ShareSoc News

Stamp Duty review: ShareSoc-UKSA submit joint response to HMRC

A ShareSoc News Item written by Cliff Weight, ShareSoc Policy Director. We have today, 13 Oct 2020, submitted this response to HMRC. Our response is limited to Stamp Duty on shares and OEICS (unit trusts). Our analysis is that: The original rationale for stamp duty (cost of wax seal etc) is not just of historical interest. In this age of electronic transactions, these costs are no longer incurred and there is therefore the original justification for the charge is no longer valid. Stamp Duty ...

Capital Gains Tax review: ShareSoc-UKSA submit joint response to Office of Tax Simplification

A ShareSoc News Item written by Cliff Weight, ShareSoc Policy Director. We have today, 12 Oct 2020, submitted this response to the OTS, CGT-call for Evidence.  Our response is limited to CGT on shares and OEICS (unit trusts). Our analysis is that: CGT is complex. CGT needs to be simplified. CGT is unfair to individual investors in shares versus collectives. CGT inhibits effective risk management. We want to make CGT: Fairer Easier to work out Easier to administer Easier to collect. In detail, we have 3 ...

FRC new report on AGMs and best practices

A ShareSoc News article written by Cliff Weight, Director This is an excellent report. The FRC appear to have taken on board many of the points we raised. I particularly liked the recommendations that investors provide their email address to the company/registrar to facilitate communication; and the description of the purpose of the AGM- The Annual General Meeting (AGM) is an essential governance event for companies and their shareholders. It should provide transparency, accountability and integrity, to company governance and decision-making. It is ...

SVS Special Administration: a Scandal in the Making

I have written previously about the collapse of brokerage SVS Securities, here: https://www.sharesoc.org/blog/insolvency-and-administration/an-update-on-svs-securities/ and here: https://www.sharesoc.org/blog/brokers/another-update-on-the-svs-special-administration/ Since my last post on this topic, things have gone from bad to worse. Not only has the transfer of assets from SVS to a new broker taken an inordinate amount of time, but the choice of broker to receive those assets seems questionable, to say the least. This debacle has been covered by press articles, here: https://citywire.co.uk/wealth-manager/news/svs-client-fury-as-new-broker-fails-to-return-278m/a1390644 and here: https://www.ftadviser.com/your-industry/2020/08/14/svs-clients-plagued-by-delays-at-new-broker/ More recently, ShareSoc has been contacted ...

Update #11, 5 Aug 2020 – Sirius Legal Judgment Published and Implications for Law Commission Review

The judgment of The Hon. Mr Justice Fancourt in the matter of Sirius Minerals plc Court Hearing of 13 March 2020 has now been published and makes reference to ShareSoc's submission, in several places, with paras 5 and 6 being the most important. 5. I have read letters from Mr Cliff Weight of the UK Individual Shareholders Society (ShareSoc). The concerns that he expresses are that the vote at the meeting that agreed to accept the offer of 5.5 pence per share ...

Albion Venture Capital VCT – AGM recommendations

Following a successful engagement led by ShareSoc (Tim Grattan and Cliff Weight led this Campaign) we agreed a compromise with the Directors and agreed to support the new proposals. The annual report has now been published and contains the following description of the way the Board engaged following the 2019 AGM. New management performance incentive At the General Meeting held on 21 August 2019, an ordinary resolution was proposed to approve the changes to the Company’s Management Agreement, as detailed in the circular sent to shareholders on ...

Enhancing Our Webinars

ShareSoc has been working hard to continue to offer opportunities to hear from and interact with executives of quoted and listed companies, despite the constraints Covid-19 has been placing on all our lives. Therefore, instead of our usual monthly “Growth Company Seminars”, we now offer online webinars with companies that may be of interest to investors. These have proved very popular, not only eliminating the transmission risks of in person meetings, but also offering the convenience of attending without leaving your own ...

AGMs- ShareSoc and UKSA write to FRC again

We have written to the FRC, again, about AGMs. Our note, written by Peter Parry, also contained some detailed analysis by UKSA member Phil Clarke (below). The email was written before the FRC published its latest guidance note, which is available here https://www.frc.org.uk/getattachment/e3224310-c39c-4b48-b56b-cc703936beeb/Updated-QA-AGMs-Best-Practice-Final.pdf To Jen Sisson, FRC Chief of Staff and Company-Investor Engagement Dear Jen, I am forwarding an email thread about AGMs initiated by UKSA member Phil Clarke. Much of it is already known to the FRC following Phil's contact with Sara at ...

Corporate Insolvency and Governance Bill

This very important Bill is set for House of Commons passage this Wednesday (3rd June), and is expected to proceed to the House of Lords on 9th June. You will be able to see updates on the passage of the Bill online here. BEIS have published factsheets here on the gov.uk website. These are designed to explain the detail of the Bill in a more accessible way, and answer some of the questions people may have. The factsheets cover: Overview of the Corporate Insolvency and Governance Bill    ...

Sirius Claim Group – The Work Continues – Sirius Update 10, 29 May 2020

Since the completion of the takeover of Sirius Minerals PLC by Anglo American in March, the number of unanswered questions and the search for answers, and the consideration of possible legal action has continued.  The Sirius Claim group has been busy collating and reviewing nearly 2000 documents, videos, reviews etc. relating to Sirius Minerals and its decisions and actions over the course of the last few years leading to the takeover by Anglo American. At this stage there is still much work ...

Are You Getting the Most From Our Upgraded Website?

We launched a major upgrade to our website in early April, offering a range of new features for our members. You can find full details of all the new features here: https://www.sharesoc.org/sharesoc-news/sharesoc-website-upgrade/ If you are a member of ShareSoc or SIGnet and have not set a password and logged in to our website, you will not be able to take advantage of these features. You will find detailed instructions for doing so here: https://www.sharesoc.org/sharesoc-news/sharesoc-website-upgrade/#login. We therefore strongly recommend that you do so now, ...

Press release 113 – Burford v London Stock Exchange legal case judgement implications

Press release 113 - Burford v London Stock Exchange legal case judgement implications ShareSoc: Regrets both the judgement and the basis for it as set out by the judge, and Laments the further erosion of confidence it will cause. Share Soc Director, Paul De Gruchy, said "Our survey highlighted the lack of confidence of individual investors of the AIM market and the way it is regulated by the London Stock Exchange (LSE). Ultra short term investors are extracting rent, risk free, from long term ...