The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
Well Roy, you have a lot to say, Shane you did not take the time to attend the meeting, you would have heard a lot more than we can all report. It’s easy to be a keyboard warrior, completely different to look a man in the eye with your questions and accusations.
As it happens all of us took him to task on varying subjects, on the TEO, on communication, on the funds coming to us, on why he has so little share capital and even why he voted for the resolution.
Of course if you had tuned up you would have had all your questions answered.
Eleven of us turned up, and we got most of the answers to the questions we needed.
Hi TDT, that was what many of us were thinking today, so when he comes back with 30/40/50% upfront, we should still say no. If he comes up with 3/4/5p in full payment we should still say no. 7p al up front and maybe a few heads would be turned.
Interesting reading all the posts from people who did not attend and their perception.
In fact it was a very balanced meeting and Robin happily answered all our questions.
He is the man to take us forward, no one but he knows the hoops he has jumped through to get us here.
I believe if he had been allowed to he too would have voted no to this.
He now has a clear mandate to go back to the suitor to renegotiate or continue going for the mine plan. Either way time has been bought, and situations can change in an instant.
Despite some of his failings I still believe he is a genuine guy trying to navigate a mine field.
Personally even 3,4 or 5 pence will not swing it for me, nor anything but a 100% up front payment.
This has been orchestrated by the buyer to dampen down our expectations. There will likely be another low ball offer with a larger payment up front. This would still mean we risk only ever getting the first payment.
Happy to hang on and see if the mine plan can be progressed and see how the geopolitical landscape looks in six or so months ahead.
Of course, we could still lose everything.
And yes, we did go for a beer afterwards, all seven of us.
This is the reply I had from my broker:-
Many thanks for your message. As your shares are held in a Nominee account, your name does not appear on the share register. You would therefore be unable to just turn up at a meeting as they would not have you on their list. Please therefore always contact us prior to any meetings you wish to attend so that we can arrange the necessary for you. Please note that we require no later than around 6 business days notice prior to the meeting, to ensure that we have sufficient time to arrange your request.
You are able to vote beforehand by providing us with your votes by secure message, or vote in person at the meeting. I would be grateful if you could confirm by return message if you wish for us to arrange your attendance, which will allow you entry into the meeting and the ability to vote your shares.