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.


British Smaller Companies VCT (BSV) AGM Report 2013

British Smaller Companies (BSV) is a Venture Capital Trust with a moderately good long term performance record – 4.3% per annum total return since formation in 1996 according to Allenbridge, and with a current yield of 7.8% according the AIC (tax free dividends in this case of course). The main issue at this company is a management incentive performance fee based on dividends paid out. This is what I wrote to the Chairman, Helen Sinclair, back in July 2012, prior to the ...

Northern 2 VCT (NTV) AGM Report 2013

The day after the moderate excitement of the Northern Venture Trust General Meeting (see https://www.sharesoc.org/agm-reports/northern-venture-trust-nvt-general-meeting/ for a report on that), I attended the Annual General Meeting of Northern 2 VCT on the 19th July. This is of course a very similar company, managed by the same fund management company (NVM Private Equity), with overlapping but not identical portfolios. Northern 2 has slightly worse performance according to Allenbridge – 3.8% per annum net asset value total return (dividends included) versus 5.6% per annum ...

Northern Venture Trust (NVT) General Meeting

On the 18th July, Northern Venture Trust (a VCT, epic NVT) held a General Meeting to approve four resolutions. The first three were in connection with a new share offer and were not contentious. The last was to approve a change to the Management Agreement. ShareSoc had previously advised shareholders to vote against that resolution – see www.sharesoc.org/pr48northernventure.html for the press release we issued. The key points made in there were: 1. The addition of a performance incentive fee will simply increase ...

Templeton Emerging Markets Investment Trust (TEMIT) AGM 2013 – more excitement than expected

Templeton Emerging Markets (TEMIT) is a well known investment trust, probably one of the largest of those who focus on emerging markets. It has been managed for many years by Mark Mobius although he now has a very large supporting team. As in previous years, the AGM was held at Stationers Hall in the City of London. It was a rather more interesting event than I expected. Performance last year was good (total return of 11.1%) and ahead of its index. But ...

Blinkx (RTHM) AGM Report 2013

The Blinkx AGM was held on the 11th July 2013 in their lawyers’ offices in Cambridge, commencing at 9.00 am, as last year. But there were still about 25 shareholders present. Apparently the company chairman, Anthony Bettancourt, had been unable to obtain a flight from San Francisco because of the plane crash there, so the meeting was chaired by Mark Opzoomer. He commenced by introducing the other directors and then went straight into the poll – reading out all the resolutions ...

API Group (API) AGM Report 2013

I attended the Annual General Meeting of API Group today in the City of London at Evershed’s offices (the second of the day the first being Blinkx which I will write up later as it was much longer at 2.5 hours duration). Indeed API Group would have been even shorter at about 30 minutes than it turned out to be if a certain D.S. had not turned up when the meeting was almost over. There were about 4 ordinary shareholders present ...

Maven Income & Growth VCT (MIG1) – AGM Report 2013

Maven Income & Growth VCT (MIG1) is one of a stable of VCTs managed by Maven Capital Partners UK LLP (led by forceful Scotsman Bill Nixon who sits on the boards of some of these companies, but not this one – that doesn’t stop him doing most of the talking in response to questions at the AGM). The AGM was held on the 3rd July at Maven’s new offices in London (Royal Exchange Buildings behind the Royal Exchange in the City). We ...

Tesco (TSCO) AGM Report 2013 (Latest Tesco offers – 2 for the price of 3, and Nigerian Guinness)

Yes you can learn a lot from going to AGMs, and the above is some of what you can now buy in Tesco according to shareholder comments at today’s Annual General Meeting (AGM) of the company. Readers do not need reminding that Tesco has had a set of quite dire results recently. To quote Investors Chronicle in their review of last year’s figures: “Tesco’s figures are dismal…..”, but the figures in the Interim Management Statement were also poor. The prospective p/e is ...

TR Property Investment Trust (TRY) PLC AGM 2013

This investment trust held its 109th Annual General Meeting today at the Royal Automobile Club, London. The Trust maintains a portfolio in shares of property companies of all sizes on an international basis and also in investment property located within the UK (mostly London and the Southeast). Results look better this year when compared to last year, with revenue up 6%, NAV up 17.2% and an increase in the dividend to 7.00p (up 6.1%), with the dividend covered 100% by earnings. We started ...

Lansdowne Oil & Gas (LOGP) AGM Report 2013

I have held a modest shareholding in Lansdowne (LOGP) for a few months. My rationale for buying was that the company has a 20% interest in the Barryroe discovery, offshore Ireland in the Celtic Sea, where Providence Resources owns the balance and is operator. This discovery has audited 2C recoverable contingent resources of 69mmboe net to Lansdowne, with considerable potential upside at Barryroe and numerous other prospects. Lansdowne’s market cap. of ~£62m at the time I bought seemed rather low to me for a discovery of that ...