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RBS, Akzo Nobel and Hornby

The Royal Bank of Scotland (RBS) AGM is tomorrow and it will be interesting to see what excuses the board of directors give for rejecting the requisition of a resolution to establish a Shareholder Committee. ShareSoc believes the rejection has no sound legal basis and ShareSoc directors will raise this issue at the meeting. Another similar case is that of Akzo Nobel in Holland where Elliott Advisors have been pushing the board to consider a takeover offer from US company PPG Industries. ...

Pearson Pay Vote Lost

Shareholders in Pearson (PSON) yesterday rejected the Remuneration Report on a vote at the company's AGM. That was by 61% opposed to 32% supporting with 6% abstaining. But they approved the Remuneration Policy. Opposition to the Report seemed to be based on the fact that CEO John Fallon achieved a 20% rise in total pay despite a record loss and several profit warnings. However the share price rose on the day substantially by 12% perhaps because of a positive first quarter trading statement ...

Rolls-Royce – Audits Investigated and AGM

Yesterday (4/5/2017) I attended the Rolls-Royce (RR.) Annual General Meeting in Derby. In former years they used to hold the meetings in London but it’s been Nottingham and Derby...

Sainsbury (SBRY) Results

Supermarket and other goods retailer Sainsbury issued their preliminary results this morning. Growth in everything except profits and dividends is what one might say from a quick read of the data. Lots of positive noises about out-performance in the markets where Sainsbury and newly acquired business Argos compete. Group revenue up 11.6% due to the acquisition, but earnings per share down by 27% and the dividend has been cut. The latter decline was forecast by analysts but the share price has ...

Banks and Bank Credit Card Accounting

It's going to be exciting week next week for RBS and Lloyds Bank shareholders with both AGMs on Thursday in Scotland - we expect to issue a report on events. Indeed it's going to be an exciting period ahead because the law suits by those investors in the RBS rights issue who have not yet settled, and an action over the takeover of HBOS by LloydsTSB, are both getting into court in the next few months. Having Fred Goodwin on the witness ...