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Hornby Requisition Opposed

Post Date: April 27, 2017

Investor Alexander Anton previously requisitioned a General Meeting of Hornby (HRN) to have Chairman Roger Canham removed from the board and get himself appointed as a director. Mr Anton has the support of the second largest investor in Hornby in New Pistoia, but the largest investor is Phoenix Asset Management. The long standing Chairman of Hornby, Roger Canham, is also Chairman of Phoenix which Mr Anton suggests is not a good arrangement so far as corporate governance is concerned. Hornby, the ...

Why Companies Don’t Get Struck Off, and Maven VCT5

Post Date: April 27, 2017

I have had two listed companies in my last 25 years of investing, that delisted and then became worthless. But the directors refused to put them into liquidation or...

Finance Bill and Tax Changes

Post Date: April 26, 2017

Shorting Shares – An Example of Motives

Post Date: April 22, 2017

One of the most peculiar stories in the last week was the revelation that the attack on the Borussia Dortmund football team's bus was not a terrorist attack after all. According to German police it was done by an individual investor who hoped to profit by shorting the shares. By killing or injuring their star players, he expected their publicly quoted share price to fall sharply. Indeed the share price did fall by 3% but as the injuries suffered were relatively minor ...

A General Election – What Should Be In the Manifestos?

Post Date: April 18, 2017

There is to be a General Election on the 8th June in case you have not heard. That has the unfortunate consequence on freezing Government business, with the prospect of changes of Ministers thereafter. Any formal consultations - for example on improved Corporate Governance and remuneration restraints - will be deferred. So the key question now is what would we like to see in the manifestos of the leading political parties? Here's my list: A commitment to ensure that private shareholders in ...