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The Vote at Electra Private Equity

Electra Private Equity have fought off an attack from Sherborne Investors Management. The latter wanted a change of directors and for the company to conduct a strategic review, but resolutions to remove three directors were defeated with over 61% of the votes cast against them. The interesting aspect of this event was that over 81% of the votes in issue were actually voted. There was considerable debate last week at the meeting ShareSoc held on shareholder rights about the difficulty of getting ...

Shareholder Rights campaign launched

Last week ShareSoc launched a campaign to improve shareholder rights with a meeting in London. It focussed on the problems associated with nominee accounts and the adopted legal requirement to replace paper share certificates with an electronic system in a few years time. There was an impressive line-up of speakers at the meeting which included John Kay (author of the Kay Review and FT writer), Michael Kempe from Capita representing the ICSA Registrars Group, Peter Swabey from ICSA, John Lee (Lord Lee ...

Directors Pay Up 21%

There can be no clearer indication that the pay of company directors is out of control than the latest figures from Income Data Services (IDS). They have reported that the total remuneration of FTSE-100 company directors went up by 21% last year, based on figures in the annual reports of companies. Although base salaries only rose by 2.5%, the overall increase has been driven by “performance” awards such as bonuses and LTIPs (Long Term Incentive Plans). The 21% increase is of course ...

A Tale of Two Trusts – SLS and BRWM

Yesterday Blackrock World Mining (BRWM) announced they were writing off their investment in London Mining. This was one of their largest holdings and cut the trust's net asset value by almost 8%. The share price promptly fell by 8% on the day and fell further today. Who are London Mining you may ask? This is a small iron ore mining company based in Sierra Leone which has been badly affected by the slump in iron ore prices and the Ebola crisis ...

Tesco and why ShareSoc members should not have been surprised

After we published some previous comments on Tesco, Warren Buffett publicly admitted that his investment was a "huge mistake". He currently has about a 4% stake in the company, and may have lost over $800 million at the current share price after first buying it in 2007. It's perhaps worth reminding ShareSoc members and others of the fact they could have read a report on the Tesco 2013 Annual General Meeting in June 2013 which spelled out some of the problems the ...