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.

If you are already a full member and are still having any difficulty accessing our reports, please contact the ShareSoc Office.


Alliance Trust (ATST) AGM Full Report 2015 – Will Dundee cake suffice?

The following blog post was published on the 30th April 2015 which gives a good summary of events at the AGM. What follows afterwards is a more detailed report. Note that for a full explanation of what the dispute was about at Alliance Trust see this note on our web site: http://www.sharesoc.org/ShareSoc_Alliance_Trust_Analysis.pdf and RNS announcements that were issued by both parties during the battle. These are some initial impressions of the Alliance Trust AGM in Dundee. It was not quite as exciting as it might have been ...

Maven Income & Growth VCT 4 Plc (MAV4) AGM 2015

Yesterday I attended the Annual General Meeting of Maven Income & Growth VCT 4 at the Maven offices in Central London. The VCT has steadily been moving away after years of underperformance from investing in AIM companies (the failed strategy of the old fund manager) to investing in private companies. The level of AIM stocks held is now a modest 1.6% of the asset base. Maven VCT4 also merged with Ortus VCT in 2013. The yield based on year end share price ...

Maven Income & Growth VCT 5 Plc (MIG5) AGM 2015

Yesterday I attended the Annual General Meeting of Maven Income & Growth VCT 5 at the Maven offices in London. The VCT has been moving away after years of underperformance from investing in AIM companies (the failed strategy of the old fund manager) to investing in income-producing loan stock (giving rise to a much more cash generative VCT) and private companies. The level of AIM stocks held has reduced from 55% in 2013 to 41% at year end 2014. Approximately 6 investors ...

Elementis (ELM) AGM Report 2015

I attended the Annual General Meeting of Elementis today (22/4/2015) held at their usual venue (The Royal Institution) in London at 11.00. There were about 30 shareholders present. Elementis is a FTSE-250 speciality chemical company – selling surfactants, rheology products to control viscosity/thickness and chrome chemicals. Revenue last year was $790m, up only 2%, but earnings per share increased by 8%. Cash flow was good and the company declared another special dividend which was of course approved by a vote of ...

Baronsmead VCT 3 (BMD) AGM 2015

The Annual General Meeting of Baronsmead VCT 3 took place at Saddler's Hall in the City of London on the 16th April. There were about 30 shareholders in attendance initially although more drifted in later, perhaps because the start time was a bit early for some at 10.15 am. This is of course one of the series of Baronsmead VCTs where I have raised concerns about corporate governance in the past ‐ more on that below. But they generally have performed very well, particularly in ...

Fundsmith Equity Fund Investors AGM Report 2015

Last night (3/3/2015) Fundsmith held its Annual Meeting for investors in London. It was a full house at the venue - about 300 people I would estimate. Terry Smith the fund manager did most of the talking and he is of course a good speaker. The format was very much like Warren Buffett's meetings for Berkshire Hathaway shareholders with questions having to be submitted in advance, and some clearly being rhetorical ones asked by the faithful as many investors will have ...

Driver Group (DRV) AGM 2015

Monitoring company AGMs, especially those outside London, can be worth the effort. This was certainly the case with the annual meeting of Driver Group, a global construction consultancy, in Manchester on February 25, which I attended, along with four other shareholders. Looked at from a distance Driver ticked many of the right boxes for a small cap growth stock. It is a leader in the relatively high margin niche market of construction dispute resolution (accounting for around 60% of its revenues) and ...

IDOX (IDOX) AGM Report 2015

The IDOX Plc Annual General Meeting was held today in London. Here is a brief report. Note that in the morning of the AGM the company issued a statement which said "IDOX is pleased to announce a good start to the year and that trading is in line with management expectations". Note that according to analysts the normalised e.p.s. is expected to rise substantially this year giving a future p/e of less than 13 according to Stockopedia. The morning's announcement otherwise announced ...

Scottish Oriental Smaller Companies Trust (SST) AGM Report 2015

Scottish Oriental Smaller Companies Trust (SST) is an investment trust that is focussed on China, South-East Asia and India - yes there is not much Scottish about it apart from the fact that it is registered in Edinburgh and managed by First State Investment Management who are headquartered there (but whose parent is actually the Commonwealth Bank of Australia). Normally they hold there AGMs in Edinburgh but this year it was in First State's offices in the City of London, on ...

Conygar (CIC) AGM Report 2015

Conygar AGM 04-02-15; their solicitors Wragge are now part of Lawrence Graham so this meant getting over to London Bridge (though the cakes were better than at the old Holborn venue). A good set of results; NAV up 13% at 197p, profit from development £12M, rents £10M + £14M revaluations. The commercial property market outside London has improved, and they have disposed of £26M of assets.There is £71m cash,and debt of £56m. At Haverford West planning has been obtained and a sale of ...