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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 ...

Brexit Decision by Supreme Court

The Supreme Court has decided to reject the Government’s appeal which means they cannot invoke Article 50 to leave the EU without an Act of Parliament. Will that make...

Paddy Power Betfair – Same Excuses as William Hill

Bookmaker Paddy Power Betfair (PPB) came up with similar excuses for middling results as did William Hill recently on which I wrote a previous blog post (see https://www.sharesoc.org/blog/company-news/how-bookmakers-lose-money-william-hill/ )....

FCA’s Mission Statement – A Suggestion

The Financial Conduct Authority (FCA) has been consulting on its "Future Mission" and ShareSoc has submitted a detailed response. It can be read here: https://www.sharesoc.org/FCA-Mission-ShareSoc-Response.pdf and there is also a press release which we issued this morning which summarises it: https://www.sharesoc.org/pr86-fca-mission.html It's a pretty devastating critique of the activities of the FCA and the muddled thoughts about its mission statement. It has occurred to me that actually writing a mission statement for the FCA should not be that difficult, so here's my ...