Company News

FRC to Investigate Redcentric Audit

Further to ShareSoc's campaign regarding accounting irregularities and related matters at Redcentric (AIM:RCN), I am delighted to see that the FRC has launched an investigation into the audit of Redcentric's accounts by PWC: https://www.frc.org.uk/News-and-Events/FRC-Press/Press/2017/February/Investigation-in-respect-of-PricewaterhouseCoopers.aspx The FT also reports on this investigation today, coming hot on the heels of PWC's embarrassment at the Oscars ceremony: https://www.ft.com/content/4e710e1e-fcfc-11e6-8d8e-a5e3738f9ae4 This article highlights that PWC is also under investigation in relation to audits of BHS; Barclays compliance; Connaught and RSM Tenon. It has already been sanctioned in respect of ...

NCC Group – All Credibility Gone?

NCC Group is a FTSE-250 company operating in the “cyber security”and “risk mitigation” areas primarily, and the former is surely one of the “hottest” sectors of the market at...

United Cacao – the Perils of AIM, and Fyffes

The Daily Telegraph ran a lengthy article yesterday covering the story of AIM listed United Cacao Ltd SEZC (CHOC) under the headline – “a bitter warning of the perils...

Foresight VCT Incentive Fee

In addition to my recent comments on Foresight 4, it’s worth covering the latest news from the original Foresight VCT (FTV). They have announced a General Meeting on the...

Alliance Trust Press Release

ShareSoc has issued the following press release: Alliance Trust have convened a General Meeting on the 28th February. It includes 4 resolutions covering the change in investment approach and the proposed share buy back of shares held by Elliott. Our recommendation is that shareholders vote "FOR" all the resolutions. ShareSoc is issuing this press release because we understand that some institutional investor advisory services have expressed some concerns about the proposals. The Alliance Trust Shareholder Action Group which has been supported by ShareSoc is satisfied ...

VCT News – Baronsmead, Northern VCTs and Foresight 4

I attended the Annual General Meeting of Baronsmead Venture Trust this week (on 14/2/2017). It was not particularly well attended perhaps because of the early start time of 10.00...

RBS and Shareholder Committees

As readers may be aware, ShareSoc have requisitioned a resolution for the Royal Bank of Scotland's (RBS) Annual General Meeting requiring a Shareholder Committee be appointed. Do they need one? The directors of RBS clearly think not. For those readers who do live or work in London, you may find an article published yesterday (15/2/2017) in the London Evening Standard giving an overview of the major UK banks revealing. The article was written by Simon English and was headlined "End of the ...

High Court Rejects Dee Valley Takeover Challenge

Small water company Dee Valley has been the subject of a bid from Severn Trent Water via a scheme of arrangement. An attempt to block it by those opposed acquiring a block of shares and then distributing them to many supporters (mainly employees we understand) has been rejected by the High Court. In the case of a scheme of arrangement, more than 50% in number of the shareholders have to support the offer, as well as 75% of shareholders by value. In ...

Alliance Trust Voting Recommendations

ShareSoc has issued the following note to supporters of the Alliance Trust Shareholder Action Group: Shareholders in Alliance Trust should have received a Notice of a General Meeting on the 28th February. It includes 4 resolutions covering the change in investment approach and the proposed share buy back of shares held by Elliott. Our recommendation is that shareholders vote "FOR" all the resolutions. The Alliance Trust Shareholder Action Group is satisfied that the new Board of Directors has made good progress in revitalising the ...

Alliance Trust Shareholder Forum

Alliance Trust Shareholder Forum Yesterday (25/1/2017) Alliance Trust Plc (ATS) held the first of three meetings for shareholders to explain the outcome of the "strategic review" undertaken by the board of directors and the future investment management arrangements. This first meeting was in London and attended by a couple of hundred shareholders many of whom posed good questions. More on the questions and answers below, but first let me give you some impression of the mood of the audience and an overview of ...

BT Hit By False Accounts

The share price of BT Plc (BT.A) fell by over 20% yesterday after reporting that it would have to write off £530 million in its accounts as a result of "improper accounting practices" in its Italian subsidiary. That included "improper sales, purchase, factoring and leasing transactions" according to the announcement by the company. BT's CFO Simon Lowth commented that including borrowing against receivables to pay debts, improper sale and leaseback transactions and shifting of operating expenses into capital budgets. The company's ...