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Long Serving Directors and Maven VCT

Post Date: April 19, 2021

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 ...

Platform Transfers – It’s Even Worse Than Thought

Post Date: April 16, 2021

I commented last month on an article in Investors Chronicle by Mary McDougall on the subject of platform transfers, and how they are inordinately slow. Despite past efforts by the FCA, the situation does not seem to be getting any better. My latest transfer, which was commenced on the 12th of January, is still not complete. The shareholdings have recently been transferred to the selected new platform but not the substantial cash holding in the portfolio. But according to the latest article ...

Comparison of Woodford Claims

Post Date: April 5, 2021

The Investors Chronicle have published on 30 March 2021 a useful table comparing the 4 ongoing Woodford Claims: (note, as at 10 June 2022, Leigh Day have >12,000 claimants and Harcus Parker c 7,500. ShareSoc do not know any more recent numbers for RGL and Slater & Gordon.) ShareSoc endorsed the Leigh Day Claim, in November 2020 on the basis of information available at that time. The table highlights that the Leigh Day claim and Harcus Parker claim are both against Link, both ...

Strategic Equity Capital GM

Post Date: March 22, 2021

SEC still has a 20% discount (258p share price versus 312p NAV) and the Directors own pitifully few shares so have little skin in the game and no incentive to sort this out. I have registered my protest vote, via interactive investors' excellent voting platform (NOTE TO HARGREAVES LANSDOWN - you really ought to provide a better voting service to your customers). I think my vote is a protest vote as it looks likely the directors will win. Other shareholders should consider ...

Platform Transfers – “Progress has been pitiful”

Post Date: March 21, 2021

There is a very good article in this week’s Investors Chronicle by Mary McDougall on the subject of platform transfers. I have sent her the following email: Mary, On the subject of platform transfers, you are quite right to say that “It appears progress has been pitiful”. I have done several such transfers in the past and none has been completed in under 3 months. The FCA initiatives to improve matters has had minimal impact. I am currently still trying to get one ...