The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
A shareholder action group has been set up to remind the CEO (in the first instance) that he is accountable to shareholders. The AGM will be different this year for reasons that will be clearly spelled out.
The failure of the company to keep an adequate financial buffer earlier this year requires an explanation. It wiped 65% of the value of the company which (to date) has not been reversed. As a shareholder I will put up with risk, but not incompetence. And the refrain 'Don't rock the boat, Art knows what he's doing' is sounding distinctly hollow.
For those without experience of shareholder activism - ask yourselves this question. Is an email to the CEO signed by one shareholder going to carry as much weight as an email signed by 25+ shareholders with a combined equity holding large enough to trigger an EGM (and influence the outcome of the AGM).
There are many calls for 'something must be done' or 'things must change.' It has occured to some shareholders (many of whom have been in contact) that someone with a little legal clout is willing to make the running in his own time for the benefit of all shareholders. Shame some people's default position is derision and cynicism.
AM will get a shot across his bows next week.
It had been my intention to post the company's response(s) on this bb. That will no long happen. Thank Sid The Cynic and his ilk for that.
Could the shareholder who messaged me yesterday (email address beginning with an 'A') at approx 15:00 please resend?
ps: I have two LSE accounts. The clue is in the name - for all the no sh*t Sherlocks out there.
Sidneysideline - you and I are both shareholders in the same company. One of us is trying to seek some change for the benefit of all shareholders and it ain't you.
Green Boxed.
Sid - you can doubt my credentials as much as you like. The joke's on you - not me.
There is one shareholder on this board with whom I am in regular touch and my kettle has been simmering for some time. He knows who he is.
I have never suggested anyone is 'nickel and dimming' (to use your misspelt malapropism).
Why now? Because people have RUN OUT of patience.
6 weeks before the agm in 2023 and the SP can barely hold 6p.
Says it all.
@baserite
There is no 'class action' just a way of shareholders making their voice (and their displeasure) known and seeking some much needed change / accountability. The one thing that doesn't lie is the share price.
Under consideration.
However, I see no reason why the AGM should not be in London.
Another matter to raise, methinks.
(Might be quite lively...)
Could you email me?
Avalon75@live.com
I managed to rescue my investment - so yes it did.
I intend to rescue my investment here.
Next question?
@Pilot
A group shareholder email that reminds the CEO of his legal / fiduciary obligations to the company and to its shareholders. And some suggestions how the crashed train smoking in the sidings might be put back on track.
@wookie
I would be the first person to forgive and forget if things come good but on the face of it your post at 19:06 is unanswerable.
@illusion
Respect the balanced, philosophical view. It's a stance I have taken myself - to a point.
How long can shareholders be kept guessing? Another three months? Another six months? Would you be as philosophical as you are now this time next year?
@Yankee
I believed the CEO - at the time.
What I am meant to think now?
Increase the peace by sharing your view.
My current perception is that shareholders deserve better.
No offence taken, illusion.
As to perception, I have been in this stock since pre-suspension.
Do I have a clue, more than a year later, what on earth is going on.
My perception is that I do not - and that perception is shared by more people than you might realise.
In seeking to make out shapes in the fog, is an email to the CEO from a lone shareholder going to get anywhere? Or do shareholders who want to sharpen their perception - and see some much needed changes - need to act en masse?
What's your perception?
See if you can answer this, llywelyn?
What legal title requires sealed letters patent and changed automatically on the death of the sovereign (8.9.2022)?
Yawn.
llywelyn -
The joke might actually be on you - but you will never know.
Austin14 -
Q: If I was trying to scam people, I would be reported to LSE and my account closed - or did you not figure that out?
A:?
No one has any obligation to email - or to use their personal account.
There are a few holders who would like the management of COPL to remember that they are answerable to shareholders. The more names, the more attention. It's not rocket science.
are
dbh1965dbh
Others our less cynical than you.