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.


Ceres Power (CWR) EGM Report 2012

Background I have been an investor in Ceres (AIM:CWR), the fuel cell company, since 2005. In January 2008 Centrica subscribed for 10% of the company’s shares at price of 300p/share, raising £20m. Soon after that, the company published plans to launch a microCHP (mCHP) unit in volume, incorporating its fuel cells, in 2H2011. In November 2009 the company raised an additional £31.35m at a share price of 165p via a further placing to institutional investors. Following these placings (and after some minor option exercises), there were 86.2m shares ...

DotDigital (DOTD) Annual General Meeting Report 2012

The DotDigital (DOTD) Annual General Meeting was in their Croydon offices this year on 18/12/2012, but the number of ordinary shareholders attending was unchanged – namely one. The last time I visited the iconic No.1 Croydon building was about 40 years ago when I had an employment interview with IBM, and I don’t recall much about it except I did not get the job. Anyway the view from the 20th floor this time was interesting and the surrounding streets are now ...

TR Property Investment Trust (TRY) General Meeting Report 2012

I attended the three General Meetings of TR Property Investment Trust today – to approve the merger of the Ordinary and Sigma funds. This required three separate meetings – one for all shareholders and two for the separate class members, but only one resolution in each. There were 6 shareholders present, other than the directors, which is more than I expected to see. The Chairman, Peter Salsbury, opened the meeting by summarising the arguments in favour of the proposals. I won’t repeat ...

British Empire Securities and General Trust (BTEM) AGM Report 2012

British Empire Securities and General Trust was originally formed in 1889. Asset Value Investors took over management of the fund in 1984 from which time the company probably developed its existing style and when assets under management started to rise substantially (currently £791m). It focuses on holdings in other investment companies, particularly where the shares stand at a discount to estimated underlying net asset value. Because of the investment policy, it is of course more focussed than many generalist investment trusts ...

Bezant Resources (BZT) AGM 2012

BZT AGM, only 3-4 private investors there, quite pathetic considering the impressive mail list of interested individuals on bezantshareholders@ymail.com . There were only 2 directors present, Bernard Oliver and newly appointed Laurence Read. Apparently Gerry, exec chairman, is busy in Perth (Oz) in intensive discussions (they can’t say who with). However there was no explanation for Kirby and Siapno’s nonattendance, I know Perth is a long way but this is the one occasion the owners of the company have of meeting the ...

City Natural Resources High Yield Trust (CYN) AGM Report 2012

I attended the Annual General Meeting of City Natural Resources (CYN) on the 6th December at the Cavalry and Guards Club in London. A convenient time and location with lunch provided, although one shareholder complained that it would have been better for him if it was in the City. As they actually move the AGM around the country from year to year (which is a good practice in general I suggest), I think his complaint was ill founded as he could ...

Pan African Resources (PAF) AGM Report 2012

Pan African Resources (PAF) is a South African based gold-mining company (although registered in England and it produces accounts in pounds sterling). It was covered in the March 2011 ShareSoc Informer Newsletter and a report on the 2011 AGM was also given later in the year. Unlike many gold mining companies, it is more a production than an exploration company, is consistently profitable and has been paying a dividend (but that has been temporarily suspended this year so as to raise ...

St. Ives (KCT) AGM Report 2012

On the 27th November I attended the AGM of St. Ives Plc at 11.00 at their offices in the City of London (a convenient time and location at least). There were about a dozen other shareholders present including one who said he had held the shares for 30 years (or those of the predecessor companies). One of his comments was the new management team couldn’t do worse than the last lot when I asked what he thought of them. St. Ives was ...

Pure Wafer (PUR) AGM Report 2012

I went to the Pure Wafer AGM in Swansea last week on November 15th at 10am.The meeting was somewhat sparsely attended - apart from the directors I was the only shareholder to turn up! Thanks to a major traffic jam I arrived just as proceedings were getting underway. I was nevertheless offered a coffee and asked if I wanted to ask any questions before voting started. I have to say that the reception I received was very courteous. I used the opportunity ...

Dunedin Enterprise Investment Trust (DNE) General Meeting Report 2012

I attended the extraordinary General Meeting of Dunedin Enterprise Investment Trust (DNE) today (8/11/2012) in London which was called to approve the proposed Tender Offer and a New Performance Fee for the fund manager (Dunedin Capital Partners Ltd). ShareSoc opposed that performance fee in a press release (see www.sharesoc.org/ShareSoc_Press039_Dunedin_Enterprise.pdf ) and recommended shareholders vote against it. In summary we could not see why a performance fee should be paid which was effectively compensating the manager for the downsizing of the fund ...