Edge 2021 AGM will resume on 17 Jan 2022

I am pleased to say that the threat/fear of receiving a strong letter from the FCA seems to have shaken the (previously) intransigent Edge Directors into some common sense and they have agreed to hold their AGM on 17 Jan 2022 and put our resolutions to a GM to be held on the same day.

I attach a copy of my letters to the FCA and FRC, plus Edge Chair Terry Back’s letter to some selected H shareholders ( I was not sent a copy by Edge).

EDGE FCA letter 6 Dec 2021.16.06 re AGM and COBS4.2

Letter to FRC – Maureen Beresford re EDGE AGM

Edge VCT letter from Chair to some shareholders- 3rd Dec 

The 8 Dec RNS about the Shareholder requisitions was, in my opinion, not clear, nor was it fair and reads to me as potentially misleading. I shall follow up with the FCA on these points.

For completeness I attach a copy of the EDGE RNS about the resumed AGM 

RNS Number : 0431V
Edge Performance VCT PLC
08 December 2021

Edge Performance VCT plc

Reconvened Annual General Meeting

The Directors are pleased to announce that the reconvened Annual General Meeting and General Meeting will be held on Monday 17th January 2022. Further details will be sent with the Circular ahead of the meeting.

In my opinion, the lack of full details in this RNS could be viewed as evidence that the Edge directors have been rushed into this announcement, either because of the threat of FCA action or perhaps even they have been contacted by the FCA. My contacts at the FCA have only been able to say that their policy is not to make public announcements in such cases, so we may never know unless Edge fess up. I shall of course attend the AGM and ask a question about this. I suspect many people will attend the AGM and hold the Edge Directors to account.

Further information is here: https://www.sharesoc.org/campaigns/edge-vct-campaign/ If you support shareholder democracy, then please join the campaign. As with other ShareSoc Campaigns, you do not need to own shares to join the campaign.

Cliff Weight, ShareSoc Director and one of the leaders of the ShareSoc Edge VCT Campaign.

DISCLOSURE: I own shares in Edge. I did not before the campaign started. I bought some so that I was aligned with other shareholders and had some skin in the game.

  1. rogerwlawson says:

    The Back letter looks like it’s been written by the fund manager. It’s hardly unbiased.

  2. Andrew Walker says:

    Before I return my voting cards, would you advise appointing someone other than the chairman of the meetings as proxy? If so, who?

  3. Cliff Weight says:

    Andrew, I think you can be safe in appointing the Chairman as your proxy. The proxy form says that he has to vote the way you have indicated.

    We will shortly be writing to all shareholders with our response to Terry’s letter and the recent webinar run by the manager David Glick, both of whom seem to fail to understand that the highly respected, powerful ShareSoc organisation would not be involved in this campaign, if there were not very serious concerns and issues at stake.

    We will be indicating this voting (I think we cannot give financial advice so I have to be careful how I phrase this)
    We recommended you vote as follows
    AGM, FOR resolutions 1, 2, 4 and 5. AGAINST 3, the re-election of Sir Peter Bazlegette.
    GM. AGAINST resolutions 1, 2 (the re-election of Terry Back and Sir Aubrey Brocklebank) and 3. FOR resolutions 4,5 and 6.
    Requisitioned GM. VOTE FOR ALL resolutions: this would result in a changed board

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