post Date: January 30, 2024 Read more

UKSA and ShareSoc Submission to Labour Party Review of Financial Services

  UKSA and ShareSoc have made the attached submission to the Labour Party’s review, highlighting the issues with the current financial services market that most concern us. 
Post Date: January 25, 2024 Read more

Woodford Campaign Update 15

An update following the court hearing on 18th and 19th January Justice Richards reserved his judgement on whether to Sanction the Link Scheme at the end of the Hearing on 18/19 January. It is now expected early in February. Initially, he plans to circulate a draft to those who were represented at the Scheme Hearing. Schemes of Arrangement (a mechanism generally used for insolvencies and mergers) are normally relatively straightforward with judgement announced on the day. The delay suggests that, at the very ...
Post Date: January 25, 2024 Read more

2024 Macro Outlooks

New ShareSoc Investor Academy resources just for ShareSoc Full members A new resource hub for those interested in the bigger picture and how it might affect your investing strategy: includes a wide variety of downloadable Macro level financial and economic analysis, offering a wide array of perspectives and insights from leading financial entities and experts. It features a comprehensive list of links to PDFs and reports from various banks, asset managers, private equity firms and other financial institutions. Click here to access the ...
Post Date: January 23, 2024 Read more

Digitisation Taskforce Interim Report follow up

ShareSoc and UKSA continue to work closely on the important issue of shareholder rights. We wrote to Sir Douglas Flint stressing our concerns with the Digitisation Taskforce Interim Report and requested to meet. Representatives from UKSA and ShareSoc met Sir Douglas on 11 December. Most attendees thought it was useful and Charles Henderson has written to Sir Douglas to confirm the key points of the meeting: Dear Sir Douglas Digitisation Taskforce Interim Report follow up Thank you for your recent meeting that enabled us (UKSA and ...
Post Date: January 18, 2024 Read more

SIGnet Investors Network Launches New Group in Reading 

  SIGnet is excited to announce the launch of a new in-person Investors group based in Reading. All levels of investing experience are welcome to join. The convener of the new Reading group will be Jez Dyer. Jez has been an active investor for 20 years, and a member of the SIGnet Henley Group for the past 10 years. Jez also runs a project management consultancy. You are invited to the initial online launch meeting to hear more about the group, meet other investors, ...
Post Date: January 16, 2024 Read more

Woodford Campaign Update 14

Vote outcome and Court Hearing 18 Jan 2024  OUTCOME OF SCHEME MEETING  A single meeting of Scheme Creditors (the Scheme Meeting) was held on 13 December 2023. Work is ongoing to verify the votes cast at the Scheme Meeting, however, provisional numbers are set out below.   Over 54,000 Scheme Creditors attended the Scheme Meeting in person, or by proxy. Of the Scheme Creditors who voted, approximately 93.7% in number, representing approximately 96.1% in value, voted in favour of the Scheme.  Of the three voting ...
Post Date: January 16, 2024 Read more

Laggard Press Release 125: Defective Legislation Thwarts Europa Oil Shareholders

ShareSoc was recently approached by one of its members for assistance in the case of Europa Oil. Dr Erika Syba and others, who collectively own more than 5% of Europa’s shares, sought to requisition a general meeting of the company. The Companies Act stipulates that members of a company collectively owning more than 5% of its shares are entitled to requisition general meetings. Unfortunately, however, Erika’s shares are held in nominee accounts, like the vast majority of individual shareholders’ shares. Indeed, shares held ...
Post Date: January 12, 2024 Read more

Platform Transfers

How to transfer investments from one platform to another Suppose that you’re unhappy with the service or costs of your current investment platform. Some platforms make it very difficult and time-consuming to transfer your investments. Here is some guidance to make it easier. Research You must do some planning and fact-finding before you start. This will help you avoid the pitfalls, delays and obstacles put in your way. You should expect the platform you have spurned to be disappointed to be losing you and ...
Post Date: January 11, 2024 Read more

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