AGM Reports

AGM Reports

Our library contains reports on the Annual General Meetings of a large number of listed and quoted companies that our members have attended. This unique resource provides valuable insights for investors in those companies, not available anywhere else.

You will find summaries of our AGM reports on this page. You can also search for reports on a specific company, using our “Research” feature. Only full members of ShareSoc can view the full details of our AGM reports and need to login to do so. If you wish to gain access, click here to become a full member, for less than 90p/week and gain full access to our library of hundreds of AGM reports, as well as other member benefits.

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Accesso Technology Group Plc (ACSO) AGM 2016

Today I attended the annual general meeting of Accesso Technology Group Plc at their offices just outside of Reading at 10am. Accesso Technology Group Plc is a UK based company engaged in the development and application of ticketing, mobile and e-commerce technologies. Prior to the start I chatted with Chairman John Weston and I questioned if a later start time, even by an hour would make the journey more palatable to shareholders as those 6 that had turned up had various tales of ...

CHURCHILL CHINA (CHH) AGM 2016

Churchill China, an AIM quoted company, listed first in 1995 with a turnover up from last year’s £44½ million to £46.8m. The share price is 780 pence, up 36% from 575 pence in January 2015. All significant figures are up over one year and five years. P/E ratio is 19, and a dividend of 16.6 pence yields 2.2%. TSR this year is nearly 33%. It is a successful AIM company and a strong British manufacturer. It might suit people planning to ...

Rockhopper Exploration (RKH) AGM Report 2016

Rockhopper Exploration is an oil exploration and production company with large exploited assets in the Falkland Island Basin and small production assets in the Mediterranean. Key points: · Company has enormous discoveries in the Falklands Islands Basin. Its share of the Sealion and Isobel/Elaine complexes alone come to more than 400mmboe (2C – meaning there is a 50% chance the oil recovered being at or above this number). · Low risk near field drill prospects in the Falklands Island Basin have the potential to ...

Gulf Marine Services (GMS) AGM report 2016

Debt levels/Banking covenants Investors are mainly concerned with the company’s high levels of debt, and whether it would breach banking covenants. At year end the company had debt of $398.9m, which is expected to rise to a peak of $425m this year. The year end debt levels represented 2.9x EBITDA. Since then the company has since guided down earnings by 15-20%, while debt levels are forecast to rise. Hence the company will come perilously close to breaching its banking covenants. The Chairman, ...

Brammer (BRAM) AGM 2016

Key points: The majority of the company’s sales are to the UK, where the business has been suffering recently. According to the CEO these problems were in part an “own goal” caused by poor execution, and in part due to the difficulties of a few key customers (including the steel industry). The management of the UK business has been over-hauled, and “is getting back on track”. Net debt has ballooned in recent years to £104.3m, which the company stated was 2.4x ...

Mondi Plc (MNDI) AGM 2016

Yesterday I attended the annual general meeting of Mondi Plc at the Haberdashers Hall, central London. Mondi Plc is a packaging and paper supply company producing pulp, paper and compound plastics for industrial and consumer packaging. The company is dual listed in the UK and South Africa (SA) so using the marvels of modern technology, two AGM’s were held simultaneously in the two countries using a live video link and large screen so we could all take part in one large AGM. Prior ...

The Restaurant Group (RTN) AGM Report 2016

Today I attended the Annual General Meeting of The Restaurant Group for the first time - held in the City of London at 10.00 am. There were about 50 shareholders present which I was told was slightly more than normal, perhaps because the company seems to be in some turmoil after recent profit warnings and the abrupt departure of the finance director. From being one of those stock market growth stocks on high valuations (share price peaking at over 700p in ...

Tritax Big Box REIT Plc (BBOX) AGM 2016

Today I attended the 2nd Annual General Meeting of Tritax Big Box REIT Plc in an office in central London. Seven other shareholders were present, which seemed a surprise for the Chairman as they had no presentation planned and had only thought they would need to quickly go through the formal business. I gathered that last year only one shareholder was present so the board could be forgiven for expecting a low turnout. Tritax Big Box is the only Real Estate Investment ...

Ophir Energy (OPHR) AGM 2016

Key points: The company is aiming to become a sustainable oil exploration company that fully funds itself throughout the cycle. The aim is to have a constant budget for exploration throughout the cycle, rather than a pro-cyclical one. If a high oil price results in substantial extra revenues the company would aim to return money to shareholders rather than fritter it away on further (and by definition more marginal) exploration. It has a very clear strategy of focussing only on exploration ...

AVIVA (AV.) AGM Report 2016

I attended the AGM on 4 May 2016, which was held at the Queen Elizabeth II Centre, at 11am. There were 400+ people present at the AGM. This was a very well organised AGM with stands where members of staff were explaining the various different parts and products/services of the Aviva business. Before and after meeting the directors mingled with the shareholders. I arrived early and was pleasantly surprised to find myself chatting to Euan Munro, the chief executive officer of Aviva ...