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.


ProVen VCT (PVN) AGM Report 2011 – A Surprise After All

One of the joys of attending Annual General Meetings is that sometimes you turn up, not expecting any fireworks, and instead find that it’s not going to be a boring event after all. This was particularly the case at ProVen VCT where I fully expected attendance on the 24th August to be poor as it was the middle of the holiday season – in fact only 4 shareholders (other than the board) attended the meeting in central London – the company ...

Halfords Group PLC (HFD) AGM Report 2011

Roger and I attended Halfords' AGM on Tuesday. Halfords’ company secretary & Board had felt that a change of venue from the usual Stratford upon Avon to Birmingham city centre might attract more shareholders. Unfortunately changing the start time from a midday-ish time to 9am was not helpful. I believe that Roger, an elderly couple and I were the only shareholders (other than Board members) who attended. That was in sharp contrast to the 60 odd shareholders that attended the AGM ...

RIT Capital Partners (RCP) AGM Report 2011

RIT Capital Partners held its AGM at Spencer House in St. James, London on the 28th July 2011. This impressive building is also used partly as the offices of the company, but otherwise is a splendid venue for weddings, corporate events or parties (see www.spencerhouse.co.uk ). It’s also open to the public for guided tours on Sundays. Unfortunately this venue meant that shareholders had to be accommodated in three separate rooms with a video link from the main room. The Chairman, Lord ...

West Bromwich Building Society (WBS) AGM Report 2011

The West Bromwich B.S. held its AGM on the 27th July 2011. The reason for ShareSoc’s interest in this organisation is because they issued PIBS which are listed securities. In 2009, the Society ran into major financial difficulties, mainly due to unwise commercial property lending. They then proposed changes to the 6.15% Permanent Interest Bearing Shares (“PIBS”) as part of a financial restructuring of the Society so as to improve the Tier 1 capital (mainly at the behest of the FSA). ...

TR Property Investment Trust (TRY) AGM Report 2011

On the 26th of July I attended the Annual General Meeting of TR Property Investment Trust Plc - 12.00 am at the RAC in Pall Mall, London. There were about 100 shareholders present so the room was effectively full. There was an initial short speech by the Chairman, Peter Salsbury. He praised the work of the former fund manager, Chris Turner who was officially retiring on the day of the AGM. Under Mr Turner, the trust has consistently outperformed its benchmark (over ...

Templeton Emerging Markets Investment Trust (TEM) AGM Report 2011

On the 22nd July I attended the Annual General Meeting of Templeton Emerging Markets Investment Trust Plc (TEMIT) - 12.00 am in Stationers Hall in the City of London. There were about 100 shareholders present so the room was pretty full. The meeting commenced with a presentation from Mark Mobius, who has been the fund manager of this trust for many years. He is both short and bald but he gave a vigorous and high quality presentation using powerpoint slides. It proved ...

Paypoint (PAY) AGM Report 2011

On the 15th July I attended the Annual General Meeting of Paypoint Plc (12.00 am in London). There was only one other private shareholder present and no institutions of course. Paypoint operates in the payments sector, including processing cash payments through terminals in retailers for bill payment and mobile top-ups, plus operates internet credit/debit card payment services, mobile phone payment (for parking charges), and a number of other payment systems. It’s main geographic markets are the UK and Romania, the latter ...

Alterian (ALN) AGM Report 2011

I attended the AGM of this software company today (the 14th July). As the meeting was at 10.00 am in Bristol, it was possibly not surprising that I was the only shareholder present, other than the directors and a few staff who held shares. That's the second year running! I would not have bothered doing so for a second year, but after raising questions at the previous AGM about revenue recognition, and getting some bullshit in reply (in retrospect), the company announced ...

Healthcare Locums (HLO) AGM Report 2011

I arrived at the venue about 15minutes before the start time to be told that I would not be allowed in. As a nominee shareholder I had previously arranged that my broker to send HLO a letter of representation, but it appeared that it had not arrived. With four representatives on the door that looked as though they would be more appropriate on a nightclub entrance, it seemed likely that my journey was wasted. Frantic calls to broker to get them ...

Braemar Shipping (BMS) AGM Report 2011

Business description and investment metrics See Braemar's annual report for details Braemar's business comprises four areas of operation: Shipbroking Technical Services (Warranty services, Marine Consultancy, Vessel surveys etc) Logistics Environmental (Pollution control, salvage etc) What attracted me to the business, as an investor, is an attractive yield, backed by a strong earnings track record and sound balance sheet. Here is a summary snapshot of some key investment metrics: BMS 2010/11 2011/12f Share price (p) 468.0 Shares in issue (m) 21.1 Mkt cap (£m) 98.7 Turnover (£m) 126.1 127.0 EPS (p) 47.4 48.2 P/E 9.9 9.7 NTAV (£m) 32.0 NTAV/share (p) 151.8 Net cash (£m) 25.6 Cash/share (p) 121.3 Dividend (p) 26.0 26.3 Yield 5.6% 5.6% ROCE 19.7% Year End 28th ...