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.


Standard Life UK Smaller Companies Trust (SLS) AGM Report 2013 – Harry’s 50 best ideas

Today I attended the Annual General Meeting of Standard Life UK Smaller Companies (SLS) an investment trust where the fund is managed by Harry Nimmo. It was on the 34th Floor of the “Gherkin” building in the City of London – almost as good as view as from the top of the Shard which I visited recently, and free in this case. They should have advertised the view because only about 20 shareholders were present which was disappointing as this was ...

City of London Investment Group (CLIG) AGM Report 2013

This report is on City of London Investment Group’s Annual General Meeting which took place today – not to be confused with other “City of London” companies of course. CLIG is an investment manager that focuses on the emerging market sector (95% of funds under management) and specifically on “closed end” funds. As with the company on which I last wrote a blog post (Carpetright), there are major succession problems arising from the presence of long-standing and dominant executives who are becoming ...

Victoria (VCP) AGM Report 2013

I attended the Annual General Meeting of Victoria yesterday in Kidderminster. This carpet manufacturer was the scene of a battle last year between major shareholders who wanted to change the board, and the “old guard”. The former eventually won after a series of general meetings. You can read the full story in various press releases that ShareSoc issued at the time, plus reports on previous meetings on this page. Apart from the depressed state of the retail carpet sector, the wholly unnecessary ...

Private & Commercial Finance (PCF) AGM Report 2013

A number of us had met PCF at the offices of Daniel Stewart early in 2013. The MELLO/Sharesoc group preferred OPM and that share price has moved significantly. I hold a few PCF instead. I have been in touch with them constantly and this was my first chance to meet the rest of the Board and the Bank of Bermuda nominee. I was the only shareholder present. They were very happy to answer 30 mins of my questions. They had put out ...

Diageo PLC (DGE) AGM Report 2013

Yesterday I attended the Annual General Meeting of Diageo PLC at The Hilton London Paddington Hotel. The room was full with over 400 shareholders, mostly of the older retired variety. Latecomers did arrive well into the meeting. After reviewing the 2012 AGM report, I was in two minds as to whether it was worth writing up my report for this year as you could mostly copy and paste the 2012 report, rename it 2013, remove the more technical questions from shareholders and ...

HML Holdings (HMLH) AGM Report 2013

HML Holdings is a property management company. They are not a property owner or developer. They do not collect rents or act as rental agents. Their niche is the collection of service charges for blocks of flats and then the use and management of those monies. This will include maintenance, surveying, security and probably insurance. They are NOT freeholders and are therefore not responsible for structural maintenance. They provide these services to 2000 blocks across the UK with 40,000 flats/apartments in ...

The Real Good Food Company (RGD) AGM Report 2013

I attended The Real Good Food Company AGM on 12/9/13. The meeting started at 11 am and was well attended – around 60-70 people. The first resolution was to accept the accounts. A shareholder Brian Geary asked a couple of questions on which he wanted clarification. The first was related to why they had headlined an inaccurate value of Working Capital. The FD answered that he acknowledged the working capital figure they used was incorrect (£42m stated, vs £7m actual), but he ...

Downing Income VCT 3 PLC (DP3J) AGM Report 2013

Today I attended the Annual General Meeting of Downing Income VCT 3 in Central London starting at 11.30am. Results for 2013 are an increase in NAV of 2.5p with 5p dividend for the year. The share price today is trading at 68p after a steady fall over the last 3 years from nearer 90p. Downing VCT3 has a history of paying dividends from capital as well as earnings, as opposed from earnings alone which has led to the slow erosion of NAV ...

Carpetright (CPR) AGM Report 2013

Today (5/0/2013) I attended the Annual General Meeting of Carpetright PLC at their offices in Purfleet, Essex. Carpetright’s results were nothing to write home about, with a 3% fall in revenue and pre tax loss of £5.1 million although underlying profits were up to £9.7 million; but still no dividend. This will be a brief AGM report because the AGM was brief – we finished in 12 minutes, which after reviewing last year’s AGM report is a new record (last years was ...

Polar Capital Technology (PCT) AGM report 2013 – one of the worst years

On the 2nd September I attend the Annual General Meeting of Polar Capital Technology Plc, an investment trust that invests in global technology companies. So it holds a lot of the major IT companies. For example it’s top holdings, in descending order of size, are Google, Apple, Microsoft, Qualcomm, IBM, Cisco, Salesforce.com, Intel, Texas Instruments, Amazon, Facebook, Oracle, Adobe etc. Performance last year was very much in line with the index it uses as a benchmark (Dow Jones World Technology) which managed ...