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.


Findel (STU) AGM Report 2012

Is Findel (FDL), one of the UK’s biggest home shopping groups with 1.2m customers, a busted flush, or a grossly misunderstood recovery stock? In a bid to find out, I attended FDL’s 2012 annual general meeting on July 26th at The Macdonald Manchester Hotel next to Manchester’s Piccadilly station. According to FDL’s annual report its board regards the AGM as the “principal forum for dialogue with private shareholders”, so it was a pity that there were no more than four shareholders present, ...

Rensburg AIM VCT (RSB) AGM Report 2012 – Substantial votes against the directors

On the 26th July I attended the Annual General meeting of Rensburg AIM VCT. ShareSoc has been running a campaign on this Venture Capital Trust since October 2011 (see www.sharesoc.org/campaigns.html for background information). Our main concerns when we commenced the campaign were: 1. The historic long-term poor investment performance of this company, which we have suggested is the result of a focus on AIM company investments (a negative average annual total return of minus 0.7% per annum since formation according to independent sources). We proposed a change of ...

RIT Capital Partners PLC (RCP) AGM Report 2012

RIT Capital Partners PLC held its Annual General Meeting today (26th July) at the Institute of Directors, Pall Mall London. The performance numbers at a glance were not the best, NAV down 3.2% and a share price drop of 6.7%. RIT’s policy is to invest in a diversified international portfolio across a range of asset classes. A very well attended meeting with well over 80 shareholders present, although mostly of the retired male persuasion. It is a pity more younger shareholders cannot ...

TR Property Investment Trust PLC (TRY) AGM Report 2012

This investment trust held its 108th Annual General Meeting on the 24th July at the Royal Automobile Club, Pall Mall, London. A pretty poor year for the company as although Revenue was up by 6% to £26.4 million, NAV was down 11% with a corresponding drop in the share price of 9.5% to 154.50p. 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. The meeting ...

British Smaller Companies VCT Plc (BSC) AGM Report 2012

British Smaller Companies VCT Plc held their AGM today at St James Square, London at midday. I got there thirty minutes early and used the time to go over the Annual Report again and to strike up a conversation with some of my fellow shareholders who had got there before me. Between the two shareholders present early, they seemed to have quite strong views on the level of dividend paid this financial year plus the fact that not all of the ...

Templeton Emerging Markets Investment Trust (TEM) AGM Report 2012

Templeton Emerging Markets held its Annual General Meeting on the 20th July at Stationers Hall in the City of London. The company has a good long term track record with investment management being led by the well-known Mark Mobius. As usual he gave an amusing commentary on the world investment scene. Baldness is no doubt a sign of wisdom as well as experience I keep telling people. There were about 100 shareholders present – a good turnout as usual. The Chairman, Peter Smith, ...

JPMorgan European Smaller Companies Trust (JESC) AGM Report 2012

This investment trust held its Annual General Meeting on the 18th July. Although the company has a reasonably good long term track record, last year was disappointing. The European Smaller Companies sector was down by 19.6% based on the benchmark used, but JESC was down by 21.3%. This kind of performance is not surprising when a manager has a “growth” focus and a market is out of favour. At such times, defensive stocks tend to outperform, and growth stocks underperform. Their ...

Severfield-Rowan (SFR) AGM Report 2012

I attended the AGM of Severfield-Rowen, the structural steel business, on Wednesday. Most will know of the company, as it's been involved with many 'iconic' projects over the years: stuff at Olympics 2012 (including the stadium and the Orbit) and the London Bridge 'Shard'. But it's a construction company, and steel erection is late-stage as well, so investor interest tends to be muted at the moment. Nevertheless, as market leader in the UK, and pursuing diversification in a joint venture in India, ...

Renolds (RNO) AGM Report 2012

When will the share price of Renold (RNO), one of the grand old names of British engineering, finally start reflecting the significant improvement in the group’s underlying performance? Comments at RNO’s AGM in Manchester, on July 12, suggest that RNO’s long overdue return to normality (it last paid a dividend in 2005) is taking even longer than expected. Matthew Peacock, the outgoing chairman, highlighted the fact that over the last 12 months the group has doubled its underlying operating profits to £14.1m ...

Telecom Plus PLC (TEM) AGM Report 2012

Telecom Plus Plc, which trades as the Utility Warehouse, provides a range of services to households and SMEs giving clients the convenience of a single monthly bill combined with savings on the cost of their utilities. Telecom Plus posted pre-tax profits up 12% to £30.7m on revenue up 12.6% giving earnings per share for the year of 33.8p. The share price is up at 858p which is a rise of 27% over the year; although interestingly after a broker downgrade today ...