Company News

Berkeley Results, Pay, Brexit and AIM

We are now definitely in the usual summer doldrums in the market, compounded by the uncertainty over Brexit. It is obvious that private investors have been taking their money...

BSD Crown EGM Requisition

BSD Crown Ltd (BSD) is an Israeli company which has been listed in London for a number of years and has a substantial number of retail shareholders. It was originally a technology business under the names Geo Interactive and Emblaze but in May 2014 it acquired Willi-Food Investments and became primarily a food importing company. On the 9th May 2016, investor Y.W. Management requested the Board of Directors of BSD Crown to convene a General Meeting of shareholders for the purpose of ...

WPP Pay and AGM Report

So 33% of investors in WPP voted against Sir Martin Sorrell's pay package of £70 million for last year at yesterday's AGM which made him the highest paid FTSE CEO. That has been reported in the financial media as indicating strong dissatisfaction with the figure, but surely the really astonishing aspect is that obviously 66% voted in favour (and that's ignoring the abstentions). It seems 66% of the mainly institutional voters think that pay at that level is perfectly reasonable! Or perhaps ...

All FTSE-100 CEO Pay Too High

ShareSoc Director Cliff Weight was interviewed on Bloomberg this morning (prior to the WPP Annual General Meeting). He suggested all FTSE-100 CEO pay was too high and it was damaging shareholder returns. Click on this link to see the video: http://www.bloomberg.com/news/videos/2016-06-08/all-ftse-100-ceo-pay-too-high-says-weight ShareSoc previously issued this press release on pay at WPP: https://www.sharesoc.org/pr79-wpp-remuneration.html and advised shareholders to vote against the Remuneration Report at the AGM. We have also recently issued our Guidelines for Remuneration in public companies which suggested pay is generally excessive in ...

Alliance Versus RIT Capital

Readers will no doubt be aware from the national media and communications with shareholders that RIT Capital have approached Alliance Trust about a possible merger. The press have noted the problems faced by Alliance in the last few years such as the persistently high discount and the attack by Elliot Advisors (supported by ATSAG/ShareSoc of course) that resulted in board changes. RIT shares have traded at a premium to net asset value recently and media comments tend to generally be positive ...

Rolls-Royce and Voting Procedures

I published a report on the Rolls-Royce Annual General Meeting (AGM) in the last ShareSoc newsletter and also here. I wrote to the Chairman after the meeting complaining about...

Teathers Financial – Requisition to Remove Directors

Investors in Teathers Financial (TEA) have requisitioned an EGM to remove all the current directors and appoint new ones, which was accepted by the company on the 25th May. Teathers was an AIM listed business called C.A.Sperati that turned itself into an investment company and was then renamed (a common route for those giving up on their original business). However under AIM listing rules it needs to make investments within a year of becoming an investment company which it failed to ...

Alliance Trust and RIT Capital

Several newspapers reported this morning that Alliance Trust (ATST) has been approached by RIT Capital Partners (RCP) about a possible merger. Both companies are listed investment trusts favoured by private investors. Alliance Trust has been going through some difficult times of late after a period of poor relative performance resulting in a high discount to net asset value (currently over 10% according to the AIC despite an active share buy-back programme whereas RCP is on a 6% premium at the time ...

Pay at WPP

ShareSoc has issued a press release advising investors to vote against the Remuneration Report at WPP Plc. In particular we think the pay of CEO Sir Martin Sorrell is excessive (£70 million in 2015). See https://www.sharesoc.org/pr79-wpp-remuneration.html for the full press release. This is one of several advisory notices on pay we have issued to ShareSoc Members recently. The previous ones were on Reckitt Benckiser, Anglo American and BP. It is very clear that the reforms to tackle excessive pay introduced by Vince ...

The Restaurant Group AGM Report (RTN)

Today I attended the Annual General Meeting of The Restaurant Group for the first time - held in the City of London at 10.00 am. There were about 50 shareholders present which I was told was slightly more than normal, perhaps because the company seems to be in some turmoil after recent profit warnings and the abrupt departure of the finance director. From being one of those stock market growth stocks on high valuations (share price peaking at over 700p in ...

Alliance Trust AGM

I was unfortunately unable to travel to the Alliance Trust AGM in Dundee as I hoped to do because of a medical problem, but here is a report from Jim Cook: Alliance Trust 2016 AGM, Dundee, 6th May 2016 The AGM was well attended with around 300 shareholders represented. In his opening remarks Lord Smith explained why he had accepted the Chairmanship. Firstly, the company faced challenges.  Secondly, what needed to be done had been identified.  Thirdly, a plan was in place.  Lord ...

Rolls-Royce and Other AGMs

Yesterday I attended the Annual General Meeting of Rolls-Royce Plc - held at 11.00 in Nottingham (at a conference centre on the University Park). Why move the venue from London where it has been held since 2004? Probably to attract a more sympathetic audience of ex-employees I suspect. Shareholders in Rolls-Royce don't need to be told that this company is going through a rough patch. Profits in the last two years have been miniscule, the dividends have been cut and even revenue ...