'Nickel and dimming'14 Apr 2023 12:57
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.
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