Company News

Quindell – and how to avoid the shorters

Quindell, a company operating in the insurance sector, came under attack yesterday by Gotham City Research LLC, an investment analysis firm. Quindell's shares ended down on the day by 39% and were down more than 50% at one point. Gotham City make numerous allegations in a 74-page document which is available from their web site. Without a lot more knowledge of this company and a detailed study of these allegations, it is impossible to comment on the substance of them, but some ...

Directors’ Share Purchases at Chrysalis VCT

Would you be happy if you saw that the directors of a listed company had apparently purchased shares at an advantageous price? In other words had purchased shares in the market  at a price that was not available to anyone else? On Thursday the 17th April, I chose to purchase 3,000 shares in Chrysalis VCT. This followed an announcement by the company on the 14th April that the company had achieved two successful exits from portfolio companies which had increased the company's ...

Remuneration at Barclays and Persimmon

Barclays Bank Annual General Meeting is due next week on the 24th April. Pay of bankers is always controversial and Barclays is no exception. Pay has been going up but performance has gone down, and a rights issue is required to strengthen the company's balance sheet. The CEO, Antony Jenkins, has waived his bonus for last year, but that has not placated investors. The bonus pool has been increased and "Role Based Pay" introduced to avoid restrictions imposed by the new ...

Oxford Technology VCTs and Baronsmead VCT 3

ShareSoc has organised a meeting for those investors in the two Oxford Technology VCTs who are affected by the withdrawal of VCT status. It is scheduled for the 20th May in the City of London. Although the companies have submitted an appeal letter to HMRC, there is some doubt as to whether the appeal will be successful. See this web page for more details of the issues, and how to register for the meeting if you wish to attend:  www.sharesoc.org/campaigns/oxford-technology-vcts/. The ...

BP Annual General Meeting Report

With the AGM season now in full swing, it's worth pointing out that ShareSoc makes available many useful reports on such meetings. These are available to all ShareSoc subscribing members in an archive here. Below is an abbreviated sample of one by ShareSoc Chairman Stan Grierson on last weeks meeting of BP. THE BP AGM 2014 As always BP’s AGM is both the first and one of the biggest of the season, and took place at the ExCel Centre on Thursday 10th April. ...

Impressions of a self-publicist, and Blinkx

ShareSoc has covered the case of Blinkx in previous reports. Yesterday Prof. Edelman spoke at the UK Investor Show. He was given a 45 minute session, but spent a lot of it establishing his credentials by going over some of the common past abuses in internet advertising. For example he asked "why is the internet a wild west?" and answered it by saying "because nobody is paying attention", although he later talked about FTC (Federal Trade Commission) action in that area. ...

Insurance companies and Kentz

With the attack by the Government on annuities in the budget and the revelation that the FCA is to look into the treatment of some policyholders such as those in "closed" funds, both investors in these companies and their directors must be somewhat incensed. Indeed the Financial Times reported this morning that half a dozen of the City's top institutional investors have consulted a leading law firm over alleged "market abuse" in the way the latter review was disclosed. It seems ...

Blinkx rebuttal of blog allegations

Blinkx has today published an extended rebuttal of the allegations against the company made in a blog a few weeks ago. Those allegations called into question the ethics and business practices of the company and resulted in a major fall in the share price. As the blog author had been commissioned by investors, it has been suggested that this was a typical shorting attack, and might be market abuse (we understand more than one person has complained to the FCA on ...

SSE, Centrica and Energy Market Probe

The prices of shares in energy supply companies such as SSE and Centrica fell sharply last year after Labour threats to impose a price freeze for retail customers. For example SSE was as high as 1675p in May 2013, but fell back to below 1350p by November. It's 1508p at the time of writing and has shown a steady recovery in the last new months. That recovery arose because both the Government and the companies took steps to minimise future price ...

Shareholder Activism wins at Leaf Clean Energy

Leaf Clean Energy (LEAF) is an investment trust that specialises in "renewable energy and sustainable technology". It raised $386 million in 2007 but subsequently bought back some of its shares giving an effective net figure of $307m. At June 2013, net assets were reported as $183m, i.e. substantial losses have been made, and the latest interim figures announced yesterday (26/3/2014) reported another $1.8m of losses. A more extensive analysis of the issues at the company was given in the last ShareSoc ...

ShareSoc launches Group for concerned shareholders in the Oxford Technology VCTs

The Oxford Technology VCT (OXT) and Oxford Technology 3 VCT (OTT) have announced that HMRC has withdrawn their VCT status. This has been done because one of the Venture Capital Trust rules is that no more than 15% of a fund can be invested in one company. Both these companies have a holding in Scancell, an AIM listed company, and the share price of Scancell rose rapidly so that the rule was inadvertently breached as a result of a small funding ...

Oxford Technology VCTs lose VCT status

The Oxford Technology VCT (OXT) and  Oxford Technology 3 VCT (OTT) have announced that HMRC has withdrawn their VCT status. This has been done because one of the Venture Capital Trust rules is that no more than 15% of a fund can be invested in one company. Both these companies have a holding in Scancell, an AIM listed company, and the share price of Scancell rose rapidly so that the rule was inadvertently breached in October 2013 which the company reported ...