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.


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 ...

Ideagen (IDEA) AGM Report 2012 – Chairman missing but nothing else amiss.

Today I attended the Annual General Meeting of Ideagen at the offices of Finncap in the City of London. Ideagen produce compliance software solutions for healthcare organisations, aerospace and defence companies and other sectors. One of their larger contracts is with the US Department of Veteran Affairs which was sold by Proquis, a recent acquisition. There were about half a dozen ordinary shareholders present plus two people who worked for Proquis and now Ideagen. It only occurred to me recently that I ...

City of London Investment Trust (CTY) AGM Report 2012

I have held this general investment trust a very long time - about as long as the fund manager, Job Curtis, has been managing the fund in fact (see below). In other words a very long time, so it was interesting to attend their Annual General Meeting (AGM) yesterday as I don’t always bother. It’s hardly a company where one expects many complaints or surprises at the AGM for reasons that will become apparent from this report, but it was interesting ...

ABCAM (ABC) AGM Report 2012 – A good reason to attend AGMs

Abcam held their AGM on the 22nd October at their offices in Cambridge – about half a dozen ordinary shareholders attended, much the same as last year. Glad to see they seem to have taken notice of my complaint last year about the early start time and moved it to 11.00 am – you see it does pay to moan sometimes. Abcam primarily sells antibodies via the internet to research scientists worldwide. They are one of the more successful AIM companies, with ...

Diageo (DGE) AGM Report 2012 – Should they not be producing water?

I arrived just in time for the AGM of Diageo (at 2.30 pm on the 17th Oct) at Church House Conference Centre near Westminster Abbey. This was a good venue but new to me. The meeting room was quite full and I would estimate at least 200 shareholders were present. The attendees were obviously mostly retired folks, not surprising because Diageo has traditionally been a good dividend paying stock. But the yield is now only 2.7% and it has a p/e ...

Monitise (MONI) AGM Report 2012

Monitise’s (AIM:MONI, http://www.monitise.com/ ) AGM was held at 10:00am on Thursday 11th October in Central London. Monitise’s annual report can be found here: http://www.monitise.com/uploads/assets/docs/monitise_annual_report_2012.pdf I attended, together with Roger Lawson (RL) and some other ShareSoc members. The meeting was well attended, with around 20 shareholders present. Before moving on to details of the meeting, I will say a little about the company and what it does, as the company does not make it easy for non-technologists to understand! Monitise’s Business and Investment Case Given that Monitise does not make profits ...

Victoria General Meeting (VCP) 2012 – A decisive victory for the concert party

This is an expanded version of the initial ShareSoc blog report on the Victoria General Meeting held on the 3rd October. The Victoria General Meeting in Birmingham would have been livelier but for the fact that the votes received before the meeting were displayed on a screen as the meeting commenced (not best practice of course, as it tends to affect the vote subsequently taken, but the poll results were even more explicit). This made it clear that the outcome was a ...

City of London Investment Group (CLIG) AGM Report 2012

City of London Investment Group (CLIG) is a fund manager which specialises in emerging market closed end funds. It should not be confused with other “City of London” companies. I attended the AGM in their offices in the City on the 1st October. There were half a dozen ordinary shareholders present. CLIG had a disappointing year with profits down slightly, and they are expected to fall somewhat again this year. The main reason seems to be that emerging markets have fallen out ...

Intercede Group (IGP) AGM Report 2012

There were about 10 shareholders turned up today (26/9/2012) for the Intercede AGM at the company’s offices in Lutterworth, rather fewer than last year from what I recall. As readers may know, ShareSoc ran a campaign against the terms of an LTIP introduced in 2011 and on other aspects of this company (see www.sharesoc.org/campaigns2.html for details). The LTIP was revised recently and we welcomed the change in a press release. But there are still many concerns about the corporate governance in ...

Downing Income VCT 3 (DIVO) AGM Report 2012

On the 20th September 2012, I along with Roger Lawson attended the Annual General Meeting of Downing Income VCT 3 (previously know as Downing Distribution VCT 2 and formed from a merger of several other underperforming VCTs – the history is too complex to cover here). This is quite possibly one of the worst performing Venture Capital Trusts based on total return over the last fifteen years. So one shareholder said that based on his original investments (commencing in 1997) he ...