AGM Report

Berkeley Group (BKG) AGM Report – Plus ca change

AGM Date: September 8, 2015

Report Author: Roger Lawson

I attended the Berkeley Group (BKG) Annual General Meeting this morning in deepest Surrey - no complaints this year about the location which somewhat surprised me. There was a good turn-out at about 30 shareholders even so. Some background first: This is of course a housebuilding company and like others in the sector has been doing well of late. But it gives the impression in terms of share price movements that investors might be getting nervous about the housing market. As the Annual Report spells out, " We recognise the property market is inherently cyclical ". The Interim Management Statement issued before the meeting tells you what they are doing to counter that to some extent. They expect to remain ungeared after the next dividend payments, and are still on

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